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in \u20ac million
12/31/2024
31/3/2025
30/6/2025
30/9/2025
31/12/2025
Change year-to-date
Change previous quarter
Loans to banks
18,057
13,474
13,568
15,809
12,682
(5,374)
(29.8)%
(3,127)
(19.8)%
Loans to customers
99,551
100,979
102,202
103,027
105,610
6,059
6.1%
2,583
2.5%
hereof non-financial corporations
45,293
45,727
45,777
46,018
47,597
2,304
5.1%
1,579
3.4%
hereof households
40,070
40,829
41,794
42,859
44,118
4,048
10.1%
1,258
2.9%
Securities
37,430
41,123
43,218
45,740
46,879
9,449
25.2%
1,139
2.5%
Cash and other assets
44,814
49,219
44,520
44,534
45,094
280
0.6%
560
1.3%
Total
199,851
204,794
203,507
209,110
210,265
10,414
5.2%
1,155
0.6%
Loans to banks declined mainly due to a decrease of \u20ac 6,009 million in Russia, where short\u2011term deposits were shifted to
overnight deposits with the Russian central bank. In contrast, there was an increase of \u20ac 434 million in the Czech Republic,
driven by higher volumes in repo transactions with the central bank.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-9": { "value": "
in \u20ac million
12/31/2024
31/3/2025
30/6/2025
30/9/2025
31/12/2025
Change year-to-date
Change previous quarter
Loans to banks
18,057
13,474
13,568
15,809
12,682
(5,374)
(29.8)%
(3,127)
(19.8)%
Loans to customers
99,551
100,979
102,202
103,027
105,610
6,059
6.1%
2,583
2.5%
hereof non-financial corporations
45,293
45,727
45,777
46,018
47,597
2,304
5.1%
1,579
3.4%
hereof households
40,070
40,829
41,794
42,859
44,118
4,048
10.1%
1,258
2.9%
Securities
37,430
41,123
43,218
45,740
46,879
9,449
25.2%
1,139
2.5%
Cash and other assets
44,814
49,219
44,520
44,534
45,094
280
0.6%
560
1.3%
Total
199,851
204,794
203,507
209,110
210,265
10,414
5.2%
1,155
0.6%
Loans to customers increased \u20ac 6,059 million, or 6 per cent, with households accounting for the largest share of the increase,
\u20ac\u00a04,048 million. There was an increase of \u20ac 1,891\u202fmillion in the Czech Republic, \u20ac 1,701\u202fmillion in Slovakia, \u20ac 842\u202fmillion in Hungary
and \u20ac 401\u202fmillion in Serbia, each attributable to mortgage and personal loans to households as well as loans to non\u2011financial
corporations.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-12": { "value": "
in \u20ac million
31/12/2024
31/3/2025
30/6/2025
30/9/2025
31/12/2025
Change year-to-date
Change previous quarter
Deposits from banks
23,015
25,347
23,074
23,565
20,677
(2,339)
(10.2)%
(2,889)
(12.3)%
Deposits from customers
117,717
119,984
121,440
125,284
127,575
9,858
8.4%
2,291
1.8%
hereof non-financial corporations
43,834
43,264
43,290
43,141
46,164
2,329
5.3%
3,023
7.0%
hereof households
59,354
61,202
62,341
63,628
65,657
6,302
10.6%
2,029
3.2%
Debt securities issued and other liabilities
38,779
37,622
37,820
38,171
39,549
771
2.0%
1,379
3.6%
Equity
20,340
21,842
21,174
22,091
22,463
2,124
10.4%
373
1.7%
Total
199,851
204,794
203,507
209,110
210,265
10,414
5.2%
1,155
0.6%
Deposits from customers increased \u20ac 9,858 \u202fmillion compared to the end of the year, with households accounting for
\u20ac\u00a06,302\u202fmillion of the increase. The Czech Republic reported an increase of \u20ac 4,538 million, driven primarily by short-term
deposits from households. Slovakia recorded an increase of \u20ac 1,528\u202fmillion due to higher deposits from households,
non\u2011financial corporations and governments. In Hungary, deposits increased \u20ac 803 million, particularly from non-financial
corporations and households. In Russia, deposits rose \u20ac 786 million solely due to currency effects, while a decline of 11 per cent
was recorded in local currency terms. Croatia recorded an increase of \u20ac 765 million, driven by higher volumes from non-
financial corporations and households. In Romania, higher household deposits alone generated an increase of \u20ac 480\u202fmillion. The
decrease in deposits of \u20ac 964 million at head office was mainly due to lower volumes from other financial corporations.\u00a0
in \u20ac million
2025
2024
Deposits from banks
20,660
22,999
Current accounts/overnight deposits
12,668
12,680
Deposits with agreed maturity
6,542
7,310
Repurchase agreements
1,450
3,009
Deposits from customers
127,551
117,693
Current accounts/overnight deposits
88,481
80,467
Deposits with agreed maturity
37,629
35,703
Repurchase agreements
1,441
1,524
Debt securities issued
21,088
21,002
Covered bonds
6,169
4,912
Hybrid contracts
732
514
Other debt securities issued
14,188
15,576
hereof convertible compound financial instruments
814
2,360
hereof non-convertible
13,374
13,215
Other financial liabilities
1,288
1,622
Total
170,588
163,316
hereof subordinated financial liabilities
2,110
2,261
hereof lease liabilities
363
364
The position deposits from banks - deposits with agreed maturity decreased mainly in head office by \u20ac 762 million. Repurchase
agreements also decreased by \u20ac 1,609 million, primarily driven by head office.
Current accounts/overnight deposits from customers increased especially in Czech Republic (increase: \u20ac 5,020 million). Main
contributor were deposits from households. Deposits with agreed maturity increased by \u20ac 858 million in Hungary and by \u20ac 604
million in Slovakia.
Covered bonds increased in Slovakia (increase: \u20ac 1,052 million) due to new own issuances. In contrast, other debt securities
issued decreased in head office by \u20ac 912 million due to maturity of various issuances and in Slovakia by \u20ac 313 million due to
cancellation of a bond prior maturity.
Other financial liabilities\u00a0 increased mainly in Russia due to suspense and transit items (increase: \u20ac 310 million).
Deposits from banks and customers by asset classes:
in \u20ac million
2025
2024
Central banks
419
391
General governments
3,755
3,104
Banks
20,241
22,607
Other financial corporations
11,978
11,403
Non-financial corporations
46,163
43,833
Households
65,656
59,353
Total
148,212
140,692
Liabilities against households increased mainly in Czech Republic (increase: \u20ac 3,708 million), Slovakia (increase: \u20ac 739 million) and
Romania (increase: \u20ac 598 million).
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-11": { "value": "
in \u20ac million
31/12/2024
31/3/2025
30/6/2025
30/9/2025
31/12/2025
Change year-to-date
Change previous quarter
Deposits from banks
23,015
25,347
23,074
23,565
20,677
(2,339)
(10.2)%
(2,889)
(12.3)%
Deposits from customers
117,717
119,984
121,440
125,284
127,575
9,858
8.4%
2,291
1.8%
hereof non-financial corporations
43,834
43,264
43,290
43,141
46,164
2,329
5.3%
3,023
7.0%
hereof households
59,354
61,202
62,341
63,628
65,657
6,302
10.6%
2,029
3.2%
Debt securities issued and other liabilities
38,779
37,622
37,820
38,171
39,549
771
2.0%
1,379
3.6%
Equity
20,340
21,842
21,174
22,091
22,463
2,124
10.4%
373
1.7%
Total
199,851
204,794
203,507
209,110
210,265
10,414
5.2%
1,155
0.6%
The \u20ac 2,339 million, or 10 per cent, decrease in deposits from banks resulted mainly from head office (decrease: \u20ac\u00a03,253\u202fmillion),
driven by lower deposits from banks (repo transactions and money market time deposits). Russia, on the other hand, reported
an increase of \u20ac 514\u202fmillion due to higher deposits from banks.
(15) Financial liabilities - amortized cost
Liabilities are predominantly recognized at amortized cost. For differences between the amount paid and face value, the
effective interest method is applied, and the amounts are shown in net interest income. This category mainly includes
customer deposits and securities issues for refinancing purposes.
Issued subordinated capital and supplementary capital are shown either in financial liabilities \u2013 amortized cost or financial
liabilities \u2013 designated fair value through profit/loss. Securitized and non-securitized assets are subordinated if, in the event of
liquidation or bankruptcy, they can only be met after the claims of the other \u2013 not subordinated \u2013 creditors have been
satisfied. Supplementary capital is defined according to Article 63 of the regulation (EU) No 575/2013 (CRR). Corresponding
instruments have an original maturity of at least five years, are of subordinate nature and are, among others, not allowed to
contain an incentive to early redeem, a right of the investor to accelerate repayment or credit standing linked features that
amend the level of dividend and/or interest payments of the issuer.
in \u20ac million
2025
2024
Deposits from banks
20,660
22,999
Current accounts/overnight deposits
12,668
12,680
Deposits with agreed maturity
6,542
7,310
Repurchase agreements
1,450
3,009
Deposits from customers
127,551
117,693
Current accounts/overnight deposits
88,481
80,467
Deposits with agreed maturity
37,629
35,703
Repurchase agreements
1,441
1,524
Debt securities issued
21,088
21,002
Covered bonds
6,169
4,912
Hybrid contracts
732
514
Other debt securities issued
14,188
15,576
hereof convertible compound financial instruments
814
2,360
hereof non-convertible
13,374
13,215
Other financial liabilities
1,288
1,622
Total
170,588
163,316
hereof subordinated financial liabilities
2,110
2,261
hereof lease liabilities
363
364
The position deposits from banks - deposits with agreed maturity decreased mainly in head office by \u20ac 762 million. Repurchase
agreements also decreased by \u20ac 1,609 million, primarily driven by head office.
Current accounts/overnight deposits from customers increased especially in Czech Republic (increase: \u20ac 5,020 million). Main
contributor were deposits from households. Deposits with agreed maturity increased by \u20ac 858 million in Hungary and by \u20ac 604
million in Slovakia.
Covered bonds increased in Slovakia (increase: \u20ac 1,052 million) due to new own issuances. In contrast, other debt securities
issued decreased in head office by \u20ac 912 million due to maturity of various issuances and in Slovakia by \u20ac 313 million due to
cancellation of a bond prior maturity.
Other financial liabilities\u00a0 increased mainly in Russia due to suspense and transit items (increase: \u20ac 310 million).
Deposits from banks and customers by asset classes:
in \u20ac million
2025
2024
Central banks
419
391
General governments
3,755
3,104
Banks
20,241
22,607
Other financial corporations
11,978
11,403
Non-financial corporations
46,163
43,833
Households
65,656
59,353
Total
148,212
140,692
Liabilities against households increased mainly in Czech Republic (increase: \u20ac 3,708 million), Slovakia (increase: \u20ac 739 million) and
Romania (increase: \u20ac 598 million).
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-13": { "value": "22463000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-14": { "value": "2875000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-15": { "value": "1621000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-16": { "value": "1254000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-17": { "value": "1098000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-18": { "value": "163000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-19": { "value": "-15000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-20": { "value": "9097000000.0", "decimals": -6, "dimensions": { "concept": "rbi:OperatingIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-21": { "value": "
\u00b7 Company
Raiffeisen Bank International AG (RBI AG) is registered in the commercial register of the Commercial Court of Vienna under FN
122119m. Its address is Am Stadtpark 9, 1030 Vienna.
RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its
home market. Subsidiary banks cover 11 markets in the region. In addition, the group includes numerous other financial service
providers active in areas such as leasing, asset management, factoring and M&A. RBI not only offers Austrian and international
companies a broad range of products in corporate and investment banking, but also a comprehensive coverage in CEE.
Through an extensive branch network, local companies of all sizes as well as private customers are supplied with high quality
financial products. RBI maintains representative offices and service branches in selected Asian and Western European locations
to support its business activities. In total, around 42,500 RBI employees (previous year: around 42,600) serve 18.6 million
customers (previous year: around 17.9 million) in around 1,300 business outlets (previous year: around 1,400), the vast majority of
which are in CEE.
Since the company\u2019s shares are traded on a regulated market as defined in \u00a7 1 (2) of the Austrian Stock Market Act (B\u00f6rseG)
(prime market of the Vienna Stock Exchange) and numerous RBI AG issues are listed on a regulated market in the EU, RBI AG is
required by \u00a7 59a of the Austrian Banking Act (BWG) to prepare consolidated financial statements in accordance with the
International Financial Reporting Standards (IFRSs). RBI has no majority shareholder. The eight regional Raiffeisen banks are
core shareholders that collectively hold approximately 61 per cent of the shares, with the remaining shares in free float.
As a credit institution within the meaning of \u00a7 1 of the Austrian Banking Act, RBI AG is subject to regulatory supervision by the
Financial Market Authority located at Otto-Wagner-Platz 5, A-1090 Vienna (www.fma.gv.at) and the European Central Bank
located at Sonnemannstra\u00dfe 22, D-60314 Frankfurt am Main (www.bankingsupervision.europa.eu).
The consolidated financial statements are lodged with the Companies Register in accordance with Austrian disclosure
regulations and published through the electronic disclosure and information platform (EVI). They were signed by the
Management Board on 17 February 2026 and subsequently submitted for the notice of the Supervisory Board. As part of the
annual financial report as defined in \u00a7 124 of the Austrian Stock Market Act (B\u00f6rseG), the consolidated financial report is also
prepared and published in the european single electronic format (ESEF).
The disclosures required under Article 434 of EU Regulation No 575/2013 on prudential requirements for credit institutions
(Capital Requirements Regulation, CRR) are published on the internet on RBI\u2019s website at www.rbinternational.com \u2192 Investors
\u2192 Results & Reports.
ESEF Information
Name of ultimate parent of group
Raiffeisen Bank International AG
Name of reporting entity
Raiffeisen Bank International AG
Legal form of entity
AG
Principal place of business
1030 Vienna
Address of entity's registered office
Am Stadtpark 9, 1030 Vienna
Domicile of entity
Austria
Country of incorporation
Austria
Description of nature of entity's operations and principal activities
RBI regards Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 11 markets in the region are
covered by subsidiary banks, the Group also comprises numerous other financial services providers, for instance in the field of leasing, asset management, factoring
and M&A. RBI not only offers Austrian and international companies a broad range of products in corporate and investment banking, but also a comprehensive coverage
in CEE. Through an extensive branch network, local companies of all sizes as well as private customers are supplied with high-quality financial products. RBI maintains
representative offices and service branches in selected Asian and Western European locations to support its business activities.
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Earnings per share
in \u20ac million
2025
2024
Consolidated profit/loss
1,371
1,157
Dividend claim on additional tier 1
(118)
(110)
Profit/loss attributable to ordinary shares
1,253
1,047
Average number of ordinary shares outstanding in million
328
328
Earnings per share in \u20ac
3.82
3.19
As no conversion rights or options were outstanding, no dilution of earnings per share occurred. The dividend on additional
tier\u00a01 capital is calculated; the effective payment is based on the decision of the Management Board at the respective payment
date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-127": { "value": "1371000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-128": { "value": "1157000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-129": { "value": "118000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidOtherShares", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-130": { "value": "110000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidOtherShares", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-131": { "value": "1253000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-132": { "value": "1047000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-133": { "value": "328000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-134": { "value": "328000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:WeightedAverageShares", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "f-135": { "value": "3.82", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-136": { "value": "3.82", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-137": { "value": "3.19", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-138": { "value": "3.19", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-139": { "value": "
As no conversion rights or options were outstanding, no dilution of earnings per share occurred. The dividend on additional
tier\u00a01 capital is calculated; the effective payment is based on the decision of the Management Board at the respective payment
date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-140": { "value": "35340000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-141": { "value": "34871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-142": { "value": "155508000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtAmortisedCost", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-143": { "value": "147701000000.0", "decimals": -6, "dimensions": { "concept": 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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-280": { "value": "361000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-281": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-282": { "value": "361000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-283": { "value": "129000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-284": { "value": "120000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherEquityInterestMember", "unit": "iso4217:EUR" } }, "f-285": { "value": "609000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-286": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-287": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-288": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-289": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-290": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-291": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-292": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherEquityInterestMember", "unit": "iso4217:EUR" } }, "f-293": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-294": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-295": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-296": { "value": "24000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-297": { "value": "-12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-298": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-299": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-300": { "value": "13000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherEquityInterestMember", "unit": "iso4217:EUR" } }, "f-301": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-302": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-303": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-304": { "value": "1371000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-305": { "value": "1256000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-306": { "value": "2627000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-307": { "value": "248000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-308": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherEquityInterestMember", "unit": "iso4217:EUR" } }, "f-309": { "value": "2875000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-310": { "value": "1001000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-311": { "value": "4986000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-312": { "value": "17127000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-313": { "value": "-3661000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-314": { "value": "19452000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-315": { "value": "1386000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-316": { "value": "1625000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherEquityInterestMember", "unit": "iso4217:EUR" } }, "f-317": { "value": "22463000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-318": { "value": "Statement of cash flows
in \u20ac million
Notes
2025
2024
Cash, balances at central banks and other demand deposits as at 1/1
[12]
34,871
43,234
Operating activities:
Profit/loss before tax
2,634
2,984
Adjustments for the reconciliation of profit/loss after tax to the cash flow from operating
activities:
Depreciation, amortization, impairment and reversal of impairment on non-financial assets
[7, 8]
511
465
Net provisioning for liabilities and charges and impairment losses on financial assets
[6, 10, 27]
558
1,563
Gains/losses from the measurement and derecognition of assets and liabilities
[5, 8]
(254)
137
Current income from investments in associates
[3]
(52)
(47)
Other adjustments (net)\u00b9
(5,940)
(6,441)
Subtotal
(2,543)
(1,340)
Changes in assets and liabilities arising from operating activities after corrections for non-cash
positions:
Financial assets - amortized cost
[13]
1,608
(5,377)
Financial assets - fair value through other comprehensive income
[17, 23]
(767)
(770)
Non-trading financial assets - mandatorily fair value through profit/loss
[18, 23]
(270)
(200)
Financial assets - designated fair value through profit/loss
[19, 23]
97
(119)
Financial assets - held for trading
[20, 23]
(1,019)
(562)
Other assets
[26]
501
(199)
Financial liabilities - amortized cost
[15]
6,318
2,239
Financial liabilities - designated fair value through profit/loss
[19, 23]
(53)
17
Financial liabilities - held for trading
[21, 23]
1,931
1,069
Provisions for liabilities and charges
[27]
(352)
(358)
Other liabilities
[28]
(940)
(77)
Interest received
[1]
9,062
10,301
Interest paid
[1]
(3,558)
(4,245)
Dividends received
[2]
68
65
Income taxes paid
[11]
(1,011)
(1,086)
Net cash from operating activities
9,071
(643)
Investing activities:
Cash and cash equivalents from changes in scope of consolidation due to materiality
(12)
(5)
Payments for purchase of:
Investment securities and shares
[13, 16, 18, 24]
(10,527)
(7,421)
Tangible and intangible fixed assets
[25]
(547)
(497)
Proceeds from sale of:
Investment securities and shares
[13, 16, 18, 24]
3,321
2,401
Tangible and intangible fixed assets
[25]
93
84
Subsidiaries\u00b2
[8]
0
(962)
Net cash from investing activities
(7,671)
(6,399)
Financing activities:
Capital increases
0
645
Capital decreases
(174)
(472)
Inflows subordinated financial liabilities
[15, 19]
84
183
Outflows subordinated financial liabilities
[15, 19]
(278)
(139)
Dividend payments
(609)
(605)
Cash flows for leases
(46)
(59)
Inflows from changes in non-controlling interests
0
0
Net cash from financing activities
(1,023)
(447)
Effect of exchange rate changes
92
(876)
Cash, balances at central banks and other demand deposits as at 31/12
[12]
35,340
34,871
1 Other adjustments (net) mainly include the deduction of net interest income and dividend income; the corresponding cash flows are shown under the items interest received, interest paid and
dividends received.
2 The negative net amount from the disposal of subsidiaries in the previous year resulted from the sales price of \u20ac215 million less the cash and cash equivalents disposed of in the amount of \u20ac1,177
million.
Cash flows from operating activities, investing activities, and financing activities are presented in the cash flow statement in a
manner that best reflects RBI\u2019s business operations. Cash flows from operating activities represent cash flows from the
significant revenue-generating activities of the company. The determination of cash flows from operating activities is done
using the indirect method, where the profit before taxes from the income statement is adjusted for non-cash items and
expanded by the cash flow changes in assets and liabilities. Additionally, expense and income items attributable to the
investment or financing activities are deducted. As a financial institution, RBI classifies paid interest, received interest, and
dividends as cash flows from operating activities.
The cash inflows and outflows for investment securities shown in the cash flow from investing activities include securities held
for long-term investment purposes, while those for shares include unconsolidated subsidiaries and associated companies.
Further information regarding cash, balances at central banks and other demand deposits can be found in note (12) Cash,
balances at central banks and other demand deposits. Details regarding the changes in subordinated financial liabilities
presented in the cash flow from financing activities can be found under note (15) Financial liabilities - amortized cost.
For RBI as a credit institution group, the significance of the cash flow statement is considered to be low. The cash flow
statement is neither a liquidity nor\u00a0 a financial planning tool. Furthermore, it is not used as a steering instrument by the senior
management.
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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-390": { "value": "605000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-391": { "value": "46000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-392": { "value": "59000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-393": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-394": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-395": { "value": "-1023000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-396": { "value": "-447000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-397": { "value": "92000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-398": { "value": "-876000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-399": { "value": "35340000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-400": { "value": "34871000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-401": { "value": "
Cash flows from operating activities, investing activities, and financing activities are presented in the cash flow statement in a
manner that best reflects RBI\u2019s business operations. Cash flows from operating activities represent cash flows from the
significant revenue-generating activities of the company. The determination of cash flows from operating activities is done
using the indirect method, where the profit before taxes from the income statement is adjusted for non-cash items and
expanded by the cash flow changes in assets and liabilities. Additionally, expense and income items attributable to the
investment or financing activities are deducted. As a financial institution, RBI classifies paid interest, received interest, and
dividends as cash flows from operating activities.
The cash inflows and outflows for investment securities shown in the cash flow from investing activities include securities held
for long-term investment purposes, while those for shares include unconsolidated subsidiaries and associated companies.
Further information regarding cash, balances at central banks and other demand deposits can be found in note (12) Cash,
balances at central banks and other demand deposits. Details regarding the changes in subordinated financial liabilities
presented in the cash flow from financing activities can be found under note (15) Financial liabilities - amortized cost.
For RBI as a credit institution group, the significance of the cash flow statement is considered to be low. The cash flow
statement is neither a liquidity nor\u00a0 a financial planning tool. Furthermore, it is not used as a steering instrument by the senior
management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
Principles underlying the consolidated financial
statements
Principles of preparation
The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS)
published by the International Accounting Standards Board (IASB) and the international accounting standards adopted by the
EU on the basis of IAS Regulation (EC) 1606/2002 including the applicable interpretations of the International Financial reporting
Interpretations Committee (IFRIC/SIC). Standards and interpretations not yet applicable that have been published and
endorsed by the EU are outlined in the section standards and interpretations not yet applicable (already endorsed by the EU).
The consolidated financial statements also meet the requirements of \u00a7 245a of the Austrian Commercial Code (UGB) and \u00a7 59a
of the Austrian Banking Act (BWG) regarding exempting consolidated financial statements that comply with internationally
accepted accounting principles.
A financial asset is recognized when it is probable that the future economic benefits will flow to the company and the
acquisition or production costs, or another value can be reliably measured. A financial liability is recognized when it is probable
that an outflow of resources embodying economic benefits will result from the settlement of the obligation and the amount at
which the settlement will take place can be measured reliably. An exception are certain financial instruments which are
recognized at fair value at the reporting date. Provided that the underlying contracts do not fall within the scope of IFRS 9 or
IFRS 16, revenue is recognized if the conditions of IFRS 15 are met and if it is probable that the economic benefits will flow to the
Group and the amount of revenue can be measured reliably. These consolidated financial statements have been prepared on a
going concern basis.
The consolidated financial statements are based on the reporting packages of all fully consolidated Group members, which are
prepared according to IFRS rules and uniform Group standards. All material subsidiaries prepare their annual financial
statements as at and for the year ended 31 December. Some IFRS disclosures made outside the notes form an integral part of
the consolidated financial statements. These are mainly explanations on net income from segments, which are included in the
notes on segment reporting. Detailed notes on IFRS 7 are included under note (41) Credit risk, note (42) Market risk and note (43)
Liquidity management. This information is presented in accordance with IFRS 8 Operating Segments and IFRS 7 Financial
Instruments Disclosures respectively.
Classification and measurement of financial assets and financial liabilities
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity. On initial recognition, financial instruments are to be measured at fair value, which generally corresponds to
the transaction price at the time of acquisition or issue. If the Group unit determines that the fair value on initial recognition
differs from the transaction price, but this fair value measurement is not evidenced by a valuation technique that uses only
data from observable markets, then the carrying amount of the financial asset or financial liability on initial recognition is
adjusted to defer the difference between the fair value measurement and the transaction price. The deferred difference is
subsequently recognized as a gain or loss only to the extent that it arises from change in a factor (including time) that market
participants would consider in setting the price. According to IFRS 13, the fair value is defined as the exit price. For subsequent
measurement, financial instruments are recognized in the statement of financial position according to the respective
measurement category pursuant to IFRS 9, either at (amortized) cost or at fair value.
The classification of financial assets under IFRS 9 is firstly based on the business model under which the assets are managed,
and secondly on the cash flow characteristics of the assets. For RBI, this results in five classification categories for financial
assets:
\u00b7 Financial assets measured at amortized cost (AC)
\u00b7 Financial assets measured at fair value through other comprehensive income (FVOCI)
\u00b7 Financial assets mandatorily measured at fair value through profit or loss (FVTPL)
\u00b7 Financial assets designated fair value through profit or loss (FVTPL)
\u00b7 Financial assets held for trading (HFT).
Financial liabilities are generally recognized according to IFRS 9 at (amortized) cost (financial liabilities \u2013 amortized cost)
applying the effective interest method unless they are measured at fair value. This includes financial liabilities that are held for
trading (financial liabilities \u2013 held for trading) and designated as FVTPL (financial liabilities \u2013 designated fair value through
profit/loss). Changes in the fair value of liabilities designated at fair value through profit or loss which are caused by changes in
RBI\u2019s own default risk are to be shown in other comprehensive income.
In accordance with IFRS 9, embedded derivatives are not separated from the host contract of a financial asset. Instead,
financial assets are classified in accordance with the business model and their contractual characteristics as explained in the
section business model assessment and in the section analysis of contractual cash flow characteristics. With financial
liabilities, embedded derivatives are only separated from the host instrument and separately accounted for as derivatives if
their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract,
the embedded derivative meets the definition of a derivative and the hybrid financial instrument is not associated with a
financial liability item that is held for trading or designated at fair value through profit or loss.
Further details on the classification and measurement of financial assets and financial liabilities can be found in the notes of
the respective items of the income statement and the statement of financial position.
Reclassification of financial assets
Reclassification is only possible for financial assets, not for financial liabilities. In RBI, a change in the measurement category is
only possible if there is a change in the business model used to manage a financial asset. Such changes are expected to occur
very rarely, are determined by the management following external or internal changes and must not only be significant for the
entity\u2019s operations but also be capable of being proven to external parties. If these conditions apply, then the reclassification is
mandatory. If such a reclassification is necessary, this must be changed prospectively from the date of reclassification and
approved by the RBI Management Board.
Business model assessment
RBI reviews the objective of the business model under which a financial asset is managed at a portfolio level because this best
reflects the way the business is managed, and information is provided to management. The following factors are considered
as evidence when assessing which business model is relevant:
\u00b7 How the performance of the business model (and the financial assets held within that business model) is assessed
and reported to the entity\u2019s key management personnel
\u00b7 The risks that affect the performance of the business model (and the financial assets held within that business
model) and the way those risks are managed
\u00b7 How managers of the business are compensated \u2013 e.g. whether the compensation is based on the fair value of the
assets managed or the contractual cash flows collected
\u00b7 The frequency, value, and timing of sales in prior periods, the reasons for such sales, and expectations about future
sales activity
\u00b7 Whether sales activity and the collection of contractual cash flows are each integral or incidental to the business
model (hold-to-collect versus hold-and-sell business model).
Financial assets that are held for trading and those that are managed and whose performance is evaluated on a fair value
basis will be measured at fair value through profit or loss (FVTPL).
A business model\u2019s objective can be to hold financial assets to collect contractual cash flows even when some sales of financial
assets have occurred or are expected to occur. For RBI, the following sales may be consistent with the hold-to collect business
model:
\u00b7 The sales are due to an increase in the credit risk of a financial asset.
\u00b7 The sales are infrequent (even if significant) or are insignificant individually and in aggregate (even if frequent).
\u00b7 The sales take place close to the maturity of the financial asset and the proceeds from the sales approximate the
collection of the remaining contractual cash flows.
The number of sales in RBI is small, and like the volume of the sales out of the hold-to-collect business model, monitored over
time to have a documentation basis that respective sales are consistent with the hold-to-collect business model. The
judgement is made under reference to the rules of IFRS 9 which foresee that those sales out of the hold-to-collect business
model may be permissive in cases where they occur infrequently (even if significant in value) or are insignificant in value both
individually and in aggregate (even if frequent).
Analysis of contractual cash flow characteristics
If RBI has decided that the business model of a specific portfolio is to hold the financial assets to collect the contractual cash
flows (or to both collect contractual cash flows and sell financial assets), it must assess whether the contractual terms of the
financial assets allocated to this portfolio result on specific dates in cash flows that are solely payments of principal and
interest on the principal amount outstanding. For this purpose, interest is defined as consideration for the time value of money
and for the credit risk associated with the principal amount outstanding during a particular period and for other basic lending
risks and costs, as well as a profit margin. This assessment will be carried out on an instrument-by-instrument basis on the
date of initial recognition of the financial asset.
In assessing whether the contractual cash flows are solely payments of principal and interest, RBI considers the contractual
terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the
timing or amount of contractual cash flows in such a way that this condition is no longer met. RBI considers amongst other
things:
\u00b7 Prepayment or extension terms
\u00b7 Leverage agreements
\u00b7 Claim is limited to specified assets or cash flows
\u00b7 Contractually linked instruments
\u00b7 Sustainability-linked instruments
IFRS 9 includes regulations for prepayment features with negative compensation. Negative compensation arises where the
contractual terms permit the borrower to prepay the instrument before its contractual maturity, but the prepayment amount
could be less than unpaid amounts of principal and interest. However, to qualify for amortized cost measurement, the negative
compensation must be a reasonable compensation for early termination of the contract.
Sustainability-linked (ESG-linked) loans are structured such that their interest rates vary based on whether the borrower
achieves pre-determined targets defined in the loan agreement. As long as the variability of the interest rate is not related to
additional leverage, linked to an external index or is below a predefined threshold the loans are shown at amortized cost.
Modification of the time value of money and the benchmark test
The time value of money is the element of interest that provides consideration for only the passage of time. It does not take
other risks (credit, liquidity etc.) or costs (administrative etc.) associated with holding a financial asset into account. In some
cases, the time value of money element is modified (referred to as imperfect). This would be the case, for example, if a
financial asset\u2019s interest rate is periodically adjusted but the frequency of the interest rate adjustment does not match the
tenor of the interest rate. In this case units must assess the modification as to whether the contractual cash flows represent
solely payments of principal and interest, i.e. the modification term may not significantly alter the cash flows from a perfect
benchmark instrument.
RBI has developed a quantitative benchmark test to assess whether the cash flow condition has been met. This test
determines whether the undiscounted modified contractual cash flows differ significantly from the undiscounted cash flows of
a benchmark instrument. The benchmark instrument is equivalent to the tested asset in all respects except for the modified
interest components. At the time when the transaction is initially entered, the quantitative benchmark test is performed using
1,000 forward-looking simulations of future market interest rates over the life of the financial asset. The test assumes a
normal distribution of interest rates using the single-factor Hull-White model when simulating the scenarios. To pass the
quantitative benchmark test, the financial asset being tested must not exceed two significance thresholds. The significance
thresholds are established as the quotient of the simulated cash flows from the modified interest rate components and the
benchmark instrument. The quotient must not exceed 10 per cent over a reporting period (three months) or 5 per cent over the
entire life of the financial asset being tested. If one of these two significance thresholds is exceeded, the financial asset will
have failed the benchmark test and must be measured at fair value through profit or loss.
A benchmark test is applied for the following main contractual features that can potentially modify the time value of money:
\u00b7 Reset rate frequency does not match interest tenor
\u00b7 Lagging indicator
\u00b7 Smoothing clause
\u00b7 Grace period
\u00b7 Secondary market yield reference (UDRB: Average government bond yields weighted by outstanding amounts).
Relationships between items of the statement of financial position and
measurement criteria
Measurement
Assets/liabilities
Fair value
Amortized cost
Asset classes
Cash, balances at central banks and other demand deposits
x
Financial assets - amortized cost
x
hereof loans from finance lease
x
Financial assets - fair value through other comprehensive income
x
Non-trading financial assets - mandatorily fair value through profit/loss
x
Financial assets - designated fair value through profit/loss
x
Financial assets - held for trading
x
Hedge accounting
x
Liability classes
Financial liabilities - amortized cost
x
hereof liabilities from finance lease
x
Financial liabilities - designated fair value through profit/loss
x
Financial liabilities - held for trading
x
Hedge accounting
x
Key sources of estimation uncertainty and critical accounting judgments
If estimates or assessments are necessary for accounting and measuring according to IAS/IFRS, they are made in accordance
with the respective standards. They are based on past experiences and other factors, such as planning and expectations or
forecasts of future events that appear likely, based on current judgement. The estimates and underlying assumptions are
reviewed on an ongoing basis. Alterations to estimates that affect only one period will be considered only in that period. If the
following reporting periods are also affected, the alterations will be taken into consideration in the current and following
periods. The assumptions, estimates and accounting judgment mainly related to expected credit losses, the fair value and
impairment calculation of financial instruments, deferred tax assets, provisions for pensions and similar obligations, provisions
for litigation as well as the goodwill impairment test and immaterial assets capitalized during initial consolidation. The actual
values can deviate from the estimated values.
In relation to Rasperia the following key sources of estimation uncertainty and accounting judgments were taken into account:
Due to the revised management assessment, the expected proceeds from the enforcement of RBI\u2019s claims against the Austrian
assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. In addition a provision of \u20ac 339 million for
pending legal issues was recognized at 31 December 2025. For further information please refer to note (45) Pending legal
issues. In relation to the control assessment of AO Raiffeisenbank in accordance with IFRS 10 please refer to chapter
Consequences and analysis of the armed conflict between Russia and Ukraine.
In the double materiality analysis for the consolidated non-financial statement in 2025 the financial materiality of
sustainability matters was considered in the short, medium and long-term. In the short term, defined as the reporting period of
the consolidated financial statements, it was assessed that there was no\u00a0 financially material risks from sustainability matters,
except for lawsuits related to consumer protection issues. As a result the consolidated financial statements do not include any
separate disclosure on sustainability related uncertainties that materially affect the estimation assumptions. In the long term,
which is considered as five years onwards, there is a moderate chance of a material impact on the credit risk of our customer
portfolio due to climate change risks. For more details please see chapter IRO-1: Process to identify and assess material
impacts, risks and opportunities and note (31) Expected credit losses.
Additionally, in the light of the geopolitical situation RBI is exposed to increased risks related to foreign currency translation.
Details can be found in the chapter exchange differences.
Impairment in the lending business
RBI ascertains on a forward-looking basis the expected credit losses (ECL) associated with its debt instrument assets carried at
amortized cost and fair value through other comprehensive income and with the exposure arising from loan commitments,
leasing receivables and financial guarantee contracts. The calculation of expected credit losses (ECL) requires the use of
estimates that may not necessarily match actual results. In order to determine the amount of the impairment, significant
credit risk parameters such as PD (Probability of Default), LGD (Loss Given Default) and EAD (Exposure at Default) as well as
forward-looking information (economic forecasts) are to be estimated by management. The expected credit losses are
adjusted at each reporting date. IFRS 9 requires the assessment if a significant increase in credit risk exists, without providing
detailed guidance. Consequently, specific rules for the assessment have been defined, which consist of both qualitative
information and quantitative thresholds. The methods for determining the amount of the impairment are explained in the
section impairment general (IFRS 9). Quantitative information and sensitivity analyses are presented in the notes under (31)
Expected credit losses . Judgement is required when calculating expected credit losses, especially when considering risks that
are not adequately reflected in the models, such as overlays and other risk factors for sanction and geopolitical risks.
Fair value of financial instruments
Fair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This applies regardless of whether the price can be directly observed or has been
estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers
certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset)
if market participants would also consider such features in determining the price for the acquisition of the respective asset or
for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is
established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used
depending on the complexity of the instrument and the availability of market-based data. The input parameters for these
models are derived from observable market data where possible, nevertheless non-observable market data are required in
many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk,
liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of
financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair
value of financial instruments.
Provisions for litigation
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and an estimate of the amount is possible. The level of provisions is the best possible estimate of expected outflow of
economic benefits at the reporting date while considering the risks and uncertainties underlying the commitment to fulfill the
obligation. Risks and uncertainties are taken into consideration when making estimates. In some cases, lawsuits are filed by a
number of retail customers. The measurement of the provision in such cases is based on a statistical approach. These
approaches consider both static data, where relevant, and expert opinions, especially in connection with the lawsuits and
losses expected in the future. Details on provisions, particularly for CHF and Euro loans in Poland, as well as the provision
concerning the litigation for Rasperia, are disclosed under (45) Pending legal issues.
Provision for pensions and similar obligations
The cost of the defined benefit pension plan is determined using an actuarial valuation. The actuarial valuation involves
making assumptions about future salary increases, mortality rates and future pension increases. Considerable accounting
judgement is to be exercised in this connection in determining the parameters. Mercer\u00b4s interest rate recommendation is used
to determine the discount rate from which expected returns are derived. The main criteria for the selection of such corporate
bonds are the issuance volumes of the bonds, the quality of the bonds and the identification of outliers, which are not
considered. Assumptions and estimates used for the long-term defined benefit obligation calculations are described in the
section on pension obligations and other termination benefits. Quantitative information on long-term employee provisions is
disclosed in the notes under (27) Provisions.
Deferred tax assets
Deferred tax assets are recognized only to the extent that it is probable that in the future sufficient taxable profit will be
available against which those tax loss carry forwards, tax credits or deductible temporary differences can be utilized. A
planning period of five years is used to this purpose. Such a period allows for a reliable estimate of the tax result based on
planning. This assessment requires significant judgments and assumptions to be made by management. In determining the
deferred tax assets, the management uses historical tax capacity and profitability information and, if relevant, forecasted
operating results based upon approved business plans, including a review of the eligible carry-forward period. Quantitative
information on deferred taxes can be found under (11) Taxes.
Analysis of contractual cash flow characteristics
In addition to the business model test, a test of a financial asset\u2019s cash flows is also necessary to allocate it to the
measurement categories at amortized cost or at fair value through other comprehensive income. In order to pass the
contractual cash flow characteristics test, the asset\u2019s contractual cash flows must consist solely of payments of principal and
interest on the principal amount outstanding. This analysis of whether contractual cash flows of financial assets consist solely
of interest and principal payments involves critical judgments. At RBI, these judgments are mainly applied to loans with
mismatched interest components, considering the individual contractual features of financial assets. In order to be able to
assess whether a financial asset passes the cash flow characteristics test, a benchmark test is necessary in some
circumstances to evaluate a changed element for the time value of money.
Goodwill impairment test
All goodwill is tested each year with respect to its future economic benefits based on cash-generating units. An impairment
test is conducted as of the reporting date if indications of possible impairment arise during the financial year. In the course of
the impairment test, significant judgments, assumptions and estimates are required, in particular with regard to the timing
and amount of future expected cash flows and the discount rate. For additional information, see (8) Other result and (25)
Tangible and intangible fixed assets.
Impairment testing of companies valued at equity
The carrying amounts of companies valued at equity must be tested for impairment if there are objective indications of
impairment. At the end of each reporting period, an assessment is made as to whether there is any indication that the carrying
amount of an investment exceeds its recoverable amount. IAS 36 contains a list of internal and external indicators that are
considered as indications of impairment. If an indication arises that an entity valued at equity may be impaired, the
recoverable amount of the asset is calculated. If the objective indicators of an impairment are no longer present, a reversal of
the impairment occurs. However, this reversal is limited to the amount that would have resulted if no impairment had been
recognized. This means that the carrying amount of the investment in the associated company must not exceed the
proportionate equity. The significant judgments and estimates in connection with the impairment test relate particularly to
the discount rate, the planning assumptions, and the future expected cash flows. Details can be found under (24) Investments
in subsidiaries and associates.
Application of new and revised standards
Changes in IFRS effective in 2025
The following amendments to IFRS became effective in the current reporting period (and have been endorsed by the European
Union), with no significant impact on RBI's financial statements:
\u00b7 Amendment to IAS 21. Non-exchangeability of foreign currencies
Upcoming changes in IFRS after 2025
RBI has not early adopted the new or amended standards and interpretations set out below that have been issued but are not
yet effective. RBI is assessing their potential impact.
Effective in 2026 (endorsed by the EU)
\u00b7 Annual Improvements, Volume 11
\u00b7 Amendments to IFRS 9 and IFRS 7. Contracts Referencing to Nature-dependent Electricity
\u00b7 Amendments to IFRS 9 and IFRS 7. Classification and Measurement of Financial Instruments
The initial application of the above-mentioned amendments is not expected to have a significant impact on RBI\u2019s consolidated
financial statements.
Effective in 2027 (not yet endorsed by the EU)
\u00b7 New Standard IFRS 18. Presentation and Disclosure in Financial Statements. The RBI analyzes the impact of this new
standard through a coordinated approach involving multiple working groups. The standard will take effect from
January 1, 2027, resulting in changes to the presentation of the income statement and additions to the notes to the
financial statements. The RBI does not expect a significant impact on the Group's financial position and
performance.
\u00b7 Amendments to IAS 21. Translation to a Hyperinflationary Presentation Currency
In addition, in May 2024 the IASB issued the new accounting standard IFRS 19, Subsidiaries without Public Accountability:
Disclosures. However, this standard is not applicable to RBI\u2019s consolidated financial statements.
Exchange differences
The consolidated financial statements of RBI were prepared in euro which is the functional currency of RBI AG. The functional
currency is the currency of the principal economic environment in which the company operates. Each entity within the Group
determines its own functional currency taking all factors listed in IAS 21 into account. All financial statements of fully
consolidated companies prepared in a functional currency other than euro were translated into the reporting currency euro
employing the modified closing rate method in accordance with IAS 21. Equity was translated at its historical exchange rates
while all other assets, liabilities and the notes were translated at the prevailing foreign exchange rates as at the reporting
date. Differences arising from the translation of equity (historical exchange rates) are offset against retained earnings.
The income statement items were translated at the average exchange rates during the year calculated on the basis of month-
end rates. Depending on the development of the exchange rate and the nature of the business transaction, there may be
individual cases where the actual transaction rate is used instead of the average rate. This may particularly occur in instances
of significant one-off effects, in the financial year this applied in particular to the items in the income statement affected by a
Russian legal case (Rasperia Trading Limited). Differences arising between the exchange rate as at the reporting date and the
average exchange rate applied in the income statement were offset against equity (cumulative other comprehensive income).
Accumulated exchange differences are reclassified from the item exchange differences shown in other comprehensive income
to the income statement under net income from deconsolidation, in the event of a disposal of a foreign business operation
which leads to loss of control, joint management or significant influence over this business operation.
2025
2024
As at
Average
As at
Average
Rates in units per \u20ac
31/12
1/1-31/12
31/12
1/1-31/12
Albanian lek (ALL)
96.770
98.009
98.150
100.760
Belarusian-ruble (BYN)1
\u2014
\u2014
3,787
3.517
Bosnian marka (BAM)
1.956
1.956
1.956
1.956
Polish zloty (PLN)
4.221
4.240
4.275
4.305
Romanian leu (RON)
5.097
5.040
4.974
4.975
Russian ruble (RUB)
93.540
94.928
113.833
101.322
Serbian dinar (RSD)
117.282
117.197
117.015
117.084
Czech koruna (CZK)
24.237
24.695
25.185
25.123
Ukrainian hryvnia (UAH)
49.857
46.962
43.927
43.471
Hungarian forint (HUF)
385.150
397.728
411.350
395.971
US dollar (USD)
1.175
1.124
1.039
1.083
1 Due to the sale of the Belarusian units for year-end 2024 the exchange rate as at 30 November 2024 was used.
In the context of the geopolitical situation, RBI is exposed to increased risks related to foreign currency translations. The ECB
stopped publishing an official EUR/RUB exchange rate in March 2022 and an actual and factually achievable exchange rate (e.g.
provided by Refinitiv or Electronic Broking Service (EBS): off-shore rate) established itself in addition to the theoretical, official
exchange rate (rate determined by the Russian central bank: on-shore rate).
RBI is exposed to these risks particularly in the translation of monetary items denominated in a foreign currency and in the
translation of fully consolidated foreign business operations. According to IAS 21, the respective closing rate must be used
when translating monetary items into the functional currency. The closing rate is defined as the exchange rate that would
apply if the transaction were executed immediately. In particular, it must be taken into account whether an officially quoted
price is available on the closing date and whether it is available for immediate settlement. If multiple exchange rates are
available, the exchange rate at which the future cash flows from the transaction could have been settled on the balance sheet
date is to be used in accordance with IAS 21.26. In summary, RBI has concluded that this rate as of 31 December 2025 would
essentially correspond to the off-shore rate, which was accordingly used in the currency translation foreign currency positions
in rubles, provided the functional currency of the entity was not the ruble.
RBI has subsidiaries that report in a functional currency other than the Group\u2019s presentation currency. The translation of fully
consolidated foreign operations into the reporting currency of RBI must be carried out in accordance with IAS 21.39:
\u00b7 At the closing rate at the reporting date (assets and liabilities)
\u00b7 At the exchange rate at the time of the respective transactions or, for practical reasons, at an appropriate average
rate (income and expenses).
For this purpose, as with the translation of foreign currency transactions, the determination of suitable exchange rates is
necessary. Usually, the exchange rate used for this purpose is the one that would be applied when converting dividends from
the foreign business operation or for any capital repatriations. Due to the government restrictions introduced in Russia, RBI
assumes that cash inflows from foreign business operations in Russia could not be converted at the official exchange rate of
the Russian central bank as at the balance sheet date, rather, the actual and factually achievable rate would be applied. In
transactions with international banks, the off-shore rate is usually used for this purpose; accordingly, the foreign business
operation in Russia was translated at this rate on the balance sheet date. As of the balance sheet date, there was only an
insignificant difference between the EUR/RUB exchange rate from Refinitiv and that of the Russian central bank.
Consolidated group
Fully consolidated
Number of units
2025
2024
As at beginning of period
182
192
Included for the first time in the financial period
1
3
Merged in the financial period
0
(4)
Excluded in the financial period
(13)
(9)
As at end of period
170
182
Domicile in Austria
100
107
Domicile abroad
70
75
Banks
16
17
Financial institutions
98
105
Companies rendering bank-related ancillary services
9
6
Financial holding companies
3
3
Other
44
51
Included units
Company, domicile (country)
Share
Included as of
Reason
Financial institutions
Raiffeisen investicni spolecnost a.s., Prague (CZ)
75.0%
1/1
Materiality
Excluded units
Company, domicile (country)
Share
Excluded as of
Reason
Banks
Aedificium Banca pentru Locuinte S.A., Bucharest (RO)
100.0 %
1/6
in liquidation
Financial institutions
CUPIDO Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
100.0 %
1/5
Sale
RL Grundst\u00fcckverwaltung Klagenfurt-S\u00fcd GmbH, Vienna (AT)
100.0 %
1/5
Sale
AGIOS Raiffeisen-Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
51.0 %
1/6
Sale
RIL XIV Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Raiffeisen Leasing-Projektfinanzierung Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
SOLAR II Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Abade Immobilienleasing GmbH, Eschborn (DE)
100.0 %
1/11
Materiality
Abade Immobilienleasing GmbH & Co Projekt Lauterbach KG, Kriftel (DE)
6.0 %
1/11
Materiality
LYRA Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/11
Materiality
Companies rendering bank-related ancillary services
ASCENT Pflege Borna Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/8
Materiality
Other companies
ASCENT Pflege Erfurt Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
ASCENT Pflege Schleswig Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
Consequences and analysis of the armed conflict between Russia and
Ukraine
Going Concern
The RBI Management Board has prepared the consolidated financial statements as at 31 December 2025 on a going concern
basis as they do not intend to liquidate RBI and based on current available information this is considered a realistic intention.
RBI has the required economic resources to be able to meet ongoing regulatory requirements as well as being able to fund
business and liquidity needs (liquidity and funding profile, including forecasts of internal liquidity metrics and regulatory
liquidity coverage ratios). The most recent internally generated stress testing scenarios for liquidity and capital requirements
have shown that RBI has adequate resources to withstand reasonably possible downside scenarios. Additionally, RBI has robust
systems in place to mitigate the operational disruption of doing business in a warzone.
The RBI Management Board has concluded that there are no material uncertainties that could cast significant doubt over their
ability to continue as a going concern for at least a year from the date of approval, 17 February 2026, of the annual report to
be issued.
Control event
The economic and political environment due to the war may indicate changes in the ability of an investor to control
subsidiaries according to IFRS 10 in the affected areas. For RBI, especially Ukraine and Russia can be counted among the
affected areas.
In assessing control, RBI`s examination includes if it is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee according to the requirements of IFRS
10. If voting rights are relevant, RBI has control over an entity in which it directly or indirectly holds more than 50 per cent of the
voting rights, except when there are indicators that another investee has the ability to determine unilaterally the relevant
activities of the entity. RBI assesses evidence of control in cases in which it does not hold the majority of voting rights but has
the ability to unilaterally govern the relevant activities of the entity. This ability may occur in cases in which RBI has the ability
to control the relevant activities due to the extent and distribution of voting rights of the investees. If facts and circumstances
indicate that there are changes to one or more elements of control, a reassessment whether control over the investee still
exists is done.
When examining the facts and circumstances RBI carefully considered whether there have been changes that may significantly
limit its ability to exercise the rights or governance provisions with respect to a subsidiary due to the war or the sanctions
imposed. RBI has concluded that no changes are necessary in the assessment of control and that control was not lost over the
subsidiaries in the affected areas.
In a court hearing held on 4 August 2025, the Court of Cassation in St. Petersburg granted AO Raiffeisenbank\u2019s motion to cancel
the preliminary injunction and lifted the transfer ban over the shares in AO Raiffeisenbank.
Pro forma representation of the profit and loss statement and balance sheet
excluding Russia based on IFRS 5
Although the conditions for the application of IFRS 5 are currently not met, the tables below show the pro forma profit and
loss, as well as the balance sheet of RBI, as it would look like after applying the requirements of IFRS 5 for discontinued
operations of the Russian units. Consequently, the consolidated result of the Russian units has been reclassified under the item
Gains/losses from discontinued operations.
Due to the difficulty of predicting potential developments, any possible loss from a deconsolidation scenario, composed of the
loss of net asset value and the recycling of the other comprehensive income in the income statement, is not reflected in the
tables. The recycling of the other comprehensive income has no impact on the regulatory capital and capital ratios of RBI and
is related to the reclassification of predominantly historical currency fluctuations losses.
The CET 1 ratio, including the period result and excluding Russian operations under the assumption of full loss of the net asset
value at the deconsolidation, would amount to 15.5 per cent compared to 17.9 per cent including Russian operations.
RBI
Pro forma IFRS 5 Impact Russia
RBI Pro forma IFRS 5
in \u20ac million
2025
2024
2025
2024
2025
2024
Net interest income
5,874
5,779
(1,617)
(1,498)
4,257
4,281
Dividend income
31
33
0
0
30
33
Current income from investments in associates
52
47
0
(1)
52
46
Net fee and commission income
2,731
2,638
(739)
(808)
1,992
1,830
Net trading income and fair value result
253
111
(261)
(41)
(8)
70
Net gains/losses from hedge accounting
6
9
0
0
5
9
Other net operating income
151
84
(10)
9
141
92
Operating income
9,097
8,701
(2,627)
(2,340)
6,470
6,361
Staff expenses
(2,347)
(2,053)
522
347
(1,825)
(1,706)
Other administrative expenses
(1,282)
(1,261)
90
85
(1,192)
(1,176)
Depreciation
(506)
(472)
67
44
(439)
(428)
General administrative expenses
(4,134)
(3,786)
679
476
(3,456)
(3,310)
Operating result
4,963
4,915
(1,949)
(1,865)
3,014
3,050
Other result
(1,918)
(1,590)
1,608
843
(310)
(748)
Governmental measures and compulsory
contributions
(270)
(216)
22
30
(248)
(185)
Impairment losses on financial assets
(141)
(125)
(51)
(162)
(192)
(287)
Profit/loss before tax
2,634
2,984
(371)
(1,154)
2,263
1,830
Income taxes
(1,013)
(953)
492
399
(521)
(554)
Profit/loss after tax from continuing
operations
1,621
2,031
122
(755)
1,743
1,275
Gains/losses from discontinued operations
0
(673)
(122)
755
(122)
82
Profit/loss after tax
1,621
1,358
0
0
1,621
1,358
Profit attributable to non-controlling interests
(250)
(201)
0
0
(250)
(201)
Consolidated profit/loss
1,371
1,157
0
0
1,371
1,157
RBI
Pro forma IFRS 5 Impact Russia
RBI Pro forma IFRS 5
Assets in \u20ac million
2025
2024
2025
2024
2025
2024
Cash, balances at central banks and other
demand deposits
35,340
34,871
(11,119)
(3,906)
24,221
30,965
Financial assets - amortized cost
155,508
147,701
(5,349)
(10,533)
150,159
137,169
Financial assets - fair value through other
comprehensive income
4,486
3,610
(3)
(4)
4,483
3,606
Non-trading financial assets - mandatorily fair
value through profit/loss
1,347
1,094
0
0
1,347
1,094
Financial assets - designated fair value through
profit/loss
208
304
0
0
208
304
Financial assets - held for trading
7,230
5,945
(34)
(20)
7,196
5,925
Hedge accounting
1,098
1,014
(47)
(5)
1,051
1,009
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(372)
(234)
17
30
(355)
(205)
Investments in subsidiaries and associates
944
871
(1)
(1)
943
870
Tangible fixed assets
1,729
1,683
(248)
(187)
1,481
1,496
Intangible fixed assets
1,108
1,003
(148)
(90)
959
913
Current tax assets
124
130
0
(4)
124
125
Deferred tax assets
167
216
(76)
(118)
92
98
Non-current assets and disposal groups classified
as held for sale
4
9
17,073
14,890
17,077
14,899
Other assets
1,344
1,636
(65)
(51)
1,279
1,585
Total
210,265
199,851
0
0
210,265
199,851
RBI
Pro forma IFRS 5 Impact Russia
RBI Pro forma IFRS 5
Equity and liabilities in \u20ac million
2025
2024
2025
2024
2025
2024
Financial liabilities - amortized cost
170,588
163,316
(10,729)
(8,995)
159,859
154,321
Financial liabilities - designated fair value through
profit/loss
1,061
1,108
0
0
1,061
1,108
Financial liabilities - held for trading
11,082
9,304
0
(12)
11,082
9,292
Hedge accounting
942
1,308
(18)
(122)
924
1,186
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(343)
(359)
2
19
(341)
(340)
Provisions for liabilities and charges
2,675
2,902
(497)
(961)
2,177
1,941
Current tax liabilities
144
217
(38)
(44)
106
173
Deferred tax liabilities
58
53
(4)
(11)
54
42
Liabilities included in disposal groups classified as
held for sale
0
0
11,455
10,388
11,455
10,388
Other liabilities
1,594
1,663
(171)
(263)
1,423
1,400
Equity
22,463
20,340
0
0
22,463
20,340
Consolidated equity
19,452
17,299
0
0
19,452
17,299
Non-controlling interests
1,386
1,260
0
0
1,386
1,260
Additional tier 1
1,625
1,781
0
0
1,625
1,781
Total
210,265
199,851
0
0
210,265
199,851
Concentration risk
Since the outbreak of war in Ukraine, RBI`s activities in Russia and Ukraine have been exposed to increased risk. The heightened
risk is driven by several factors such as the destruction of livelihoods and infrastructure in Ukraine as well as the loss and
blockading of ports, sanctions imposed on Russia, uncertainty about the length of the war and price instability and economic
contraction in the affected countries. The exposure to Russia and Ukraine is presented in the tables below.
The first table shows the split of the net carrying amount based on IFRS measurement categories as well as the nominal of the
off-balance exposure after impairments. The second table shows the concentration risk on counterparty level, whereby
derivatives of the trading book are shown separately.
2025
2024
in \u20ac million
Russia
Ukraine
Total
Russia
Ukraine
Total
Financial assets - amortized cost
6,345
2,395
8,740
12,126
2,473
14,598
Financial assets - fair value through other
comprehensive income
3
979
982
4
770
774
Non-trading financial assets - mandatorily fair
value through profit/loss
2
0
2
2
0
2
Financial assets - designated fair value through
profit/loss
0
0
0
0
0
0
Financial assets - held for trading
49
111
161
53
121
174
On-balance
6,400
3,486
9,885
12,185
3,364
15,549
Loan commitments, financial guarantees and
other commitments
2,274
1,401
3,676
2,018
1,048
3,067
Total
8,674
4,887
13,561
14,203
4,412
18,615
2025
2024
in \u20ac million
Russia
Ukraine
Total
Russia
Ukraine
Total1
Derivatives
43
0
43
42
2
44
Central banks
120
267
387
5,697
255
5,952
General governments
1,958
1,306
3,265
1,078
1,129
2,207
Banks
1,553
216
1,769
1,985
593
2,579
Other financial corporations
162
64
227
168
25
192
Non-financial corporations
789
1,437
2,226
1,383
1,198
2,580
Households
1,772
196
1,968
1,831
163
1,994
On-balance
6,400
3,486
9,885
12,185
3,364
15,549
Loan commitments, financial guarantees and
other commitments
2,274
1,401
3,676
2,018
1,048
3,067
Total
8,674
4,887
13,561
14,203
4,412
18,615
For the effects on the models for calculating impairments in accordance with IFRS 9, please refer to note (31) Expected credit
losses.
Valuation of collateral in Ukraine
The real estate market continues to be significantly affected by the war, but at the same time it is adapting to new realities. In
western Ukraine the demand for retail spaces and warehouse properties is increasing, resulting in a price growth, while the
demand for office real estate is decreasing. Prices in the primary residential real estate market increased in almost all regions
during 2025. Non-eligible status was applied for collateral in occupied regions and in regions with high risk of hostility or
occupation significantly increased discounts were applied. For other areas of Ukraine, ongoing on-site visits and evaluations
are taking place.
Impairment test for tangible and intangible fixed assets
Due to the war between Russia and the Ukraine, tangible and intangible fixed assets in both countries were examined for
indicators that could lead to an impairment in accordance with IAS 36.
In Ukraine, the tangible fixed assets located in the occupied territories were already written off to zero in 2022. All other
tangible fixed assets were assessed individually and adjusted if damage occurred. This resulted in a reversal of impairments
less than \u20ac 1 million in the reporting year 2025 (previous year: reversal of impairments less than \u20ac 1 million).
Due to changes in market prices, interest rates, rental prices and vacant properties, as a result of the geopolitical situation and
a more detailed appraisal the impairment test for tangible fixed assets in Russia resulted in an impairment loss of around \u20ac 1
million (previous year: reversal of impairment losses \u20ac 8 million). The impairment test for intangible fixed assets resulted in a
impairment loss of \u20ac 3 million (previous year: reversal of impairment losses less than \u20ac 1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Principles underlying the consolidated financial
statements
Principles of preparation
The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS)
published by the International Accounting Standards Board (IASB) and the international accounting standards adopted by the
EU on the basis of IAS Regulation (EC) 1606/2002 including the applicable interpretations of the International Financial reporting
Interpretations Committee (IFRIC/SIC). Standards and interpretations not yet applicable that have been published and
endorsed by the EU are outlined in the section standards and interpretations not yet applicable (already endorsed by the EU).
The consolidated financial statements also meet the requirements of \u00a7 245a of the Austrian Commercial Code (UGB) and \u00a7 59a
of the Austrian Banking Act (BWG) regarding exempting consolidated financial statements that comply with internationally
accepted accounting principles.
A financial asset is recognized when it is probable that the future economic benefits will flow to the company and the
acquisition or production costs, or another value can be reliably measured. A financial liability is recognized when it is probable
that an outflow of resources embodying economic benefits will result from the settlement of the obligation and the amount at
which the settlement will take place can be measured reliably. An exception are certain financial instruments which are
recognized at fair value at the reporting date. Provided that the underlying contracts do not fall within the scope of IFRS 9 or
IFRS 16, revenue is recognized if the conditions of IFRS 15 are met and if it is probable that the economic benefits will flow to the
Group and the amount of revenue can be measured reliably. These consolidated financial statements have been prepared on a
going concern basis.
The consolidated financial statements are based on the reporting packages of all fully consolidated Group members, which are
prepared according to IFRS rules and uniform Group standards. All material subsidiaries prepare their annual financial
statements as at and for the year ended 31 December. Some IFRS disclosures made outside the notes form an integral part of
the consolidated financial statements. These are mainly explanations on net income from segments, which are included in the
notes on segment reporting. Detailed notes on IFRS 7 are included under note (41) Credit risk, note (42) Market risk and note (43)
Liquidity management. This information is presented in accordance with IFRS 8 Operating Segments and IFRS 7 Financial
Instruments Disclosures respectively.
Classification and measurement of financial assets and financial liabilities
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity. On initial recognition, financial instruments are to be measured at fair value, which generally corresponds to
the transaction price at the time of acquisition or issue. If the Group unit determines that the fair value on initial recognition
differs from the transaction price, but this fair value measurement is not evidenced by a valuation technique that uses only
data from observable markets, then the carrying amount of the financial asset or financial liability on initial recognition is
adjusted to defer the difference between the fair value measurement and the transaction price. The deferred difference is
subsequently recognized as a gain or loss only to the extent that it arises from change in a factor (including time) that market
participants would consider in setting the price. According to IFRS 13, the fair value is defined as the exit price. For subsequent
measurement, financial instruments are recognized in the statement of financial position according to the respective
measurement category pursuant to IFRS 9, either at (amortized) cost or at fair value.
The classification of financial assets under IFRS 9 is firstly based on the business model under which the assets are managed,
and secondly on the cash flow characteristics of the assets. For RBI, this results in five classification categories for financial
assets:
\u00b7 Financial assets measured at amortized cost (AC)
\u00b7 Financial assets measured at fair value through other comprehensive income (FVOCI)
\u00b7 Financial assets mandatorily measured at fair value through profit or loss (FVTPL)
\u00b7 Financial assets designated fair value through profit or loss (FVTPL)
\u00b7 Financial assets held for trading (HFT).
Financial liabilities are generally recognized according to IFRS 9 at (amortized) cost (financial liabilities \u2013 amortized cost)
applying the effective interest method unless they are measured at fair value. This includes financial liabilities that are held for
trading (financial liabilities \u2013 held for trading) and designated as FVTPL (financial liabilities \u2013 designated fair value through
profit/loss). Changes in the fair value of liabilities designated at fair value through profit or loss which are caused by changes in
RBI\u2019s own default risk are to be shown in other comprehensive income.
In accordance with IFRS 9, embedded derivatives are not separated from the host contract of a financial asset. Instead,
financial assets are classified in accordance with the business model and their contractual characteristics as explained in the
section business model assessment and in the section analysis of contractual cash flow characteristics. With financial
liabilities, embedded derivatives are only separated from the host instrument and separately accounted for as derivatives if
their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract,
the embedded derivative meets the definition of a derivative and the hybrid financial instrument is not associated with a
financial liability item that is held for trading or designated at fair value through profit or loss.
Further details on the classification and measurement of financial assets and financial liabilities can be found in the notes of
the respective items of the income statement and the statement of financial position.
Reclassification of financial assets
Reclassification is only possible for financial assets, not for financial liabilities. In RBI, a change in the measurement category is
only possible if there is a change in the business model used to manage a financial asset. Such changes are expected to occur
very rarely, are determined by the management following external or internal changes and must not only be significant for the
entity\u2019s operations but also be capable of being proven to external parties. If these conditions apply, then the reclassification is
mandatory. If such a reclassification is necessary, this must be changed prospectively from the date of reclassification and
approved by the RBI Management Board.
Business model assessment
RBI reviews the objective of the business model under which a financial asset is managed at a portfolio level because this best
reflects the way the business is managed, and information is provided to management. The following factors are considered
as evidence when assessing which business model is relevant:
\u00b7 How the performance of the business model (and the financial assets held within that business model) is assessed
and reported to the entity\u2019s key management personnel
\u00b7 The risks that affect the performance of the business model (and the financial assets held within that business
model) and the way those risks are managed
\u00b7 How managers of the business are compensated \u2013 e.g. whether the compensation is based on the fair value of the
assets managed or the contractual cash flows collected
\u00b7 The frequency, value, and timing of sales in prior periods, the reasons for such sales, and expectations about future
sales activity
\u00b7 Whether sales activity and the collection of contractual cash flows are each integral or incidental to the business
model (hold-to-collect versus hold-and-sell business model).
Financial assets that are held for trading and those that are managed and whose performance is evaluated on a fair value
basis will be measured at fair value through profit or loss (FVTPL).
A business model\u2019s objective can be to hold financial assets to collect contractual cash flows even when some sales of financial
assets have occurred or are expected to occur. For RBI, the following sales may be consistent with the hold-to collect business
model:
\u00b7 The sales are due to an increase in the credit risk of a financial asset.
\u00b7 The sales are infrequent (even if significant) or are insignificant individually and in aggregate (even if frequent).
\u00b7 The sales take place close to the maturity of the financial asset and the proceeds from the sales approximate the
collection of the remaining contractual cash flows.
The number of sales in RBI is small, and like the volume of the sales out of the hold-to-collect business model, monitored over
time to have a documentation basis that respective sales are consistent with the hold-to-collect business model. The
judgement is made under reference to the rules of IFRS 9 which foresee that those sales out of the hold-to-collect business
model may be permissive in cases where they occur infrequently (even if significant in value) or are insignificant in value both
individually and in aggregate (even if frequent).
Analysis of contractual cash flow characteristics
If RBI has decided that the business model of a specific portfolio is to hold the financial assets to collect the contractual cash
flows (or to both collect contractual cash flows and sell financial assets), it must assess whether the contractual terms of the
financial assets allocated to this portfolio result on specific dates in cash flows that are solely payments of principal and
interest on the principal amount outstanding. For this purpose, interest is defined as consideration for the time value of money
and for the credit risk associated with the principal amount outstanding during a particular period and for other basic lending
risks and costs, as well as a profit margin. This assessment will be carried out on an instrument-by-instrument basis on the
date of initial recognition of the financial asset.
In assessing whether the contractual cash flows are solely payments of principal and interest, RBI considers the contractual
terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the
timing or amount of contractual cash flows in such a way that this condition is no longer met. RBI considers amongst other
things:
\u00b7 Prepayment or extension terms
\u00b7 Leverage agreements
\u00b7 Claim is limited to specified assets or cash flows
\u00b7 Contractually linked instruments
\u00b7 Sustainability-linked instruments
IFRS 9 includes regulations for prepayment features with negative compensation. Negative compensation arises where the
contractual terms permit the borrower to prepay the instrument before its contractual maturity, but the prepayment amount
could be less than unpaid amounts of principal and interest. However, to qualify for amortized cost measurement, the negative
compensation must be a reasonable compensation for early termination of the contract.
Sustainability-linked (ESG-linked) loans are structured such that their interest rates vary based on whether the borrower
achieves pre-determined targets defined in the loan agreement. As long as the variability of the interest rate is not related to
additional leverage, linked to an external index or is below a predefined threshold the loans are shown at amortized cost.
Modification of the time value of money and the benchmark test
The time value of money is the element of interest that provides consideration for only the passage of time. It does not take
other risks (credit, liquidity etc.) or costs (administrative etc.) associated with holding a financial asset into account. In some
cases, the time value of money element is modified (referred to as imperfect). This would be the case, for example, if a
financial asset\u2019s interest rate is periodically adjusted but the frequency of the interest rate adjustment does not match the
tenor of the interest rate. In this case units must assess the modification as to whether the contractual cash flows represent
solely payments of principal and interest, i.e. the modification term may not significantly alter the cash flows from a perfect
benchmark instrument.
RBI has developed a quantitative benchmark test to assess whether the cash flow condition has been met. This test
determines whether the undiscounted modified contractual cash flows differ significantly from the undiscounted cash flows of
a benchmark instrument. The benchmark instrument is equivalent to the tested asset in all respects except for the modified
interest components. At the time when the transaction is initially entered, the quantitative benchmark test is performed using
1,000 forward-looking simulations of future market interest rates over the life of the financial asset. The test assumes a
normal distribution of interest rates using the single-factor Hull-White model when simulating the scenarios. To pass the
quantitative benchmark test, the financial asset being tested must not exceed two significance thresholds. The significance
thresholds are established as the quotient of the simulated cash flows from the modified interest rate components and the
benchmark instrument. The quotient must not exceed 10 per cent over a reporting period (three months) or 5 per cent over the
entire life of the financial asset being tested. If one of these two significance thresholds is exceeded, the financial asset will
have failed the benchmark test and must be measured at fair value through profit or loss.
A benchmark test is applied for the following main contractual features that can potentially modify the time value of money:
\u00b7 Reset rate frequency does not match interest tenor
\u00b7 Lagging indicator
\u00b7 Smoothing clause
\u00b7 Grace period
\u00b7 Secondary market yield reference (UDRB: Average government bond yields weighted by outstanding amounts).
Relationships between items of the statement of financial position and
measurement criteria
Measurement
Assets/liabilities
Fair value
Amortized cost
Asset classes
Cash, balances at central banks and other demand deposits
x
Financial assets - amortized cost
x
hereof loans from finance lease
x
Financial assets - fair value through other comprehensive income
x
Non-trading financial assets - mandatorily fair value through profit/loss
x
Financial assets - designated fair value through profit/loss
x
Financial assets - held for trading
x
Hedge accounting
x
Liability classes
Financial liabilities - amortized cost
x
hereof liabilities from finance lease
x
Financial liabilities - designated fair value through profit/loss
x
Financial liabilities - held for trading
x
Hedge accounting
x
Key sources of estimation uncertainty and critical accounting judgments
If estimates or assessments are necessary for accounting and measuring according to IAS/IFRS, they are made in accordance
with the respective standards. They are based on past experiences and other factors, such as planning and expectations or
forecasts of future events that appear likely, based on current judgement. The estimates and underlying assumptions are
reviewed on an ongoing basis. Alterations to estimates that affect only one period will be considered only in that period. If the
following reporting periods are also affected, the alterations will be taken into consideration in the current and following
periods. The assumptions, estimates and accounting judgment mainly related to expected credit losses, the fair value and
impairment calculation of financial instruments, deferred tax assets, provisions for pensions and similar obligations, provisions
for litigation as well as the goodwill impairment test and immaterial assets capitalized during initial consolidation. The actual
values can deviate from the estimated values.
In relation to Rasperia the following key sources of estimation uncertainty and accounting judgments were taken into account:
Due to the revised management assessment, the expected proceeds from the enforcement of RBI\u2019s claims against the Austrian
assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. In addition a provision of \u20ac 339 million for
pending legal issues was recognized at 31 December 2025. For further information please refer to note (45) Pending legal
issues. In relation to the control assessment of AO Raiffeisenbank in accordance with IFRS 10 please refer to chapter
Consequences and analysis of the armed conflict between Russia and Ukraine.
In the double materiality analysis for the consolidated non-financial statement in 2025 the financial materiality of
sustainability matters was considered in the short, medium and long-term. In the short term, defined as the reporting period of
the consolidated financial statements, it was assessed that there was no\u00a0 financially material risks from sustainability matters,
except for lawsuits related to consumer protection issues. As a result the consolidated financial statements do not include any
separate disclosure on sustainability related uncertainties that materially affect the estimation assumptions. In the long term,
which is considered as five years onwards, there is a moderate chance of a material impact on the credit risk of our customer
portfolio due to climate change risks. For more details please see chapter IRO-1: Process to identify and assess material
impacts, risks and opportunities and note (31) Expected credit losses.
Additionally, in the light of the geopolitical situation RBI is exposed to increased risks related to foreign currency translation.
Details can be found in the chapter exchange differences.
Impairment in the lending business
RBI ascertains on a forward-looking basis the expected credit losses (ECL) associated with its debt instrument assets carried at
amortized cost and fair value through other comprehensive income and with the exposure arising from loan commitments,
leasing receivables and financial guarantee contracts. The calculation of expected credit losses (ECL) requires the use of
estimates that may not necessarily match actual results. In order to determine the amount of the impairment, significant
credit risk parameters such as PD (Probability of Default), LGD (Loss Given Default) and EAD (Exposure at Default) as well as
forward-looking information (economic forecasts) are to be estimated by management. The expected credit losses are
adjusted at each reporting date. IFRS 9 requires the assessment if a significant increase in credit risk exists, without providing
detailed guidance. Consequently, specific rules for the assessment have been defined, which consist of both qualitative
information and quantitative thresholds. The methods for determining the amount of the impairment are explained in the
section impairment general (IFRS 9). Quantitative information and sensitivity analyses are presented in the notes under (31)
Expected credit losses . Judgement is required when calculating expected credit losses, especially when considering risks that
are not adequately reflected in the models, such as overlays and other risk factors for sanction and geopolitical risks.
Fair value of financial instruments
Fair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This applies regardless of whether the price can be directly observed or has been
estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers
certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset)
if market participants would also consider such features in determining the price for the acquisition of the respective asset or
for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is
established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used
depending on the complexity of the instrument and the availability of market-based data. The input parameters for these
models are derived from observable market data where possible, nevertheless non-observable market data are required in
many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk,
liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of
financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair
value of financial instruments.
Provisions for litigation
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and an estimate of the amount is possible. The level of provisions is the best possible estimate of expected outflow of
economic benefits at the reporting date while considering the risks and uncertainties underlying the commitment to fulfill the
obligation. Risks and uncertainties are taken into consideration when making estimates. In some cases, lawsuits are filed by a
number of retail customers. The measurement of the provision in such cases is based on a statistical approach. These
approaches consider both static data, where relevant, and expert opinions, especially in connection with the lawsuits and
losses expected in the future. Details on provisions, particularly for CHF and Euro loans in Poland, as well as the provision
concerning the litigation for Rasperia, are disclosed under (45) Pending legal issues.
Provision for pensions and similar obligations
The cost of the defined benefit pension plan is determined using an actuarial valuation. The actuarial valuation involves
making assumptions about future salary increases, mortality rates and future pension increases. Considerable accounting
judgement is to be exercised in this connection in determining the parameters. Mercer\u00b4s interest rate recommendation is used
to determine the discount rate from which expected returns are derived. The main criteria for the selection of such corporate
bonds are the issuance volumes of the bonds, the quality of the bonds and the identification of outliers, which are not
considered. Assumptions and estimates used for the long-term defined benefit obligation calculations are described in the
section on pension obligations and other termination benefits. Quantitative information on long-term employee provisions is
disclosed in the notes under (27) Provisions.
Deferred tax assets
Deferred tax assets are recognized only to the extent that it is probable that in the future sufficient taxable profit will be
available against which those tax loss carry forwards, tax credits or deductible temporary differences can be utilized. A
planning period of five years is used to this purpose. Such a period allows for a reliable estimate of the tax result based on
planning. This assessment requires significant judgments and assumptions to be made by management. In determining the
deferred tax assets, the management uses historical tax capacity and profitability information and, if relevant, forecasted
operating results based upon approved business plans, including a review of the eligible carry-forward period. Quantitative
information on deferred taxes can be found under (11) Taxes.
Analysis of contractual cash flow characteristics
In addition to the business model test, a test of a financial asset\u2019s cash flows is also necessary to allocate it to the
measurement categories at amortized cost or at fair value through other comprehensive income. In order to pass the
contractual cash flow characteristics test, the asset\u2019s contractual cash flows must consist solely of payments of principal and
interest on the principal amount outstanding. This analysis of whether contractual cash flows of financial assets consist solely
of interest and principal payments involves critical judgments. At RBI, these judgments are mainly applied to loans with
mismatched interest components, considering the individual contractual features of financial assets. In order to be able to
assess whether a financial asset passes the cash flow characteristics test, a benchmark test is necessary in some
circumstances to evaluate a changed element for the time value of money.
Goodwill impairment test
All goodwill is tested each year with respect to its future economic benefits based on cash-generating units. An impairment
test is conducted as of the reporting date if indications of possible impairment arise during the financial year. In the course of
the impairment test, significant judgments, assumptions and estimates are required, in particular with regard to the timing
and amount of future expected cash flows and the discount rate. For additional information, see (8) Other result and (25)
Tangible and intangible fixed assets.
Impairment testing of companies valued at equity
The carrying amounts of companies valued at equity must be tested for impairment if there are objective indications of
impairment. At the end of each reporting period, an assessment is made as to whether there is any indication that the carrying
amount of an investment exceeds its recoverable amount. IAS 36 contains a list of internal and external indicators that are
considered as indications of impairment. If an indication arises that an entity valued at equity may be impaired, the
recoverable amount of the asset is calculated. If the objective indicators of an impairment are no longer present, a reversal of
the impairment occurs. However, this reversal is limited to the amount that would have resulted if no impairment had been
recognized. This means that the carrying amount of the investment in the associated company must not exceed the
proportionate equity. The significant judgments and estimates in connection with the impairment test relate particularly to
the discount rate, the planning assumptions, and the future expected cash flows. Details can be found under (24) Investments
in subsidiaries and associates.
Application of new and revised standards
Changes in IFRS effective in 2025
The following amendments to IFRS became effective in the current reporting period (and have been endorsed by the European
Union), with no significant impact on RBI's financial statements:
\u00b7 Amendment to IAS 21. Non-exchangeability of foreign currencies
Upcoming changes in IFRS after 2025
RBI has not early adopted the new or amended standards and interpretations set out below that have been issued but are not
yet effective. RBI is assessing their potential impact.
Effective in 2026 (endorsed by the EU)
\u00b7 Annual Improvements, Volume 11
\u00b7 Amendments to IFRS 9 and IFRS 7. Contracts Referencing to Nature-dependent Electricity
\u00b7 Amendments to IFRS 9 and IFRS 7. Classification and Measurement of Financial Instruments
The initial application of the above-mentioned amendments is not expected to have a significant impact on RBI\u2019s consolidated
financial statements.
Effective in 2027 (not yet endorsed by the EU)
\u00b7 New Standard IFRS 18. Presentation and Disclosure in Financial Statements. The RBI analyzes the impact of this new
standard through a coordinated approach involving multiple working groups. The standard will take effect from
January 1, 2027, resulting in changes to the presentation of the income statement and additions to the notes to the
financial statements. The RBI does not expect a significant impact on the Group's financial position and
performance.
\u00b7 Amendments to IAS 21. Translation to a Hyperinflationary Presentation Currency
In addition, in May 2024 the IASB issued the new accounting standard IFRS 19, Subsidiaries without Public Accountability:
Disclosures. However, this standard is not applicable to RBI\u2019s consolidated financial statements.
Exchange differences
The consolidated financial statements of RBI were prepared in euro which is the functional currency of RBI AG. The functional
currency is the currency of the principal economic environment in which the company operates. Each entity within the Group
determines its own functional currency taking all factors listed in IAS 21 into account. All financial statements of fully
consolidated companies prepared in a functional currency other than euro were translated into the reporting currency euro
employing the modified closing rate method in accordance with IAS 21. Equity was translated at its historical exchange rates
while all other assets, liabilities and the notes were translated at the prevailing foreign exchange rates as at the reporting
date. Differences arising from the translation of equity (historical exchange rates) are offset against retained earnings.
The income statement items were translated at the average exchange rates during the year calculated on the basis of month-
end rates. Depending on the development of the exchange rate and the nature of the business transaction, there may be
individual cases where the actual transaction rate is used instead of the average rate. This may particularly occur in instances
of significant one-off effects, in the financial year this applied in particular to the items in the income statement affected by a
Russian legal case (Rasperia Trading Limited). Differences arising between the exchange rate as at the reporting date and the
average exchange rate applied in the income statement were offset against equity (cumulative other comprehensive income).
Accumulated exchange differences are reclassified from the item exchange differences shown in other comprehensive income
to the income statement under net income from deconsolidation, in the event of a disposal of a foreign business operation
which leads to loss of control, joint management or significant influence over this business operation.
2025
2024
As at
Average
As at
Average
Rates in units per \u20ac
31/12
1/1-31/12
31/12
1/1-31/12
Albanian lek (ALL)
96.770
98.009
98.150
100.760
Belarusian-ruble (BYN)1
\u2014
\u2014
3,787
3.517
Bosnian marka (BAM)
1.956
1.956
1.956
1.956
Polish zloty (PLN)
4.221
4.240
4.275
4.305
Romanian leu (RON)
5.097
5.040
4.974
4.975
Russian ruble (RUB)
93.540
94.928
113.833
101.322
Serbian dinar (RSD)
117.282
117.197
117.015
117.084
Czech koruna (CZK)
24.237
24.695
25.185
25.123
Ukrainian hryvnia (UAH)
49.857
46.962
43.927
43.471
Hungarian forint (HUF)
385.150
397.728
411.350
395.971
US dollar (USD)
1.175
1.124
1.039
1.083
1 Due to the sale of the Belarusian units for year-end 2024 the exchange rate as at 30 November 2024 was used.
In the context of the geopolitical situation, RBI is exposed to increased risks related to foreign currency translations. The ECB
stopped publishing an official EUR/RUB exchange rate in March 2022 and an actual and factually achievable exchange rate (e.g.
provided by Refinitiv or Electronic Broking Service (EBS): off-shore rate) established itself in addition to the theoretical, official
exchange rate (rate determined by the Russian central bank: on-shore rate).
RBI is exposed to these risks particularly in the translation of monetary items denominated in a foreign currency and in the
translation of fully consolidated foreign business operations. According to IAS 21, the respective closing rate must be used
when translating monetary items into the functional currency. The closing rate is defined as the exchange rate that would
apply if the transaction were executed immediately. In particular, it must be taken into account whether an officially quoted
price is available on the closing date and whether it is available for immediate settlement. If multiple exchange rates are
available, the exchange rate at which the future cash flows from the transaction could have been settled on the balance sheet
date is to be used in accordance with IAS 21.26. In summary, RBI has concluded that this rate as of 31 December 2025 would
essentially correspond to the off-shore rate, which was accordingly used in the currency translation foreign currency positions
in rubles, provided the functional currency of the entity was not the ruble.
RBI has subsidiaries that report in a functional currency other than the Group\u2019s presentation currency. The translation of fully
consolidated foreign operations into the reporting currency of RBI must be carried out in accordance with IAS 21.39:
\u00b7 At the closing rate at the reporting date (assets and liabilities)
\u00b7 At the exchange rate at the time of the respective transactions or, for practical reasons, at an appropriate average
rate (income and expenses).
For this purpose, as with the translation of foreign currency transactions, the determination of suitable exchange rates is
necessary. Usually, the exchange rate used for this purpose is the one that would be applied when converting dividends from
the foreign business operation or for any capital repatriations. Due to the government restrictions introduced in Russia, RBI
assumes that cash inflows from foreign business operations in Russia could not be converted at the official exchange rate of
the Russian central bank as at the balance sheet date, rather, the actual and factually achievable rate would be applied. In
transactions with international banks, the off-shore rate is usually used for this purpose; accordingly, the foreign business
operation in Russia was translated at this rate on the balance sheet date. As of the balance sheet date, there was only an
insignificant difference between the EUR/RUB exchange rate from Refinitiv and that of the Russian central bank.
Consolidated group
Fully consolidated
Number of units
2025
2024
As at beginning of period
182
192
Included for the first time in the financial period
1
3
Merged in the financial period
0
(4)
Excluded in the financial period
(13)
(9)
As at end of period
170
182
Domicile in Austria
100
107
Domicile abroad
70
75
Banks
16
17
Financial institutions
98
105
Companies rendering bank-related ancillary services
9
6
Financial holding companies
3
3
Other
44
51
Included units
Company, domicile (country)
Share
Included as of
Reason
Financial institutions
Raiffeisen investicni spolecnost a.s., Prague (CZ)
75.0%
1/1
Materiality
Excluded units
Company, domicile (country)
Share
Excluded as of
Reason
Banks
Aedificium Banca pentru Locuinte S.A., Bucharest (RO)
100.0 %
1/6
in liquidation
Financial institutions
CUPIDO Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
100.0 %
1/5
Sale
RL Grundst\u00fcckverwaltung Klagenfurt-S\u00fcd GmbH, Vienna (AT)
100.0 %
1/5
Sale
AGIOS Raiffeisen-Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
51.0 %
1/6
Sale
RIL XIV Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Raiffeisen Leasing-Projektfinanzierung Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
SOLAR II Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Abade Immobilienleasing GmbH, Eschborn (DE)
100.0 %
1/11
Materiality
Abade Immobilienleasing GmbH & Co Projekt Lauterbach KG, Kriftel (DE)
6.0 %
1/11
Materiality
LYRA Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/11
Materiality
Companies rendering bank-related ancillary services
ASCENT Pflege Borna Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/8
Materiality
Other companies
ASCENT Pflege Erfurt Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
ASCENT Pflege Schleswig Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
Consequences and analysis of the armed conflict between Russia and
Ukraine
Going Concern
The RBI Management Board has prepared the consolidated financial statements as at 31 December 2025 on a going concern
basis as they do not intend to liquidate RBI and based on current available information this is considered a realistic intention.
RBI has the required economic resources to be able to meet ongoing regulatory requirements as well as being able to fund
business and liquidity needs (liquidity and funding profile, including forecasts of internal liquidity metrics and regulatory
liquidity coverage ratios). The most recent internally generated stress testing scenarios for liquidity and capital requirements
have shown that RBI has adequate resources to withstand reasonably possible downside scenarios. Additionally, RBI has robust
systems in place to mitigate the operational disruption of doing business in a warzone.
The RBI Management Board has concluded that there are no material uncertainties that could cast significant doubt over their
ability to continue as a going concern for at least a year from the date of approval, 17 February 2026, of the annual report to
be issued.
Control event
The economic and political environment due to the war may indicate changes in the ability of an investor to control
subsidiaries according to IFRS 10 in the affected areas. For RBI, especially Ukraine and Russia can be counted among the
affected areas.
In assessing control, RBI`s examination includes if it is exposed, or has rights, to variable returns from its involvement with the
investee and has the ability to affect those returns through its power over the investee according to the requirements of IFRS
10. If voting rights are relevant, RBI has control over an entity in which it directly or indirectly holds more than 50 per cent of the
voting rights, except when there are indicators that another investee has the ability to determine unilaterally the relevant
activities of the entity. RBI assesses evidence of control in cases in which it does not hold the majority of voting rights but has
the ability to unilaterally govern the relevant activities of the entity. This ability may occur in cases in which RBI has the ability
to control the relevant activities due to the extent and distribution of voting rights of the investees. If facts and circumstances
indicate that there are changes to one or more elements of control, a reassessment whether control over the investee still
exists is done.
When examining the facts and circumstances RBI carefully considered whether there have been changes that may significantly
limit its ability to exercise the rights or governance provisions with respect to a subsidiary due to the war or the sanctions
imposed. RBI has concluded that no changes are necessary in the assessment of control and that control was not lost over the
subsidiaries in the affected areas.
In a court hearing held on 4 August 2025, the Court of Cassation in St. Petersburg granted AO Raiffeisenbank\u2019s motion to cancel
the preliminary injunction and lifted the transfer ban over the shares in AO Raiffeisenbank.
Pro forma representation of the profit and loss statement and balance sheet
excluding Russia based on IFRS 5
Although the conditions for the application of IFRS 5 are currently not met, the tables below show the pro forma profit and
loss, as well as the balance sheet of RBI, as it would look like after applying the requirements of IFRS 5 for discontinued
operations of the Russian units. Consequently, the consolidated result of the Russian units has been reclassified under the item
Gains/losses from discontinued operations.
Due to the difficulty of predicting potential developments, any possible loss from a deconsolidation scenario, composed of the
loss of net asset value and the recycling of the other comprehensive income in the income statement, is not reflected in the
tables. The recycling of the other comprehensive income has no impact on the regulatory capital and capital ratios of RBI and
is related to the reclassification of predominantly historical currency fluctuations losses.
The CET 1 ratio, including the period result and excluding Russian operations under the assumption of full loss of the net asset
value at the deconsolidation, would amount to 15.5 per cent compared to 17.9 per cent including Russian operations.
RBI
Pro forma IFRS 5 Impact Russia
RBI Pro forma IFRS 5
in \u20ac million
2025
2024
2025
2024
2025
2024
Net interest income
5,874
5,779
(1,617)
(1,498)
4,257
4,281
Dividend income
31
33
0
0
30
33
Current income from investments in associates
52
47
0
(1)
52
46
Net fee and commission income
2,731
2,638
(739)
(808)
1,992
1,830
Net trading income and fair value result
253
111
(261)
(41)
(8)
70
Net gains/losses from hedge accounting
6
9
0
0
5
9
Other net operating income
151
84
(10)
9
141
92
Operating income
9,097
8,701
(2,627)
(2,340)
6,470
6,361
Staff expenses
(2,347)
(2,053)
522
347
(1,825)
(1,706)
Other administrative expenses
(1,282)
(1,261)
90
85
(1,192)
(1,176)
Depreciation
(506)
(472)
67
44
(439)
(428)
General administrative expenses
(4,134)
(3,786)
679
476
(3,456)
(3,310)
Operating result
4,963
4,915
(1,949)
(1,865)
3,014
3,050
Other result
(1,918)
(1,590)
1,608
843
(310)
(748)
Governmental measures and compulsory
contributions
(270)
(216)
22
30
(248)
(185)
Impairment losses on financial assets
(141)
(125)
(51)
(162)
(192)
(287)
Profit/loss before tax
2,634
2,984
(371)
(1,154)
2,263
1,830
Income taxes
(1,013)
(953)
492
399
(521)
(554)
Profit/loss after tax from continuing
operations
1,621
2,031
122
(755)
1,743
1,275
Gains/losses from discontinued operations
0
(673)
(122)
755
(122)
82
Profit/loss after tax
1,621
1,358
0
0
1,621
1,358
Profit attributable to non-controlling interests
(250)
(201)
0
0
(250)
(201)
Consolidated profit/loss
1,371
1,157
0
0
1,371
1,157
RBI
Pro forma IFRS 5 Impact Russia
RBI Pro forma IFRS 5
Assets in \u20ac million
2025
2024
2025
2024
2025
2024
Cash, balances at central banks and other
demand deposits
35,340
34,871
(11,119)
(3,906)
24,221
30,965
Financial assets - amortized cost
155,508
147,701
(5,349)
(10,533)
150,159
137,169
Financial assets - fair value through other
comprehensive income
4,486
3,610
(3)
(4)
4,483
3,606
Non-trading financial assets - mandatorily fair
value through profit/loss
1,347
1,094
0
0
1,347
1,094
Financial assets - designated fair value through
profit/loss
208
304
0
0
208
304
Financial assets - held for trading
7,230
5,945
(34)
(20)
7,196
5,925
Hedge accounting
1,098
1,014
(47)
(5)
1,051
1,009
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(372)
(234)
17
30
(355)
(205)
Investments in subsidiaries and associates
944
871
(1)
(1)
943
870
Tangible fixed assets
1,729
1,683
(248)
(187)
1,481
1,496
Intangible fixed assets
1,108
1,003
(148)
(90)
959
913
Current tax assets
124
130
0
(4)
124
125
Deferred tax assets
167
216
(76)
(118)
92
98
Non-current assets and disposal groups classified
as held for sale
4
9
17,073
14,890
17,077
14,899
Other assets
1,344
1,636
(65)
(51)
1,279
1,585
Total
210,265
199,851
0
0
210,265
199,851
RBI
Pro forma IFRS 5 Impact Russia
RBI Pro forma IFRS 5
Equity and liabilities in \u20ac million
2025
2024
2025
2024
2025
2024
Financial liabilities - amortized cost
170,588
163,316
(10,729)
(8,995)
159,859
154,321
Financial liabilities - designated fair value through
profit/loss
1,061
1,108
0
0
1,061
1,108
Financial liabilities - held for trading
11,082
9,304
0
(12)
11,082
9,292
Hedge accounting
942
1,308
(18)
(122)
924
1,186
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(343)
(359)
2
19
(341)
(340)
Provisions for liabilities and charges
2,675
2,902
(497)
(961)
2,177
1,941
Current tax liabilities
144
217
(38)
(44)
106
173
Deferred tax liabilities
58
53
(4)
(11)
54
42
Liabilities included in disposal groups classified as
held for sale
0
0
11,455
10,388
11,455
10,388
Other liabilities
1,594
1,663
(171)
(263)
1,423
1,400
Equity
22,463
20,340
0
0
22,463
20,340
Consolidated equity
19,452
17,299
0
0
19,452
17,299
Non-controlling interests
1,386
1,260
0
0
1,386
1,260
Additional tier 1
1,625
1,781
0
0
1,625
1,781
Total
210,265
199,851
0
0
210,265
199,851
Concentration risk
Since the outbreak of war in Ukraine, RBI`s activities in Russia and Ukraine have been exposed to increased risk. The heightened
risk is driven by several factors such as the destruction of livelihoods and infrastructure in Ukraine as well as the loss and
blockading of ports, sanctions imposed on Russia, uncertainty about the length of the war and price instability and economic
contraction in the affected countries. The exposure to Russia and Ukraine is presented in the tables below.
The first table shows the split of the net carrying amount based on IFRS measurement categories as well as the nominal of the
off-balance exposure after impairments. The second table shows the concentration risk on counterparty level, whereby
derivatives of the trading book are shown separately.
2025
2024
in \u20ac million
Russia
Ukraine
Total
Russia
Ukraine
Total
Financial assets - amortized cost
6,345
2,395
8,740
12,126
2,473
14,598
Financial assets - fair value through other
comprehensive income
3
979
982
4
770
774
Non-trading financial assets - mandatorily fair
value through profit/loss
2
0
2
2
0
2
Financial assets - designated fair value through
profit/loss
0
0
0
0
0
0
Financial assets - held for trading
49
111
161
53
121
174
On-balance
6,400
3,486
9,885
12,185
3,364
15,549
Loan commitments, financial guarantees and
other commitments
2,274
1,401
3,676
2,018
1,048
3,067
Total
8,674
4,887
13,561
14,203
4,412
18,615
2025
2024
in \u20ac million
Russia
Ukraine
Total
Russia
Ukraine
Total1
Derivatives
43
0
43
42
2
44
Central banks
120
267
387
5,697
255
5,952
General governments
1,958
1,306
3,265
1,078
1,129
2,207
Banks
1,553
216
1,769
1,985
593
2,579
Other financial corporations
162
64
227
168
25
192
Non-financial corporations
789
1,437
2,226
1,383
1,198
2,580
Households
1,772
196
1,968
1,831
163
1,994
On-balance
6,400
3,486
9,885
12,185
3,364
15,549
Loan commitments, financial guarantees and
other commitments
2,274
1,401
3,676
2,018
1,048
3,067
Total
8,674
4,887
13,561
14,203
4,412
18,615
For the effects on the models for calculating impairments in accordance with IFRS 9, please refer to note (31) Expected credit
losses
Valuation of collateral in Ukraine
The real estate market continues to be significantly affected by the war, but at the same time it is adapting to new realities. In
western Ukraine the demand for retail spaces and warehouse properties is increasing, resulting in a price growth, while the
demand for office real estate is decreasing. Prices in the primary residential real estate market increased in almost all regions
during 2025. Non-eligible status was applied for collateral in occupied regions and in regions with high risk of hostility or
occupation significantly increased discounts were applied. For other areas of Ukraine, ongoing on-site visits and evaluations
are taking place.
Impairment test for tangible and intangible fixed assets
Due to the war between Russia and the Ukraine, tangible and intangible fixed assets in both countries were examined for
indicators that could lead to an impairment in accordance with IAS 36.
In Ukraine, the tangible fixed assets located in the occupied territories were already written off to zero in 2022. All other
tangible fixed assets were assessed individually and adjusted if damage occurred. This resulted in a reversal of impairments
less than \u20ac 1 million in the reporting year 2025 (previous year: reversal of impairments less than \u20ac 1 million).
Due to changes in market prices, interest rates, rental prices and vacant properties, as a result of the geopolitical situation and
a more detailed appraisal the impairment test for tangible fixed assets in Russia resulted in an impairment loss of around \u20ac 1
million (previous year: reversal of impairment losses \u20ac 8 million). The impairment test for intangible fixed assets resulted in a
impairment loss of \u20ac 3 million (previous year: reversal of impairment losses less than \u20ac 1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
Principles of preparation
The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS)
published by the International Accounting Standards Board (IASB) and the international accounting standards adopted by the
EU on the basis of IAS Regulation (EC) 1606/2002 including the applicable interpretations of the International Financial reporting
Interpretations Committee (IFRIC/SIC). Standards and interpretations not yet applicable that have been published and
endorsed by the EU are outlined in the section standards and interpretations not yet applicable (already endorsed by the EU).
The consolidated financial statements also meet the requirements of \u00a7 245a of the Austrian Commercial Code (UGB) and \u00a7 59a
of the Austrian Banking Act (BWG) regarding exempting consolidated financial statements that comply with internationally
accepted accounting principles.
A financial asset is recognized when it is probable that the future economic benefits will flow to the company and the
acquisition or production costs, or another value can be reliably measured. A financial liability is recognized when it is probable
that an outflow of resources embodying economic benefits will result from the settlement of the obligation and the amount at
which the settlement will take place can be measured reliably. An exception are certain financial instruments which are
recognized at fair value at the reporting date. Provided that the underlying contracts do not fall within the scope of IFRS 9 or
IFRS 16, revenue is recognized if the conditions of IFRS 15 are met and if it is probable that the economic benefits will flow to the
Group and the amount of revenue can be measured reliably. These consolidated financial statements have been prepared on a
going concern basis.
The consolidated financial statements are based on the reporting packages of all fully consolidated Group members, which are
prepared according to IFRS rules and uniform Group standards. All material subsidiaries prepare their annual financial
statements as at and for the year ended 31 December. Some IFRS disclosures made outside the notes form an integral part of
the consolidated financial statements. These are mainly explanations on net income from segments, which are included in the
notes on segment reporting. Detailed notes on IFRS 7 are included under note (41) Credit risk, note (42) Market risk and note (43)
Liquidity management. This information is presented in accordance with IFRS 8 Operating Segments and IFRS 7 Financial
Instruments Disclosures respectively.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "These consolidated financial statements have been prepared on a
going concern basis.
Going Concern
The RBI Management Board has prepared the consolidated financial statements as at 31 December 2025 on a going concern
basis as they do not intend to liquidate RBI and based on current available information this is considered a realistic intention.
RBI has the required economic resources to be able to meet ongoing regulatory requirements as well as being able to fund
business and liquidity needs (liquidity and funding profile, including forecasts of internal liquidity metrics and regulatory
liquidity coverage ratios). The most recent internally generated stress testing scenarios for liquidity and capital requirements
have shown that RBI has adequate resources to withstand reasonably possible downside scenarios. Additionally, RBI has robust
systems in place to mitigate the operational disruption of doing business in a warzone.
The RBI Management Board has concluded that there are no material uncertainties that could cast significant doubt over their
ability to continue as a going concern for at least a year from the date of approval, 17 February 2026, of the annual report to
be issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
Classification and measurement of financial assets and financial liabilities
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity. On initial recognition, financial instruments are to be measured at fair value, which generally corresponds to
the transaction price at the time of acquisition or issue. If the Group unit determines that the fair value on initial recognition
differs from the transaction price, but this fair value measurement is not evidenced by a valuation technique that uses only
data from observable markets, then the carrying amount of the financial asset or financial liability on initial recognition is
adjusted to defer the difference between the fair value measurement and the transaction price. The deferred difference is
subsequently recognized as a gain or loss only to the extent that it arises from change in a factor (including time) that market
participants would consider in setting the price. According to IFRS 13, the fair value is defined as the exit price. For subsequent
measurement, financial instruments are recognized in the statement of financial position according to the respective
measurement category pursuant to IFRS 9, either at (amortized) cost or at fair value.
The classification of financial assets under IFRS 9 is firstly based on the business model under which the assets are managed,
and secondly on the cash flow characteristics of the assets. For RBI, this results in five classification categories for financial
assets:
\u00b7 Financial assets measured at amortized cost (AC)
\u00b7 Financial assets measured at fair value through other comprehensive income (FVOCI)
\u00b7 Financial assets mandatorily measured at fair value through profit or loss (FVTPL)
\u00b7 Financial assets designated fair value through profit or loss (FVTPL)
\u00b7 Financial assets held for trading (HFT).
Financial liabilities are generally recognized according to IFRS 9 at (amortized) cost (financial liabilities \u2013 amortized cost)
applying the effective interest method unless they are measured at fair value. This includes financial liabilities that are held for
trading (financial liabilities \u2013 held for trading) and designated as FVTPL (financial liabilities \u2013 designated fair value through
profit/loss). Changes in the fair value of liabilities designated at fair value through profit or loss which are caused by changes in
RBI\u2019s own default risk are to be shown in other comprehensive income.
In accordance with IFRS 9, embedded derivatives are not separated from the host contract of a financial asset. Instead,
financial assets are classified in accordance with the business model and their contractual characteristics as explained in the
section business model assessment and in the section analysis of contractual cash flow characteristics. With financial
liabilities, embedded derivatives are only separated from the host instrument and separately accounted for as derivatives if
their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract,
the embedded derivative meets the definition of a derivative and the hybrid financial instrument is not associated with a
financial liability item that is held for trading or designated at fair value through profit or loss.
Further details on the classification and measurement of financial assets and financial liabilities can be found in the notes of
the respective items of the income statement and the statement of financial position.
Reclassification of financial assets
Reclassification is only possible for financial assets, not for financial liabilities. In RBI, a change in the measurement category is
only possible if there is a change in the business model used to manage a financial asset. Such changes are expected to occur
very rarely, are determined by the management following external or internal changes and must not only be significant for the
entity\u2019s operations but also be capable of being proven to external parties. If these conditions apply, then the reclassification is
mandatory. If such a reclassification is necessary, this must be changed prospectively from the date of reclassification and
approved by the RBI Management Board.
In RBI, a financial asset is measured at amortized cost (AC) if both of the following conditions are met:
\u00b7 The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows.
\u00b7 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
These conditions are explained in more detail in the sections business model assessment, analysis of contractual cash flow
characteristics, and modification of the time value of money and the benchmark test.
Loans and advances to customers and banks are particularly assigned to this category. Loans and advances relating to
finance lease business, which are recognized in accordance with IFRS 16, and securities which meet the above conditions, are
also shown in this measurement category. They are measured at amortized cost. If there is a difference between the amount
paid and face value \u2013 and this has an interest character \u2013 the effective interest method is used, and the amount is stated
under net interest income. Interest income is calculated on the basis of the gross carrying amount provided the financial asset
is not impaired. As soon as the financial asset is impaired, interest income is calculated based on the net carrying amount. The
amortized cost is also adjusted by the expected loss recognized, using the expected loss approach in accordance with IFRS 9,
as outlined in the section impairment general (IFRS 9). The effective interest rate method is a method of calculating the
amortized cost of a financial instrument and allocating interest expenses and interest income to the relevant periods. The
effective interest rate is the interest rate applied to discount the forecast future cash inflows and outflows (including all fees
which form part of the effective interest rate, transaction costs and other premiums and discounts) over the expected term of
the financial instrument or a shorter period, where applicable, to arrive at the net carrying amount from initial recognition.
In RBI, a debt instrument is measured at fair value through other comprehensive income if both of the following conditions are
met:
\u00b7 A financial asset is held within a business model whose objective is both collecting contractual cash flows and selling
financial assets.
\u00b7 The contractual terms of the financial asset rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Securities for the purpose of liquidity management are particularly assigned to this category.
Recognition is at fair value. Interest income, foreign exchange gains and losses from remeasurements and impairment
expenses and reversals of impairment are recorded in the income statement and calculated in the same way as financial
assets measured at amortized cost. The remaining fair value changes are recorded in other comprehensive income. On
derecognition, the cumulative net gains or losses from the fair value changes which are recorded in other comprehensive
income are reclassified to the income statement. Details on the applied impairment model are shown in the section general
rules on impairment (IFRS 9).
In RBI, an equity instrument is shown at fair value through other comprehensive income if RBI irrevocably decides on initial
recognition to present subsequent changes in fair value in other comprehensive income (OCI). This decision is made on an
investment-by-investment basis for each investment and essentially covers strategic investments that are not fully
consolidated and investments in associates not valued at equity. In contrast to debt instruments, the gains and losses
recorded in other comprehensive income (OCI) are not reclassified to the income statement on sale; impairments are not
recorded through profit or loss, either.
In RBI, a financial asset is mandatorily measured at fair value if the financial asset is managed neither at amortized cost nor at
fair value through other comprehensive income, and if there is no intention to trade and the asset was not voluntarily
designated at fair value. Essentially, this concerns securities and loans which do not pass the contractual cash flow
characteristics analysis and portfolios of financial assets which are not held for trading, which are managed at fair value and
whose performance is assessed.
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
(31) Expected credit losses
Expected credit losses from financial instruments should reflect an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information
that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of
future economic conditions.
General approach
The measurement of impairment for expected credit loss on financial assets measured at amortized cost and fair value
through other comprehensive income is an area that requires the use of models and assumptions about future economic
conditions and payment behavior. Judgments are required in applying the accounting requirements for measuring expected
credit losses, inter alia:
\u00b7 Determining criteria for a significant increase in credit risk
\u00b7 Choosing appropriate models and assumptions for the measurement of expected credit losses
\u00b7 Consideration of risk factors beyond the current models
\u00b7 Establishing the number and relative weightings of forward-looking scenarios
\u00b7 Establishing groups of similar financial assets for the purposes of measuring expected credit losses.
Credit risk is the risk of suffering financial loss should customers, clients or market counterparties fail to fulfil their contractual
obligations or fail to do so on time. Credit risk arises mainly from interbank, commercial and personal loans, and loan
commitments, but can also arise from financial guarantees given, such as, credit guarantees, letters of credit, and
acceptances.
Other credit risks arise from investments in debt securities and from trading activities (trading credit risks), as well as from
settlement balances with market counterparties and reverse repurchase agreements.
Models are applied to estimate the likelihood of defaults occurring, the associated loss ratios and the exposure at default. RBI
measures credit risks using the probability of default (PD), exposure at default (EAD) and loss given default (LGD). In addition to
established risks with predictable patterns, new risks - such as geopolitical uncertainty, energy supply and environmental risks
- are emerging. These risks can\u2019t be captured by existing statistical models due to insufficient historical data. However, to
ensure adequate provisioning levels these risks are incorporated in the ECL calculation via management overlays - which can
be split into:
\u00b7 Overlays: These are adjustments which are added outside the model \u2013 i.e. after the model is operated. (Post Model
Adjustments (PMA) belong to this category).
\u00b7 In-model adjustments: These are adjustments which are performed within the IFRS 9 model. It covers adjustments of
the model input, adjustments of the model parameter or ad-hoc adjustments of the model and model calibration
(whereas altering model parameters (LGD and PD) by including forward looking macroeconomic information is not
considered as management overlay).
ESG factors are not yet explicitly included in ECL modelling. However, they are taken into account in the calculation via overlays.\u00a0
Significant increase in the credit risk
RBI considers a financial instrument to have experienced a significant increase in credit risk when one or more of the following
quantitative, qualitative or backstop criteria have been met:
Quantitative criteria
RBI\u2019s rating systems incorporate all available quantitative and qualitative information relevant for forecasting the credit risk
into the PD. This metric is based primarily on a statistical selection and weighting of all available indicators. In addition, the PD
adjusted in accordance with IFRS 9 requirements takes into account not only historical information and the current economic
environment, but also, in particular, forward-looking information such as the forecast for the development of macroeconomic
conditions. As a consequence, RBI uses the PD as a frame of reference for assessing whether the credit risk of a financial
instrument has risen significantly since the date of its initial recognition. By embedding the review of the relative transfer
criterion within the group-wide processes and procedures of credit risk management framework, the bank ensures that a
significant increase in the credit risk is identified in a reliable and timely manner based on objective criteria. The review to
determine whether the credit default risk as at the financial reporting date has risen significantly since the initial recognition of
the respective financial instrument is performed as at the reporting date. This review compares the observed probability of
default over the residual maturity of the financial instrument (Lifetime PD) against the lifetime PD over the same period as
expected on the date of recognition.
Given the different nature of products between non-retail and retail customers, the methods for assessing potential
significant increases in credit risk also differ slightly.
In order to make the two curves for credit risk of non-retail customers comparable, the PDs are scaled down to annualized PDs.
A significant increase in credit risk is considered to have occurred if the PD increase was at least 250 per cent. For longer
maturities the threshold of 250 per cent is reduced to account for a maturity effect.
For retail exposures, the remaining cumulative PDs are compared as the logit difference (logit is in statistics the natural
logarithm of a probability) between lifetime PD at reporting date and lifetime PD at origination conditional to survival up to the
reporting date. A significant increase in credit risk is considered to have occurred once this logit difference is above a certain
threshold. The threshold levels are calculated separately for each portfolio which is covered by individual rating-based lifetime
PD models. Based on historical data, the thresholds are estimated as a specific quantile of the distribution of the above-
mentioned logit differences on the worsening portfolio (defined by country and product such as mortgage loans, credit cards
and SME loans). That usually translates to a PD increase between 150 and up to 250 per cent, dependent on the default
behavior of the different portfolios.
Qualitative criteria
RBI uses qualitative criteria in addition to quantitative criteria to recognize a significant increase in credit risk for all material
portfolios.
For the corporate customer, sovereign, bank and project finance portfolios, a transfer to Stage 2 takes place if the borrower
meets one or more of the following criteria:
\u00b7 Detection of credit deterioration in the early warning system
\u00b7 Changes in contract terms as a forbearance measure
\u00b7 External risk factors with a potentially significant impact on the client\u2019s repayment ability
The assessment of a significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all corporate customer, sovereign, bank and project finance portfolios held by RBI.
For retail portfolios, a Stage 2 transfer takes place if the borrower meets one or more of the following qualitative criteria:
\u00b7 Forbearance flag active
\u00b7 Default of material exposure (> 20 per cent of total exposure) of the same customer on another product (PI
segment)
\u00b7 Holistic approach \u2013 applicable for cases where new forward-looking information becomes available for a segment
or portion of the portfolio and this information is not yet captured in the rating system. If such cases are identified,
management measures this portfolio with lifetime expected credit losses (as a collective assessment).
The assessment of significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all retail portfolios held by RBI.
Backstop criteria
A backstop is applied, and the financial instrument considered to have experienced a significant increase in credit risk if
contractual payments are more than 30 days overdue. In rare cases, it is possible to override the 30-day rule; however, this
exception is not implemented at RBI.
Low credit risk exemption
In selected cases for sovereign debt securities, RBI makes use of the low credit risk exemption. All securities which are
presented as low credit risk have a rating equivalent to investment grade or better, i.e. minimum S&P BBB-, Moody\u2019s Baa3 or
Fitch BBB-. This exemption does not apply to the lending business.
Definition of default and credit-impaired assets
RBI uses the same definition of default for the purposes of calculating expected credit losses under IFRS 9 as for its CRR capital
reporting (Basel III). This definition also places a defaulted receivable in Stage 3.
Default is assessed by referring to quantitative and qualitative triggers. The condition for default is, firstly, when contractual
payments are more than 90 days past due. Secondly, a loan is considered to be in default if there are significant financial
difficulties and any credit obligation is unlikely to be repaid in full. The definition of default has been applied consistently to
model the probability of default (PD), exposure at default (EAD) and loss given default (LGD) throughout RBI\u2019s expected loss
calculations.
Explanation of inputs, assumptions and estimation techniques
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in
credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking
economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary
by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD),
exposure at default (EAD) and discount factor (D).
Probability of Default (PD)
The probability of default represents the likelihood of a borrower defaulting on its financial obligation either over the next
twelve months or over the remaining lifetime of the obligation. In general, the lifetime probability of default is calculated using
the regulatory twelve-month probability of default, stripped of any conservative adjustments, as a starting point. Thereafter
various statistical methods are used to generate an estimate of how the default profile will develop from the point of initial
recognition throughout the lifetime of the loan or portfolio of loans. The default profile is based on historical observed data.
Different models have been used to estimate the default profile of outstanding lending amounts and these can be grouped
into the following categories:
\u00b7 Corporate customers, project finance and financial institutions: The default profile is generated using a parametric
survival regression (Burr-Type 12 and Weibull) approach. Forward-looking information is incorporated into the
probability of default using an one factor model. The default rate calibration is adjusted for shorter maturities and
early repayments.
\u00b7 Retail lending and mortgage loans: The default profile is generated using parametric survival regression in a
competing risk framework. Forward-looking information is incorporated into the probability of default using satellite
models.
\u00b7 Sovereigns, local and regional governments, insurance companies and collective investment undertakings: The
default profile is generated using a transition matrix approach. Forward-looking information is incorporated into the
probability of default using an one factor model.
In the limited circumstances where some inputs are not fully available, grouping, averaging and benchmarking of inputs are
used for the calculation.
Loss Given Default (LGD)
Loss given default represents RBI\u2019s expectation of the extent of loss on a defaulted exposure. Loss given default is expressed
as a percentage loss per unit of exposure at the time of default.
Different models are used to estimate the loss given default of outstanding lending amounts and these can be grouped into
the following categories:
\u00b7 Corporate customers, project finance, financial institutions, local and regional governments, insurance companies:
The loss given default is generated by discounting cash flows collected during the workout process. Forward-looking
information is incorporated into the loss given default using an one factor model. While real estate collateral is
directly considered in the reduction of the outstanding receivable amount, other collateral types have a reducing
effect already during the modeling in the statistical average of the loss given default.
\u00b7 Retail lending and mortgage loans: The loss given default is generated by stripping the downturn adjustments and
other margins of conservatism form the regulatory loss given default. Forward-looking information is incorporated
into the loss given default using various satellite models.
\u00b7 Sovereigns: The loss given default is found by using market implied sources.
Depending on the type of lending company (bank/leasing) different LGD estimates are applied.
In the limited circumstances where some inputs are not fully available, alternative recovery models, benchmarking of inputs
and expert judgment are used for the calculation.
Exposure at Default (EAD)
Exposure at default is based on the amount RBI expects to be owed at the time of default. The twelve-month and lifetime
EADs are determined based on the expected payment profile, which varies by contract type. For amortizing products and bullet
repayment loans, this is based on the contractual repayments owed by the borrower over a twelve-month or lifetime basis. If
not already taken into account in the PD estimate over the loan term, early (full) repayment/refinance assumptions are also
considered in the calculation.
For revolving products, the exposure at default is determined by taking current drawn balance and adding the expected
utilization of the remaining limit . This additional amount is the product of the remaining limit and credit conversion factor. The
prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs
are not fully available benchmarking of inputs is used for the calculation.
Discount factor (D)
For financial assets and assets off the statement of financial position which are not leasing or POCI, the discount factor used
in the expected credit loss calculation is derived from the effective interest rate or an approximation thereof.
Calculation
For loans in Stage 1 and 2, the expected credit loss is the product of PD, LGD and EAD multiplied by the probability not to
default prior to the considered time period. The latter is expressed by the survivorship function S. This calculates future values
of expected credit losses, which are then discounted back to the reporting date and summed. The calculated values of
expected credit losses are then weighted by forward-looking scenario.
Different models have been used to estimate the provisions in Stage 3, and these can be grouped into the following categories:
\u00b7 Corporate customers, project finance, sovereigns, financial institutions, local and regional governments, insurance
companies and collective investment undertakings: Stage 3 provisions are calculated by workout managers who
discount expected cash flows by the appropriate effective interest rate.
\u00b7 For retail loans, Stage 3 impairments are determined for the majority of Group units by calculating the statistically
derived best estimate of expected loss adjusted for indirect costs.
Shared credit risk characteristics
Stage 1, Stage 2 and Stage 3 provisions for retail customers are measured on a collective basis. For non-retail business in Stage
3, most of the provisions are individually assessed. For expected credit losses modelled on a collective basis, a grouping of
exposures is performed on the basis of shared credit risk characteristics so that the exposures within each group are similar.
Retail exposure characteristics are grouped according to country, customer classification (households and SMEs), product (e.g.
mortgage, personal loans, overdraft facilities or credit cards), PD rating grade and LGD pool. Each combination of the above
characteristics is considered as a group with a uniform expected loss profile.
Non-retail exposure characteristics are assigned to a probability of default according to rating grade and customer segment.
This groups customer types into individual assessment models. For the determination of LGD and EAD parameters, the
portfolio is grouped by country.
Forward-looking information
As a rule, the risk parameters specific to IFRS 9 are estimated not only on historical default information but also particularly on
the current economic environment and forward-looking information. This assessment primarily involves regularly reviewing the
effects which RBI's macroeconomic forecasts will have regarding the amount of the ECL and including these effects in the
determination of the ECL.
The assessment of significant increases in credit risk and the calculation of expected credit losses both incorporate forward-
looking information. RBI has performed historical analysis and identified the key economic variables impacting credit risk and
expected credit losses.
These economic variables and their associated impact on the probability of default and loss given default vary by category.
Forecasts of these economic variables (the base economic scenario) are provided by Raiffeisen Research on a quarterly basis
and provide the best estimate view of the economy over the next three years. Beyond three years, no macroeconomic
adjustment is carried out. That means that after three years, to project the economic variables for the full remaining lifetime
of each instrument, a mean reversion approach has been used, which means that economic variables tend to revert to either a
long-term average rate or a long-term average growth rate until maturity. The impact of these economic variables on the
probability of default and loss given default has been determined by performing statistical regression to understand the
impact changes in these variables have had historically on default rates and on the components of loss given default.
In addition to the base economic scenario, Raiffeisen Research also estimates an optimistic and a pessimistic scenario to
ensure that the non-linearity of the ECL, depending on macroeconomic conditions, is captured.
In both the pessimistic and optimistic scenarios, the methodology was adjusted as a result of the high level of uncertainty. As
with any economic forecast, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty;
therefore, the actual outcomes may be significantly different from those projected. RBI considers these forecasts to represent
its best estimate of the future outcomes and cover any potential non-linearities and asymmetries within RBI\u2019s different
portfolios.
The most significant assumptions used as a starting point for the expected credit loss estimates at year-end are shown below
(source: Raiffeisen Research, November 2025, exclusive Ukraine).
Real GDP
Unemployment
2026
2027
2028
2026
2027
2028
Upside scenario
3.9%
3.6%
3.6%
4.2%
4.2%
4.2%
Croatia
Base
2.6%
2.5%
2.5%
4.9%
4.8%
4.8%
Downside scenario
0.4%
0.6%
0.6%
6.6%
6.2%
6.2%
Upside scenario
1.6%
1.6%
1.6%
5.1%
5.0%
4.7%
Austria
Base
0.8%
1.0%
1.0%
5.4%
5.3%
5.0%
Downside scenario
(0.4)%
0.0%
0.0%
5.7%
5.8%
6.0%
Upside scenario
4.0%
3.6%
3.6%
4.1%
4.1%
4.0%
Poland
Base
3.3%
3.0%
3.0%
5.0%
4.9%
4.8%
Downside scenario
2.2%
2.1%
2.1%
7.2%
6.8%
6.7%
Upside scenario
2.1%
2.0%
2.0%
3.1%
3.2%
3.2%
Russia
Base
0.9%
0.9%
0.9%
3.5%
3.5%
3.5%
Downside scenario
(1.1)%
(0.8)%
(0.8)%
4.3%
4.2%
4.2%
Upside scenario
2.5%
3.5%
3.7%
5.3%
5.0%
4.6%
Romania
Base
1.3%
2.5%
2.7%
5.6%
5.2%
4.8%
Downside scenario
(0.6)%
0.8%
1.0%
6.2%
5.7%
5.3%
Upside scenario
3.7%
3.8%
4.3%
8.1%
7.7%
7.7%
Serbia
Base
2.8%
3.0%
3.5%
9.0%
8.5%
8.5%
Downside scenario
1.2%
1.7%
2.2%
11.0%
10.2%
10.2%
Upside scenario
2.5%
2.6%
2.9%
4.5%
4.6%
4.5%
Slovakia
Base
1.5%
1.7%
2.0%
5.4%
5.4%
5.3%
Downside scenario
(0.2)%
0.2%
0.6%
7.4%
7.2%
7.1%
Upside scenario
2.9%
3.3%
3.3%
4.3%
4.2%
4.1%
Czech Republic
Base
2.0%
2.5%
2.5%
4.6%
4.5%
4.4%
Downside scenario
0.5%
1.2%
1.2%
5.3%
5.1%
5.0%
Upside scenario
3.0%
3.2%
3.8%
4.0%
4.0%
3.8%
Hungary
Base
2.0%
2.4%
3.0%
4.5%
4.4%
4.2%
Downside scenario
0.4%
1.0%
1.6%
5.5%
5.3%
5.1%
Long-term bond rate
Real estate prices
2026
2027
2028
2026
2027
2028
Upside scenario
2.2%
2.3%
2.3%
7.3%
6.5%
6.2%
Croatia
Base
3.2%
3.2%
3.2%
3.0%
2.8%
2.5%
Downside scenario
4.2%
4.0%
4.0%
1.0%
1.1%
0.8%
Upside scenario
2.3%
2.4%
2.4%
4.8%
4.9%
4.9%
Austria
Base
3.2%
3.2%
3.2%
2.5%
3.0%
3.0%
Downside scenario
4.1%
4.0%
3.9%
1.5%
2.1%
2.1%
Upside scenario
3.3%
2.7%
2.7%
5.6%
5.9%
4.1%
Poland
Base
4.6%
3.8%
3.8%
2.3%
3.0%
1.2%
Downside scenario
5.8%
4.8%
4.8%
0.7%
1.7%
0.5%
Upside scenario
11.7%
9.7%
9.4%
22.5%
13.1%
13.1%
Russia
Base
12.8%
10.6%
10.3%
13.0%
5.0%
5.0%
Downside scenario
13.8%
11.5%
11.1%
8.7%
1.3%
1.3%
Upside scenario
5.4%
4.4%
3.7%
6.1%
5.0%
6.8%
Romania
Base
6.5%
5.3%
4.6%
2.8%
2.2%
4.0%
Downside scenario
7.5%
6.2%
5.5%
1.3%
0.9%
2.7%
Upside scenario
4.0%
3.9%
3.8%
9.9%
9.2%
8.7%
Serbia
Base
4.7%
4.5%
4.4%
4.5%
4.5%
4.0%
Downside scenario
5.3%
5.0%
4.9%
2.0%
2.4%
1.9%
Upside scenario
2.1%
2.2%
2.1%
10.3%
8.5%
8.5%
Slovakia
Base
3.1%
3.0%
2.9%
5.0%
4.0%
4.0%
Downside scenario
3.9%
3.7%
3.7%
2.6%
2.0%
2.0%
Upside scenario
3.3%
3.5%
3.5%
12.7%
9.5%
8.5%
Czech Republic
Base
4.2%
4.3%
4.3%
8.6%
6.0%
5.0%
Downside scenario
5.0%
5.0%
5.0%
6.7%
4.4%
3.4%
Upside scenario
5.6%
5.5%
5.2%
11.0%
8.8%
8.8%
Hungary
Base
6.8%
6.5%
6.2%
6.0%
4.5%
4.5%
Downside scenario
7.8%
7.4%
7.1%
3.7%
2.6%
2.6%
Consumer price index
Short-term interest rate
2026
2027
2028
2026
2027
2028
Upside scenario
2.3%
1.7%
1.4%
1.7%
1.7%
1.8%
Croatia
Base
3.0%
2.3%
2.0%
2.1%
2.1%
2.1%
Downside scenario
3.9%
3.1%
2.8%
2.8%
2.7%
2.7%
Upside scenario
2.0%
1.8%
1.7%
1.7%
1.7%
1.8%
Austria
Base
2.5%
2.3%
2.2%
2.1%
2.1%
2.1%
Downside scenario
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Upside scenario
1.9%
1.8%
2.0%
2.8%
2.6%
2.2%
Poland
Base
2.9%
2.7%
2.6%
3.8%
3.4%
3.0%
Downside scenario
4.2%
3.8%
4.0%
5.6%
5.0%
4.6%
Upside scenario
4.1%
3.0%
2.8%
12.4%
8.0%
7.5%
Russia
Base
5.6%
4.2%
4.0%
13.2%
8.7%
8.2%
Downside scenario
7.4%
5.7%
5.5%
14.7%
10.0%
9.5%
Upside scenario
6.1%
2.4%
1.8%
5.0%
3.8%
2.7%
Romania
Base
7.1%
3.3%
2.7%
5.8%
4.5%
3.4%
Downside scenario
8.4%
4.4%
3.8%
7.3%
5.8%
4.7%
Upside scenario
2.6%
2.7%
1.7%
2.8%
2.4%
1.7%
Serbia
Base
3.8%
3.7%
2.8%
4.2%
3.5%
2.8%
Downside scenario
5.3%
4.9%
4.0%
6.7%
5.7%
5.0%
Upside scenario
2.6%
2.5%
1.4%
1.7%
1.7%
1.8%
Slovakia
Base
3.7%
3.4%
2.3%
2.1%
2.1%
2.1%
Downside scenario
5.0%
4.5%
3.4%
2.8%
2.7%
2.7%
Upside scenario
1.4%
1.8%
1.6%
2.9%
3.2%
3.4%
Czech Republic
Base
2.3%
2.6%
2.4%
3.3%
3.5%
3.8%
Downside scenario
3.4%
3.6%
3.4%
4.2%
4.3%
4.5%
Upside scenario
3.2%
3.6%
2.4%
5.3%
4.5%
3.9%
Hungary
Base
4.4%
4.6%
3.4%
6.3%
5.3%
4.7%
Downside scenario
10.8%
8.8%
4.6%
8.0%
6.8%
6.2%
Due to the ongoing war in Ukraine, the optimistic scenario for Ukraine was was excluded from the calculations. Furthermore,
the pessimistic scenario is not based on the mathematical approach published by Raiffeisen Research, but on a narrative
presentation with a probability weighting of 50 per cent. Since historical data for Ukraine are not representative or are partially
unavailable due to current circumstances, a derived real GDP and a derived short-term interest rate were included as
macroeconomic input parameters in the Ukrainian ECL calculation.
Real GDP
Short-term interest rate
2025
2026
2027
2025
2026
2027
Upside scenario
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ukraine
Base
3.0%
4.5%
4.0%
13.3%
10.3%
8.8%
Downside scenario
(14.8)%
(8.2)%
(3.0)%
22.3%
18.3%
17.0%
A large number of macroeconomic variables were analyzed for the model development and the most important ones were
used for the model. The model employed is a regression model with the aim of explaining changes in or the level of the default
rate. The following types of macro variables were considered as drivers of the credit cycle: real GDP growth, unemployment
rate, 3-month money market rate, 10-year government bond yield, 10 year government bond yield spread to Germany, housing
price index, FX rates, and the HICP inflation rate. For each country (or portfolio in case of retail exposure), a relevant set is
determined based on the ability to explain historically observed default rates. Through the cycle, PDs are overlaid with the
results of the macro-economic model to reflect the current and expected state of economy. For corporate customers,
additionally the condition of the credit cycle is also taken into account depending on the industry. While no further adjustment
is made to the effect of the macro models for corporate customers in industries with a neutral outlook, the expected credit risk
is assumed as additionally increased for corporate customers in industries with a poor outlook. For non-retail exposure for LGD,
the macro model is applied on the underlying cure rates, i.e. a positive macro-economic outlook drives up the cure rates and
this reduces the LGD. For retail exposures, the workout LGD is modelled in a similar manner to the default rates either directly
or as well via the components like cure rate, loss given cure as well as loss given non-cure. The long-run average LGDs are
overlaid with the results of the macro models to reflect current and expected state of economy. The weightings assigned to
each scenario at the end of the reporting year-end are as follows: 25 per cent optimistic, 50 per cent base and 25 per cent
pessimistic scenarios.
For corporate customers, the following risks and complications resulting from current economic and political developments are
included in the macroeconomic models. Historically high inflation rates in combination with higher key interest rates led to an
increase in financing cost for companies. This development is incorporated into the models of major parts of the portfolio
through a change in the 3-month money market rate and the yield on government bonds, resulting in an increase in expected
default risk. While high inflation rates may be associated with higher default risk in bivariant analyses, the underlying drivers of
higher default risk are actually higher interest rates as a result of higher inflation and economic growth trending downwards,
which often occur simultaneously. These drivers are directly captured in the economic growth and interest rate models. In
macroeconomic terms, the COVID pandemic and its aftermath were characterized by extremely high volatility, starting with a
strong decline in real GDP followed by a similar rate of positive economic growth. In contrast to comparable recessions after
the great financial crisis, these developments have not been met by a wave of insolvencies and defaults in many countries and
portfolios, which can be attributed to two factors. For one, the COVID-driven recession primarily consisted of a temporary
suspension of economic activity, which did not necessitate significant structural adjustments. Furthermore, massive political
measures were taken to support the economy to avoid long-term consequences stemming from events such as
unemployment and insolvencies. These developments underscore how the relationship between macroeconomic indicators
and credit risk are influenced by circumstances that are difficult to capture by quantitative means. To avoid the
macroeconomic models from implicitly assuming that a sharp decline in GDP growth will always be accompanied by significant
countervailing policy measures \u2014 as observed during the COVID-19 pandemic \u2014 additional parameters have been incorporated
into the models.These adjustments are specifically applied to segments where no significant rise in default risk was seen
during the COVID period, ensuring that the model\u2019s predictions remain accurate without distortion.
The core assumption underlying the application of macroeconomic credit risk models is that the empirical correlations
between macroeconomic indicators and default risk can be extrapolated to future.
Management Overlays
In situations where the existing input parameters, assumptions and modelling do not cover all relevant novel risk factors,
management overlays are a viable solution to ensure adequate provisioning despite a lack of sufficient historical data. This is
generally the case if there are temporary circumstances, or time constraints which prevent the adequate incorporation of
relevant new information into the rating, and if individual loans within a loan portfolio develop differently than originally
expected. In view of the given circumstances, in particular the war in Ukraine and the economic dislocations it has caused, it is
necessary to reflect additional risks in the impairments. All of these adjustments are approved locally by the subsidiaries and
centrally by the Group Risk Committee (GRC). There are portfolio-specific adjustments due to the war and associated
sanctions, which are presented in the category geopolitical risk. Their application period is limited in time, often for the
duration of specific economic crises or until models are adjusted. Their use is reviewed quarterly.
For the central models in the corporate segment, the additional risk is considered by applying in-model adjustments
(parameter adjustments within the model). In-model adjustments can be performed on different model parameters like IFRS 9
PD curves, future exposure profiles, LGD, etc. The criteria for applying in-model adjustments are governed by strict rules and
include amongst others extended requirements for evidence of the novel risk factor, analysis of potential overlap with existing
IFRS 9 parameters and credit risk rating, detailed documentation and strong governance. In case the in-model adjustment
increases the applied PD, this higher PD is also applied for staging decision. The in-model adjustments undergo regular reviews
at least quarterly. The in-model adjustment remains in effect as long as the identified novel risk factor is persistent and not
fully accounted for by existing models.
In the retail segment, in-model adjustments have also been implemented where appropriate. However, post-model
adjustments remain the predominant approach for addressing emerging risks. These overlays are applied on top of the
existing models to calculate expected credit losses. While post-model adjustments are generally considered temporary
measures - typically valid for one to two years - they serve as a safeguard against potential distortions. If the identified risks
persist over a longer horizon, they are addressed through model updates or adjustments to model inputs, including in-model
adjustments, to ensure that the models adequately capture the evolving risk profile
The overlays are shown in the table below and split according to the relevant categories.
2025
Modeled ECL
Non-Retail Overlays
Retail Overlays
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
0
0
0
0
0
0
General governments
80
0
8
0
0
89
Banks
2
0
0
0
0
2
Other financial corporations
19
8
0
0
0
26
Non-financial corporations
215
226
73
10
1
524
Households
247
1
0
79
7
335
Total
563
235
81
89
8
976
2024
Modeled ECL
Other special risk factors
Post-model adjustments
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
1
0
0
0
0
1
General governments
105
0
0
0
0
105
Banks
3
0
0
0
0
4
Other financial corporations
45
0
0
0
0
45
Non-financial corporations
195
169
179
12
4
559
Households
248
0
0
89
13
350
Total
596
169
179
101
17
1,063
In addition to the modeled ECL (before in-model adjustments), overlays in Stage 1 and Stage 2 amounting to \u20ac 413 Million
(previous year: \u20ac 467 Million) were taken into account. Of this amount, \u20ac 89 million (previous year: \u20ac 196 million) related to the
war in Ukraine, and \u20ac 324 million (previous year: \u20ac 270 million) to macroeconomic risk (spill-over effects and other).
An amount of \u20ac 18 million (previous year: \u20ac 18 Million) was recognized in the spill-over effects due to climate risks. Of this
amount, \u20ac 14 million (previous year: \u20ac 9 Million) relates to corporate customers and \u20ac 4 million (previous year: \u20ac 6 Million) to
retail customers.
Non-Retail Overlays
For corporate customers, additional impairments were recognized in the amount of \u20ac 235 million (previous year: \u20ac 169 million)
for macroeconomic effects. These overlays account for risks which are not included in the country-specific branch matrix. They
comprise both global economic policy risks, such as tariffs and counter-tariffs, and expected downgrades of corporate clients
due to circumstances such as higher energy prices, inflation, and supply chain disruptions as well as lower revenues and higher
costs stemming from rising energy costs, particularly from the previous years.
In Ukraine, additional impairments in the amount of \u20ac 81 million (previous year: \u20ac 83 million) were recognized in the form of
management overlays for the impacts of the war. These additional provisions resulted from modeling the sustained
destruction of infrastructure as well as the continued bombardment of the affected infrastructure. In the previous year, these
risks were presented as geopolitical risks, together with the EU and US sanction risks concerning Russian customers, totaling
\u20ac\u00a0205 million for Russia and Ukraine. The overlays for EU and US sanction risks related to selected Russian customers were fully
released during the fiscal year due to the complete repayment of the effected exposure.
For corporate customers RBI considers the possibility of a short-term disorderly scenario where carbon emissions are more
expensive and fossil energy prices are higher to account for climate and environmental risks. While, for a diversified portfolio
like RBI\u00b4s, the effects tend to net out to a large degree, however there is an elevated risk in some sectors. These are sectors
with customers with low environmental scores such, as oil & gas and construction. Higher probabilities of defaults for these
sectors lead to an increase in the expected credit losses.
Retail Overlays
Over the last years retail customers were severely exposed to increasing inflationary pressure, which impacted their ability to
cover their loan obligations. As part of the IFRS 9 framework, there are PD and LGD macro models at country and product
levels, which serve the need to address these high risks stemming from the macroeconomic environment. However, for certain
countries and portfolios where the macroeconomic models either lag behind the key macroeconomic variables (inflation,
interest rates, unemployment, etc.) or are not part of the model, post-model adjustments are implemented for identified high
risk customer groups. The latter involve a qualitative assessment of exposures for the expected significant increase in credit
risk and their subsequent transfer from Stage 1 to Stage 2, as well as, in particular cases increases of the PD and/or LGD
estimates respectively. The criteria for identifying such credit exposures are based on information from the loan application
and historical payment behavior and are subsequently refined using stressed macroeconomic variables. The post-model
adjustments are reversed either after the risks have materialized by transferring the affected receivables to Stage 3 or if the
expected risks do not materialize.
For the Ukrainian retail portfolio, which has been mostly reclassified as Stage 2 since the beginning of the war, the assessment
of provision coverage is based on local expert judgement, which is obtained from regular contact with individual customers by
the debt collection department. Furthermore, structured customer surveys are carried out to keep up to date with the needs
and potential issues that could influence customers\u2019 ability to make payments. For assets and customers located in occupied
regions or territories, which run a high risk of hostilities or occupation, risk parameters were increased to take into account
higher expected future losses due to the above-mentioned surveys.
Sensitivity analysis
To simulate a range for potential changes to estimates and the related change in impairments, the following sensitivity
analyses of the most significant assumptions affecting the expected impairments were performed as follows.
The sensitivity analysis involved a recalculation of the impairments for expected credit losses in the existing models. The risk
factors and post-model adjustments \u2013 except for the Stage 1 simulations \u2013 are fully included in all scenarios and are not
subject to further adjustments. As a result of the complexity of the model, many drivers are not mutually exclusive.
The tables below provide a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 1 and Stage 2 (weighted by 25 per cent optimistic, 50 per cent baseline and 25 per cent pessimistic scenarios),
and then each scenario weighted by 100 per cent on its own. The optimistic and pessimistic scenarios do not reflect extreme
cases in the sample space of the 25 per cent optimistic and pessimistic scenarios, but rather an economically plausible proxy.
This means that these scenarios are at around 25 per cent and 75 per cent respectively on the distribution curve. In general,
IFRS 9 specific estimates of risk parameters take historical default information into account alongside the current economic
environment. The effects of the estimates based on macroeconomic forecasts are shown in the forward-looking component.
This information is provided for illustrative purposes.
2025
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
904
993
(90)
100 % Base
954
993
(39)
100 % Pessimistic
1,080
993
87
Weighted average (25/50/25 %)
976
993
(18)
2024
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
972
1,033
(61)
100 % Base
1,056
1,033
23
100 % Pessimistic
1,169
1,033
135
Weighted average (25/50/25 %)
1,063
1,033
29
Overall, the macroeconomic scenarios are currently better than the long-term average, leading to an decrease of the forward-
looking component of \u20ac 18 million.
The positive scenario, which is presented in the table below, follows the premise that all exposures are classified as Stage 1 and
all macroeconomic and geopolitical risks are not relevant.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on twelve-month expected losses (Stage 1).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 1
514
572
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2 due to staging
461
490
The negative scenario assumes that all exposures are classified as Stage 2. As a result, all macroeconomic and geopolitical
risks are considered in this analysis.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on lifetime expected losses (Stage 2).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 2
2,063
1,721
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2
1,088
658
The table below provides a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 3 and the pessimistic scenario weighted by 100 per cent. The pessimistic scenario does not reflect an extreme
case from the result range of the 25 per cent most pessimistic scenarios, but an economically plausible representative of it.
Accumulated impairment (Stage 3)
in \u20ac million
2025
2024
Pessimistic scenario
1,801
2,193
Weighted average
1,480
1,909
Increase in provisions due to pessimistic scenario
321
284
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
The following table shows the gross carrying amount and impairment of the financial assets \u2013 amortized cost and financial
assets \u2013 fair value through other comprehensive income that have moved in the reporting period from expected twelve-month
losses (Stage 1) to expected lifetime losses (Stages 2 and 3) or vice versa:
2025
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(6,461)
6,461
(55)
342
0.8%
5.3%
Central banks
(60)
60
0
0
0.0%
0.0%
General governments
(139)
139
0
1
0.1%
0.6%
Banks
(38)
38
0
0
0.0%
0.6%
Other financial corporations
(257)
257
(2)
20
0.6%
7.9%
Non-financial corporations
(3,643)
3,643
(36)
158
1.0%
4.3%
Households
(2,323)
2,323
(17)
163
0.7%
7.0%
Movement from lifetime ECL to 12-
month ECL
6,364
(6,364)
22
(258)
0.3%
4.1%
Central banks
0
0
0
0
-
-
General governments
29
(29)
0
(3)
1.2%
10.3%
Banks
295
(295)
0
(1)
0.0%
0.4%
Other financial corporations
589
(589)
1
(13)
0.2%
2.2%
Non-financial corporations
2,205
(2,205)
15
(171)
0.7%
7.7%
Households
3,245
(3,245)
5
(70)
0.2%
2.2%
The increase in expected credit losses arising from the measurement of the loss allowance moving from twelve-month
expected credit losses to lifetime losses was \u20ac 287 million (previous year: \u20ac 333 million). The decrease in expected credit losses
arising from the measurement of the loss allowance moving from lifetime losses to twelve-month expected credit losses was
\u20ac 237 million (previous year: \u20ac 169 million).
2024
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(5,828)
5,828
(55)
388
0.9%
6.7%
Central banks
0
0
0
0
0.0%
0.0%
General governments
(141)
141
(3)
4
2.5%
3.2%
Banks
(32)
32
0
0
0.0%
0.8%
Other financial corporations
(497)
497
(1)
7
0.3%
1.5%
Non-financial corporations
(3,166)
3,166
(30)
207
0.9%
6.5%
Households
(1,992)
1,992
(20)
169
1.0%
8.5%
Movement from lifetime ECL to 12-
month ECL
5,857
(5,857)
20
(189)
0.3%
3.2%
Central banks
29
(29)
0
0
0.0%
0.0%
General governments
74
(74)
0
(1)
0.0%
1.0%
Banks
214
(214)
0
0
0.1%
0.2%
Other financial corporations
461
(461)
1
(10)
0.2%
2.1%
Non-financial corporations
2,023
(2,023)
10
(82)
0.5%
4.1%
Households
3,055
(3,055)
8
(95)
0.3%
3.1%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Classification and measurement of financial assets and financial liabilities
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity. On initial recognition, financial instruments are to be measured at fair value, which generally corresponds to
the transaction price at the time of acquisition or issue. If the Group unit determines that the fair value on initial recognition
differs from the transaction price, but this fair value measurement is not evidenced by a valuation technique that uses only
data from observable markets, then the carrying amount of the financial asset or financial liability on initial recognition is
adjusted to defer the difference between the fair value measurement and the transaction price. The deferred difference is
subsequently recognized as a gain or loss only to the extent that it arises from change in a factor (including time) that market
participants would consider in setting the price. According to IFRS 13, the fair value is defined as the exit price. For subsequent
measurement, financial instruments are recognized in the statement of financial position according to the respective
measurement category pursuant to IFRS 9, either at (amortized) cost or at fair value.
The classification of financial assets under IFRS 9 is firstly based on the business model under which the assets are managed,
and secondly on the cash flow characteristics of the assets. For RBI, this results in five classification categories for financial
assets:
\u00b7 Financial assets measured at amortized cost (AC)
\u00b7 Financial assets measured at fair value through other comprehensive income (FVOCI)
\u00b7 Financial assets mandatorily measured at fair value through profit or loss (FVTPL)
\u00b7 Financial assets designated fair value through profit or loss (FVTPL)
\u00b7 Financial assets held for trading (HFT).
Financial liabilities are generally recognized according to IFRS 9 at (amortized) cost (financial liabilities \u2013 amortized cost)
applying the effective interest method unless they are measured at fair value. This includes financial liabilities that are held for
trading (financial liabilities \u2013 held for trading) and designated as FVTPL (financial liabilities \u2013 designated fair value through
profit/loss). Changes in the fair value of liabilities designated at fair value through profit or loss which are caused by changes in
RBI\u2019s own default risk are to be shown in other comprehensive income.
In accordance with IFRS 9, embedded derivatives are not separated from the host contract of a financial asset. Instead,
financial assets are classified in accordance with the business model and their contractual characteristics as explained in the
section business model assessment and in the section analysis of contractual cash flow characteristics. With financial
liabilities, embedded derivatives are only separated from the host instrument and separately accounted for as derivatives if
their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract,
the embedded derivative meets the definition of a derivative and the hybrid financial instrument is not associated with a
financial liability item that is held for trading or designated at fair value through profit or loss.
Further details on the classification and measurement of financial assets and financial liabilities can be found in the notes of
the respective items of the income statement and the statement of financial position.
Reclassification of financial assets
Reclassification is only possible for financial assets, not for financial liabilities. In RBI, a change in the measurement category is
only possible if there is a change in the business model used to manage a financial asset. Such changes are expected to occur
very rarely, are determined by the management following external or internal changes and must not only be significant for the
entity\u2019s operations but also be capable of being proven to external parties. If these conditions apply, then the reclassification is
mandatory. If such a reclassification is necessary, this must be changed prospectively from the date of reclassification and
approved by the RBI Management Board.
In RBI, a financial asset is measured at amortized cost (AC) if both of the following conditions are met:
\u00b7 The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows.
\u00b7 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
These conditions are explained in more detail in the sections business model assessment, analysis of contractual cash flow
characteristics, and modification of the time value of money and the benchmark test.
Loans and advances to customers and banks are particularly assigned to this category. Loans and advances relating to
finance lease business, which are recognized in accordance with IFRS 16, and securities which meet the above conditions, are
also shown in this measurement category. They are measured at amortized cost. If there is a difference between the amount
paid and face value \u2013 and this has an interest character \u2013 the effective interest method is used, and the amount is stated
under net interest income. Interest income is calculated on the basis of the gross carrying amount provided the financial asset
is not impaired. As soon as the financial asset is impaired, interest income is calculated based on the net carrying amount. The
amortized cost is also adjusted by the expected loss recognized, using the expected loss approach in accordance with IFRS 9,
as outlined in the section impairment general (IFRS 9). The effective interest rate method is a method of calculating the
amortized cost of a financial instrument and allocating interest expenses and interest income to the relevant periods. The
effective interest rate is the interest rate applied to discount the forecast future cash inflows and outflows (including all fees
which form part of the effective interest rate, transaction costs and other premiums and discounts) over the expected term of
the financial instrument or a shorter period, where applicable, to arrive at the net carrying amount from initial recognition.
Liabilities are predominantly recognized at amortized cost. For differences between the amount paid and face value, the
effective interest method is applied, and the amounts are shown in net interest income. This category mainly includes
customer deposits and securities issues for refinancing purposes.
Issued subordinated capital and supplementary capital are shown either in financial liabilities \u2013 amortized cost or financial
liabilities \u2013 designated fair value through profit/loss. Securitized and non-securitized assets are subordinated if, in the event of
liquidation or bankruptcy, they can only be met after the claims of the other \u2013 not subordinated \u2013 creditors have been
satisfied. Supplementary capital is defined according to Article 63 of the regulation (EU) No 575/2013 (CRR). Corresponding
instruments have an original maturity of at least five years, are of subordinate nature and are, among others, not allowed to
contain an incentive to early redeem, a right of the investor to accelerate repayment or credit standing linked features that
amend the level of dividend and/or interest payments of the issuer.
In RBI, a debt instrument is measured at fair value through other comprehensive income if both of the following conditions are
met:
\u00b7 A financial asset is held within a business model whose objective is both collecting contractual cash flows and selling
financial assets.
\u00b7 The contractual terms of the financial asset rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Securities for the purpose of liquidity management are particularly assigned to this category.
Recognition is at fair value. Interest income, foreign exchange gains and losses from remeasurements and impairment
expenses and reversals of impairment are recorded in the income statement and calculated in the same way as financial
assets measured at amortized cost. The remaining fair value changes are recorded in other comprehensive income. On
derecognition, the cumulative net gains or losses from the fair value changes which are recorded in other comprehensive
income are reclassified to the income statement. Details on the applied impairment model are shown in the section general
rules on impairment (IFRS 9).
In RBI, an equity instrument is shown at fair value through other comprehensive income if RBI irrevocably decides on initial
recognition to present subsequent changes in fair value in other comprehensive income (OCI). This decision is made on an
investment-by-investment basis for each investment and essentially covers strategic investments that are not fully
consolidated and investments in associates not valued at equity. In contrast to debt instruments, the gains and losses
recorded in other comprehensive income (OCI) are not reclassified to the income statement on sale; impairments are not
recorded through profit or loss, either.
In RBI, a financial asset is mandatorily measured at fair value if the financial asset is managed neither at amortized cost nor at
fair value through other comprehensive income, and if there is no intention to trade and the asset was not voluntarily
designated at fair value. Essentially, this concerns securities and loans which do not pass the contractual cash flow
characteristics analysis and portfolios of financial assets which are not held for trading, which are managed at fair value and
whose performance is assessed.
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
(22) Hedge accounting and fair value adjustments of the hedged items in
portfolio hedge
IFRS 9 granted the accounting policy choice to continue the application of the provisions given in IAS 39 until the IASB finishes
its existing project of replacing the portfolio hedge accounting rules in IAS 39. RBI opted to use this policy choice and i still
applying the hedge accounting rules according to IAS in the version endorsed by the EU (EU carve-out). Notwithstanding that,
the changes in the disclosures in the notes pursuant to IFRS 7 are taken into account.
If hedging instruments, mainly derivatives, are held for the purpose of risk management and if the respective transactions
meet specific criteria, RBI designates them into hedge accounting relationships. This can occur in the way of fair value hedges,
cash flow hedges or net investment hedges. At the beginning of the hedging relationship, the relationship between underlying
and hedging instrument, including the risk management objectives, is documented. Furthermore, it is necessary to regularly
document from the beginning and during the lifetime of the hedging relationship that the fair value or cash flow hedge is
highly effective in respect of the offset of valuation changes between hedging instrument and hedged item.
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
RBI applies IAS 32 to decide whether to classify as financial liability or equity. Financial instruments issued are classified as
liabilities if the contractual agreement results in RBI being committed to either deliver cash or another financial asset or a
variable number of equity shares to the holder of the instrument. If this is not the case the instrument is classified as an equity
instrument and the proceeds, net of transaction costs, are recognized in equity.
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.
(31) Expected credit losses
Expected credit losses from financial instruments should reflect an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information
that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of
future economic conditions.
General approach
The measurement of impairment for expected credit loss on financial assets measured at amortized cost and fair value
through other comprehensive income is an area that requires the use of models and assumptions about future economic
conditions and payment behavior. Judgments are required in applying the accounting requirements for measuring expected
credit losses, inter alia:
\u00b7 Determining criteria for a significant increase in credit risk
\u00b7 Choosing appropriate models and assumptions for the measurement of expected credit losses
\u00b7 Consideration of risk factors beyond the current models
\u00b7 Establishing the number and relative weightings of forward-looking scenarios
\u00b7 Establishing groups of similar financial assets for the purposes of measuring expected credit losses.
Credit risk is the risk of suffering financial loss should customers, clients or market counterparties fail to fulfil their contractual
obligations or fail to do so on time. Credit risk arises mainly from interbank, commercial and personal loans, and loan
commitments, but can also arise from financial guarantees given, such as, credit guarantees, letters of credit, and
acceptances.
Other credit risks arise from investments in debt securities and from trading activities (trading credit risks), as well as from
settlement balances with market counterparties and reverse repurchase agreements.
Models are applied to estimate the likelihood of defaults occurring, the associated loss ratios and the exposure at default. RBI
measures credit risks using the probability of default (PD), exposure at default (EAD) and loss given default (LGD). In addition to
established risks with predictable patterns, new risks - such as geopolitical uncertainty, energy supply and environmental risks
- are emerging. These risks can\u2019t be captured by existing statistical models due to insufficient historical data. However, to
ensure adequate provisioning levels these risks are incorporated in the ECL calculation via management overlays - which can
be split into:
\u00b7 Overlays: These are adjustments which are added outside the model \u2013 i.e. after the model is operated. (Post Model
Adjustments (PMA) belong to this category).
\u00b7 In-model adjustments: These are adjustments which are performed within the IFRS 9 model. It covers adjustments of
the model input, adjustments of the model parameter or ad-hoc adjustments of the model and model calibration
(whereas altering model parameters (LGD and PD) by including forward looking macroeconomic information is not
considered as management overlay).
ESG factors are not yet explicitly included in ECL modelling. However, they are taken into account in the calculation via overlays.\u00a0
Significant increase in the credit risk
RBI considers a financial instrument to have experienced a significant increase in credit risk when one or more of the following
quantitative, qualitative or backstop criteria have been met:
Quantitative criteria
RBI\u2019s rating systems incorporate all available quantitative and qualitative information relevant for forecasting the credit risk
into the PD. This metric is based primarily on a statistical selection and weighting of all available indicators. In addition, the PD
adjusted in accordance with IFRS 9 requirements takes into account not only historical information and the current economic
environment, but also, in particular, forward-looking information such as the forecast for the development of macroeconomic
conditions. As a consequence, RBI uses the PD as a frame of reference for assessing whether the credit risk of a financial
instrument has risen significantly since the date of its initial recognition. By embedding the review of the relative transfer
criterion within the group-wide processes and procedures of credit risk management framework, the bank ensures that a
significant increase in the credit risk is identified in a reliable and timely manner based on objective criteria. The review to
determine whether the credit default risk as at the financial reporting date has risen significantly since the initial recognition of
the respective financial instrument is performed as at the reporting date. This review compares the observed probability of
default over the residual maturity of the financial instrument (Lifetime PD) against the lifetime PD over the same period as
expected on the date of recognition.
Given the different nature of products between non-retail and retail customers, the methods for assessing potential
significant increases in credit risk also differ slightly.
In order to make the two curves for credit risk of non-retail customers comparable, the PDs are scaled down to annualized PDs.
A significant increase in credit risk is considered to have occurred if the PD increase was at least 250 per cent. For longer
maturities the threshold of 250 per cent is reduced to account for a maturity effect.
For retail exposures, the remaining cumulative PDs are compared as the logit difference (logit is in statistics the natural
logarithm of a probability) between lifetime PD at reporting date and lifetime PD at origination conditional to survival up to the
reporting date. A significant increase in credit risk is considered to have occurred once this logit difference is above a certain
threshold. The threshold levels are calculated separately for each portfolio which is covered by individual rating-based lifetime
PD models. Based on historical data, the thresholds are estimated as a specific quantile of the distribution of the above-
mentioned logit differences on the worsening portfolio (defined by country and product such as mortgage loans, credit cards
and SME loans). That usually translates to a PD increase between 150 and up to 250 per cent, dependent on the default
behavior of the different portfolios.
Qualitative criteria
RBI uses qualitative criteria in addition to quantitative criteria to recognize a significant increase in credit risk for all material
portfolios.
For the corporate customer, sovereign, bank and project finance portfolios, a transfer to Stage 2 takes place if the borrower
meets one or more of the following criteria:
\u00b7 Detection of credit deterioration in the early warning system
\u00b7 Changes in contract terms as a forbearance measure
\u00b7 External risk factors with a potentially significant impact on the client\u2019s repayment ability
The assessment of a significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all corporate customer, sovereign, bank and project finance portfolios held by RBI.
For retail portfolios, a Stage 2 transfer takes place if the borrower meets one or more of the following qualitative criteria:
\u00b7 Forbearance flag active
\u00b7 Default of material exposure (> 20 per cent of total exposure) of the same customer on another product (PI
segment)
\u00b7 Holistic approach \u2013 applicable for cases where new forward-looking information becomes available for a segment
or portion of the portfolio and this information is not yet captured in the rating system. If such cases are identified,
management measures this portfolio with lifetime expected credit losses (as a collective assessment).
The assessment of significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all retail portfolios held by RBI.
Backstop criteria
A backstop is applied, and the financial instrument considered to have experienced a significant increase in credit risk if
contractual payments are more than 30 days overdue. In rare cases, it is possible to override the 30-day rule; however, this
exception is not implemented at RBI.
Low credit risk exemption
In selected cases for sovereign debt securities, RBI makes use of the low credit risk exemption. All securities which are
presented as low credit risk have a rating equivalent to investment grade or better, i.e. minimum S&P BBB-, Moody\u2019s Baa3 or
Fitch BBB-. This exemption does not apply to the lending business.
Definition of default and credit-impaired assets
RBI uses the same definition of default for the purposes of calculating expected credit losses under IFRS 9 as for its CRR capital
reporting (Basel III). This definition also places a defaulted receivable in Stage 3.
Default is assessed by referring to quantitative and qualitative triggers. The condition for default is, firstly, when contractual
payments are more than 90 days past due. Secondly, a loan is considered to be in default if there are significant financial
difficulties and any credit obligation is unlikely to be repaid in full. The definition of default has been applied consistently to
model the probability of default (PD), exposure at default (EAD) and loss given default (LGD) throughout RBI\u2019s expected loss
calculations.
Explanation of inputs, assumptions and estimation techniques
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in
credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking
economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary
by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD),
exposure at default (EAD) and discount factor (D).
Probability of Default (PD)
The probability of default represents the likelihood of a borrower defaulting on its financial obligation either over the next
twelve months or over the remaining lifetime of the obligation. In general, the lifetime probability of default is calculated using
the regulatory twelve-month probability of default, stripped of any conservative adjustments, as a starting point. Thereafter
various statistical methods are used to generate an estimate of how the default profile will develop from the point of initial
recognition throughout the lifetime of the loan or portfolio of loans. The default profile is based on historical observed data.
Different models have been used to estimate the default profile of outstanding lending amounts and these can be grouped
into the following categories:
\u00b7 Corporate customers, project finance and financial institutions: The default profile is generated using a parametric
survival regression (Burr-Type 12 and Weibull) approach. Forward-looking information is incorporated into the
probability of default using an one factor model. The default rate calibration is adjusted for shorter maturities and
early repayments.
\u00b7 Retail lending and mortgage loans: The default profile is generated using parametric survival regression in a
competing risk framework. Forward-looking information is incorporated into the probability of default using satellite
models.
\u00b7 Sovereigns, local and regional governments, insurance companies and collective investment undertakings: The
default profile is generated using a transition matrix approach. Forward-looking information is incorporated into the
probability of default using an one factor model.
In the limited circumstances where some inputs are not fully available, grouping, averaging and benchmarking of inputs are
used for the calculation.
Loss Given Default (LGD)
Loss given default represents RBI\u2019s expectation of the extent of loss on a defaulted exposure. Loss given default is expressed
as a percentage loss per unit of exposure at the time of default.
Different models are used to estimate the loss given default of outstanding lending amounts and these can be grouped into
the following categories:
\u00b7 Corporate customers, project finance, financial institutions, local and regional governments, insurance companies:
The loss given default is generated by discounting cash flows collected during the workout process. Forward-looking
information is incorporated into the loss given default using an one factor model. While real estate collateral is
directly considered in the reduction of the outstanding receivable amount, other collateral types have a reducing
effect already during the modeling in the statistical average of the loss given default.
\u00b7 Retail lending and mortgage loans: The loss given default is generated by stripping the downturn adjustments and
other margins of conservatism form the regulatory loss given default. Forward-looking information is incorporated
into the loss given default using various satellite models.
\u00b7 Sovereigns: The loss given default is found by using market implied sources.
Depending on the type of lending company (bank/leasing) different LGD estimates are applied.
In the limited circumstances where some inputs are not fully available, alternative recovery models, benchmarking of inputs
and expert judgment are used for the calculation.
Exposure at Default (EAD)
Exposure at default is based on the amount RBI expects to be owed at the time of default. The twelve-month and lifetime
EADs are determined based on the expected payment profile, which varies by contract type. For amortizing products and bullet
repayment loans, this is based on the contractual repayments owed by the borrower over a twelve-month or lifetime basis. If
not already taken into account in the PD estimate over the loan term, early (full) repayment/refinance assumptions are also
considered in the calculation.
For revolving products, the exposure at default is determined by taking current drawn balance and adding the expected
utilization of the remaining limit . This additional amount is the product of the remaining limit and credit conversion factor. The
prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs
are not fully available benchmarking of inputs is used for the calculation.
Discount factor (D)
For financial assets and assets off the statement of financial position which are not leasing or POCI, the discount factor used
in the expected credit loss calculation is derived from the effective interest rate or an approximation thereof.
Calculation
For loans in Stage 1 and 2, the expected credit loss is the product of PD, LGD and EAD multiplied by the probability not to
default prior to the considered time period. The latter is expressed by the survivorship function S. This calculates future values
of expected credit losses, which are then discounted back to the reporting date and summed. The calculated values of
expected credit losses are then weighted by forward-looking scenario.
Different models have been used to estimate the provisions in Stage 3, and these can be grouped into the following categories:
\u00b7 Corporate customers, project finance, sovereigns, financial institutions, local and regional governments, insurance
companies and collective investment undertakings: Stage 3 provisions are calculated by workout managers who
discount expected cash flows by the appropriate effective interest rate.
\u00b7 For retail loans, Stage 3 impairments are determined for the majority of Group units by calculating the statistically
derived best estimate of expected loss adjusted for indirect costs.
Shared credit risk characteristics
Stage 1, Stage 2 and Stage 3 provisions for retail customers are measured on a collective basis. For non-retail business in Stage
3, most of the provisions are individually assessed. For expected credit losses modelled on a collective basis, a grouping of
exposures is performed on the basis of shared credit risk characteristics so that the exposures within each group are similar.
Retail exposure characteristics are grouped according to country, customer classification (households and SMEs), product (e.g.
mortgage, personal loans, overdraft facilities or credit cards), PD rating grade and LGD pool. Each combination of the above
characteristics is considered as a group with a uniform expected loss profile.
Non-retail exposure characteristics are assigned to a probability of default according to rating grade and customer segment.
This groups customer types into individual assessment models. For the determination of LGD and EAD parameters, the
portfolio is grouped by country.
Forward-looking information
As a rule, the risk parameters specific to IFRS 9 are estimated not only on historical default information but also particularly on
the current economic environment and forward-looking information. This assessment primarily involves regularly reviewing the
effects which RBI's macroeconomic forecasts will have regarding the amount of the ECL and including these effects in the
determination of the ECL.
The assessment of significant increases in credit risk and the calculation of expected credit losses both incorporate forward-
looking information. RBI has performed historical analysis and identified the key economic variables impacting credit risk and
expected credit losses.
These economic variables and their associated impact on the probability of default and loss given default vary by category.
Forecasts of these economic variables (the base economic scenario) are provided by Raiffeisen Research on a quarterly basis
and provide the best estimate view of the economy over the next three years. Beyond three years, no macroeconomic
adjustment is carried out. That means that after three years, to project the economic variables for the full remaining lifetime
of each instrument, a mean reversion approach has been used, which means that economic variables tend to revert to either a
long-term average rate or a long-term average growth rate until maturity. The impact of these economic variables on the
probability of default and loss given default has been determined by performing statistical regression to understand the
impact changes in these variables have had historically on default rates and on the components of loss given default.
In addition to the base economic scenario, Raiffeisen Research also estimates an optimistic and a pessimistic scenario to
ensure that the non-linearity of the ECL, depending on macroeconomic conditions, is captured.
In both the pessimistic and optimistic scenarios, the methodology was adjusted as a result of the high level of uncertainty. As
with any economic forecast, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty;
therefore, the actual outcomes may be significantly different from those projected. RBI considers these forecasts to represent
its best estimate of the future outcomes and cover any potential non-linearities and asymmetries within RBI\u2019s different
portfolios.
The most significant assumptions used as a starting point for the expected credit loss estimates at year-end are shown below
(source: Raiffeisen Research, November 2025, exclusive Ukraine).
Real GDP
Unemployment
2026
2027
2028
2026
2027
2028
Upside scenario
3.9%
3.6%
3.6%
4.2%
4.2%
4.2%
Croatia
Base
2.6%
2.5%
2.5%
4.9%
4.8%
4.8%
Downside scenario
0.4%
0.6%
0.6%
6.6%
6.2%
6.2%
Upside scenario
1.6%
1.6%
1.6%
5.1%
5.0%
4.7%
Austria
Base
0.8%
1.0%
1.0%
5.4%
5.3%
5.0%
Downside scenario
(0.4)%
0.0%
0.0%
5.7%
5.8%
6.0%
Upside scenario
4.0%
3.6%
3.6%
4.1%
4.1%
4.0%
Poland
Base
3.3%
3.0%
3.0%
5.0%
4.9%
4.8%
Downside scenario
2.2%
2.1%
2.1%
7.2%
6.8%
6.7%
Upside scenario
2.1%
2.0%
2.0%
3.1%
3.2%
3.2%
Russia
Base
0.9%
0.9%
0.9%
3.5%
3.5%
3.5%
Downside scenario
(1.1)%
(0.8)%
(0.8)%
4.3%
4.2%
4.2%
Upside scenario
2.5%
3.5%
3.7%
5.3%
5.0%
4.6%
Romania
Base
1.3%
2.5%
2.7%
5.6%
5.2%
4.8%
Downside scenario
(0.6)%
0.8%
1.0%
6.2%
5.7%
5.3%
Upside scenario
3.7%
3.8%
4.3%
8.1%
7.7%
7.7%
Serbia
Base
2.8%
3.0%
3.5%
9.0%
8.5%
8.5%
Downside scenario
1.2%
1.7%
2.2%
11.0%
10.2%
10.2%
Upside scenario
2.5%
2.6%
2.9%
4.5%
4.6%
4.5%
Slovakia
Base
1.5%
1.7%
2.0%
5.4%
5.4%
5.3%
Downside scenario
(0.2)%
0.2%
0.6%
7.4%
7.2%
7.1%
Upside scenario
2.9%
3.3%
3.3%
4.3%
4.2%
4.1%
Czech Republic
Base
2.0%
2.5%
2.5%
4.6%
4.5%
4.4%
Downside scenario
0.5%
1.2%
1.2%
5.3%
5.1%
5.0%
Upside scenario
3.0%
3.2%
3.8%
4.0%
4.0%
3.8%
Hungary
Base
2.0%
2.4%
3.0%
4.5%
4.4%
4.2%
Downside scenario
0.4%
1.0%
1.6%
5.5%
5.3%
5.1%
Long-term bond rate
Real estate prices
2026
2027
2028
2026
2027
2028
Upside scenario
2.2%
2.3%
2.3%
7.3%
6.5%
6.2%
Croatia
Base
3.2%
3.2%
3.2%
3.0%
2.8%
2.5%
Downside scenario
4.2%
4.0%
4.0%
1.0%
1.1%
0.8%
Upside scenario
2.3%
2.4%
2.4%
4.8%
4.9%
4.9%
Austria
Base
3.2%
3.2%
3.2%
2.5%
3.0%
3.0%
Downside scenario
4.1%
4.0%
3.9%
1.5%
2.1%
2.1%
Upside scenario
3.3%
2.7%
2.7%
5.6%
5.9%
4.1%
Poland
Base
4.6%
3.8%
3.8%
2.3%
3.0%
1.2%
Downside scenario
5.8%
4.8%
4.8%
0.7%
1.7%
0.5%
Upside scenario
11.7%
9.7%
9.4%
22.5%
13.1%
13.1%
Russia
Base
12.8%
10.6%
10.3%
13.0%
5.0%
5.0%
Downside scenario
13.8%
11.5%
11.1%
8.7%
1.3%
1.3%
Upside scenario
5.4%
4.4%
3.7%
6.1%
5.0%
6.8%
Romania
Base
6.5%
5.3%
4.6%
2.8%
2.2%
4.0%
Downside scenario
7.5%
6.2%
5.5%
1.3%
0.9%
2.7%
Upside scenario
4.0%
3.9%
3.8%
9.9%
9.2%
8.7%
Serbia
Base
4.7%
4.5%
4.4%
4.5%
4.5%
4.0%
Downside scenario
5.3%
5.0%
4.9%
2.0%
2.4%
1.9%
Upside scenario
2.1%
2.2%
2.1%
10.3%
8.5%
8.5%
Slovakia
Base
3.1%
3.0%
2.9%
5.0%
4.0%
4.0%
Downside scenario
3.9%
3.7%
3.7%
2.6%
2.0%
2.0%
Upside scenario
3.3%
3.5%
3.5%
12.7%
9.5%
8.5%
Czech Republic
Base
4.2%
4.3%
4.3%
8.6%
6.0%
5.0%
Downside scenario
5.0%
5.0%
5.0%
6.7%
4.4%
3.4%
Upside scenario
5.6%
5.5%
5.2%
11.0%
8.8%
8.8%
Hungary
Base
6.8%
6.5%
6.2%
6.0%
4.5%
4.5%
Downside scenario
7.8%
7.4%
7.1%
3.7%
2.6%
2.6%
Consumer price index
Short-term interest rate
2026
2027
2028
2026
2027
2028
Upside scenario
2.3%
1.7%
1.4%
1.7%
1.7%
1.8%
Croatia
Base
3.0%
2.3%
2.0%
2.1%
2.1%
2.1%
Downside scenario
3.9%
3.1%
2.8%
2.8%
2.7%
2.7%
Upside scenario
2.0%
1.8%
1.7%
1.7%
1.7%
1.8%
Austria
Base
2.5%
2.3%
2.2%
2.1%
2.1%
2.1%
Downside scenario
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Upside scenario
1.9%
1.8%
2.0%
2.8%
2.6%
2.2%
Poland
Base
2.9%
2.7%
2.6%
3.8%
3.4%
3.0%
Downside scenario
4.2%
3.8%
4.0%
5.6%
5.0%
4.6%
Upside scenario
4.1%
3.0%
2.8%
12.4%
8.0%
7.5%
Russia
Base
5.6%
4.2%
4.0%
13.2%
8.7%
8.2%
Downside scenario
7.4%
5.7%
5.5%
14.7%
10.0%
9.5%
Upside scenario
6.1%
2.4%
1.8%
5.0%
3.8%
2.7%
Romania
Base
7.1%
3.3%
2.7%
5.8%
4.5%
3.4%
Downside scenario
8.4%
4.4%
3.8%
7.3%
5.8%
4.7%
Upside scenario
2.6%
2.7%
1.7%
2.8%
2.4%
1.7%
Serbia
Base
3.8%
3.7%
2.8%
4.2%
3.5%
2.8%
Downside scenario
5.3%
4.9%
4.0%
6.7%
5.7%
5.0%
Upside scenario
2.6%
2.5%
1.4%
1.7%
1.7%
1.8%
Slovakia
Base
3.7%
3.4%
2.3%
2.1%
2.1%
2.1%
Downside scenario
5.0%
4.5%
3.4%
2.8%
2.7%
2.7%
Upside scenario
1.4%
1.8%
1.6%
2.9%
3.2%
3.4%
Czech Republic
Base
2.3%
2.6%
2.4%
3.3%
3.5%
3.8%
Downside scenario
3.4%
3.6%
3.4%
4.2%
4.3%
4.5%
Upside scenario
3.2%
3.6%
2.4%
5.3%
4.5%
3.9%
Hungary
Base
4.4%
4.6%
3.4%
6.3%
5.3%
4.7%
Downside scenario
10.8%
8.8%
4.6%
8.0%
6.8%
6.2%
Due to the ongoing war in Ukraine, the optimistic scenario for Ukraine was was excluded from the calculations. Furthermore,
the pessimistic scenario is not based on the mathematical approach published by Raiffeisen Research, but on a narrative
presentation with a probability weighting of 50 per cent. Since historical data for Ukraine are not representative or are partially
unavailable due to current circumstances, a derived real GDP and a derived short-term interest rate were included as
macroeconomic input parameters in the Ukrainian ECL calculation.
Real GDP
Short-term interest rate
2025
2026
2027
2025
2026
2027
Upside scenario
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ukraine
Base
3.0%
4.5%
4.0%
13.3%
10.3%
8.8%
Downside scenario
(14.8)%
(8.2)%
(3.0)%
22.3%
18.3%
17.0%
A large number of macroeconomic variables were analyzed for the model development and the most important ones were
used for the model. The model employed is a regression model with the aim of explaining changes in or the level of the default
rate. The following types of macro variables were considered as drivers of the credit cycle: real GDP growth, unemployment
rate, 3-month money market rate, 10-year government bond yield, 10 year government bond yield spread to Germany, housing
price index, FX rates, and the HICP inflation rate. For each country (or portfolio in case of retail exposure), a relevant set is
determined based on the ability to explain historically observed default rates. Through the cycle, PDs are overlaid with the
results of the macro-economic model to reflect the current and expected state of economy. For corporate customers,
additionally the condition of the credit cycle is also taken into account depending on the industry. While no further adjustment
is made to the effect of the macro models for corporate customers in industries with a neutral outlook, the expected credit risk
is assumed as additionally increased for corporate customers in industries with a poor outlook. For non-retail exposure for LGD,
the macro model is applied on the underlying cure rates, i.e. a positive macro-economic outlook drives up the cure rates and
this reduces the LGD. For retail exposures, the workout LGD is modelled in a similar manner to the default rates either directly
or as well via the components like cure rate, loss given cure as well as loss given non-cure. The long-run average LGDs are
overlaid with the results of the macro models to reflect current and expected state of economy. The weightings assigned to
each scenario at the end of the reporting year-end are as follows: 25 per cent optimistic, 50 per cent base and 25 per cent
pessimistic scenarios.
For corporate customers, the following risks and complications resulting from current economic and political developments are
included in the macroeconomic models. Historically high inflation rates in combination with higher key interest rates led to an
increase in financing cost for companies. This development is incorporated into the models of major parts of the portfolio
through a change in the 3-month money market rate and the yield on government bonds, resulting in an increase in expected
default risk. While high inflation rates may be associated with higher default risk in bivariant analyses, the underlying drivers of
higher default risk are actually higher interest rates as a result of higher inflation and economic growth trending downwards,
which often occur simultaneously. These drivers are directly captured in the economic growth and interest rate models. In
macroeconomic terms, the COVID pandemic and its aftermath were characterized by extremely high volatility, starting with a
strong decline in real GDP followed by a similar rate of positive economic growth. In contrast to comparable recessions after
the great financial crisis, these developments have not been met by a wave of insolvencies and defaults in many countries and
portfolios, which can be attributed to two factors. For one, the COVID-driven recession primarily consisted of a temporary
suspension of economic activity, which did not necessitate significant structural adjustments. Furthermore, massive political
measures were taken to support the economy to avoid long-term consequences stemming from events such as
unemployment and insolvencies. These developments underscore how the relationship between macroeconomic indicators
and credit risk are influenced by circumstances that are difficult to capture by quantitative means. To avoid the
macroeconomic models from implicitly assuming that a sharp decline in GDP growth will always be accompanied by significant
countervailing policy measures \u2014 as observed during the COVID-19 pandemic \u2014 additional parameters have been incorporated
into the models.These adjustments are specifically applied to segments where no significant rise in default risk was seen
during the COVID period, ensuring that the model\u2019s predictions remain accurate without distortion.
The core assumption underlying the application of macroeconomic credit risk models is that the empirical correlations
between macroeconomic indicators and default risk can be extrapolated to future.
Management Overlays
In situations where the existing input parameters, assumptions and modelling do not cover all relevant novel risk factors,
management overlays are a viable solution to ensure adequate provisioning despite a lack of sufficient historical data. This is
generally the case if there are temporary circumstances, or time constraints which prevent the adequate incorporation of
relevant new information into the rating, and if individual loans within a loan portfolio develop differently than originally
expected. In view of the given circumstances, in particular the war in Ukraine and the economic dislocations it has caused, it is
necessary to reflect additional risks in the impairments. All of these adjustments are approved locally by the subsidiaries and
centrally by the Group Risk Committee (GRC). There are portfolio-specific adjustments due to the war and associated
sanctions, which are presented in the category geopolitical risk. Their application period is limited in time, often for the
duration of specific economic crises or until models are adjusted. Their use is reviewed quarterly.
For the central models in the corporate segment, the additional risk is considered by applying in-model adjustments
(parameter adjustments within the model). In-model adjustments can be performed on different model parameters like IFRS 9
PD curves, future exposure profiles, LGD, etc. The criteria for applying in-model adjustments are governed by strict rules and
include amongst others extended requirements for evidence of the novel risk factor, analysis of potential overlap with existing
IFRS 9 parameters and credit risk rating, detailed documentation and strong governance. In case the in-model adjustment
increases the applied PD, this higher PD is also applied for staging decision. The in-model adjustments undergo regular reviews
at least quarterly. The in-model adjustment remains in effect as long as the identified novel risk factor is persistent and not
fully accounted for by existing models.
In the retail segment, in-model adjustments have also been implemented where appropriate. However, post-model
adjustments remain the predominant approach for addressing emerging risks. These overlays are applied on top of the
existing models to calculate expected credit losses. While post-model adjustments are generally considered temporary
measures - typically valid for one to two years - they serve as a safeguard against potential distortions. If the identified risks
persist over a longer horizon, they are addressed through model updates or adjustments to model inputs, including in-model
adjustments, to ensure that the models adequately capture the evolving risk profile
The overlays are shown in the table below and split according to the relevant categories.
2025
Modeled ECL
Non-Retail Overlays
Retail Overlays
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
0
0
0
0
0
0
General governments
80
0
8
0
0
89
Banks
2
0
0
0
0
2
Other financial corporations
19
8
0
0
0
26
Non-financial corporations
215
226
73
10
1
524
Households
247
1
0
79
7
335
Total
563
235
81
89
8
976
2024
Modeled ECL
Other special risk factors
Post-model adjustments
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
1
0
0
0
0
1
General governments
105
0
0
0
0
105
Banks
3
0
0
0
0
4
Other financial corporations
45
0
0
0
0
45
Non-financial corporations
195
169
179
12
4
559
Households
248
0
0
89
13
350
Total
596
169
179
101
17
1,063
In addition to the modeled ECL (before in-model adjustments), overlays in Stage 1 and Stage 2 amounting to \u20ac 413 Million
(previous year: \u20ac 467 Million) were taken into account. Of this amount, \u20ac 89 million (previous year: \u20ac 196 million) related to the
war in Ukraine, and \u20ac 324 million (previous year: \u20ac 270 million) to macroeconomic risk (spill-over effects and other).
An amount of \u20ac 18 million (previous year: \u20ac 18 Million) was recognized in the spill-over effects due to climate risks. Of this
amount, \u20ac 14 million (previous year: \u20ac 9 Million) relates to corporate customers and \u20ac 4 million (previous year: \u20ac 6 Million) to
retail customers.
Non-Retail Overlays
For corporate customers, additional impairments were recognized in the amount of \u20ac 235 million (previous year: \u20ac 169 million)
for macroeconomic effects. These overlays account for risks which are not included in the country-specific branch matrix. They
comprise both global economic policy risks, such as tariffs and counter-tariffs, and expected downgrades of corporate clients
due to circumstances such as higher energy prices, inflation, and supply chain disruptions as well as lower revenues and higher
costs stemming from rising energy costs, particularly from the previous years.
In Ukraine, additional impairments in the amount of \u20ac 81 million (previous year: \u20ac 83 million) were recognized in the form of
management overlays for the impacts of the war. These additional provisions resulted from modeling the sustained
destruction of infrastructure as well as the continued bombardment of the affected infrastructure. In the previous year, these
risks were presented as geopolitical risks, together with the EU and US sanction risks concerning Russian customers, totaling
\u20ac\u00a0205 million for Russia and Ukraine. The overlays for EU and US sanction risks related to selected Russian customers were fully
released during the fiscal year due to the complete repayment of the effected exposure.
For corporate customers RBI considers the possibility of a short-term disorderly scenario where carbon emissions are more
expensive and fossil energy prices are higher to account for climate and environmental risks. While, for a diversified portfolio
like RBI\u00b4s, the effects tend to net out to a large degree, however there is an elevated risk in some sectors. These are sectors
with customers with low environmental scores such, as oil & gas and construction. Higher probabilities of defaults for these
sectors lead to an increase in the expected credit losses.
Retail Overlays
Over the last years retail customers were severely exposed to increasing inflationary pressure, which impacted their ability to
cover their loan obligations. As part of the IFRS 9 framework, there are PD and LGD macro models at country and product
levels, which serve the need to address these high risks stemming from the macroeconomic environment. However, for certain
countries and portfolios where the macroeconomic models either lag behind the key macroeconomic variables (inflation,
interest rates, unemployment, etc.) or are not part of the model, post-model adjustments are implemented for identified high
risk customer groups. The latter involve a qualitative assessment of exposures for the expected significant increase in credit
risk and their subsequent transfer from Stage 1 to Stage 2, as well as, in particular cases increases of the PD and/or LGD
estimates respectively. The criteria for identifying such credit exposures are based on information from the loan application
and historical payment behavior and are subsequently refined using stressed macroeconomic variables. The post-model
adjustments are reversed either after the risks have materialized by transferring the affected receivables to Stage 3 or if the
expected risks do not materialize.
For the Ukrainian retail portfolio, which has been mostly reclassified as Stage 2 since the beginning of the war, the assessment
of provision coverage is based on local expert judgement, which is obtained from regular contact with individual customers by
the debt collection department. Furthermore, structured customer surveys are carried out to keep up to date with the needs
and potential issues that could influence customers\u2019 ability to make payments. For assets and customers located in occupied
regions or territories, which run a high risk of hostilities or occupation, risk parameters were increased to take into account
higher expected future losses due to the above-mentioned surveys.
Sensitivity analysis
To simulate a range for potential changes to estimates and the related change in impairments, the following sensitivity
analyses of the most significant assumptions affecting the expected impairments were performed as follows.
The sensitivity analysis involved a recalculation of the impairments for expected credit losses in the existing models. The risk
factors and post-model adjustments \u2013 except for the Stage 1 simulations \u2013 are fully included in all scenarios and are not
subject to further adjustments. As a result of the complexity of the model, many drivers are not mutually exclusive.
The tables below provide a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 1 and Stage 2 (weighted by 25 per cent optimistic, 50 per cent baseline and 25 per cent pessimistic scenarios),
and then each scenario weighted by 100 per cent on its own. The optimistic and pessimistic scenarios do not reflect extreme
cases in the sample space of the 25 per cent optimistic and pessimistic scenarios, but rather an economically plausible proxy.
This means that these scenarios are at around 25 per cent and 75 per cent respectively on the distribution curve. In general,
IFRS 9 specific estimates of risk parameters take historical default information into account alongside the current economic
environment. The effects of the estimates based on macroeconomic forecasts are shown in the forward-looking component.
This information is provided for illustrative purposes.
2025
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
904
993
(90)
100 % Base
954
993
(39)
100 % Pessimistic
1,080
993
87
Weighted average (25/50/25 %)
976
993
(18)
2024
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
972
1,033
(61)
100 % Base
1,056
1,033
23
100 % Pessimistic
1,169
1,033
135
Weighted average (25/50/25 %)
1,063
1,033
29
Overall, the macroeconomic scenarios are currently better than the long-term average, leading to an decrease of the forward-
looking component of \u20ac 18 million.
The positive scenario, which is presented in the table below, follows the premise that all exposures are classified as Stage 1 and
all macroeconomic and geopolitical risks are not relevant.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on twelve-month expected losses (Stage 1).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 1
514
572
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2 due to staging
461
490
The negative scenario assumes that all exposures are classified as Stage 2. As a result, all macroeconomic and geopolitical
risks are considered in this analysis.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on lifetime expected losses (Stage 2).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 2
2,063
1,721
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2
1,088
658
The table below provides a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 3 and the pessimistic scenario weighted by 100 per cent. The pessimistic scenario does not reflect an extreme
case from the result range of the 25 per cent most pessimistic scenarios, but an economically plausible representative of it.
Accumulated impairment (Stage 3)
in \u20ac million
2025
2024
Pessimistic scenario
1,801
2,193
Weighted average
1,480
1,909
Increase in provisions due to pessimistic scenario
321
284
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
The following table shows the gross carrying amount and impairment of the financial assets \u2013 amortized cost and financial
assets \u2013 fair value through other comprehensive income that have moved in the reporting period from expected twelve-month
losses (Stage 1) to expected lifetime losses (Stages 2 and 3) or vice versa:
2025
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(6,461)
6,461
(55)
342
0.8%
5.3%
Central banks
(60)
60
0
0
0.0%
0.0%
General governments
(139)
139
0
1
0.1%
0.6%
Banks
(38)
38
0
0
0.0%
0.6%
Other financial corporations
(257)
257
(2)
20
0.6%
7.9%
Non-financial corporations
(3,643)
3,643
(36)
158
1.0%
4.3%
Households
(2,323)
2,323
(17)
163
0.7%
7.0%
Movement from lifetime ECL to 12-
month ECL
6,364
(6,364)
22
(258)
0.3%
4.1%
Central banks
0
0
0
0
-
-
General governments
29
(29)
0
(3)
1.2%
10.3%
Banks
295
(295)
0
(1)
0.0%
0.4%
Other financial corporations
589
(589)
1
(13)
0.2%
2.2%
Non-financial corporations
2,205
(2,205)
15
(171)
0.7%
7.7%
Households
3,245
(3,245)
5
(70)
0.2%
2.2%
The increase in expected credit losses arising from the measurement of the loss allowance moving from twelve-month
expected credit losses to lifetime losses was \u20ac 287 million (previous year: \u20ac 333 million). The decrease in expected credit losses
arising from the measurement of the loss allowance moving from lifetime losses to twelve-month expected credit losses was
\u20ac 237 million (previous year: \u20ac 169 million).
2024
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(5,828)
5,828
(55)
388
0.9%
6.7%
Central banks
0
0
0
0
0.0%
0.0%
General governments
(141)
141
(3)
4
2.5%
3.2%
Banks
(32)
32
0
0
0.0%
0.8%
Other financial corporations
(497)
497
(1)
7
0.3%
1.5%
Non-financial corporations
(3,166)
3,166
(30)
207
0.9%
6.5%
Households
(1,992)
1,992
(20)
169
1.0%
8.5%
Movement from lifetime ECL to 12-
month ECL
5,857
(5,857)
20
(189)
0.3%
3.2%
Central banks
29
(29)
0
0
0.0%
0.0%
General governments
74
(74)
0
(1)
0.0%
1.0%
Banks
214
(214)
0
0
0.1%
0.2%
Other financial corporations
461
(461)
1
(10)
0.2%
2.1%
Non-financial corporations
2,023
(2,023)
10
(82)
0.5%
4.1%
Households
3,055
(3,055)
8
(95)
0.3%
3.1%
Where the borrower and lender are the same, offsetting of loans and liabilities with matching maturities and currencies occurs
if a legal right, by contract or otherwise, exists and offsetting is in line with the actually expected course of the business.
Similar agreements include derivative clearing agreements, global master repurchase agreements, and global master
securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale
and repurchase agreements, and securities borrowing and lending agreements.
Some of the agreements are not set-off in the statement of financial position. This is because they create, for the parties to
the agreement, a right of set-off of recognized 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, the Group and its
counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The Group
receives and gives collaterals in the form of cash and marketable securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
Classification and measurement of financial assets and financial liabilities
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity. On initial recognition, financial instruments are to be measured at fair value, which generally corresponds to
the transaction price at the time of acquisition or issue. If the Group unit determines that the fair value on initial recognition
differs from the transaction price, but this fair value measurement is not evidenced by a valuation technique that uses only
data from observable markets, then the carrying amount of the financial asset or financial liability on initial recognition is
adjusted to defer the difference between the fair value measurement and the transaction price. The deferred difference is
subsequently recognized as a gain or loss only to the extent that it arises from change in a factor (including time) that market
participants would consider in setting the price. According to IFRS 13, the fair value is defined as the exit price. For subsequent
measurement, financial instruments are recognized in the statement of financial position according to the respective
measurement category pursuant to IFRS 9, either at (amortized) cost or at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
Financial liabilities are generally recognized according to IFRS 9 at (amortized) cost (financial liabilities \u2013 amortized cost)
applying the effective interest method unless they are measured at fair value. This includes financial liabilities that are held for
trading (financial liabilities \u2013 held for trading) and designated as FVTPL (financial liabilities \u2013 designated fair value through
profit/loss). Changes in the fair value of liabilities designated at fair value through profit or loss which are caused by changes in
RBI\u2019s own default risk are to be shown in other comprehensive income.
In accordance with IFRS 9, embedded derivatives are not separated from the host contract of a financial asset. Instead,
financial assets are classified in accordance with the business model and their contractual characteristics as explained in the
section business model assessment and in the section analysis of contractual cash flow characteristics. With financial
liabilities, embedded derivatives are only separated from the host instrument and separately accounted for as derivatives if
their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract,
the embedded derivative meets the definition of a derivative and the hybrid financial instrument is not associated with a
financial liability item that is held for trading or designated at fair value through profit or loss.
Further details on the classification and measurement of financial assets and financial liabilities can be found in the notes of
the respective items of the income statement and the statement of financial position.
Liabilities are predominantly recognized at amortized cost. For differences between the amount paid and face value, the
effective interest method is applied, and the amounts are shown in net interest income. This category mainly includes
customer deposits and securities issues for refinancing purposes.
Issued subordinated capital and supplementary capital are shown either in financial liabilities \u2013 amortized cost or financial
liabilities \u2013 designated fair value through profit/loss. Securitized and non-securitized assets are subordinated if, in the event of
liquidation or bankruptcy, they can only be met after the claims of the other \u2013 not subordinated \u2013 creditors have been
satisfied. Supplementary capital is defined according to Article 63 of the regulation (EU) No 575/2013 (CRR). Corresponding
instruments have an original maturity of at least five years, are of subordinate nature and are, among others, not allowed to
contain an incentive to early redeem, a right of the investor to accelerate repayment or credit standing linked features that
amend the level of dividend and/or interest payments of the issuer.
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
RBI applies IAS 32 to decide whether to classify as financial liability or equity. Financial instruments issued are classified as
liabilities if the contractual agreement results in RBI being committed to either deliver cash or another financial asset or a
variable number of equity shares to the holder of the instrument. If this is not the case the instrument is classified as an equity
instrument and the proceeds, net of transaction costs, are recognized in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
Financial liabilities are generally recognized according to IFRS 9 at (amortized) cost (financial liabilities \u2013 amortized cost)
applying the effective interest method unless they are measured at fair value. This includes financial liabilities that are held for
trading (financial liabilities \u2013 held for trading) and designated as FVTPL (financial liabilities \u2013 designated fair value through
profit/loss). Changes in the fair value of liabilities designated at fair value through profit or loss which are caused by changes in
RBI\u2019s own default risk are to be shown in other comprehensive income.
In accordance with IFRS 9, embedded derivatives are not separated from the host contract of a financial asset. Instead,
financial assets are classified in accordance with the business model and their contractual characteristics as explained in the
section business model assessment and in the section analysis of contractual cash flow characteristics. With financial
liabilities, embedded derivatives are only separated from the host instrument and separately accounted for as derivatives if
their economic characteristics and risks are not closely related to the economic characteristics and risks of the host contract,
the embedded derivative meets the definition of a derivative and the hybrid financial instrument is not associated with a
financial liability item that is held for trading or designated at fair value through profit or loss.
Further details on the classification and measurement of financial assets and financial liabilities can be found in the notes of
the respective items of the income statement and the statement of financial position.
Liabilities are predominantly recognized at amortized cost. For differences between the amount paid and face value, the
effective interest method is applied, and the amounts are shown in net interest income. This category mainly includes
customer deposits and securities issues for refinancing purposes.
Issued subordinated capital and supplementary capital are shown either in financial liabilities \u2013 amortized cost or financial
liabilities \u2013 designated fair value through profit/loss. Securitized and non-securitized assets are subordinated if, in the event of
liquidation or bankruptcy, they can only be met after the claims of the other \u2013 not subordinated \u2013 creditors have been
satisfied. Supplementary capital is defined according to Article 63 of the regulation (EU) No 575/2013 (CRR). Corresponding
instruments have an original maturity of at least five years, are of subordinate nature and are, among others, not allowed to
contain an incentive to early redeem, a right of the investor to accelerate repayment or credit standing linked features that
amend the level of dividend and/or interest payments of the issuer.
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
RBI applies IAS 32 to decide whether to classify as financial liability or equity. Financial instruments issued are classified as
liabilities if the contractual agreement results in RBI being committed to either deliver cash or another financial asset or a
variable number of equity shares to the holder of the instrument. If this is not the case the instrument is classified as an equity
instrument and the proceeds, net of transaction costs, are recognized in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
Reclassification of financial assets
Reclassification is only possible for financial assets, not for financial liabilities. In RBI, a change in the measurement category is
only possible if there is a change in the business model used to manage a financial asset. Such changes are expected to occur
very rarely, are determined by the management following external or internal changes and must not only be significant for the
entity\u2019s operations but also be capable of being proven to external parties. If these conditions apply, then the reclassification is
mandatory. If such a reclassification is necessary, this must be changed prospectively from the date of reclassification and
approved by the RBI Management Board.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
Key sources of estimation uncertainty and critical accounting judgments
If estimates or assessments are necessary for accounting and measuring according to IAS/IFRS, they are made in accordance
with the respective standards. They are based on past experiences and other factors, such as planning and expectations or
forecasts of future events that appear likely, based on current judgement. The estimates and underlying assumptions are
reviewed on an ongoing basis. Alterations to estimates that affect only one period will be considered only in that period. If the
following reporting periods are also affected, the alterations will be taken into consideration in the current and following
periods. The assumptions, estimates and accounting judgment mainly related to expected credit losses, the fair value and
impairment calculation of financial instruments, deferred tax assets, provisions for pensions and similar obligations, provisions
for litigation as well as the goodwill impairment test and immaterial assets capitalized during initial consolidation. The actual
values can deviate from the estimated values.
In relation to Rasperia the following key sources of estimation uncertainty and accounting judgments were taken into account:
Due to the revised management assessment, the expected proceeds from the enforcement of RBI\u2019s claims against the Austrian
assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. In addition a provision of \u20ac 339 million for
pending legal issues was recognized at 31 December 2025. For further information please refer to note (45) Pending legal
issues. In relation to the control assessment of AO Raiffeisenbank in accordance with IFRS 10 please refer to chapter
Consequences and analysis of the armed conflict between Russia and Ukraine.
In the double materiality analysis for the consolidated non-financial statement in 2025 the financial materiality of
sustainability matters was considered in the short, medium and long-term. In the short term, defined as the reporting period of
the consolidated financial statements, it was assessed that there was no\u00a0 financially material risks from sustainability matters,
except for lawsuits related to consumer protection issues. As a result the consolidated financial statements do not include any
separate disclosure on sustainability related uncertainties that materially affect the estimation assumptions. In the long term,
which is considered as five years onwards, there is a moderate chance of a material impact on the credit risk of our customer
portfolio due to climate change risks. For more details please see chapter IRO-1: Process to identify and assess material
impacts, risks and opportunities and note (31) Expected credit losses.
Additionally, in the light of the geopolitical situation RBI is exposed to increased risks related to foreign currency translation.
Details can be found in the chapter exchange differences.
Impairment in the lending business
RBI ascertains on a forward-looking basis the expected credit losses (ECL) associated with its debt instrument assets carried at
amortized cost and fair value through other comprehensive income and with the exposure arising from loan commitments,
leasing receivables and financial guarantee contracts. The calculation of expected credit losses (ECL) requires the use of
estimates that may not necessarily match actual results. In order to determine the amount of the impairment, significant
credit risk parameters such as PD (Probability of Default), LGD (Loss Given Default) and EAD (Exposure at Default) as well as
forward-looking information (economic forecasts) are to be estimated by management. The expected credit losses are
adjusted at each reporting date. IFRS 9 requires the assessment if a significant increase in credit risk exists, without providing
detailed guidance. Consequently, specific rules for the assessment have been defined, which consist of both qualitative
information and quantitative thresholds. The methods for determining the amount of the impairment are explained in the
section impairment general (IFRS 9). Quantitative information and sensitivity analyses are presented in the notes under (31)
Expected credit losses . Judgement is required when calculating expected credit losses, especially when considering risks that
are not adequately reflected in the models, such as overlays and other risk factors for sanction and geopolitical risks.
Fair value of financial instruments
Fair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This applies regardless of whether the price can be directly observed or has been
estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers
certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset)
if market participants would also consider such features in determining the price for the acquisition of the respective asset or
for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is
established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used
depending on the complexity of the instrument and the availability of market-based data. The input parameters for these
models are derived from observable market data where possible, nevertheless non-observable market data are required in
many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk,
liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of
financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair
value of financial instruments.
Provisions for litigation
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and an estimate of the amount is possible. The level of provisions is the best possible estimate of expected outflow of
economic benefits at the reporting date while considering the risks and uncertainties underlying the commitment to fulfill the
obligation. Risks and uncertainties are taken into consideration when making estimates. In some cases, lawsuits are filed by a
number of retail customers. The measurement of the provision in such cases is based on a statistical approach. These
approaches consider both static data, where relevant, and expert opinions, especially in connection with the lawsuits and
losses expected in the future. Details on provisions, particularly for CHF and Euro loans in Poland, as well as the provision
concerning the litigation for Rasperia, are disclosed under (45) Pending legal issues.
Provision for pensions and similar obligations
The cost of the defined benefit pension plan is determined using an actuarial valuation. The actuarial valuation involves
making assumptions about future salary increases, mortality rates and future pension increases. Considerable accounting
judgement is to be exercised in this connection in determining the parameters. Mercer\u00b4s interest rate recommendation is used
to determine the discount rate from which expected returns are derived. The main criteria for the selection of such corporate
bonds are the issuance volumes of the bonds, the quality of the bonds and the identification of outliers, which are not
considered. Assumptions and estimates used for the long-term defined benefit obligation calculations are described in the
section on pension obligations and other termination benefits. Quantitative information on long-term employee provisions is
disclosed in the notes under (27) Provisions.
Deferred tax assets
Deferred tax assets are recognized only to the extent that it is probable that in the future sufficient taxable profit will be
available against which those tax loss carry forwards, tax credits or deductible temporary differences can be utilized. A
planning period of five years is used to this purpose. Such a period allows for a reliable estimate of the tax result based on
planning. This assessment requires significant judgments and assumptions to be made by management. In determining the
deferred tax assets, the management uses historical tax capacity and profitability information and, if relevant, forecasted
operating results based upon approved business plans, including a review of the eligible carry-forward period. Quantitative
information on deferred taxes can be found under (11) Taxes.
Analysis of contractual cash flow characteristics
In addition to the business model test, a test of a financial asset\u2019s cash flows is also necessary to allocate it to the
measurement categories at amortized cost or at fair value through other comprehensive income. In order to pass the
contractual cash flow characteristics test, the asset\u2019s contractual cash flows must consist solely of payments of principal and
interest on the principal amount outstanding. This analysis of whether contractual cash flows of financial assets consist solely
of interest and principal payments involves critical judgments. At RBI, these judgments are mainly applied to loans with
mismatched interest components, considering the individual contractual features of financial assets. In order to be able to
assess whether a financial asset passes the cash flow characteristics test, a benchmark test is necessary in some
circumstances to evaluate a changed element for the time value of money.
Goodwill impairment test
All goodwill is tested each year with respect to its future economic benefits based on cash-generating units. An impairment
test is conducted as of the reporting date if indications of possible impairment arise during the financial year. In the course of
the impairment test, significant judgments, assumptions and estimates are required, in particular with regard to the timing
and amount of future expected cash flows and the discount rate. For additional information, see (8) Other result and (25)
Tangible and intangible fixed assets.
Impairment testing of companies valued at equity
The carrying amounts of companies valued at equity must be tested for impairment if there are objective indications of
impairment. At the end of each reporting period, an assessment is made as to whether there is any indication that the carrying
amount of an investment exceeds its recoverable amount. IAS 36 contains a list of internal and external indicators that are
considered as indications of impairment. If an indication arises that an entity valued at equity may be impaired, the
recoverable amount of the asset is calculated. If the objective indicators of an impairment are no longer present, a reversal of
the impairment occurs. However, this reversal is limited to the amount that would have resulted if no impairment had been
recognized. This means that the carrying amount of the investment in the associated company must not exceed the
proportionate equity. The significant judgments and estimates in connection with the impairment test relate particularly to
the discount rate, the planning assumptions, and the future expected cash flows. Details can be found under (24) Investments
in subsidiaries and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
Key sources of estimation uncertainty and critical accounting judgments
If estimates or assessments are necessary for accounting and measuring according to IAS/IFRS, they are made in accordance
with the respective standards. They are based on past experiences and other factors, such as planning and expectations or
forecasts of future events that appear likely, based on current judgement. The estimates and underlying assumptions are
reviewed on an ongoing basis. Alterations to estimates that affect only one period will be considered only in that period. If the
following reporting periods are also affected, the alterations will be taken into consideration in the current and following
periods. The assumptions, estimates and accounting judgment mainly related to expected credit losses, the fair value and
impairment calculation of financial instruments, deferred tax assets, provisions for pensions and similar obligations, provisions
for litigation as well as the goodwill impairment test and immaterial assets capitalized during initial consolidation. The actual
values can deviate from the estimated values.
In relation to Rasperia the following key sources of estimation uncertainty and accounting judgments were taken into account:
Due to the revised management assessment, the expected proceeds from the enforcement of RBI\u2019s claims against the Austrian
assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. In addition a provision of \u20ac 339 million for
pending legal issues was recognized at 31 December 2025. For further information please refer to note (45) Pending legal
issues. In relation to the control assessment of AO Raiffeisenbank in accordance with IFRS 10 please refer to chapter
Consequences and analysis of the armed conflict between Russia and Ukraine.
In the double materiality analysis for the consolidated non-financial statement in 2025 the financial materiality of
sustainability matters was considered in the short, medium and long-term. In the short term, defined as the reporting period of
the consolidated financial statements, it was assessed that there was no\u00a0 financially material risks from sustainability matters,
except for lawsuits related to consumer protection issues. As a result the consolidated financial statements do not include any
separate disclosure on sustainability related uncertainties that materially affect the estimation assumptions. In the long term,
which is considered as five years onwards, there is a moderate chance of a material impact on the credit risk of our customer
portfolio due to climate change risks. For more details please see chapter IRO-1: Process to identify and assess material
impacts, risks and opportunities and note (31) Expected credit losses.
Additionally, in the light of the geopolitical situation RBI is exposed to increased risks related to foreign currency translation.
Details can be found in the chapter exchange differences.
Impairment in the lending business
RBI ascertains on a forward-looking basis the expected credit losses (ECL) associated with its debt instrument assets carried at
amortized cost and fair value through other comprehensive income and with the exposure arising from loan commitments,
leasing receivables and financial guarantee contracts. The calculation of expected credit losses (ECL) requires the use of
estimates that may not necessarily match actual results. In order to determine the amount of the impairment, significant
credit risk parameters such as PD (Probability of Default), LGD (Loss Given Default) and EAD (Exposure at Default) as well as
forward-looking information (economic forecasts) are to be estimated by management. The expected credit losses are
adjusted at each reporting date. IFRS 9 requires the assessment if a significant increase in credit risk exists, without providing
detailed guidance. Consequently, specific rules for the assessment have been defined, which consist of both qualitative
information and quantitative thresholds. The methods for determining the amount of the impairment are explained in the
section impairment general (IFRS 9). Quantitative information and sensitivity analyses are presented in the notes under (31)
Expected credit losses . Judgement is required when calculating expected credit losses, especially when considering risks that
are not adequately reflected in the models, such as overlays and other risk factors for sanction and geopolitical risks.
Fair value of financial instruments
Fair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This applies regardless of whether the price can be directly observed or has been
estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers
certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset)
if market participants would also consider such features in determining the price for the acquisition of the respective asset or
for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is
established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used
depending on the complexity of the instrument and the availability of market-based data. The input parameters for these
models are derived from observable market data where possible, nevertheless non-observable market data are required in
many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk,
liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of
financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair
value of financial instruments.
Provisions for litigation
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and an estimate of the amount is possible. The level of provisions is the best possible estimate of expected outflow of
economic benefits at the reporting date while considering the risks and uncertainties underlying the commitment to fulfill the
obligation. Risks and uncertainties are taken into consideration when making estimates. In some cases, lawsuits are filed by a
number of retail customers. The measurement of the provision in such cases is based on a statistical approach. These
approaches consider both static data, where relevant, and expert opinions, especially in connection with the lawsuits and
losses expected in the future. Details on provisions, particularly for CHF and Euro loans in Poland, as well as the provision
concerning the litigation for Rasperia, are disclosed under (45) Pending legal issues.
Provision for pensions and similar obligations
The cost of the defined benefit pension plan is determined using an actuarial valuation. The actuarial valuation involves
making assumptions about future salary increases, mortality rates and future pension increases. Considerable accounting
judgement is to be exercised in this connection in determining the parameters. Mercer\u00b4s interest rate recommendation is used
to determine the discount rate from which expected returns are derived. The main criteria for the selection of such corporate
bonds are the issuance volumes of the bonds, the quality of the bonds and the identification of outliers, which are not
considered. Assumptions and estimates used for the long-term defined benefit obligation calculations are described in the
section on pension obligations and other termination benefits. Quantitative information on long-term employee provisions is
disclosed in the notes under (27) Provisions.
Deferred tax assets
Deferred tax assets are recognized only to the extent that it is probable that in the future sufficient taxable profit will be
available against which those tax loss carry forwards, tax credits or deductible temporary differences can be utilized. A
planning period of five years is used to this purpose. Such a period allows for a reliable estimate of the tax result based on
planning. This assessment requires significant judgments and assumptions to be made by management. In determining the
deferred tax assets, the management uses historical tax capacity and profitability information and, if relevant, forecasted
operating results based upon approved business plans, including a review of the eligible carry-forward period. Quantitative
information on deferred taxes can be found under (11) Taxes.
Analysis of contractual cash flow characteristics
In addition to the business model test, a test of a financial asset\u2019s cash flows is also necessary to allocate it to the
measurement categories at amortized cost or at fair value through other comprehensive income. In order to pass the
contractual cash flow characteristics test, the asset\u2019s contractual cash flows must consist solely of payments of principal and
interest on the principal amount outstanding. This analysis of whether contractual cash flows of financial assets consist solely
of interest and principal payments involves critical judgments. At RBI, these judgments are mainly applied to loans with
mismatched interest components, considering the individual contractual features of financial assets. In order to be able to
assess whether a financial asset passes the cash flow characteristics test, a benchmark test is necessary in some
circumstances to evaluate a changed element for the time value of money.
Goodwill impairment test
All goodwill is tested each year with respect to its future economic benefits based on cash-generating units. An impairment
test is conducted as of the reporting date if indications of possible impairment arise during the financial year. In the course of
the impairment test, significant judgments, assumptions and estimates are required, in particular with regard to the timing
and amount of future expected cash flows and the discount rate. For additional information, see (8) Other result and (25)
Tangible and intangible fixed assets.
Impairment testing of companies valued at equity
The carrying amounts of companies valued at equity must be tested for impairment if there are objective indications of
impairment. At the end of each reporting period, an assessment is made as to whether there is any indication that the carrying
amount of an investment exceeds its recoverable amount. IAS 36 contains a list of internal and external indicators that are
considered as indications of impairment. If an indication arises that an entity valued at equity may be impaired, the
recoverable amount of the asset is calculated. If the objective indicators of an impairment are no longer present, a reversal of
the impairment occurs. However, this reversal is limited to the amount that would have resulted if no impairment had been
recognized. This means that the carrying amount of the investment in the associated company must not exceed the
proportionate equity. The significant judgments and estimates in connection with the impairment test relate particularly to
the discount rate, the planning assumptions, and the future expected cash flows. Details can be found under (24) Investments
in subsidiaries and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "Key sources of estimation uncertainty and critical accounting judgmentsIf estimates or assessments are necessary for accounting and measuring according to IAS/IFRS, they are made in accordance with the respective standards. They are based on past experiences and other factors, such as planning and expectations or forecasts of future events that appear likely, based on current judgement. The estimates and underlying assumptions are reviewed on an ongoing basis. Alterations to estimates that affect only one period will be considered only in that period. If the following reporting periods are also affected, the alterations will be taken into consideration in the current and following periods. The assumptions, estimates and accounting judgment mainly related to expected credit losses, the fair value and impairment calculation of financial instruments, deferred tax assets, provisions for pensions and similar obligations, provisions for litigation as well as the goodwill impairment test and immaterial assets capitalized during initial consolidation. The actual values can deviate from the estimated values. In relation to Rasperia the following key sources of estimation uncertainty and accounting judgments were taken into account: Due to the revised management assessment, the expected proceeds from the enforcement of RBI\u2019s claims against the Austrian assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. In addition a provision of \u20ac 339 million for pending legal issues was recognized at 31 December 2025. For further information please refer to note (45) Pending legal issues. In relation to the control assessment of AO Raiffeisenbank in accordance with IFRS 10 please refer to chapter Consequences and analysis of the armed conflict between Russia and Ukraine. In the double materiality analysis for the consolidated non-financial statement in 2025 the financial materiality of sustainability matters was considered in the short, medium and long-term. In the short term, defined as the reporting period of the consolidated financial statements, it was assessed that there was no\u00a0 financially material risks from sustainability matters, except for lawsuits related to consumer protection issues. As a result the consolidated financial statements do not include any separate disclosure on sustainability related uncertainties that materially affect the estimation assumptions. In the long term, which is considered as five years onwards, there is a moderate chance of a material impact on the credit risk of our customer portfolio due to climate change risks. For more details please see chapter IRO-1: Process to identify and assess material impacts, risks and opportunities and note (31) Expected credit losses. Additionally, in the light of the geopolitical situation RBI is exposed to increased risks related to foreign currency translation. Details can be found in the chapter exchange differences.Impairment in the lending businessRBI ascertains on a forward-looking basis the expected credit losses (ECL) associated with its debt instrument assets carried at amortized cost and fair value through other comprehensive income and with the exposure arising from loan commitments, leasing receivables and financial guarantee contracts. The calculation of expected credit losses (ECL) requires the use of estimates that may not necessarily match actual results. In order to determine the amount of the impairment, significant credit risk parameters such as PD (Probability of Default), LGD (Loss Given Default) and EAD (Exposure at Default) as well as forward-looking information (economic forecasts) are to be estimated by management. The expected credit losses are adjusted at each reporting date. IFRS 9 requires the assessment if a significant increase in credit risk exists, without providing detailed guidance. Consequently, specific rules for the assessment have been defined, which consist of both qualitative information and quantitative thresholds. The methods for determining the amount of the impairment are explained in the section impairment general (IFRS 9). Quantitative information and sensitivity analyses are presented in the notes under (31) Expected credit losses . Judgement is required when calculating expected credit losses, especially when considering risks that are not adequately reflected in the models, such as overlays and other risk factors for sanction and geopolitical risks.Fair value of financial instrumentsFair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This applies regardless of whether the price can be directly observed or has been estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset) if market participants would also consider such features in determining the price for the acquisition of the respective asset or for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used depending on the complexity of the instrument and the availability of market-based data. The input parameters for these models are derived from observable market data where possible, nevertheless non-observable market data are required in many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk, liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair value of financial instruments. Provisions for litigationProvisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to settle, and an estimate of the amount is possible. The level of provisions is the best possible estimate of expected outflow of economic benefits at the reporting date while considering the risks and uncertainties underlying the commitment to fulfill the obligation. Risks and uncertainties are taken into consideration when making estimates. In some cases, lawsuits are filed by a number of retail customers. The measurement of the provision in such cases is based on a statistical approach. These approaches consider both static data, where relevant, and expert opinions, especially in connection with the lawsuits and losses expected in the future. Details on provisions, particularly for CHF and Euro loans in Poland, as well as the provision concerning the litigation for Rasperia, are disclosed under (45) Pending legal issues.Provision for pensions and similar obligationsThe cost of the defined benefit pension plan is determined using an actuarial valuation. The actuarial valuation involves making assumptions about future salary increases, mortality rates and future pension increases. Considerable accounting judgement is to be exercised in this connection in determining the parameters. Mercer\u00b4s interest rate recommendation is used to determine the discount rate from which expected returns are derived. The main criteria for the selection of such corporate bonds are the issuance volumes of the bonds, the quality of the bonds and the identification of outliers, which are not considered. Assumptions and estimates used for the long-term defined benefit obligation calculations are described in the section on pension obligations and other termination benefits. Quantitative information on long-term employee provisions is disclosed in the notes under (27) Provisions.Deferred tax assetsDeferred tax assets are recognized only to the extent that it is probable that in the future sufficient taxable profit will be available against which those tax loss carry forwards, tax credits or deductible temporary differences can be utilized. A planning period of five years is used to this purpose. Such a period allows for a reliable estimate of the tax result based on planning. This assessment requires significant judgments and assumptions to be made by management. In determining the deferred tax assets, the management uses historical tax capacity and profitability information and, if relevant, forecasted operating results based upon approved business plans, including a review of the eligible carry-forward period. Quantitative information on deferred taxes can be found under (11) Taxes. Analysis of contractual cash flow characteristicsIn addition to the business model test, a test of a financial asset\u2019s cash flows is also necessary to allocate it to the measurement categories at amortized cost or at fair value through other comprehensive income. In order to pass the contractual cash flow characteristics test, the asset\u2019s contractual cash flows must consist solely of payments of principal and interest on the principal amount outstanding. This analysis of whether contractual cash flows of financial assets consist solely of interest and principal payments involves critical judgments. At RBI, these judgments are mainly applied to loans with mismatched interest components, considering the individual contractual features of financial assets. In order to be able to assess whether a financial asset passes the cash flow characteristics test, a benchmark test is necessary in some circumstances to evaluate a changed element for the time value of money. Goodwill impairment testAll goodwill is tested each year with respect to its future economic benefits based on cash-generating units. An impairment test is conducted as of the reporting date if indications of possible impairment arise during the financial year. In the course of the impairment test, significant judgments, assumptions and estimates are required, in particular with regard to the timing and amount of future expected cash flows and the discount rate. For additional information, see (8) Other result and (25) Tangible and intangible fixed assets. Impairment testing of companies valued at equityThe carrying amounts of companies valued at equity must be tested for impairment if there are objective indications of impairment. At the end of each reporting period, an assessment is made as to whether there is any indication that the carrying amount of an investment exceeds its recoverable amount. IAS 36 contains a list of internal and external indicators that are considered as indications of impairment. If an indication arises that an entity valued at equity may be impaired, the recoverable amount of the asset is calculated. If the objective indicators of an impairment are no longer present, a reversal of the impairment occurs. However, this reversal is limited to the amount that would have resulted if no impairment had been recognized. This means that the carrying amount of the investment in the associated company must not exceed the proportionate equity. The significant judgments and estimates in connection with the impairment test relate particularly to the discount rate, the planning assumptions, and the future expected cash flows. Details can be found under (24) Investments in subsidiaries and associates.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
Fair value of financial instruments
Fair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This applies regardless of whether the price can be directly observed or has been
estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers
certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset)
if market participants would also consider such features in determining the price for the acquisition of the respective asset or
for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is
established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used
depending on the complexity of the instrument and the availability of market-based data. The input parameters for these
models are derived from observable market data where possible, nevertheless non-observable market data are required in
many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk,
liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of
financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair
value of financial instruments.
(16) Fair value of financial instruments not reported at fair value
For the following instruments, the fair value is calculated only for the purposes of providing information in the notes and has
no impact on the consolidated statement of financial position or on the consolidated income statement. A simplified fair value
calculation method for loans and advances is applied for all short-term transactions (transactions with maturities up to three
months). The fair value of these short-term transactions will be equal to the carrying amount of the product. For the other
transactions, the methodology as described in the section entitled Fair value of financial instruments reported at fair value is
applied.
2025
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
35,340
0
35,340
35,340
0
Financial assets - amortized cost
33,449
1,947
119,632
155,028
155,508
(481)
Debt securities
33,449
1,947
2,631
38,026
38,150
(124)
Loans and advances
0
0
117,002
117,002
117,358
(356)
Equity and liabilities
Financial liabilities - amortized cost
1,145
18,952
150,990
171,086
170,225
861
Deposits from banks and customers\u00b9
0
0
148,328
148,328
147,849
479
Debt securities issued
1,145
18,952
1,375
21,471
21,088
382
Other financial liabilities
0
0
1,288
1,288
1,288
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
2024
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
34,871
0
34,871
34,871
0
Financial assets - amortized cost
26,579
1,931
118,021
146,530
147,701
(1,171)
Debt securities
26,579
1,931
1,964
30,473
30,783
(310)
Loans and advances
0
0
116,057
116,057
116,919
(862)
Equity and liabilities
Financial liabilities - amortized cost
854
18,482
143,025
162,361
162,951
(590)
Deposits from banks and customers\u00b9
0
0
139,439
139,439
140,328
(889)
Debt securities issued
854
18,482
1,964
21,301
21,002
298
Other financial liabilities
0
0
1,622
1,622
1,622
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
Financial assets measured at fair value
(17) Financial assets \u2013 fair value through other comprehensive income
In RBI, a debt instrument is measured at fair value through other comprehensive income if both of the following conditions are
met:
\u00b7 A financial asset is held within a business model whose objective is both collecting contractual cash flows and selling
financial assets.
\u00b7 The contractual terms of the financial asset rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Securities for the purpose of liquidity management are particularly assigned to this category.
Recognition is at fair value. Interest income, foreign exchange gains and losses from remeasurements and impairment
expenses and reversals of impairment are recorded in the income statement and calculated in the same way as financial
assets measured at amortized cost. The remaining fair value changes are recorded in other comprehensive income. On
derecognition, the cumulative net gains or losses from the fair value changes which are recorded in other comprehensive
income are reclassified to the income statement. Details on the applied impairment model are shown in the section general
rules on impairment (IFRS 9).
In RBI, an equity instrument is shown at fair value through other comprehensive income if RBI irrevocably decides on initial
recognition to present subsequent changes in fair value in other comprehensive income (OCI). This decision is made on an
investment-by-investment basis for each investment and essentially covers strategic investments that are not fully
consolidated and investments in associates not valued at equity. In contrast to debt instruments, the gains and losses
recorded in other comprehensive income (OCI) are not reclassified to the income statement on sale; impairments are not
recorded through profit or loss, either.
2025
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
231
\u2013
\u2013
231
Banks
4
\u2013
\u2013
4
Other financial corporations
153
\u2013
\u2013
153
Non-financial corporations
73
\u2013
\u2013
73
Debt securities
4,275
(70)
50
4,255
Central banks
26
0
0
26
General governments
3,532
(65)
50
3,517
Banks
573
0
(1)
572
Other financial corporations
8
0
0
8
Non-financial corporations
136
(4)
1
133
Total
4,506
(70)
50
4,486
2024
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
211
\u2013
\u2013
211
Banks
4
\u2013
\u2013
4
Other financial corporations
133
\u2013
\u2013
133
Non-financial corporations
74
\u2013
\u2013
74
Debt securities
3,431
(59)
27
3,398
Central banks
389
0
0
389
General governments
2,231
(55)
32
2,207
Banks
685
(1)
(4)
680
Other financial corporations
0
0
0
0
Non-financial corporations
127
(3)
(1)
122
Total
3,642
(59)
27
3,610
The carrying amount for the position financial assets - fair value through other comprehensive income increased by \u20ac 876
million to \u20ac 4,486 million compared to previous year 2024 due to purchase of government bonds in Romania, Czech Republic
and the Ukraine, compensated by the sale of government bonds in Hungary.
Equity instruments in financial assets \u2013 fair value through other comprehensive income:
in \u20ac million
2025
2024
Visa Inc., San Francisco (US), Class A Preferred Stock
31
28
CEESEG Aktiengesellschaft, Vienna (AT), ordinary shares
33
29
Medicur - Holding Gesellschaft m.b.H., Vienna (AT), company shares
20
18
HOBEX AG, Salzburg (AT), company shares
16
13
PSA Payment Services Austria GmbH, Vienna (AT), company shares
15
15
Other
116
108
Total
231
211
Dividends paid on equity instruments - fair value through other comprehensive income
9
10
Carrying amounts of financial assets \u2013 fair value through other comprehensive
income, excluding equity instruments, by rating categories and stages
2025
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
589
0
0
0
589
Strong
914
0
0
0
914
Good
2,106
44
0
0
2,149
Satisfactory
34
3
0
0
37
Substandard
576
5
0
0
581
Credit impaired
0
0
5
0
5
Not rated
0
0
0
0
0
Gross carrying amount
4,219
51
5
0
4,275
Accumulated impairment
(65)
(1)
(4)
0
(70)
Cumulative other comprehensive
income
47
2
1
0
50
Carrying amount
4,201
52
2
0
4,255
2024
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
752
0
0
0
752
Strong
861
0
0
0
861
Good
1,349
88
0
0
1,437
Satisfactory
27
0
0
0
27
Substandard
315
33
0
0
348
Credit impaired
0
0
5
0
5
Not rated
0
0
0
0
0
Gross carrying amount
3,304
121
5
0
3,431
Accumulated impairment
(54)
(3)
(3)
0
(59)
Cumulative other comprehensive
income
25
2
0
0
27
Carrying amount
3,275
121
2
0
3,398
(18) Non-trading financial assets - mandatorily fair value through profit/loss
In RBI, a financial asset is mandatorily measured at fair value if the financial asset is managed neither at amortized cost nor at
fair value through other comprehensive income, and if there is no intention to trade and the asset was not voluntarily
designated at fair value. Essentially, this concerns securities and loans which do not pass the contractual cash flow
characteristics analysis and portfolios of financial assets which are not held for trading, which are managed at fair value and
whose performance is assessed.
in \u20ac million
2025
2024
Equity instruments
4
6
Other financial corporations
4
6
Non-financial corporations
0
0
Debt securities
410
399
General governments
198
178
Banks
12
22
Other financial corporations
196
193
Non-financial corporations
4
7
Loans and advances
934
689
General governments
1
1
Banks
2
2
Other financial corporations
18
24
Non-financial corporations
277
187
Households
636
476
Total
1,347
1,094
(19) Financial assets and liabilities \u2013 designated fair value through profit/
loss
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets - designated fair value through profit/loss
in \u20ac million
2025
2024
Debt securities
208
304
General governments
193
281
Banks
9
15
Non-financial corporations
6
8
Total
208
304
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
(20) Financial assets \u2013 held for trading
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
in \u20ac million
2025
2024
Derivatives
3,377
3,405
Interest rate contracts
2,286
2,318
Equity contracts
590
382
Foreign exchange rate and gold contracts
440
646
Credit contracts
27
29
Commodities
0
0
Other
35
31
Equity instruments
523
453
Banks
88
54
Other financial corporations
137
141
Non-financial corporations
299
258
Debt securities
3,330
2,087
Central banks
5
4
General governments
2,827
1,679
Banks
411
315
Other financial corporations
9
16
Non-financial corporations
78
73
Loans and advances
0
0
Total
7,230
5,945
Within the item financial assets \u2013 held for trading, the securities pledged as collateral, which the recipient is entitled to sell or
pledge, amounted to \u20ac\u00a064 million (previous year: \u20ac\u00a0462 million). The increase in debt securities was mainly due to the purchase
of government bonds at head office.
Derivative financial instruments
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
2025
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
199,602
3,203
(2,701)
Interest rate contracts
141,690
2,149
(2,195)
Equity contracts
4,858
590
(142)
Foreign exchange rate and gold contracts
48,265
402
(317)
Credit contracts
1,626
27
(41)
Commodities
25
0
(1)
Other
3,139
35
(5)
Banking book
18,142
175
(85)
Interest rate contracts
13,136
137
(56)
Foreign exchange rate and gold contracts
5,006
37
(28)
Total
217,744
3,377
(2,785)
OTC products
215,803
3,369
(2,759)
Products traded on stock exchange
1,941
8
(26)
2024
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
195,720
3,219
(2,824)
Interest rate contracts
141,742
2,170
(2,199)
Equity contracts
3,966
382
(121)
Foreign exchange rate and gold contracts
47,415
608
(469)
Credit contracts
1,126
27
(30)
Commodities
21
0
0
Other
1,450
31
(6)
Banking book
12,607
186
(208)
Interest rate contracts
7,181
148
(66)
Foreign exchange rate and gold contracts
5,365
37
(130)
Credit contracts
61
1
(12)
Total
208,327
3,405
(3,032)
OTC products
206,383
3,388
(3,004)
Products traded on stock exchange
1,944
17
(28)
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
(22) Hedge accounting and fair value adjustments of the hedged items in
portfolio hedge
IFRS 9 granted the accounting policy choice to continue the application of the provisions given in IAS 39 until the IASB finishes
its existing project of replacing the portfolio hedge accounting rules in IAS 39. RBI opted to use this policy choice and i still
applying the hedge accounting rules according to IAS in the version endorsed by the EU (EU carve-out). Notwithstanding that,
the changes in the disclosures in the notes pursuant to IFRS 7 are taken into account.
If hedging instruments, mainly derivatives, are held for the purpose of risk management and if the respective transactions
meet specific criteria, RBI designates them into hedge accounting relationships. This can occur in the way of fair value hedges,
cash flow hedges or net investment hedges. At the beginning of the hedging relationship, the relationship between underlying
and hedging instrument, including the risk management objectives, is documented. Furthermore, it is necessary to regularly
document from the beginning and during the lifetime of the hedging relationship that the fair value or cash flow hedge is
highly effective in respect of the offset of valuation changes between hedging instrument and hedged item.
in \u20ac million
2025
2024
Positive fair values of derivatives in micro fair value hedge
438
371
Interest rate contracts
438
371
Positive fair values of derivatives in micro cash flow hedge
0
0
Interest rate contracts
0
0
Positive fair values of derivatives in net investment hedge
0
9
Positive fair values of derivatives in portfolio hedge
660
633
Cash flow hedge
125
95
Fair value hedge
535
538
Total
1,098
1,014
in \u20ac million
2025
2024
Fair value adjustments of the hedged items in portfolio hedge of interest rate risk
(372)
(234)
Total
(372)
(234)
in \u20ac million
2025
2024
Negative fair values of derivatives in micro fair value hedge
293
417
Interest rate contracts
293
417
Negative fair values of derivatives in micro cash flow hedge
0
0
Interest rate contracts
0
0
Negative fair values of derivatives in net investment hedge
17
1
Negative fair values of derivatives in portfolio hedge
632
890
Cash flow hedge
72
183
Fair value hedge
560
707
Total
942
1,308
in \u20ac million
2025
2024
Fair value adjustments of the hedged items in portfolio hedge of interest rate risk
(343)
(359)
Total
(343)
(359)
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
Hedge of a net investment in an economically independent operation (net investment
hedge)
In RBI, foreign exchange hedges of net investments in economically independent sub-units are executed to reduce differences
arising from the foreign currency translation on equity. FX Forwards are mainly used as hedging instruments. Where the hedge
is effective the resulting gains or losses from foreign currency translation are recognized in other comprehensive income and
shown separately in the statement of comprehensive income. Any ineffective part of the hedge is recognized in net trading
income. Any valuation part that is implied in FX Forwards due to the different interest rate differential on the two currencies is
shown in net trading income.
Hedging instruments
Breakdown of hedging instruments by type of hedge accounting at the level of nominal amounts, both in total and by
contractual termination, and at the level of the carrying amounts.
2025
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
82,271
1,721
7,576
45,694
27,281
1,095
923
Cash flow hedge
4,698
254
1,173
2,525
746
122
70
Fair value hedge
77,573
1,467
6,403
43,168
26,535
973
853
Foreign exchange contracts
1,371
450
720
124
77
3
19
Cash flow hedge
246
0
45
124
77
3
2
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
1,125
450
675
0
0
0
17
Total
83,642
2,171
8,296
45,817
27,358
1,098
942
2024
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
71,608
1,726
8,194
38,996
22,692
1,004
1,301
Cash flow hedge
4,890
184
892
2,935
879
94
177
Fair value hedge
66,718
1,542
7,302
36,060
21,814
910
1,124
Foreign exchange contracts
2,135
1,175
878
48
34
11
7
Cash flow hedge
130
0
48
48
34
1
6
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
2,005
1,175
830
0
0
9
1
Total
73,743
2,901
9,072
39,043
22,726
1,014
1,308
Fair value hedges
Hedge accounting according to IAS 39 applies to those derivatives that are used to hedge the fair value of financial assets and
liabilities. The credit business is especially subject to such fair value risks if it deals with fixed-interest loans. Interest rate
swaps that satisfy the prerequisites for hedge accounting are contracted to hedge against the interest rate risks arising from
individual loans or refinancing. Thus, hedges are formally documented, continuously assessed, and tested to be highly effective.
Throughout the term of a hedge relationship, it can therefore be assumed that changes in the fair value of a hedged item will
be nearly completely offset by a change in the fair value of the hedging instrument and that the actual effectiveness outcome
will lie within a range of 80 to 125 per cent.
Derivative instruments held to hedge the fair value of individual items in the statement of financial position (except trading
derivatives) are recognized at fair value (dirty price) under the item hedge accounting (for assets: positive dirty prices; for
liabilities: negative dirty prices). Changes in the carrying amounts of hedged items (assets or liabilities) are allocated directly to
the corresponding items of the statement of financial position and reported separately in the notes.
Both the effect of changes in the carrying amounts of hedged items and the effects of changes in the clean prices of the
derivative instruments are recorded under net gains/losses from hedge accounting.
Within the management of interest rate risks, the hedging of interest rate risk is also undertaken on the portfolio level.
Individual transactions or groups of transactions with similar risk structures, divided into maturities according to the expected
repayment and interest rate adjustment date in a portfolio, are hedged. Portfolios can contain assets only, liabilities only, or
both. For hedge accounting, the change in the value of the hedged asset or liability is shown in net gains/losses from hedge
accounting. The hedged amount of the hedged items is determined in the consolidated financial statements including sight
deposits (the rules of the EU carve-out are therefore applied).
Details of the underlying transactions for fair value hedges:
2025
Carrying amount of the hedged items
Accumulated amount of fair value
adjustments of the hedged items
Changes in fair value of
the hedged items 1
in \u20ac million
Assets
Liabilities
Assets
Liabilities
Interest rate hedges
37,956
39,547
(757)
(619)
(374)
Debt securities
19,453
0
(381)
0
(151)
Loans and advances
18,504
0
(375)
0
(156)
Deposits
0
21,882
0
(432)
(52)
Debt securities issued
0
17,665
0
(187)
(15)
Other financial liabilities
0
0
0
0
0
Foreign exchange hedges
0
0
0
0
0
Other assets
0
0
0
0
0
Other liabilities
0
0
0
0
0
Total
37,956
39,547
(757)
(619)
(374)
1 Fair value changes in the underlying transactions which were used in the reporting period to calculate ineffectiveness
2024
Carrying amount of the hedged items
Accumulated amount of fair value
adjustments of the hedged items
Changes in fair value of
the hedged items 1
in \u20ac million
Assets
Liabilities
Assets
Liabilities
Interest rate hedges
31,328
33,168
(452)
(670)
(170)
Debt securities
16,735
0
(205)
0
167
Loans and advances
14,593
0
(247)
0
105
Deposits
0
17,447
0
(459)
(138)
Debt securities issued
0
15,721
0
(211)
(304)
Other financial liabilities
0
0
0
0
0
Foreign exchange hedges
0
49
0
0
(1)
Other assets
0
0
0
0
0
Other liabilities
0
49
0
0
(1)
Total
31,328
33,217
(452)
(670)
(170)
1 Fair value changes in the underlying transactions which were used in the reporting period to calculate ineffectiveness
Cash flow hedges
Cash flow hedge accounting according to IAS 39 applies for those derivatives that are used to hedge against the risk of
fluctuating future cash flows. Variable interest loans and liabilities, as well as expected transactions such as expected
borrowing or investment, are especially subject to such cash flow risks. Interest rate swaps used to hedge against the risk of
fluctuating cash flows arising from specific variable interest rate items are recognized as follows: The hedging instrument is
recognized at fair value, changes in its clean price are recorded in other comprehensive income. Any ineffective portion is
recognized in the income statement under net gains/losses from hedge accounting.
Details on changes in the value of the hedging instruments in cash flow hedge relationships considering the various disclosure
of the effective part in the other comprehensive income and the ineffective part in the income statement:
2025
Change in the value of the hedging instruments
recognized in other comprehensive income
Hedge ineffectiveness recognized in
profit or loss
in \u20ac million
Interest rate hedges
163
1
Loans and advances
177
0
Deposits
(14)
0
Foreign exchange hedges
0
0
Other assets
0
0
Other liabilities
0
0
Total
163
1
2024
Change in the value of the hedging instruments
recognized in other comprehensive income
Hedge ineffectiveness recognized in
profit or loss
in \u20ac million
Interest rate hedges
(103)
1
Loans and advances
(121)
1
Deposits
18
1
Foreign exchange hedges
0
0
Other assets
1
0
Other liabilities
-1
0
Total
-103
1
(23) Notes to fair value of financial instruments
In accordance with IFRS 13, RBI uses the following fair value hierarchy to determine and report the fair value for financial
instruments. The allocation of certain financial instruments to the level categories requires regular assessment, especially if
the valuation is based on both observable and unobservable inputs. The classification of an instrument may change over time,
even after considering changes in market liquidity and thus price transparency.
Quotation on an active market (Level I)
Financial instruments whose fair values are measured based on quoted market prices are allocated to Level I of the fair value
hierarchy. This category includes particularly equity instruments traded on the stock exchange, debt instruments traded on the
interbank market and derivatives traded on the stock exchange. The valuation is mainly based on external data sources (stock
exchange prices or broker quotes in liquid market segments). In an active market, transactions involving assets and liabilities
are traded in sufficient frequency and volumes that price information is continuously available. Indicators for active markets
are the number, the frequency of update or the quality of quotations (e.g. banks or stock exchanges). Moreover, narrow bid/ask
spreads and quotations from market participants within a certain corridor are also indicators of an active liquid market.
Financial instruments whose fair value measurements are based on quoted market prices mainly consist of quoted securities, a
small proportion of derivatives and liquid bonds traded on over-the-counter markets (OTC).
Measurement techniques based on observable market data (Level II)
When quoted prices are not available on an active market, the financial instrument is then classified as Level II if the fair value
can be determined using recognized measurement models which utilize observable prices or parameters (particularly present
value calculations or option price models). The observable market data mainly consist of yield curves, credit spreads and
volatilities. RBI generally uses measurement models that undergo internal review by the Market Risk Committee to ensure
appropriate measurement parameters. The measurement techniques based on observable market data concern most of the
OTC derivatives and non-quoted debt instruments.
Measurement techniques not based on observable market data (Level III)
If the fair value measurement can be made neither based on sufficiently regular market prices (Level I) nor on measurement
models that are based entirely on observable market prices (Level II), individual input parameters that are not observable in the
market are estimated using appropriate assumptions. If unobservable parameters have a significant impact on the
measurement of the underlying financial instrument, it is assigned to Level III of the fair value hierarchy. These regularly
unobservable measurement parameters include credit spreads derived from internal estimates.
These input parameters may include data which is calculated in terms of approximated values from historical data among
other factors (fair value hierarchy Level III). The utilization of these models requires assumptions and estimates of the
Management. The scope of the assumptions and estimates depends on the price transparency of the financial instrument, its
market, and the complexity of the instrument.
For financial instruments valued at amortized cost (this comprises loans and advances, deposits, other short-term borrowings,
and long-term liabilities), the Group discloses the fair value. In principle, there is low or no trading activity for these instruments,
therefore a significant degree of assessment by the Management is necessary for determining the fair value.
Fair value of financial instruments measured at fair value
The loan portfolio is included in the central calculation of fair value. Fair value is calculated monthly and is based on the
discounted cash flow method. The expected cash flows are discounted using an appropriate discount rate (e.g. risk-free
interest rate plus premium). The method applied to calculate the discount rate depends on the segment (i.e. retail and non-
retail).
In addition, the fair value of the embedded options is calculated for the loan portfolio, and the method applied is based on the
customer segment (i.e. retail and non-retail). The measurement of the embedded options in the retail segment is based on
behavioral modeling (e.g. linear regression/moving twelve-month average of prepayment rates). The measurement of
embedded options in loans in the non-retail segment assumes that the customer will behave in an entirely rational manner.
The embedded options in non-retail loans such as prepayment, disbursement and replenishment are replicated with swaptions
and measured using the trinomial tree Hull-White structural model. The Black model, which is based on the log-normal
distribution of yields, is generally used to measure interest rate options (caps and floors). As there is a volatile interest rate
environment, the shifted log-normal Black model is used to measure interest rate options. It is based on a displaced diffusion
model (log-normal distribution with a shift in interest rates).
For bonds, tradable market prices are mostly used. If no quotes are available, a discounted cash flow model is used to value
the securities. The yield curve and an adequate credit spread are used as measurement parameters. The credit spread is
determined through comparable financial instruments available on the market. Credit default spreads were used to measure a
small part of the portfolio. In addition, consideration is given to third party external measurements, which are indicative in all
cases. The positions are assigned to levels at the end of the reporting period.
In RBI, well-known conventional market valuation techniques are used to measure OTC derivatives. For example, interest rate
swaps, cross currency swaps and forward rate agreements are measured using the customary discounted cash flow model for
these products. OTC options, such as foreign exchange options or caps and floors, are based on valuation models which are in
line with market standards. In the case of the examples listed, such models would be the Garman-Kohlhagen model, Black-
Scholes 1972 and Black 1976. Monte Carlo simulations are used to measure complex options.
Credit value adjustments (CVA) and debit value adjustments (DVA) are also necessary to determine fair value to reflect
counterparty default risk associated with OTC derivative transactions, especially for contractual partners for whom a credit
support annex does not provide protection. This amount represents the respective estimated market value of a security
measure which is required to hedge against counterparty credit risk in the Group\u2019s OTC derivative portfolios.
The CVA depends on the expected future exposure (expected positive exposure) and the probability of default of the
contractual partner. The expected positive exposure is calculated by simulating a large number of scenarios for future points
in time, taking into account all available risk factors (e.g. currency and yield curves). OTC derivatives are measured at market
values taking into account these scenarios at the respective future points in time and are aggregated at counterparty level in
order to then ascertain the expected positive exposure for all points in time. Counterparties with CSA contracts (credit support
annex contracts) are taken into account in the calculation. The expected exposures are not calculated directly from simulated
market values, but from a future expected change in market values based on a margin period of risk of ten days. In order to
determining the probability of default for each counterparty, where direct credit default swap (CDS) quotations are available,
the Group calculates the market-based probability of default and, implicitly, the loss given default (LGD) for the respective
counterparty. The probability of default for counterparties which are not actively traded on the market is calculated by
assigning a counterparty\u2019s internal rating to a sector and rating specific CDS curve.
The DVA is determined by the expected negative exposure and by RBI's credit quality and represents the value adjustment for
own probability of default. The method of calculation is analogous to that of the CVA. No funding value adjustment (FVA) was
considered to measure OTC derivatives. RBI is observing market developments and will develop a method to calculate the FVA
where appropriate.
In the tables below, the financial instruments reported at fair value in the statement of financial position are grouped
according to items in the statement of financial position.
Assets
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial assets - held for trading
3,685
3,524
21
2,289
3,642
15
Derivatives
2
3,376
0
3
3,402
0
Equity instruments
502
1
20
449
1
3
Debt securities
3,181
147
2
1,837
239
12
Non-trading financial assets - mandatorily fair value
through profit/loss
357
12
979
327
34
733
Equity instruments
1
3
0
1
5
0
Debt securities
356
9
44
326
29
44
Loans and advances
0
0
934
0
0
689
Financial assets - designated fair value through profit/
loss
198
10
0
286
18
0
Debt securities
198
10
0
286
18
0
Financial assets - fair value through other
comprehensive income
3,350
854
281
2,645
693
272
Equity instruments
33
1
197
30
0
181
Debt securities
3,317
854
84
2,615
693
91
Hedge accounting
0
1,098
0
0
1,014
0
Equity and liabilities
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial liabilities - held for trading
1,309
9,774
0
991
8,313
0
Derivatives
3
2,782
0
2
3,031
0
Short positions
1,305
6
0
988
4
0
Debt securities issued
0
6,986
0
0
5,279
0
Other financial liabilities
1
0
0
1
0
0
Financial liabilities - designated fair value through
profit/loss
0
1,061
0
0
1,108
0
Deposits
0
40
0
0
41
0
Debt securities issued
0
1,020
0
0
1,067
0
Hedge accounting
0
942
0
0
1,308
0
Movements of financial instruments valued at fair value between Level I and Level II
Market values were available for financial instruments with a volume of \u20ac 52 millions as of December 31, 2025. For example,
instead of the BVAL value (Bloomberg Evaluation), there was the BGN value (Bloomberg Generic Price). Consequently, these
securities were reclassified from Level II to Level I. The shifts from Level I to Level II involved mainly bonds amounting to \u20ac 22
million, for which only derived prices were available at the time of transfer.
Movements of financial instruments at fair value in Level III
The total stock of Level III assets saw a net increase of \u20ac 262 million in the reporting period. Financial instruments mandatorily
recognized at fair value increased by \u20ac\u00a0246 million net, mainly due to inflows in Austria, in particular as a result of substantial
modifications and loan growth in Hungary. In the valuation category of financial assets held for trading, the volume increased
by a net amount of \u20ac 7 million, primarily due to additions in Albania and Croatia, with the additions in Albania being offset by
even higher disposals. In the measurement category financial assets - fair value through other comprehensive income, there
was an increase of \u20ac\u00a08 million, mainly due to additions and\u00a0 positive valuation results in Austria. Out of the \u20ac\u00a0255 million, net
increase of around \u20ac\u00a014 million was based on exchange rate fluctuations.
Assets
in \u20ac million
As at
1/1/2025
Change in consolidated
group
Exchange
differences
Additions
Disposals
Financial assets - held for trading
15
0
1
55
(48)
Non-trading financial assets - mandatorily fair value through
profit/loss
733
0
14
301
(47)
Financial assets - designated fair value through profit/loss
0
0
0
0
0
Financial assets - fair value through other comprehensive
income
272
8
(1)
8
(3)
Total
1,019
8
14
364
(98)
Assets
in \u20ac million
Gains/loss in
P/L
Gain/loss in other
comprehensive income
Transfer to
Level III
Transfer from
Level III
As at
31/12/2025
Financial assets - held for trading
(2)
0
0
0
21
Non-trading financial assets - mandatorily fair value through
profit/loss
(23)
0
0
0
979
Financial assets - designated fair value through profit/loss
0
0
0
0
0
Financial assets - fair value through other comprehensive
income
0
(2)
0
0
281
Total
(26)
(2)
0
0
1,281
Qualitative information on the valuation of financial instruments in Level III
Assets
Fair value in \u20ac
million\u00b9
Valuation technique
Significant unobservable
inputs
Range of unobservable
inputs
2025
Financial assets - held for trading
21
Equity investments,
Mezzanine capital,
Supplementary capital
20
Indicative prices,
Alternative investments
\u2013
\u2013
Treasury bills, fixed coupon bonds
2
DCF method
Credit spread; (Auctions-)
yield curve
2.5 - 14.77%
Non-trading financial assets - mandatorily fair
value through profit/loss
979
Other interests
0
Simplified net present value
method
\u2013
\u2013
Bonds, notes and other fixed-interest securities
44
Net asset value
Market price indication
(Auction-) Price
\u2013
Loans
934
Retail: DCF method (Black
Scholes, prepayment option,
withdrawal option etc.)
Non-Retail: DCF method/ Financial
option pricing
Black Scholes (shifted),
Hull-White trinominal tree
Discount spread (new
business)
Funding curves (liquidity
costs)
Credit risk premium (CDS
curves)
1.22 - 3.84 % over all
currencies
(0.15) - 3,34 % over all
currencies
0.11 - 5,46 %
(depending on the rating:
from A to CCC)
Financial assets - fair value through other
comprehensive income
281
Other interests
64
Dividend discount model
Simplified income approach
DCF method
Credit spread
Cash flow
Discount rate
Dividends
Beta factor
\u2013
Other interests
62
Adjusted net asset value method
Adjusted equity
\u2013
Other interests
71
Market comparable companies
Transaction price
Purchase price
Cost approach
Valuation report
Cost minus impairment
-
\u2013
Treasury bills,
municipal bonds
84
DCF method
Interest rate
\u2013
Total
1,281
Sensitivity of the fair value of financial assets (Level III) and liabilities measured at fair
value
Calculations of unobservable input parameters are mainly based on changes in credit spreads for bonds and loans as well as
market values of comparable equities. For bonds and loans, an increase (decrease) in credit spread of 100 basis points leads to
a corresponding decrease (increase) in fair value. For unquoted equity instruments an increase (decrease) in price of 10 per cent
leads to a corresponding increase (decrease) in fair value.
Financial assets
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Loans and advances
934
28
(25)
689
21
(14)
Debt securities
46
4
(4)
56
4
(4)
Income statement effect
-
33
(30)
-
26
(18)
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Debt securities
84
2
(2)
91
3
(3)
Equity instruments
197
16
(17)
181
11
(11)
Other comprehensive income effect
-
18
(20)
-
14
(14)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
Fair value of financial instruments
Fair value is the price received for the sale of an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. This applies regardless of whether the price can be directly observed or has been
estimated on the basis of a measurement method. In determining the fair value of an asset or liability, the Group considers
certain features of the asset or liability (e.g. condition and location of the asset, or restrictions in the sale and use of an asset)
if market participants would also consider such features in determining the price for the acquisition of the respective asset or
for the transfer of the liability at the measurement date. Where the market for a financial instrument is not active, fair value is
established using a valuation technique or pricing model. For valuation methods and models, estimates are generally used
depending on the complexity of the instrument and the availability of market-based data. The input parameters for these
models are derived from observable market data where possible, nevertheless non-observable market data are required in
many cases. Under certain circumstances, valuation adjustments are necessary to account for other factors such as model risk,
liquidity risk or credit risk. The valuation models are described in the notes in the section on classification and measurement of
financial assets and financial liabilities. In addition, the fair values of financial instruments are disclosed under (23) Notes to fair
value of financial instruments.
(16) Fair value of financial instruments not reported at fair value
For the following instruments, the fair value is calculated only for the purposes of providing information in the notes and has
no impact on the consolidated statement of financial position or on the consolidated income statement. A simplified fair value
calculation method for loans and advances is applied for all short-term transactions (transactions with maturities up to three
months). The fair value of these short-term transactions will be equal to the carrying amount of the product. For the other
transactions, the methodology as described in the section entitled Fair value of financial instruments reported at fair value is
applied.
2025
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
35,340
0
35,340
35,340
0
Financial assets - amortized cost
33,449
1,947
119,632
155,028
155,508
(481)
Debt securities
33,449
1,947
2,631
38,026
38,150
(124)
Loans and advances
0
0
117,002
117,002
117,358
(356)
Equity and liabilities
Financial liabilities - amortized cost
1,145
18,952
150,990
171,086
170,225
861
Deposits from banks and customers\u00b9
0
0
148,328
148,328
147,849
479
Debt securities issued
1,145
18,952
1,375
21,471
21,088
382
Other financial liabilities
0
0
1,288
1,288
1,288
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
2024
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
34,871
0
34,871
34,871
0
Financial assets - amortized cost
26,579
1,931
118,021
146,530
147,701
(1,171)
Debt securities
26,579
1,931
1,964
30,473
30,783
(310)
Loans and advances
0
0
116,057
116,057
116,919
(862)
Equity and liabilities
Financial liabilities - amortized cost
854
18,482
143,025
162,361
162,951
(590)
Deposits from banks and customers\u00b9
0
0
139,439
139,439
140,328
(889)
Debt securities issued
854
18,482
1,964
21,301
21,002
298
Other financial liabilities
0
0
1,622
1,622
1,622
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
Financial assets measured at fair value
(17) Financial assets \u2013 fair value through other comprehensive income
In RBI, a debt instrument is measured at fair value through other comprehensive income if both of the following conditions are
met:
\u00b7 A financial asset is held within a business model whose objective is both collecting contractual cash flows and selling
financial assets.
\u00b7 The contractual terms of the financial asset rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Securities for the purpose of liquidity management are particularly assigned to this category.
Recognition is at fair value. Interest income, foreign exchange gains and losses from remeasurements and impairment
expenses and reversals of impairment are recorded in the income statement and calculated in the same way as financial
assets measured at amortized cost. The remaining fair value changes are recorded in other comprehensive income. On
derecognition, the cumulative net gains or losses from the fair value changes which are recorded in other comprehensive
income are reclassified to the income statement. Details on the applied impairment model are shown in the section general
rules on impairment (IFRS 9).
In RBI, an equity instrument is shown at fair value through other comprehensive income if RBI irrevocably decides on initial
recognition to present subsequent changes in fair value in other comprehensive income (OCI). This decision is made on an
investment-by-investment basis for each investment and essentially covers strategic investments that are not fully
consolidated and investments in associates not valued at equity. In contrast to debt instruments, the gains and losses
recorded in other comprehensive income (OCI) are not reclassified to the income statement on sale; impairments are not
recorded through profit or loss, either.
2025
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
231
\u2013
\u2013
231
Banks
4
\u2013
\u2013
4
Other financial corporations
153
\u2013
\u2013
153
Non-financial corporations
73
\u2013
\u2013
73
Debt securities
4,275
(70)
50
4,255
Central banks
26
0
0
26
General governments
3,532
(65)
50
3,517
Banks
573
0
(1)
572
Other financial corporations
8
0
0
8
Non-financial corporations
136
(4)
1
133
Total
4,506
(70)
50
4,486
2024
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
211
\u2013
\u2013
211
Banks
4
\u2013
\u2013
4
Other financial corporations
133
\u2013
\u2013
133
Non-financial corporations
74
\u2013
\u2013
74
Debt securities
3,431
(59)
27
3,398
Central banks
389
0
0
389
General governments
2,231
(55)
32
2,207
Banks
685
(1)
(4)
680
Other financial corporations
0
0
0
0
Non-financial corporations
127
(3)
(1)
122
Total
3,642
(59)
27
3,610
The carrying amount for the position financial assets - fair value through other comprehensive income increased by \u20ac 876
million to \u20ac 4,486 million compared to previous year 2024 due to purchase of government bonds in Romania, Czech Republic
and the Ukraine, compensated by the sale of government bonds in Hungary.
Equity instruments in financial assets \u2013 fair value through other comprehensive income:
in \u20ac million
2025
2024
Visa Inc., San Francisco (US), Class A Preferred Stock
31
28
CEESEG Aktiengesellschaft, Vienna (AT), ordinary shares
33
29
Medicur - Holding Gesellschaft m.b.H., Vienna (AT), company shares
20
18
HOBEX AG, Salzburg (AT), company shares
16
13
PSA Payment Services Austria GmbH, Vienna (AT), company shares
15
15
Other
116
108
Total
231
211
Dividends paid on equity instruments - fair value through other comprehensive income
9
10
Carrying amounts of financial assets \u2013 fair value through other comprehensive
income, excluding equity instruments, by rating categories and stages
2025
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
589
0
0
0
589
Strong
914
0
0
0
914
Good
2,106
44
0
0
2,149
Satisfactory
34
3
0
0
37
Substandard
576
5
0
0
581
Credit impaired
0
0
5
0
5
Not rated
0
0
0
0
0
Gross carrying amount
4,219
51
5
0
4,275
Accumulated impairment
(65)
(1)
(4)
0
(70)
Cumulative other comprehensive
income
47
2
1
0
50
Carrying amount
4,201
52
2
0
4,255
2024
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
752
0
0
0
752
Strong
861
0
0
0
861
Good
1,349
88
0
0
1,437
Satisfactory
27
0
0
0
27
Substandard
315
33
0
0
348
Credit impaired
0
0
5
0
5
Not rated
0
0
0
0
0
Gross carrying amount
3,304
121
5
0
3,431
Accumulated impairment
(54)
(3)
(3)
0
(59)
Cumulative other comprehensive
income
25
2
0
0
27
Carrying amount
3,275
121
2
0
3,398
(18) Non-trading financial assets - mandatorily fair value through profit/loss
In RBI, a financial asset is mandatorily measured at fair value if the financial asset is managed neither at amortized cost nor at
fair value through other comprehensive income, and if there is no intention to trade and the asset was not voluntarily
designated at fair value. Essentially, this concerns securities and loans which do not pass the contractual cash flow
characteristics analysis and portfolios of financial assets which are not held for trading, which are managed at fair value and
whose performance is assessed.
in \u20ac million
2025
2024
Equity instruments
4
6
Other financial corporations
4
6
Non-financial corporations
0
0
Debt securities
410
399
General governments
198
178
Banks
12
22
Other financial corporations
196
193
Non-financial corporations
4
7
Loans and advances
934
689
General governments
1
1
Banks
2
2
Other financial corporations
18
24
Non-financial corporations
277
187
Households
636
476
Total
1,347
1,094
(19) Financial assets and liabilities \u2013 designated fair value through profit/
loss
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets - designated fair value through profit/loss
in \u20ac million
2025
2024
Debt securities
208
304
General governments
193
281
Banks
9
15
Non-financial corporations
6
8
Total
208
304
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
(20) Financial assets \u2013 held for trading
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
in \u20ac million
2025
2024
Derivatives
3,377
3,405
Interest rate contracts
2,286
2,318
Equity contracts
590
382
Foreign exchange rate and gold contracts
440
646
Credit contracts
27
29
Commodities
0
0
Other
35
31
Equity instruments
523
453
Banks
88
54
Other financial corporations
137
141
Non-financial corporations
299
258
Debt securities
3,330
2,087
Central banks
5
4
General governments
2,827
1,679
Banks
411
315
Other financial corporations
9
16
Non-financial corporations
78
73
Loans and advances
0
0
Total
7,230
5,945
Within the item financial assets \u2013 held for trading, the securities pledged as collateral, which the recipient is entitled to sell or
pledge, amounted to \u20ac\u00a064 million (previous year: \u20ac\u00a0462 million). The increase in debt securities was mainly due to the purchase
of government bonds at head office.
Derivative financial instruments
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
2025
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
199,602
3,203
(2,701)
Interest rate contracts
141,690
2,149
(2,195)
Equity contracts
4,858
590
(142)
Foreign exchange rate and gold contracts
48,265
402
(317)
Credit contracts
1,626
27
(41)
Commodities
25
0
(1)
Other
3,139
35
(5)
Banking book
18,142
175
(85)
Interest rate contracts
13,136
137
(56)
Foreign exchange rate and gold contracts
5,006
37
(28)
Total
217,744
3,377
(2,785)
OTC products
215,803
3,369
(2,759)
Products traded on stock exchange
1,941
8
(26)
2024
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
195,720
3,219
(2,824)
Interest rate contracts
141,742
2,170
(2,199)
Equity contracts
3,966
382
(121)
Foreign exchange rate and gold contracts
47,415
608
(469)
Credit contracts
1,126
27
(30)
Commodities
21
0
0
Other
1,450
31
(6)
Banking book
12,607
186
(208)
Interest rate contracts
7,181
148
(66)
Foreign exchange rate and gold contracts
5,365
37
(130)
Credit contracts
61
1
(12)
Total
208,327
3,405
(3,032)
OTC products
206,383
3,388
(3,004)
Products traded on stock exchange
1,944
17
(28)
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
(22) Hedge accounting and fair value adjustments of the hedged items in
portfolio hedge
IFRS 9 granted the accounting policy choice to continue the application of the provisions given in IAS 39 until the IASB finishes
its existing project of replacing the portfolio hedge accounting rules in IAS 39. RBI opted to use this policy choice and i still
applying the hedge accounting rules according to IAS in the version endorsed by the EU (EU carve-out). Notwithstanding that,
the changes in the disclosures in the notes pursuant to IFRS 7 are taken into account.
If hedging instruments, mainly derivatives, are held for the purpose of risk management and if the respective transactions
meet specific criteria, RBI designates them into hedge accounting relationships. This can occur in the way of fair value hedges,
cash flow hedges or net investment hedges. At the beginning of the hedging relationship, the relationship between underlying
and hedging instrument, including the risk management objectives, is documented. Furthermore, it is necessary to regularly
document from the beginning and during the lifetime of the hedging relationship that the fair value or cash flow hedge is
highly effective in respect of the offset of valuation changes between hedging instrument and hedged item.
in \u20ac million
2025
2024
Positive fair values of derivatives in micro fair value hedge
438
371
Interest rate contracts
438
371
Positive fair values of derivatives in micro cash flow hedge
0
0
Interest rate contracts
0
0
Positive fair values of derivatives in net investment hedge
0
9
Positive fair values of derivatives in portfolio hedge
660
633
Cash flow hedge
125
95
Fair value hedge
535
538
Total
1,098
1,014
in \u20ac million
2025
2024
Fair value adjustments of the hedged items in portfolio hedge of interest rate risk
(372)
(234)
Total
(372)
(234)
in \u20ac million
2025
2024
Negative fair values of derivatives in micro fair value hedge
293
417
Interest rate contracts
293
417
Negative fair values of derivatives in micro cash flow hedge
0
0
Interest rate contracts
0
0
Negative fair values of derivatives in net investment hedge
17
1
Negative fair values of derivatives in portfolio hedge
632
890
Cash flow hedge
72
183
Fair value hedge
560
707
Total
942
1,308
in \u20ac million
2025
2024
Fair value adjustments of the hedged items in portfolio hedge of interest rate risk
(343)
(359)
Total
(343)
(359)
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
Hedge of a net investment in an economically independent operation (net investment
hedge)
In RBI, foreign exchange hedges of net investments in economically independent sub-units are executed to reduce differences
arising from the foreign currency translation on equity. FX Forwards are mainly used as hedging instruments. Where the hedge
is effective the resulting gains or losses from foreign currency translation are recognized in other comprehensive income and
shown separately in the statement of comprehensive income. Any ineffective part of the hedge is recognized in net trading
income. Any valuation part that is implied in FX Forwards due to the different interest rate differential on the two currencies is
shown in net trading income.
Hedging instruments
Breakdown of hedging instruments by type of hedge accounting at the level of nominal amounts, both in total and by
contractual termination, and at the level of the carrying amounts.
2025
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
82,271
1,721
7,576
45,694
27,281
1,095
923
Cash flow hedge
4,698
254
1,173
2,525
746
122
70
Fair value hedge
77,573
1,467
6,403
43,168
26,535
973
853
Foreign exchange contracts
1,371
450
720
124
77
3
19
Cash flow hedge
246
0
45
124
77
3
2
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
1,125
450
675
0
0
0
17
Total
83,642
2,171
8,296
45,817
27,358
1,098
942
2024
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
71,608
1,726
8,194
38,996
22,692
1,004
1,301
Cash flow hedge
4,890
184
892
2,935
879
94
177
Fair value hedge
66,718
1,542
7,302
36,060
21,814
910
1,124
Foreign exchange contracts
2,135
1,175
878
48
34
11
7
Cash flow hedge
130
0
48
48
34
1
6
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
2,005
1,175
830
0
0
9
1
Total
73,743
2,901
9,072
39,043
22,726
1,014
1,308
Fair value hedges
Hedge accounting according to IAS 39 applies to those derivatives that are used to hedge the fair value of financial assets and
liabilities. The credit business is especially subject to such fair value risks if it deals with fixed-interest loans. Interest rate
swaps that satisfy the prerequisites for hedge accounting are contracted to hedge against the interest rate risks arising from
individual loans or refinancing. Thus, hedges are formally documented, continuously assessed, and tested to be highly effective.
Throughout the term of a hedge relationship, it can therefore be assumed that changes in the fair value of a hedged item will
be nearly completely offset by a change in the fair value of the hedging instrument and that the actual effectiveness outcome
will lie within a range of 80 to 125 per cent.
Derivative instruments held to hedge the fair value of individual items in the statement of financial position (except trading
derivatives) are recognized at fair value (dirty price) under the item hedge accounting (for assets: positive dirty prices; for
liabilities: negative dirty prices). Changes in the carrying amounts of hedged items (assets or liabilities) are allocated directly to
the corresponding items of the statement of financial position and reported separately in the notes.
Both the effect of changes in the carrying amounts of hedged items and the effects of changes in the clean prices of the
derivative instruments are recorded under net gains/losses from hedge accounting.
Within the management of interest rate risks, the hedging of interest rate risk is also undertaken on the portfolio level.
Individual transactions or groups of transactions with similar risk structures, divided into maturities according to the expected
repayment and interest rate adjustment date in a portfolio, are hedged. Portfolios can contain assets only, liabilities only, or
both. For hedge accounting, the change in the value of the hedged asset or liability is shown in net gains/losses from hedge
accounting. The hedged amount of the hedged items is determined in the consolidated financial statements including sight
deposits (the rules of the EU carve-out are therefore applied).
Details of the underlying transactions for fair value hedges:
2025
Carrying amount of the hedged items
Accumulated amount of fair value
adjustments of the hedged items
Changes in fair value of
the hedged items 1
in \u20ac million
Assets
Liabilities
Assets
Liabilities
Interest rate hedges
37,956
39,547
(757)
(619)
(374)
Debt securities
19,453
0
(381)
0
(151)
Loans and advances
18,504
0
(375)
0
(156)
Deposits
0
21,882
0
(432)
(52)
Debt securities issued
0
17,665
0
(187)
(15)
Other financial liabilities
0
0
0
0
0
Foreign exchange hedges
0
0
0
0
0
Other assets
0
0
0
0
0
Other liabilities
0
0
0
0
0
Total
37,956
39,547
(757)
(619)
(374)
1 Fair value changes in the underlying transactions which were used in the reporting period to calculate ineffectiveness
2024
Carrying amount of the hedged items
Accumulated amount of fair value
adjustments of the hedged items
Changes in fair value of
the hedged items 1
in \u20ac million
Assets
Liabilities
Assets
Liabilities
Interest rate hedges
31,328
33,168
(452)
(670)
(170)
Debt securities
16,735
0
(205)
0
167
Loans and advances
14,593
0
(247)
0
105
Deposits
0
17,447
0
(459)
(138)
Debt securities issued
0
15,721
0
(211)
(304)
Other financial liabilities
0
0
0
0
0
Foreign exchange hedges
0
49
0
0
(1)
Other assets
0
0
0
0
0
Other liabilities
0
49
0
0
(1)
Total
31,328
33,217
(452)
(670)
(170)
1 Fair value changes in the underlying transactions which were used in the reporting period to calculate ineffectiveness
Cash flow hedges
Cash flow hedge accounting according to IAS 39 applies for those derivatives that are used to hedge against the risk of
fluctuating future cash flows. Variable interest loans and liabilities, as well as expected transactions such as expected
borrowing or investment, are especially subject to such cash flow risks. Interest rate swaps used to hedge against the risk of
fluctuating cash flows arising from specific variable interest rate items are recognized as follows: The hedging instrument is
recognized at fair value, changes in its clean price are recorded in other comprehensive income. Any ineffective portion is
recognized in the income statement under net gains/losses from hedge accounting.
Details on changes in the value of the hedging instruments in cash flow hedge relationships considering the various disclosure
of the effective part in the other comprehensive income and the ineffective part in the income statement:
2025
Change in the value of the hedging instruments
recognized in other comprehensive income
Hedge ineffectiveness recognized in
profit or loss
in \u20ac million
Interest rate hedges
163
1
Loans and advances
177
0
Deposits
(14)
0
Foreign exchange hedges
0
0
Other assets
0
0
Other liabilities
0
0
Total
163
1
2024
Change in the value of the hedging instruments
recognized in other comprehensive income
Hedge ineffectiveness recognized in
profit or loss
in \u20ac million
Interest rate hedges
(103)
1
Loans and advances
(121)
1
Deposits
18
1
Foreign exchange hedges
0
0
Other assets
1
0
Other liabilities
-1
0
Total
-103
1
(23) Notes to fair value of financial instruments
In accordance with IFRS 13, RBI uses the following fair value hierarchy to determine and report the fair value for financial
instruments. The allocation of certain financial instruments to the level categories requires regular assessment, especially if
the valuation is based on both observable and unobservable inputs. The classification of an instrument may change over time,
even after considering changes in market liquidity and thus price transparency.
Quotation on an active market (Level I)
Financial instruments whose fair values are measured based on quoted market prices are allocated to Level I of the fair value
hierarchy. This category includes particularly equity instruments traded on the stock exchange, debt instruments traded on the
interbank market and derivatives traded on the stock exchange. The valuation is mainly based on external data sources (stock
exchange prices or broker quotes in liquid market segments). In an active market, transactions involving assets and liabilities
are traded in sufficient frequency and volumes that price information is continuously available. Indicators for active markets
are the number, the frequency of update or the quality of quotations (e.g. banks or stock exchanges). Moreover, narrow bid/ask
spreads and quotations from market participants within a certain corridor are also indicators of an active liquid market.
Financial instruments whose fair value measurements are based on quoted market prices mainly consist of quoted securities, a
small proportion of derivatives and liquid bonds traded on over-the-counter markets (OTC).
Measurement techniques based on observable market data (Level II)
When quoted prices are not available on an active market, the financial instrument is then classified as Level II if the fair value
can be determined using recognized measurement models which utilize observable prices or parameters (particularly present
value calculations or option price models). The observable market data mainly consist of yield curves, credit spreads and
volatilities. RBI generally uses measurement models that undergo internal review by the Market Risk Committee to ensure
appropriate measurement parameters. The measurement techniques based on observable market data concern most of the
OTC derivatives and non-quoted debt instruments.
Measurement techniques not based on observable market data (Level III)
If the fair value measurement can be made neither based on sufficiently regular market prices (Level I) nor on measurement
models that are based entirely on observable market prices (Level II), individual input parameters that are not observable in the
market are estimated using appropriate assumptions. If unobservable parameters have a significant impact on the
measurement of the underlying financial instrument, it is assigned to Level III of the fair value hierarchy. These regularly
unobservable measurement parameters include credit spreads derived from internal estimates.
These input parameters may include data which is calculated in terms of approximated values from historical data among
other factors (fair value hierarchy Level III). The utilization of these models requires assumptions and estimates of the
Management. The scope of the assumptions and estimates depends on the price transparency of the financial instrument, its
market, and the complexity of the instrument.
For financial instruments valued at amortized cost (this comprises loans and advances, deposits, other short-term borrowings,
and long-term liabilities), the Group discloses the fair value. In principle, there is low or no trading activity for these instruments,
therefore a significant degree of assessment by the Management is necessary for determining the fair value.
Fair value of financial instruments measured at fair value
The loan portfolio is included in the central calculation of fair value. Fair value is calculated monthly and is based on the
discounted cash flow method. The expected cash flows are discounted using an appropriate discount rate (e.g. risk-free
interest rate plus premium). The method applied to calculate the discount rate depends on the segment (i.e. retail and non-
retail).
In addition, the fair value of the embedded options is calculated for the loan portfolio, and the method applied is based on the
customer segment (i.e. retail and non-retail). The measurement of the embedded options in the retail segment is based on
behavioral modeling (e.g. linear regression/moving twelve-month average of prepayment rates). The measurement of
embedded options in loans in the non-retail segment assumes that the customer will behave in an entirely rational manner.
The embedded options in non-retail loans such as prepayment, disbursement and replenishment are replicated with swaptions
and measured using the trinomial tree Hull-White structural model. The Black model, which is based on the log-normal
distribution of yields, is generally used to measure interest rate options (caps and floors). As there is a volatile interest rate
environment, the shifted log-normal Black model is used to measure interest rate options. It is based on a displaced diffusion
model (log-normal distribution with a shift in interest rates).
For bonds, tradable market prices are mostly used. If no quotes are available, a discounted cash flow model is used to value
the securities. The yield curve and an adequate credit spread are used as measurement parameters. The credit spread is
determined through comparable financial instruments available on the market. Credit default spreads were used to measure a
small part of the portfolio. In addition, consideration is given to third party external measurements, which are indicative in all
cases. The positions are assigned to levels at the end of the reporting period.
In RBI, well-known conventional market valuation techniques are used to measure OTC derivatives. For example, interest rate
swaps, cross currency swaps and forward rate agreements are measured using the customary discounted cash flow model for
these products. OTC options, such as foreign exchange options or caps and floors, are based on valuation models which are in
line with market standards. In the case of the examples listed, such models would be the Garman-Kohlhagen model, Black-
Scholes 1972 and Black 1976. Monte Carlo simulations are used to measure complex options.
Credit value adjustments (CVA) and debit value adjustments (DVA) are also necessary to determine fair value to reflect
counterparty default risk associated with OTC derivative transactions, especially for contractual partners for whom a credit
support annex does not provide protection. This amount represents the respective estimated market value of a security
measure which is required to hedge against counterparty credit risk in the Group\u2019s OTC derivative portfolios.
The CVA depends on the expected future exposure (expected positive exposure) and the probability of default of the
contractual partner. The expected positive exposure is calculated by simulating a large number of scenarios for future points
in time, taking into account all available risk factors (e.g. currency and yield curves). OTC derivatives are measured at market
values taking into account these scenarios at the respective future points in time and are aggregated at counterparty level in
order to then ascertain the expected positive exposure for all points in time. Counterparties with CSA contracts (credit support
annex contracts) are taken into account in the calculation. The expected exposures are not calculated directly from simulated
market values, but from a future expected change in market values based on a margin period of risk of ten days. In order to
determining the probability of default for each counterparty, where direct credit default swap (CDS) quotations are available,
the Group calculates the market-based probability of default and, implicitly, the loss given default (LGD) for the respective
counterparty. The probability of default for counterparties which are not actively traded on the market is calculated by
assigning a counterparty\u2019s internal rating to a sector and rating specific CDS curve.
The DVA is determined by the expected negative exposure and by RBI's credit quality and represents the value adjustment for
own probability of default. The method of calculation is analogous to that of the CVA. No funding value adjustment (FVA) was
considered to measure OTC derivatives. RBI is observing market developments and will develop a method to calculate the FVA
where appropriate.
In the tables below, the financial instruments reported at fair value in the statement of financial position are grouped
according to items in the statement of financial position.
Assets
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial assets - held for trading
3,685
3,524
21
2,289
3,642
15
Derivatives
2
3,376
0
3
3,402
0
Equity instruments
502
1
20
449
1
3
Debt securities
3,181
147
2
1,837
239
12
Non-trading financial assets - mandatorily fair value
through profit/loss
357
12
979
327
34
733
Equity instruments
1
3
0
1
5
0
Debt securities
356
9
44
326
29
44
Loans and advances
0
0
934
0
0
689
Financial assets - designated fair value through profit/
loss
198
10
0
286
18
0
Debt securities
198
10
0
286
18
0
Financial assets - fair value through other
comprehensive income
3,350
854
281
2,645
693
272
Equity instruments
33
1
197
30
0
181
Debt securities
3,317
854
84
2,615
693
91
Hedge accounting
0
1,098
0
0
1,014
0
Equity and liabilities
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial liabilities - held for trading
1,309
9,774
0
991
8,313
0
Derivatives
3
2,782
0
2
3,031
0
Short positions
1,305
6
0
988
4
0
Debt securities issued
0
6,986
0
0
5,279
0
Other financial liabilities
1
0
0
1
0
0
Financial liabilities - designated fair value through
profit/loss
0
1,061
0
0
1,108
0
Deposits
0
40
0
0
41
0
Debt securities issued
0
1,020
0
0
1,067
0
Hedge accounting
0
942
0
0
1,308
0
Movements of financial instruments valued at fair value between Level I and Level II
Market values were available for financial instruments with a volume of \u20ac 52 millions as of December 31, 2025. For example,
instead of the BVAL value (Bloomberg Evaluation), there was the BGN value (Bloomberg Generic Price). Consequently, these
securities were reclassified from Level II to Level I. The shifts from Level I to Level II involved mainly bonds amounting to \u20ac 22
million, for which only derived prices were available at the time of transfer.
Movements of financial instruments at fair value in Level III
The total stock of Level III assets saw a net increase of \u20ac 262 million in the reporting period. Financial instruments mandatorily
recognized at fair value increased by \u20ac\u00a0246 million net, mainly due to inflows in Austria, in particular as a result of substantial
modifications and loan growth in Hungary. In the valuation category of financial assets held for trading, the volume increased
by a net amount of \u20ac 7 million, primarily due to additions in Albania and Croatia, with the additions in Albania being offset by
even higher disposals. In the measurement category financial assets - fair value through other comprehensive income, there
was an increase of \u20ac\u00a08 million, mainly due to additions and\u00a0 positive valuation results in Austria. Out of the \u20ac\u00a0255 million, net
increase of around \u20ac\u00a014 million was based on exchange rate fluctuations.
Assets
in \u20ac million
As at
1/1/2025
Change in consolidated
group
Exchange
differences
Additions
Disposals
Financial assets - held for trading
15
0
1
55
(48)
Non-trading financial assets - mandatorily fair value through
profit/loss
733
0
14
301
(47)
Financial assets - designated fair value through profit/loss
0
0
0
0
0
Financial assets - fair value through other comprehensive
income
272
8
(1)
8
(3)
Total
1,019
8
14
364
(98)
Assets
in \u20ac million
Gains/loss in
P/L
Gain/loss in other
comprehensive income
Transfer to
Level III
Transfer from
Level III
As at
31/12/2025
Financial assets - held for trading
(2)
0
0
0
21
Non-trading financial assets - mandatorily fair value through
profit/loss
(23)
0
0
0
979
Financial assets - designated fair value through profit/loss
0
0
0
0
0
Financial assets - fair value through other comprehensive
income
0
(2)
0
0
281
Total
(26)
(2)
0
0
1,281
Qualitative information on the valuation of financial instruments in Level III
Assets
Fair value in \u20ac
million\u00b9
Valuation technique
Significant unobservable
inputs
Range of unobservable
inputs
2025
Financial assets - held for trading
21
Equity investments,
Mezzanine capital,
Supplementary capital
20
Indicative prices,
Alternative investments
\u2013
\u2013
Treasury bills, fixed coupon bonds
2
DCF method
Credit spread; (Auctions-)
yield curve
2.5 - 14.77%
Non-trading financial assets - mandatorily fair
value through profit/loss
979
Other interests
0
Simplified net present value
method
\u2013
\u2013
Bonds, notes and other fixed-interest securities
44
Net asset value
Market price indication
(Auction-) Price
\u2013
Loans
934
Retail: DCF method (Black
Scholes, prepayment option,
withdrawal option etc.)
Non-Retail: DCF method/ Financial
option pricing
Black Scholes (shifted),
Hull-White trinominal tree
Discount spread (new
business)
Funding curves (liquidity
costs)
Credit risk premium (CDS
curves)
1.22 - 3.84 % over all
currencies
(0.15) - 3,34 % over all
currencies
0.11 - 5,46 %
(depending on the rating:
from A to CCC)
Financial assets - fair value through other
comprehensive income
281
Other interests
64
Dividend discount model
Simplified income approach
DCF method
Credit spread
Cash flow
Discount rate
Dividends
Beta factor
\u2013
Other interests
62
Adjusted net asset value method
Adjusted equity
\u2013
Other interests
71
Market comparable companies
Transaction price
Purchase price
Cost approach
Valuation report
Cost minus impairment
-
\u2013
Treasury bills,
municipal bonds
84
DCF method
Interest rate
\u2013
Total
1,281
Sensitivity of the fair value of financial assets (Level III) and liabilities measured at fair
value
Calculations of unobservable input parameters are mainly based on changes in credit spreads for bonds and loans as well as
market values of comparable equities. For bonds and loans, an increase (decrease) in credit spread of 100 basis points leads to
a corresponding decrease (increase) in fair value. For unquoted equity instruments an increase (decrease) in price of 10 per cent
leads to a corresponding increase (decrease) in fair value.
Financial assets
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Loans and advances
934
28
(25)
689
21
(14)
Debt securities
46
4
(4)
56
4
(4)
Income statement effect
-
33
(30)
-
26
(18)
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Debt securities
84
2
(2)
91
3
(3)
Equity instruments
197
16
(17)
181
11
(11)
Other comprehensive income effect
-
18
(20)
-
14
(14)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "
Exchange differences
The consolidated financial statements of RBI were prepared in euro which is the functional currency of RBI AG. The functional
currency is the currency of the principal economic environment in which the company operates. Each entity within the Group
determines its own functional currency taking all factors listed in IAS 21 into account. All financial statements of fully
consolidated companies prepared in a functional currency other than euro were translated into the reporting currency euro
employing the modified closing rate method in accordance with IAS 21. Equity was translated at its historical exchange rates
while all other assets, liabilities and the notes were translated at the prevailing foreign exchange rates as at the reporting
date. Differences arising from the translation of equity (historical exchange rates) are offset against retained earnings.
The income statement items were translated at the average exchange rates during the year calculated on the basis of month-
end rates. Depending on the development of the exchange rate and the nature of the business transaction, there may be
individual cases where the actual transaction rate is used instead of the average rate. This may particularly occur in instances
of significant one-off effects, in the financial year this applied in particular to the items in the income statement affected by a
Russian legal case (Rasperia Trading Limited). Differences arising between the exchange rate as at the reporting date and the
average exchange rate applied in the income statement were offset against equity (cumulative other comprehensive income).
Accumulated exchange differences are reclassified from the item exchange differences shown in other comprehensive income
to the income statement under net income from deconsolidation, in the event of a disposal of a foreign business operation
which leads to loss of control, joint management or significant influence over this business operation.
2025
2024
As at
Average
As at
Average
Rates in units per \u20ac
31/12
1/1-31/12
31/12
1/1-31/12
Albanian lek (ALL)
96.770
98.009
98.150
100.760
Belarusian-ruble (BYN)1
\u2014
\u2014
3,787
3.517
Bosnian marka (BAM)
1.956
1.956
1.956
1.956
Polish zloty (PLN)
4.221
4.240
4.275
4.305
Romanian leu (RON)
5.097
5.040
4.974
4.975
Russian ruble (RUB)
93.540
94.928
113.833
101.322
Serbian dinar (RSD)
117.282
117.197
117.015
117.084
Czech koruna (CZK)
24.237
24.695
25.185
25.123
Ukrainian hryvnia (UAH)
49.857
46.962
43.927
43.471
Hungarian forint (HUF)
385.150
397.728
411.350
395.971
US dollar (USD)
1.175
1.124
1.039
1.083
1 Due to the sale of the Belarusian units for year-end 2024 the exchange rate as at 30 November 2024 was used.
In the context of the geopolitical situation, RBI is exposed to increased risks related to foreign currency translations. The ECB
stopped publishing an official EUR/RUB exchange rate in March 2022 and an actual and factually achievable exchange rate (e.g.
provided by Refinitiv or Electronic Broking Service (EBS): off-shore rate) established itself in addition to the theoretical, official
exchange rate (rate determined by the Russian central bank: on-shore rate).
RBI is exposed to these risks particularly in the translation of monetary items denominated in a foreign currency and in the
translation of fully consolidated foreign business operations. According to IAS 21, the respective closing rate must be used
when translating monetary items into the functional currency. The closing rate is defined as the exchange rate that would
apply if the transaction were executed immediately. In particular, it must be taken into account whether an officially quoted
price is available on the closing date and whether it is available for immediate settlement. If multiple exchange rates are
available, the exchange rate at which the future cash flows from the transaction could have been settled on the balance sheet
date is to be used in accordance with IAS 21.26. In summary, RBI has concluded that this rate as of 31 December 2025 would
essentially correspond to the off-shore rate, which was accordingly used in the currency translation foreign currency positions
in rubles, provided the functional currency of the entity was not the ruble.
RBI has subsidiaries that report in a functional currency other than the Group\u2019s presentation currency. The translation of fully
consolidated foreign operations into the reporting currency of RBI must be carried out in accordance with IAS 21.39:
\u00b7 At the closing rate at the reporting date (assets and liabilities)
\u00b7 At the exchange rate at the time of the respective transactions or, for practical reasons, at an appropriate average
rate (income and expenses).
For this purpose, as with the translation of foreign currency transactions, the determination of suitable exchange rates is
necessary. Usually, the exchange rate used for this purpose is the one that would be applied when converting dividends from
the foreign business operation or for any capital repatriations. Due to the government restrictions introduced in Russia, RBI
assumes that cash inflows from foreign business operations in Russia could not be converted at the official exchange rate of
the Russian central bank as at the balance sheet date, rather, the actual and factually achievable rate would be applied. In
transactions with international banks, the off-shore rate is usually used for this purpose; accordingly, the foreign business
operation in Russia was translated at this rate on the balance sheet date. As of the balance sheet date, there was only an
insignificant difference between the EUR/RUB exchange rate from Refinitiv and that of the Russian central bank.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
The consolidated financial statements of RBI were prepared in euro which is the functional currency of RBI AG. The functional
currency is the currency of the principal economic environment in which the company operates. Each entity within the Group
determines its own functional currency taking all factors listed in IAS 21 into account. All financial statements of fully
consolidated companies prepared in a functional currency other than euro were translated into the reporting currency euro
employing the modified closing rate method in accordance with IAS 21. Equity was translated at its historical exchange rates
while all other assets, liabilities and the notes were translated at the prevailing foreign exchange rates as at the reporting
date. Differences arising from the translation of equity (historical exchange rates) are offset against retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
Consolidated group
Fully consolidated
Number of units
2025
2024
As at beginning of period
182
192
Included for the first time in the financial period
1
3
Merged in the financial period
0
(4)
Excluded in the financial period
(13)
(9)
As at end of period
170
182
Domicile in Austria
100
107
Domicile abroad
70
75
Banks
16
17
Financial institutions
98
105
Companies rendering bank-related ancillary services
9
6
Financial holding companies
3
3
Other
44
51
Included units
Company, domicile (country)
Share
Included as of
Reason
Financial institutions
Raiffeisen investicni spolecnost a.s., Prague (CZ)
75.0%
1/1
Materiality
Excluded units
Company, domicile (country)
Share
Excluded as of
Reason
Banks
Aedificium Banca pentru Locuinte S.A., Bucharest (RO)
100.0 %
1/6
in liquidation
Financial institutions
CUPIDO Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
100.0 %
1/5
Sale
RL Grundst\u00fcckverwaltung Klagenfurt-S\u00fcd GmbH, Vienna (AT)
100.0 %
1/5
Sale
AGIOS Raiffeisen-Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
51.0 %
1/6
Sale
RIL XIV Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Raiffeisen Leasing-Projektfinanzierung Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
SOLAR II Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Abade Immobilienleasing GmbH, Eschborn (DE)
100.0 %
1/11
Materiality
Abade Immobilienleasing GmbH & Co Projekt Lauterbach KG, Kriftel (DE)
6.0 %
1/11
Materiality
LYRA Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/11
Materiality
Companies rendering bank-related ancillary services
ASCENT Pflege Borna Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/8
Materiality
Other companies
ASCENT Pflege Erfurt Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
ASCENT Pflege Schleswig Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
in \u20ac million
2025
2024
Net modification gains/losses
(29)
(23)
Gains/losses from changes in present value of non-substantially modified contracts
(33)
(23)
Gains/losses from derecognition due to substantial modification of contract terms
3
0
Impairment or reversal of impairment on investments in subsidiaries and associates
21
(50)
Impairment or reversal of impairment on non-financial assets
(5)
7
Goodwill
0
0
Other
(5)
7
Result from non-current assets and disposal groups classified as held for sale and deconsolidation
6
(8)
Net income from non-current assets and disposal groups classified as held for sale
6
4
Result of deconsolidations
0
(10)
Net expense from allocation and release of provisions for VAT interbank tax exemptions
0
(20)
Expenses for credit-linked, portfolio-based litigations and annulments
(302)
(657)
Expenses for legal disputes in Russia
(1,269)
0
Net expense from allocation and release of provisions for a legal dispute in Russia
(339)
(840)
Total
(1,918)
(1,590)
The item impairment or reversal of impairment on investments in subsidiaries and associates amounted to \u20ac 21 million
(previous year: minus \u20ac 50 million). Thereof, \u20ac 28 million (previous year: minus \u20ac 45 million) related to the valuation of
investments in companies valued at equity and minus \u20ac 7 million (previous year: minus \u20ac 4 million) to the\u00a0 impairment on
investments in subsidiaries. In the reporting period the largest individual effects\u00a0 resulted from the valuation of Prva stavebna
sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft and Leipnik-Lundenburger Invest Beteiligungs AG.
The result from non-current assets and disposal groups classified as held for sale and deconsolidation amounted to minus \u20ac 6
million in the reporting year. In total, 13 Group units were deconsolidated during the reporting period.
(24) Investments in subsidiaries and associates
in \u20ac million
2025
2024
Investments in affiliated companies
222
206
Investments in associates valued at equity
721
665
Total
944
871
Number of subsidiaries not included
247
262
Investments in associates valued at equity:
in \u20ac million
Share in %
Carrying amount
2025
Carrying amount
2024
card complete Service Bank AG, Vienna (AT)
25.0%
-
2
EMCOM Beteiligungs GmbH, Vienna (AT)
33.6%
7
7
Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT)
33.1%
150
161
Notartreuhandbank AG, Vienna (AT)
26.0%
18
16
Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
8.1%
71
64
\u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
31.3%
15
16
Posojilnica Bank eGen, Klagenfurt (AT)
49.8%
26
20
Prva stavebna sporitelna a.s., Bratislava (SK)
32.5%
63
51
Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
47.6%
12
10
Raiffeisen-Leasing Management GmbH, Vienna (AT)
50.0%
9
8
UNIQA Insurance Group AG, Vienna (AT)
10.9%
352
309
Total
721
665
The carrying amount of investments in associates values at equity increased from \u20ac 665 million to \u20ac 721 million. The increase is
primarily due UNIQA Insurance Group AG.
In the current reporting period, the sale of the card complete Service Bank AG took place. The decrease in book value at
Leipnik-Lundenburger Invest Beteiligungs AG is attributable to negative economic developments of the at equity valued
investments in Leipnik-Lundenburger Invest Beteiligungs AG. The increase of the carrying amounts of UNIQA Insurance Group
AG, Posojilnica Bank eGen and Prva stavebna sporitelna a.s. is primarily due to higher earning contributions in the reporting
period 2025.
Significant influence over UNIQA Insurance Group AG exists due to a syndicate agreement with the other core shareholders
that governs the right to appoint members of the Supervisory Board, among other things. Significant influence over
Oesterreichische Kontrollbank Aktiengesellschaft exists due to two permanent positions on the Supervisory Board.Financial
information on associates valued at equity as at 30 September 2025:
in \u20ac million
EMCOM
LLI1
NTB
OeKB1
OEHT
Assets
20
1,210
2,153
35,693
1,235
Operating income
0
57
12
77
11
Profit/loss after tax from continuing operations
0
(55)
9
63
8
Profit/loss after tax from discontinued operations
0
0
0
0
0
Other comprehensive income
0
(10)
0
3
0
Total comprehensive income
0
(65)
9
66
8
Attributable to non-controlling interests
0
3
0
1
0
Attributable to investee's shareholders
0
(68)
9
65
8
Current assets
20
378
454
6,553
20
Non-current assets
0
832
1,699
29,140
1,215
Short-term liabilities
0
(391)
(1,853)
(9,392)
0
Long-term liabilities
0
(313)
(232)
(25,355)
(1,179)
Net assets
20
507
68
946
57
Attributable to non-controlling interests
0
7
0
18
0
Attributable to investee's shareholders
20
499
68
928
57
Group's interest in net assets of investee as at 1/1
7
184
16
74
16
Change in share/first time inclusion
0
0
0
0
0
Total comprehensive income attributable to the Group
1
(15)
3
6
3
hereof income statement
1
(19)
3
6
3
hereof other comprehensive income
0
4
0
0
0
Dividends received
(1)
(4)
(2)
(5)
(2)
Share in the capital increase
0
0
0
0
0
Group's interest in net assets of investee as at 30/9
7
165
18
75
18
Valulation
0
(15)
0
(4)
(3)
Carrying amount
7
150
18
71
15
1 Consolidated financial statements: Profit and equity is after deduction of non-controlling interests.
EMCOM: EMCOM Beteiligungs GmbH, Vienna (AT)
LLI: Leipnik-Lundenburger Invest Beteiligungs Aktiengesellschaft, Vienna (AT)
NTB: Notartreuhandbank AG, Vienna (AT)
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
OEHT: \u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
in \u20ac million
POSO
PSS
RIZ
R-Leasing
UNIQA1
Assets
397
2,921
341
59
28,763
Operating income
3
60
5
1
484
Profit/loss after tax from continuing operations
13
15
4
1
333
Profit/loss after tax from discontinued operations
0
0
0
0
0
Other comprehensive income
0
0
0
4
163
Total comprehensive income
13
15
4
5
496
Attributable to non-controlling interests
0
0
0
0
(1)
Attributable to investee's shareholders
11
15
4
4
498
Current assets
115
136
184
55
1,403
Non-current assets
281
2,785
157
4
27,360
Short-term liabilities
(278)
(654)
(155)
(28)
(1,194)
Long-term liabilities
(48)
(1,935)
(98)
0
(24,238)
Net assets
71
332
88
31
3,331
Attributable to non-controlling interests
0
0
0
0
114
Attributable to investee's shareholders
71
332
88
31
3,217
Group's interest in net assets of investee as at 1/1
30
105
42
16
309
Change in share/first time inclusion
0
0
0
0
0
Total comprehensive income attributable to the Group
5
5
1
1
62
hereof income statement
6
5
1
1
46
hereof other comprehensive income
0
0
0
0
16
Dividends received
0
(2)
(2)
(2)
(19)
Share in the capital increase
0
0
0
0
0
Group's interest in net assets of investee as at 30/9
35
108
42
15
352
Valulation
(9)
(45)
(30)
(7)
0
Carrying amount
26
63
12
9
352
1 Consolidated financial statements: Profit and equity is after deduction of non-controlling interests.
POSO: Posojilnica Bank eGen, Klagenfurt (AT)
PSS: Prva stavebna sporitelna a.s., Bratislava (SK)
RIZ: Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
R-Leasing: Raiffeisen-Leasing Management GmbH, Vienna (AT)
UNIQA: UNIQA Insurance Group AG, Vienna (AT)
Impairment test for companies valued at equity
At the end of each reporting period an assessment is made whether there is any indication that the carrying amount of an
equity investment is higher than its recoverable amount. IAS 36 has a list of external and internal indicators of impairment. If
there is an indication that a company valued at equity may be impaired, then the asset's recoverable amount is calculated. The
following key assumptions have been made for the impairment test.
2025
2024
Cash generating units
LLI
OeKB
UNIQA
LLI
OeKB
UNIQA
Average discount interest rate (after tax)
6.7%
8.5%
8.4%
6.7%
8.9%
9.0%
Planning period
5 years
3 years
5 years
5 years
3 years
5 years
LLI: Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT) - average discount rate WACC
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT) - average discount rate CoE
UNIQA: UNIQA Insurance Group AG, Vienna (AT) - average discount rate CoE
The results showed a reversal of impairment for the majority of the investment portfolio based on the most recent impairment
tests. In this process, the ongoing replacement of low-interest assets had a positive impact on the earnings situation of the
bank holdings.
Summary of significant planning assumptions and description of the management approach to identify the values:
Cash generating units
Brief description
Key assumptions
Management approach
Leipnik-Lundenburger Invest
Beteiligungs AG (LLI)
In the two core areas of milling and
vending (hot and cold) beverages and
food from vending machines, the LLI
companies are market leaders in
Austria and in some EU countries
(Eastern Europe and Germany).
In addition to the two core areas, the at
equity valued investments prove to be
value drivers within LLI.
The planning assumptions approved by
the supervisory board reflect the
expected developments in raw material
prices and costs, which are also
reflected in the sales prices.
Planning includes actions to address
current and expected market
developments. In addition to cost
savings and a suitable pricing strategy,
these include further specializations,
optimization through digitalization and
the development of new products.
Oesterreichische Kontrollbank
Aktiengesellschaft (OeKB)
The OeKB fulfills two essential functions
for the Austrian export industry and the
capital market. As the export credit
agency of the Republic of Austria, it
provides state-guaranteed liabilities
and refinances export-related
investments and foreign transactions
through the export financing process.
Furthermore, the OeKB supports the
capital market through specialized
securities services, the settlement of
federal bond auctions, and via its
subsidiaries in the areas of custody and
clearing. Its main subsidiaries are
\u00d6sterreichische Hotel- und
Tourismusbank (OEHT) and
Oesterreichische Entwicklungsbank
(OeEB).
The planning assumptions take into
account the development of volumes in
export finance and have been adopted
in the valuation approach. They show
stable growth of loan volume over the
following years.
The management approach reflects the
current external conditions. The interest
rate level as well as catch-up effects
from previously postponed investments
due to the inflationary environment of
recent years have been taken into
account in the planning assumptions.
The existing mandates of the Republic
of Austria provide a stable foundation
for OeKB's business activities, which are
complemented by additional services.
UNIQA Insurance Group AG (UNIQA)
UNIQA Insurance Group AG is one of the
leading insurance groups in its core
markets of Austria and CEE. The group
is represented in 14 countries and
serves more than 17 million customers.
The brands UNIQA and Raiffeisen
Versicherung are two strong insurance
brands in Austria and are well
positioned in the CEE markets.
By taking appropriate countermeasures,
UNIQA intends to continue to pursue its
long-term profitability targets despite
the increasing cost pressure. In
summary, despite the volatile
environment, it is assumed that the
long-term strategic orientation will be
maintained and, accordingly, that long-
term returns will remain stable.
The management approach was
essentially adopted as the valuation
approach. It is based on the
continuation of the established
strategic direction. Accordingly,
ensuring a solid return on equity as well
as a strong solvency position is
fundamental. This forms the basis for
sustainable dividend growth and a
stable dividend yield.
Sensitivity analysis
In order to examine how a change in parameters essential for determining the cost of capital affects the value of equity, these
parameters were varied in the course of the sensitivity analysis carried out. Changes in the valuation of these companies may
therefore result in an adjustment to the carrying amount. In the event of a downside scenario (increase in the cost of capital by
50 basis points) the value in use of Leipnik-Lundenburger Invest Beteiligungs AG, Raiffeisen Leasing Management GmbH, Prva
stavebna sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft, \u00d6sterreichische Hotel und Tourismusbank GmbH,
Posojilnica Bank eGen would decrease by less than 10 per cent, and that of Raiffeisen Informatik GmbH & Co KG by around 17
per cent, thus leading to a further reduction in the carrying amount. UNIQA Insurance Group AG,\u00a0 Notartreuhandbank AG and
EMCOM Beteiligungs GmbH are excluded from this scenario, a further decline in value would not lead to a reduction in the
carrying amount here as the value in use would still be higher than the proportionate equity
Consolidated subsidiaries where RBI holds less than 50 per cent of the ordinary voting
shares
Subsidiaries in which the Group holds less than half of the voting rights are fully consolidated if RBI has effective control
according to the criteria of IFRS 10. This involves examining whether the Group is exposed or has rights to variable returns from
its involvement in the investee and has the ability to affect those returns through its power over the investee.
Structured units have been designed in such a way that voting rights or other similar rights are not the dominant factor in
establishing control of a company.
The Group has several leasing companies in the legal form of a GmbH & Co KG, in which a Group company assumes the role of
general partner. Through this structure, the Group assumes the requisite personal liability which qualifies as exposure to the
variability of the returns generated by the structured companies. These companies are included in the list of fully consolidated
affiliated companies.
Subsidiaries not fully consolidated where RBI holds more than 50 per cent of the
ordinary voting shares
Due to their negligible contribution to the Group\u2019s assets, earnings, and financial position, 247 subsidiaries were not included in
the consolidated financial statements (previous year: 262). Total assets of the companies not included came to less than 1 per
cent of the Group\u2019s total assets.
List of fully consolidated affiliated companies
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
\"Raiffeisen-Rent\" Verm\u00f6gensberatung und Treuhand Gesellschaft m.b.H., Vienna (AT)
364,000
EUR
100.0%
FI
Abura Immobilienleasing GmbH & Co. Projekt Seniorenhaus Boppard KG, Kriftel (DE)
5,000
EUR
6.0%
FI
Achat Immobilien GmbH & Co. Projekt Hochtaunus-Stift KG, Kriftel (DE)
10,000
EUR
1.0%
FI
Acridin Immobilienleasing GmbH & Co. Projekt Marienfeld KG, Kriftel (DE)
5,000
EUR
100.0%
FI
Adagium Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Adamas Immobilienleasing GmbH & Co. Projekt Pflegeheim Werdau KG, Kriftel (DE)
5,000
EUR
100.0%
FI
Adorant Immobilienleasing GmbH & Co. Projekt Heilsbronn und Neuendettelsau KG, Kriftel (DE)
5,000
EUR
6.0%
OT
Ados Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
75.0%
FI
Adrittura Immobilienleasing GmbH & Co. Projekt Eiching KG, Kriftel (DE)
5,000
EUR
100.0%
OT
Agamemnon Immobilienleasing GmbH & Co. Projekt Pflegeheim Freiberg KG, Kriftel (DE)
5,000
EUR
100.0%
FI
Akcenta CZ a.s., Prague (CZ)
100,125,000
CZK
92.5%
FI
AKRISIOS Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
AL Taunussteiner Grundst\u00fccks-GmbH & Co KG, Kriftel (DE)
9,400
EUR
93.6%
FI
A-Leasing SpA, Treviso (IT)
68,410,000
EUR
100.0%
FI
Allg\u00e4u Reha Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
75.0%
FI
AMYKOS RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
Anton Proksch Institut Kalksburg RBI Immobilien Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
BR
AO Raiffeisenbank, Moscow (RU)
36,711,260,000
RUB
100.0%
BA
ARCANA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
A-Real Estate S.p.A., Bozen (IT)
390,000
EUR
100.0%
FI
ASCENT Pflege Hettstedt Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
75.0%
FI
Austria Leasing Beteiligungsgesellschaft mbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Austria Leasing GmbH, Eschborn (DE)
1,000,000
EUR
100.0%
FI
B52 RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
BR
Bafep21 RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
BAILE Handels- und Beteiligungsgesellschaft m.b.H., Vienna (AT)
40,000
EUR
100.0%
FI
Baumgartner H\u00f6he RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
Burgenl\u00e4ndische Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Campus ATZ + DOS RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
Campus NBhf RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
Canopa Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Centralised Raiffeisen International Services & Payments S.R.L., Bucharest (RO)
2,820,000
RON
100.0%
BR
CERES Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
CINOVA RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
CP Inlandsimmobilien-Holding GmbH, Vienna (AT)
364,000
EUR
100.0%
OT
Elevator Ventures Beteiligungs GmbH, Vienna (AT)
100,000
EUR
100.0%
FI
ETEOKLES Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Expo 2000 Real Estate EOOD, Sofia (BG)
10,000
BGN
100.0%
OT
FCC Office Building SRL, Bucharest (RO)
30,298,500
RON
100.0%
OT
Floreasca City Center Verwaltung Kft., Budapest (HU)
44,000
HUF
100.0%
OT
FMK Fachmarktcenter Kohlbruck Betriebs GmbH, Eschborn (DE)
30,678
EUR
94.5%
OT
FMZ PRIMUS Ingatlanfejleszt\u00f6 Kft., Budapest (HU)
11,077
EUR
100.0%
OT
GENO Leasing Ges.m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
GTNMS RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
HABITO Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
INFRA MI 1 Immobilien Gesellschaft mbH, Vienna (AT)
72,673
EUR
100.0%
OT
Infrastruktur Heilbad Sauerbrunn RBI-Leasing GmbH & Co.KG., Bad Sauerbrunn (AT)
3,511,188
EUR
75.0%
FI
Invest Verm\u00f6gensverwaltungs-GmbH, Vienna (AT)
73,000
EUR
100.0%
OT
Kathrein Privatbank Aktiengesellschaft, Vienna (AT)
20,000,000
EUR
100.0%
BA
KAURI Handels und Beteiligungs GmbH, Vienna (AT)
50,000
EUR
88.0%
FI
LARENTIA Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Lentia Immobilienleasing GmbH & Co. Albert-Osswald-Haus KG, Kriftel (DE)
5,000
EUR
6.0%
FI
Limited Liability Company RB-Digital, Moscow (RU)
1,500,000
RUB
100.0%
BR
LLC Asset Management \u0421ompany Raiffeisen, Moscow (RU)
225,000,000
RUB
100.0%
FI
Neu-Marx Holding Eins GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Neu-Marx Holding Zwei GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Neu-Marx Immobilien Eins GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Neu-Marx Immobilien Zwei GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Objekt Linser Areal Immoblilienerrichtungs GmbH & Co. KG, Vienna (AT)
1,000
EUR
100.0%
OT
OOO Raiffeisen-Leasing, Moscow (RU)
1,071,000,000
RUB
100.0%
FI
OVIS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
PELIAS Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
36,400
EUR
100.0%
FI
PERSES RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
PLANA Raiffeisen-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
R Karpo Immobilien Linie S.R.L., Bucharest (RO)
200
RON
100.0%
OT
R.P.I. Handels- und Beteiligungsgesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
Raiffeisen Bank d.d. Bosna i Hercegovina, Sarajevo (BA)
247,167,000
BAM
100.0%
BA
Raiffeisen Bank JSC, Kiev (UA)
6,154,516,258
UAH
68.2%
BA
Raiffeisen Bank Kosovo J.S.C., Pristina (XK)
63,000,000
EUR
100.0%
BA
Raiffeisen Bank S.A., Bucharest (RO)
1,200,000,000
RON
100.0%
BA
Raiffeisen Bank Sh.a., Tirana (AL)
14,178,593,030
ALL
100.0%
BA
Raiffeisen Bank Zrt., Budapest (HU)
50,000,090,000
HUF
100.0%
BA
Raiffeisen banka a.d., Belgrade (RS)
27,466,157,580
RSD
100.0%
BA
Raiffeisen Bausparkasse Gesellschaft m.b.H., Vienna (AT)
35,000,000
EUR
100.0%
BA
Raiffeisen Bausparkassen Holding GmbH, Vienna (AT)
10,000,000
EUR
100.0%
FI
Raiffeisen CEE Region Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FH
Raiffeisen Corporate Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen Corporate L\u00edzing Zrt., Budapest (HU)
50,120,000
HUF
100.0%
FI
Raiffeisen Digital Bank AG, Vienna (AT)
47,598,850
EUR
100.0%
BA
Raiffeisen Factor Bank AG, Vienna (AT)
10,000,000
EUR
100.0%
FI
Raiffeisen FinCorp, s.r.o., Prague (CZ)
200,000
CZK
75.0%
FI
Raiffeisen Group IT GmbH, Vienna (AT)
100,000
EUR
99.9%
BR
Raiffeisen International Liegenschaftsbesitz GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen investicni spolecnost a.s., Prague (CZ)
40,000,000
CZK
75.0%
FI
Raiffeisen Investment Fund Management JSC, Budapest (HU)
100,000,000
HUF
100.0%
FI
Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
15,000,000
EUR
100.0%
FI
Raiffeisen Leasing d.o.o., Belgrade (RS)
405,021,700
RSD
100.0%
FI
Raiffeisen Leasing d.o.o. Sarajevo, Sarajevo (BA)
11,450,452
BAM
100.0%
FI
Raiffeisen Leasing IFN S.A., Bucharest (RO)
39,700,000
RON
99.9%
FI
Raiffeisen Leasing Kosovo LLC, Pristina (XK)
642,857
EUR
100.0%
FI
Raiffeisen Leasing sh.a., Tirana (AL)
263,520,134
ALL
100.0%
FI
Raiffeisen Mandatory and Voluntary Pension Funds Management Company Plc., Zagreb (HR)
19,038,463
EUR
100.0%
VV
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
Raiffeisen \u00d6HT Beteiligungs GmbH, Vienna (AT)
35,000
EUR
88.0%
FI
Raiffeisen Pension Insurance d.d., Zagreb (HR)
13,020,108
EUR
100.0%
VV
Raiffeisen Property Holding International GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Property International GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
Raiffeisen Property Management GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
Raiffeisen Rehazentrum Schruns Immobilienleasing GmbH, Vienna (AT)
36,400
EUR
51.0%
FI
Raiffeisen Rent DOO, Belgrade (RS)
243,099,913
RSD
100.0%
BR
Raiffeisen RS Beteiligungs GmbH, Vienna (AT)
35,000
EUR
100.0%
FH
Raiffeisen SEE Region Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FH
Raiffeisen stavebni sporitelna a.s., Prague (CZ)
650,000,000
CZK
75.0%
BA
Raiffeisen WohnBau Tirol GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen WohnBau Vienna GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen WohnBau Wien GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen WohnBau Zwei GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Wohnbaubank Aktiengesellschaft, Vienna (AT)
5,100,000
EUR
100.0%
FI
Raiffeisen-Anlagenvermietung Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisenbank a.s., Prague (CZ)
15,460,800,000
CZK
75.0%
BA
Raiffeisenbank Austria d.d., Zagreb (HR)
480,646,626
EUR
100.0%
BA
Raiffeisen-Gemeindegeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Invest-Gesellschaft m.b.H., Vienna (AT)
40,000
EUR
100.0%
FI
Raiffeisen-Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Leasing Beteiligung GesmbH, Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Leasing d.o.o., Zagreb (HR)
3,981,684
EUR
100.0%
FI
Raiffeisen-Leasing Equipment Finance\u00a0 GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Leasing Finanzierungs GmbH, Vienna (AT)
5,000,000
EUR
100.0%
FI
Raiffeisen-Leasing Fuhrparkmanagement Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
OT
Raiffeisen-Leasing Gesellschaft m.b.H., Vienna (AT)
363,364
EUR
100.0%
FI
Raiffeisen-Leasing Immobilienmanagement Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Leasing International Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
Raiffeisen-Leasing, s.r.o., Prague (CZ)
450,000,000
CZK
75.0%
FI
Raiffeisen-Rent Immobilienprojektentwicklung Gesellschaft m.b.H. Objekt Wallgasse 12 KG,
Vienna (AT)
4,886,449
EUR
100.0%
OT
Raiffeisen-Rent-Immobilienprojektentwicklung Gesellschaft m.b.H., Objekt Lenaugasse 11 KG,
Vienna (AT)
6,169,924
EUR
100.0%
OT
RALT Raiffeisen-Leasing Gesellschaft m.b.H., Vienna (AT)
218,500
EUR
100.0%
FI
RALT Raiffeisen-Leasing Gesellschaft m.b.H. & Co. KG, Vienna (AT)
20,348,394
EUR
100.0%
FI
RAN vierzehn Raiffeisen-Anlagevermietung GmbH, Vienna (AT)
36,336
EUR
100.0%
FI
RAN zehn Raiffeisen-Anlagenvermietung Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
RB International Markets (USA) LLC, New York (US)
8,000,000
USD
100.0%
FI
RBI eins Leasing Holding GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
RBI ITS Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
RBI LEA Beteiligungs GmbH, Vienna (AT)
70,000
EUR
100.0%
FI
RBI Leasing GmbH, Vienna (AT)
100,000
EUR
75.0%
FI
REC Alpha LLC, Kiev (UA)
1,201,407,344
UAH
100.0%
OT
Regional Card Processing Center s.r.o., Bratislava (SK)
539,465
EUR
100.0%
BR
RIL VII Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
RIRE Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
RL Anlagenvermietung Gesellschaft m.b.H., Eschborn (DE)
50,000
EUR
100.0%
FI
RL LUX Holding S.a.r.l., Luxembourg (LU)
12,500
EUR
100.0%
OT
RL Retail Holding GmbH, Vienna (AT)
36,000
EUR
100.0%
FI
RL-ALPHA Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
RL-M\u00f6rby AB, Stockholm (SE)
100,000
SEK
100.0%
FI
RL-Nordic AB, Stockholm (SE)
50,000,000
SEK
100.0%
FI
RL-Pro Auxo Sp.z.o.o., Warsaw (PL)
50,000
PLN
100.0%
FI
RL-PROMITOR Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
RL-PROMITOR Sp. z.o.o., Warsaw (PL)
50,000
PLN
100.0%
OT
RUBRA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
RZB - BLS Holding GmbH, Vienna (AT)
500,000
EUR
100.0%
FI
RZB Versicherungsbeteiligung GmbH, Vienna (AT)
500,000
EUR
100.0%
FI
S.A.I. Raiffeisen Asset Management S.A., Bucharest (RO)
33,004,533
RON
99.9%
FI
SALVELINUS Handels- und Beteiligungsgesellschaft m.b.H, Vienna (AT)
40,000
EUR
100.0%
FI
SAMARA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
SINIS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Sky Tower Immobilien- und Verwaltung Kft, Budapest (HU)
44,000
HUF
100.0%
OT
Skytower Building SRL, Bucharest (RO)
126,661,500
RON
100.0%
OT
Tatra Asset Management, spr\u00e1v. spol., a.s., Bratislava (SK)
1,659,700
EUR
78.8%
FI
Tatra banka, a.s., Bratislava (SK)
64,326,228
EUR
78.8%
BA
Tatra-Leasing, s.r.o., Bratislava (SK)
6,638,785
EUR
78.8%
FI
Ukrainian Processing Center PJSC, Kiev (UA)
180,000
UAH
100.0%
BR
URSA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Valida Holding AG, Vienna (AT)
5,000,000
EUR
57.4%
FI
Valida Pension AG, Vienna (AT)
10,200,000
EUR
57.4%
OT
Valida Plus AG, Vienna (AT)
5,500,000
EUR
57.4%
FI
Viktor Property, s.r.o., Prague (CZ)
200,000
CZK
75.0%
OT
W 3 Errichtungs- und Betriebs-GmbH, Vienna (AT)
800,000
EUR
100.0%
OT
WEGA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
WHIBK Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
ZHS Office- & Facilitymanagement GmbH, Vienna (AT)
36,336
EUR
100.0%
BR
1 Less own shares
2 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
Structured units
The following tables show the carrying amounts of the financial assets and financial liabilities to non-consolidated structured
entities broken down by type of structured entity. The carrying amounts presented below do not reflect the true variability of
returns faced by the Group as they do not take the effects of collateral or hedges into account.
Assets
2025
in \u20ac million
Loans and advances
Equity instruments
Foreign exchange
business
Derivatives
Securitization vehicles
2
0
1,090
0
Third party funding entities
171
15
0
0
Funds
0
0
0
0
Total
173
15
1,090
0
2024
in \u20ac million
Loans and advances
Equity instruments
Foreign exchange
business
Derivatives
Securitization vehicles
2
0
584
0
Third party funding entities
196
12
0
0
Funds
0
0
0
0
Total
199
12
584
0
Liabilities
2025
in \u20ac million
Deposits
Equity instruments
Debt securities
issued
Derivatives
Securitization vehicles
0
0
0
0
Third party funding entities
8
1
0
0
Funds
0
0
0
0
Total
8
1
0
0
2024
in \u20ac million
Deposits
Equity instruments
Debt securities
issued
Derivatives
Securitization vehicles
0
0
0
0
Third party funding entities
11
1
0
0
Funds
0
0
0
0
Total
12
1
0
0
Nature, purpose and extent of the Group\u2019s interests in non-consolidated structured
entities
The Group engages in various business activities with structured entities which are designed to achieve a specific business
purpose. A structured entity is one that has been set up so that any voting rights or similar rights are not the dominant factor
in deciding who controls the entity. An example is when voting rights relate only to administrative tasks and the relevant
activities are directed by contractual arrangements.
A structured entity often has some of or all the following features or attributes:
\u00b7 Restricted activities
\u00b7 A narrow and well-defined objective
\u00b7 Insufficient equity to permit the structured entity to finance its activities without subordinated financial support
\u00b7 Financing in the form of the issue of multiple contractually linked instruments to investors that create
concentrations of credit or other risks (tranches)
The principal uses of structured entities are to provide clients with access to specific portfolios of assets and to provide
market liquidity for clients through securitizing financial assets. Structured entities may be established as corporations, trusts,
or partnerships. Structured entities generally finance the purchase of assets by issuing debt and equity securities that are
collateralized by and/or indexed to the assets held by the structured entities.
Structured entities are consolidated when the substance of the relationship between the Group and the structured entities
indicates that the structured entities are controlled by the Group.
Below is a description of the Group\u2019s investments in non-consolidated structured entities by type.
Third party funding entities
The Group provides funding to structured entities that hold a variety of assets. These entities may take the form of funding
entities, trusts, and private investment companies. The funding is collateralized by the assets in the structured entities. The
Group\u2019s investment activity involves predominantly lending.
Securitization vehicles
The Group establishes securitization vehicles which purchase diversified pools of assets, including fixed income securities,
company loans, and asset-backed securities (ABS; predominantly commercial and residential mortgage-backed securities
(RMBS) and credit card receivables). The vehicles fund these purchases by issuing multiple tranches of debt and equity
securities, the repayment of which is linked to the performance of the assets contained in the vehicles.
Funds
The Group establishes structured entities to accommodate client requirements to hold investments in specific assets. The
Group also invests in funds that are sponsored by third parties. A Group entity may act as fund manager, custodian or in
another function and provide funding and liquidity facilities to both Group-sponsored and third-party funds. The funding
provided is collateralized by the underlying assets held by the fund.
Maximum exposure to and size of non-consolidated structured entities
The maximum exposure to loss is determined by considering the nature of the interest in the non-consolidated structured
entity. The maximum exposure for loans and trading instruments is reflected by their carrying amounts in the statement of
financial position. The maximum exposure for derivatives and instruments off the statement of financial position such as
guarantees, liquidity facilities and loan commitments under IFRS 12, as interpreted by the Group, is reflected by the respective
notional amount. Such amounts do not reflect the economic risks faced by the Group because they do not take the effects of
collateral or hedges or the probability of such losses being incurred into account. As at 31 December 2025, the notional values
of derivatives and instruments off the statement of financial position amounted to \u20ac 0 million (previous year: \u20ac 0 million) and
\u20ac\u00a069 million (previous year: \u20ac 68 million) respectively. Since information on the size of structured entities is not always publicly
available, the Group has determined that its exposure is an appropriate guide to the risk of loss from investments in non-
consolidated structured entities.
Financial support
As in the previous year, the Group has not provided financial support to non-consolidated structured entities during the
financial year.
Sponsored structured entities
As a sponsor, the Group is often involved in the legal set up and marketing of the entity and supports the entity in different
ways such as providing operational support to ensure the entity\u2019s continued operation. The Group is also deemed a sponsor for
a structured entity if market participants would reasonably associate the entity with the Group. Additionally, the use of the
Raiffeisen name for the structured entity often indicates that the Group has acted as a sponsor. The gross proceeds from
sponsored entities for the year ending 31 December 2025 amounted to \u20ac 265 million (previous year: \u20ac 266 million). No assets
were transferred to sponsored non-consolidated structured entities in the reporting period and the previous year.
(59) List of equity participations
Associated companies valued at equity
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
EMCOM Beteiligungs GmbH, Vienna (AT)
37,000
EUR
33.6%
BA
LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft, Vienna (AT)
32,624,283
EUR
33.1%
OT
NOTARTREUHANDBANK AG, Vienna (AT)
8,030,000
EUR
26.0%
FI
Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
130,000,000
EUR
8.1%
BA
\u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
11,627,653
EUR
31.3%
BA
Posojilnica Bank eGen, Klagenfurt (AT)
74,345,115
EUR
49.8%
BA
Prva stavebna sporitelna a.s., Bratislava (SK)
66,500,000
EUR
32.5%
BA
Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
1,460,000
EUR
47.6%
BR
Raiffeisen-Leasing Management GmbH, Vienna (AT)
300,000
EUR
50.0%
OT
UNIQA Insurance Group AG, Vienna (AT)
309,000,000
EUR
10.9%
VV
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
Other affiliated companies
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
\"Am Hafen\" Sutterl\u00fcty GmbH & Co, Vienna (AT)
100,000
EUR
100.0%
FI
Abade Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Abade Immobilienleasing GmbH & Co Projekt Lauterbach KG, Kriftel (DE)
5,000
EUR
6.0%
FI
Abelin Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Abrawiza Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Abrawiza Immobilienleasing GmbH & Co. Projekt Fernwald KG, Kriftel (DE)
5,000
EUR
6.0%
OT
Abura Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
ACB Ponava, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Achat Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Acridin Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Adamas Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Adorant Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Adrett Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Adrittura Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Adufe Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Agamemnon Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Aglaia Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Aiolos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
AKCENTA DE GmbH, Hamburg (DE)
25,000
EUR
100.0%
FI
Akcenta Digital s.r.o., Hradec Kralove (CZ)
20,000
CZK
100.0%
FI
Ananke Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Angaga Handels- und Beteiligungs GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Antiopa Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Apate Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Appolon Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
ASCENT Pflege Borna Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
100.0%
BR
ASCENT Pflege Erfurt Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
100.0%
BR
ASCENT Pflege Schleswig Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
100.0%
BR
AURIGA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Austria Leasing GmbH & Co. KG Immobilienverwaltung CURA, Kriftel (DE)
10,000
EUR
100.0%
FI
Austria Leasing GmbH & Co. KG Immobilienverwaltung Projekt Eberdingen, Kriftel (DE)
10,000
EUR
100.0%
FI
Austria Leasing Immobilienverwaltungsgesellschaft mbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Beskydska brana s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
Bratislavska 59 s.r.o., Prague (CZ)
10,000
CZK
90.0%
OT
Campus NWB RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Cepeline Holding GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Charis Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Chronos Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Clio Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
CP Linzerstra\u00dfe 221-227 Projektentwicklungs GmbH, Vienna (AT)
37,000
EUR
100.0%
OT
CP Logistikcenter Errichtungs- und Verwaltungs GmbH, Vienna (AT)
37,000
EUR
100.0%
OT
CP Projekte Muthgasse Entwicklungs GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
Cranto Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
CURO Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
OT
Cymo Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Dafne Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Darmera Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Dero Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Die Nieder\u00f6sterreichische Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Doplnkov\u00e1 d\u00f4chodkov\u00e1 spolo\u010dnos\u0165 Tatra banky, a.s., Bratislava (SK)
1,659,700
EUR
78.8%
FI
Doris Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
DORISCUS ENTERPRISES LTD., Limassol (CY)
19,843,400
EUR
86.6%
OT
Dota Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Eleos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Ephyra Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Epifron Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Erginos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Essox d.o.o., Belgrade (RS)
100
RSD
100.0%
OT
Eudore Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
EV II EuVECA GmbH & Co KG, Vienna (AT)
70,000
EUR
71.4%
FI
EV Management GmbH, Vienna (AT)
100,000
EUR
100.0%
BR
Expo Forest 1 EOOD, Sofia (BG)
10,000
BGN
100.0%
OT
Extra Year Investments Limited, Tortola (VG)
50,000
USD
100.0%
FI
FARIO Handels- und Beteiligungsgesellschaft m.b.H., Vienna (AT)
40,000
EUR
100.0%
OT
Fidurock Residential a.s., Prague (CZ)
2,000,000
CZK
90.0%
OT
FINGROUP SKOLSKA s.r.o., Prague (CZ)
20,000
CZK
100.0%
OT
FIRA Properties a.s., Prague (CZ)
1,800,000
CZK
90.0%
OT
First Leasing Service Center GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Fittonia Property, s.r.o., Prague (CZ)
50,000
CZK
90.0%
OT
Fobos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Folos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Fortunella Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Frixos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Gabarts Beteiligungs GmbH & Co KG in Liqu., Vienna (AT)
10,000
EUR
100.0%
FI
Gaia Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Galene Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Golden Rainbow International Limited, Tortola (VG)
1
SGD
100.0%
FI
Grainulos s.r.o., Prague (CZ)
1
CZK
100.0%
OT
H22 GmbH & Co KG, Vienna (AT)
0
EUR
100.0%
OT
Harmonia Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Hefaistos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Hestia Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Holeckova Property s.r.o., Prague (CZ)
210,000
CZK
100.0%
OT
Humanitarian Fund ''Budimir Bosko Kostic'', Belgrade (RS)
30,000
RSD
100.0%
OT
Hypnos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Ianira Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
IDUS Handels- und Beteiligungs GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
IGNIS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Immoservice Polska Sp.z.o.o., Warsaw (PL)
50,000
PLN
100.0%
OT
Infrastruktur Heilbad Sauerbrunn GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
ISIS Raiffeisen Immobilien Leasing GmbH, Vienna (AT)
36,400
EUR
100.0%
FI
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Kalypso Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
Karpo Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Kathrein & Co Life Settlement Gesellschaft m.b.H. in Liqu, Vienna (AT)
35,000
EUR
100.0%
OT
Kathrein & Co. Trust Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Kathrein Private Equity GmbH, Vienna (AT)
190,000
EUR
100.0%
OT
Keto Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Kleio Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
K\u00f6rlog Logistika \u00c9p\u00edt\u00f6 \u00e9s Kivitelez\u00f6 Korl\u00e1tolt Fele\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (HU)
11,077
EUR
100.0%
OT
Krios Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Krizkovskeho 3 s.r.o., Prague (CZ)
10,000
CZK
90.0%
OT
K-SPACE, spol. s r. o., Prague (CZ)
200,000
CZK
100.0%
OT
Kybele Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Lazne Dobra Voda s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
LENTIA Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Leto Property, s.r.o., Prague (CZ)
200,000
CZK
77.0%
BR
Limited Liability Company \u201cRaiffeisen Leasing\u201d, Kiev (UA)
1,240,152,866
UAH
100.0%
OT
Limited Liability Company FAIRO, Kiev (UA)
358,998,892
UAH
100.0%
BR
Limited Liability Company REC GAMMA, Kiev (UA)
49,015,000
UAH
100.0%
BR
Limited Liabilty Company RBRU Specialized Depositary, Moscow (RU)
100,000,000
RUB
100.0%
FI
Luna Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
LYRA Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
MAMONT GmbH, Kiev (UA)
66,872,100
UAH
100.0%
OT
Marissa Ypsilon, a.s., Prague (CZ)
4,000,000
CZK
100.0%
OT
Medea Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Melite Property, s.r.o., Prague (CZ)
50,000
CZK
51.0%
BR
Melpomene Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
MIRA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Mneme Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Morfeus Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
MORHUA Handels- und Beteiligungs GmbH, Vienna (AT)
36,336
EUR
100.0%
OT
Nefele Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Neocity 29, s.r.o., Prague (CZ)
200,000
CZK
51.0%
OT
Nereus Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Nerudova Property s.r.o., Hradec Kralove (CZ)
200,000
CZK
100.0%
BR
Neso Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Objekt Linser Areal Immobilienerrichtungs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Orchideus Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
P20 Property, s.r.o., Prague (CZ)
20,000
CZK
100.0%
OT
Panope Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
PARO Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Pasithea Property, s.r.o., Prague (CZ)
50,000
CZK
90.0%
OT
Plutos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Pontos Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Pro Invest da Vinci e.o.o.d., Sofia (BG)
5,000
BGN
100.0%
OT
Propria Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
90.0%
OT
Proteus Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Queens Garden Sp z.o.o., Warsaw (PL)
100,000
PLN
100.0%
OT
R 320 Verwaltungs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
R Lux Invest S.\u00e1 r.l, Luxembourg (LU)
50,000
EUR
100.0%
FI
R.L.H. Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Radwinter sp.z o.o., Warsaw (PL)
30,300
PLN
100.0%
OT
Raiffeisen Advisory EOOD, Sofia (BG)
700,000
BGN
100.0%
FI
Raiffeisen Apart GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Assistance D.O.O., Beograd, Belgrade (RS)
4,307,115
RSD
100.0%
OT
Raiffeisen Assistance doo Sarajevo, Sarajevo (BA)
4,000
BAM
100.0%
OT
Raiffeisen Aut\u00f3 L\u00edzing Kft., Budapest (HU)
3,000,000
HUF
100.0%
OT
Raiffeisen Broker, s.r.o., Prague (CZ)
1,250,000
CZK
100.0%
VV
Raiffeisen Burgenland Leasing GmbH, Vienna (AT)
38,000
EUR
100.0%
FI
Raiffeisen Capital a.d. Banja Luka, Banja Luka (BA)
355,000
BAM
100.0%
FI
Raiffeisen CIB sp. z o.o., Warsaw (PL)
2,105,000
PLN
100.0%
OT
Raiffeisen Conversational AI Lab s. r. o., Bratislava (SK)
75,000
EUR
100.0%
BR
Raiffeisen Digital Assets GmbH, Vienna (AT)
35,000
EUR
100.0%
BR
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Raiffeisen Direct Investments CZ, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
RAIFFEISEN FUTURE AD, Belgrade (RS)
143,200,000
RSD
100.0%
FI
Raiffeisen Immobilien Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
5,000,000
EUR
100.0%
FI
Raiffeisen Insurance and Reinsurance Broker S.R.L, Bucharest (RO)
180,000
RON
100.0%
BR
Raiffeisen Insurance Broker Kosovo L.L.C., Pristina (XK)
10,000
EUR
100.0%
BR
Raiffeisen International Invest Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen Invest a.d., Belgrade (RS)
47,660,000
RSD
100.0%
FI
Raiffeisen Invest Fund Management Company JSC Sarajevo, Sarajevo (BA)
1,118,600
BAM
100.0%
FI
Raiffeisen INVEST Sh.a., Tirana (AL)
90,000,000
ALL
100.0%
FI
Raiffeisen Investment Advisory GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen Investment Financial Advisory Services Ltd. Co., Istanbul (TR)
2,930,000
TRY
100.0%
FI
Raiffeisen Leasing d.o.o., Ljubljana (SI)
3,738,107
EUR
100.0%
FI
Raiffeisen Leasing-Projektfinanzierung Gesellschaft m.b.H., Vienna (AT)
72,673
EUR
100.0%
FI
Raiffeisen Property Estate s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
Raiffeisen Property Management Bulgaria EOOD, Sofia (BG)
80,000
BGN
100.0%
OT
Raiffeisen Property Management s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
Raiffeisen Real Estate Management Ltd., Budapest (HU)
3,000,000
HUF
100.0%
OT
Raiffeisen Rent S.R.L, Bucharest (RO)
27,857,820
RON
100.0%
OT
Raiffeisen Tech GmbH, Vienna (AT)
35,000
EUR
100.0%
BR
Raiffeisen Tech Kosovo LLC, Pristina (XK)
1,750,000
EUR
100.0%
BR
RAIFFEISEN TECH ROMANIA S.R.L., Bucharest (RO)
4,950,000
RON
100.0%
BR
Raiffeisen Windpark Zistersdorf GmbH, Vienna (AT)
37,000
EUR
100.0%
OT
Raiffeisen WohnBau Seeresidenz Weyregg GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Wohnbauleasing\u00a0 Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Leasing Anlagen und KFZ Vermietungs GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Leasing Immobilienverwaltung Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
OT
Raiffeisen-Wohnbauleasing \u00d6sterreich GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
RAN elf Raiffeisen-Anlagenvermietung Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
RB Service Center Ltd., Ny\u00edregyh\u00e1za (HU)
3,000,000
HUF
100.0%
OT
RBI Kantinenbetriebs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
RBI PE Handels- und Beteiligungs GmbH, Vienna (AT)
150,000
EUR
100.0%
FI
RBI Real Estate Services Czechia s.r.o., Prague (CZ)
100,000
CZK
100.0%
OT
RBI Real Estate Services Polska SP.z.o.o., Warsaw (PL)
400,000
PLN
100.0%
OT
RBI Retail Innovation GmbH, Vienna (AT)
35,000
EUR
100.0%
BR
RBI Retail Innovation LLC, Kiev (UA)
8,241,525
UAH
100.0%
BR
RBM Wohnbau Ges.m.b.H., Vienna (AT)
37,000
EUR
100.0%
OT
RCR Ukraine LLC, Kiev (UA)
282,699
UAH
100.0%
OT
RDI Czech 1 s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
RDI Czech 3 s.r.o, Prague (CZ)
200,000
CZK
100.0%
OT
RDI Czech 4 s.r.o, Prague (CZ)
2,500,000
CZK
100.0%
OT
RDI Czech 5 s.r.o, Prague (CZ)
200,000
CZK
100.0%
OT
RDI Czech 6 s.r.o, Prague (CZ)
3,700,000
CZK
100.0%
OT
RDI Management s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Real Estate Rent 4 DOO, Belgrade (RS)
40,310
RSD
100.0%
OT
Rent PO, s.r.o., Bratislava (SK)
6,639
EUR
100.0%
FI
Residence Park Trebes, s.r.o., Prague (CZ)
20,000,000
CZK
100.0%
BR
RIL XIII Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
R-Insurance Services sp. z o.o., Ruda O.S. (PL)
5,000
PLN
100.0%
OT
RIRBRO ESTATE MANAGEMENT S.R.L., Bucharest (RO)
1,000
RON
100.0%
OT
RK 60 Kft, Budapest (HU)
3,000,000
HUF
100.0%
OT
RL Leasing Gesellschaft m.b.H., Eschborn (DE)
25,565
EUR
100.0%
FI
RL-Lamda s.r.o., Bratislava (SK)
6,639
EUR
100.0%
OT
RL-Prom-Wald Sp. Z.o.o, Warsaw (PL)
50,000
PLN
100.0%
OT
RLRE Carina Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
RLRE Ypsilon Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
Robert K\u00e1roly K\u00f6r\u00fat Irodah\u00e1z Kft., Budapest (HU)
3,000,000
HUF
100.0%
OT
Rolna 1 sp. z o.o., Wroc\u0142aw (PL)
100
PLN
100.0%
OT
RPM Budapest KFT, Budapest (HU)
3,000,000
HUF
100.0%
OT
RS 80 Projektentwicklungs GmbH & Co KG, Vienna (AT)
0
EUR
100.0%
OT
RWA Raiffeisen-Immobilien-Leasing s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
Sao Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
SASSK Ltd., Kiev (UA)
152,322,000
UAH
88.7%
OT
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Savity Verm\u00f6gensverwaltung GmbH, Vienna (AT)
100,000
EUR
100.0%
FI
Scantius Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
SCT Karasz Ltd., Budapest (HU)
3,000,000
HUF
100.0%
OT
SCTE Els\u00f6 Ingatlanfejleszt\u00f6 \u00e9s Ingatlanhasznos\u00edt\u00f3 Kft., Budapest (HU)
3,000,000
HUF
100.0%
OT
Senna Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Sky Solar Distribuce s.r.o., Prague (CZ)
200,000
CZK
77.0%
OT
SOLIDA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
50.5%
FI
SPILBERK SPV delta s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
SPILBERK SPV gama s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
St. Marx-Immobilien Verwertungs- und Verwaltungs GmbH, Vienna (AT)
36,336
EUR
100.0%
OT
Stara 19 s.r.o., Prague (CZ)
200,000
CZK
90.0%
OT
Strasnicka realitni a.s., Prague (CZ)
8,380,000
CZK
100.0%
OT
Szentkiraly utca 18 Kft., Budapest (HU)
5,000,000
HUF
100.0%
OT
Tatra Asset Management SICAV a.s., Prague (CZ)
100,000
CZK
100.0%
FI
Tatra Leasing Broker, s.r.o., Bratislava (SK)
6,639
EUR
100.0%
OT
Tatra Residence, a.s., Bratislava (SK)
21,420,423
EUR
100.0%
OT
TEG 1 Immobilienentwicklungs GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Thallos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Thaumas Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Thoe Property, s.r.o., Prague (CZ)
45,000
CZK
90.0%
OT
Uniola Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Valida Consulting GmbH, Vienna (AT)
1,536,336
EUR
100.0%
OT
Veletrzni 42 s.r.o., Prague (CZ)
100,000
CZK
90.0%
OT
Vindalo Properties Limited, Limassol (CY)
67,998
RUB
100.0%
BR
Vivante Services 2 sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105, Warsaw (PL)
56,000
PLN
100.0%
OT
Vlhka 26 s.r.o., Prague (CZ)
200,000
CZK
90.0%
OT
VR I Verwaltungs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
WI Inwestycje Selektywne sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105, Wroc\u0142aw (PL)
7,450
PLN
100.0%
OT
WI Lasy Polskie 4 sp. z o.o., Warsaw (PL)
27,400
PLN
100.0%
OT
Xantoria Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Zahradnicka Property s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
ZUNO GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
Other equity participations
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Accession Mezzanine Capital III L.P. (in liquidation), St. Helier (JE)
1,501
EUR
3.3%
OT
Aedificium Banca pentru Locuinte S.A. - in Liquidation, Bucharest (RO)
25,000,320
RON
100.0%
OT
Agricultural Open Joint Stock Company Illintsi Livestock Breeding Enterprise, Illinci (UA)
703,100
UAH
4.7%
OT
Agro.Club Inc., New York (US)
240
USD
8.2%
OT
AIL Swiss-Austria Leasing AG, Glattbrugg (CH)
5,000,000
CHF
50.0%
FI
ALCS Association of Leasing Companies in Serbia, Belgrade (RS)
853,710
RSD
12.5%
OT
Analytical Credit Rating Agency (Joint Stock Company), Moscow (RU)
3,000,024,000
RUB
3.7%
OT
A-Trust GmbH, Vienna (AT)
5,290,013
EUR
12.1%
OT
Austrian Growth Capital Fund SCSp, Senningerberg (LU)
132,919,213
EUR
18.8%
FI
Austrian Reporting Services GmbH, Vienna (AT)
41,176
EUR
13.0%
BR
Autenti Sp. z o.o., Poznan (PL)
6,811,700
PLN
7.4%
OT
Bad Sauerbrunn Thermalwasser Nutzungs- und Verwertungs GmbH., Bad Sauerbrunn (AT)
36,336
EUR
50.0%
OT
Bankovni identita, a.s., Prague (CZ)
3,881,000
CZK
11.9%
OT
Biroul de Credit S.A., Bucharest (RO)
4,114,615
RON
13.2%
FI
BTS Holding a.s. \"v likvid\u00e1cii\", Bratislava (SK)
35,700
EUR
19.0%
OT
Budapest Stock Exchange, Budapest (HU)
541,348,100
HUF
<0,1%
OT
byrd technologies GmbH, Vienna (AT)
172,069
EUR
2.1%
OT
Central Depository and Clearing Company, Inc., Zagreb (HR)
12,545,623
EUR
0.1%
FI
CIT ONE SA, Bucharest (RO)
21,270,270
RON
33.3%
BR
CloudCart AD, Sofia (BG)
78,430
BGN
5.0%
OT
Commodity Exchange Crimean Interbank Currency Exchange, Simferopol (UA)
420,000
UAH
4.8%
OT
CONATUS Grundst\u00fcckvermietungs Gesellschaft m.b.H. in Liqu., St. P\u00f6lten (AT)
36,360
EUR
24.5%
OT
CULINA Grundst\u00fcckvermietungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
25.0%
FI
D. Trust Certifikacn\u00e1 Autorita, a.s., Bratislava (SK)
331,939
EUR
10.0%
OT
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Einlagensicherung AUSTRIA Ges.m.b.H., Vienna (AT)
0
EUR
1.0%
FI
Elucidate GmbH, Berlin (DE)
57,746
EUR
5.2%
OT
EMERGING EUROPE GROWTH FUND II, L.P., Delaware (US)
370,000,000
USD
1.9%
OT
ESQUILIN Grundst\u00fccksverwaltungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,336
EUR
24.5%
FI
Euro Banking Association (ABE Clearing S.A.S.), Paris (FR)
48,000
EUR
2.1%
FI
European Investment Fund S.A., Luxembourg (LU)
7,370,000,000
EUR
0.1%
FI
Export and Industry Bank Inc., Makati City (PH)
4,734,452,540
PHP
9.5%
BA
FORIS Grundst\u00fcckvermietungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
24.5%
FI
G + R Leasing Gesellschaft m.b.H. & Co. KG., Graz (AT)
72,673
EUR
50.0%
FI
Garantiqa Hitelgarancia ZRt., Budapest (HU)
7,839,600,000
HUF
0.2%
BR
Greenix Limited, Tortola (VG)
100,000
USD
25.0%
OT
HOBEX AG, Salzburg (AT)
1,000,000
EUR
8.5%
FI
Hrvatski registar obveza po kreditima d.o.o., Zagreb (HR)
1,791,758
EUR
10.5%
BR
Joint Stock Company Stock Exchange PFTS, Kiev (UA)
32,010,000
UAH
0.2%
OT
Kommunal-Infrastruktur & Immobilien Zeltweg GmbH, Zeltweg (AT)
35,000
EUR
20.0%
OT
LITUS Grundst\u00fcckvermietungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
24.5%
FI
Lorit Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
42,000
EUR
8.3%
FI
MASTERINVEST Kapitalanlage GmbH, Vienna (AT)
2,500,000
EUR
37.5%
FI
Medicur - Holding Gesellschaft m.b.H., Vienna (AT)
4,360,500
EUR
25.0%
OT
Mit.Einander Wohnen Bisamberg Projekterrichtungs GmbH, Vienna (AT)
35,000
EUR
20.0%
OT
Monilogi s.r.o., Bratislava (SK)
2,250,000
EUR
28.0%
OT
National Settlement Depositary, Moscow (RU)
1,180,675,000
RUB
<0,1%
FI
N\u00d6 Raiffeisen Kommunalprojekte Service Gesellschaft m.b.H., Vienna (AT)
50,000
EUR
26.0%
FI
N\u00d6 Raiffeisen-Leasing Gemeindeprojekte Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
1.0%
FI
N\u00d6-KL Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
37,400
EUR
33.3%
FI
Not a Hotel Venture Limited, Dublin (IE)
6,476
EUR
7.2%
OT
Oberpinzg. Fremdenverkehrf\u00f6rderungs- und Bergbahnen AG, Neukirchen am Gro\u00dfvenediger (AT)
3,297,530
EUR
<0,1%
OT
Open Joint Stock Company Kyiv Special Project and Design Bureau Menas, Kiev (UA)
3,383,218
UAH
4.7%
OT
\u00d6sterreichische Raiffeisen-Sicherungseinrichtung eGen, Vienna (AT)
121,200
EUR
8.7%
BR
\u00d6sterreichische Wertpapierdaten Service GmbH, Vienna (AT)
100,000
EUR
24.1%
BR
Pisano Limited, London (GB)
4,041
GBP
17.0%
OT
Private Joint Stock Company Bird Farm Bershadskyi, Viytivka (UA)
6,691,141
UAH
0.5%
OT
Private Joint Stock Company First All-Ukrainian Credit Bureau, Kiev (UA)
11,750,000
UAH
5.1%
OT
Private Joint Stock Company Sumy Enterprise Agrotechservice, Sumy (UA)
1,545,000
UAH
0.6%
OT
Private Joint Stock Company Ukrainian Interbank Currency Exchange, Kiev (UA)
36,000,000
UAH
3.1%
OT
PSA Payment Services Austria GmbH, Vienna (AT)
285,000
EUR
11.2%
FI
Public Joint Stock Company National Depositary of Ukraine, Kiev (UA)
103,200,000
UAH
0.1%
BR
Public Joint Stock Company Settlement Center for Servicing of Contracts in Financial Markets, Kiev
(UA)
206,700,000
UAH
<0,1%
OT
Qivalis B.V., Amsterdam (NL)
11,000
EUR
9.1%
OT
QUIRINAL Grundst\u00fccksverwaltungs Gesellschaft m.b.H., Vienna (AT)
37,063
EUR
33.3%
FI
Raiffeisen Continuum GmbH, Vienna (AT)
100,000
EUR
14.3%
OT
Raiffeisen Continuum GmbH & Co KG, Vienna (AT)
22,700,543
EUR
29.1%
FI
Raiffeisen Continuum Management GmbH, Vienna (AT)
100,000
EUR
47.5%
FI
Raiffeisen Digital GmbH, Vienna (AT)
75,000
EUR
1.2%
BR
Raiffeisen e-force GmbH, Vienna (AT)
145,346
EUR
28.2%
BR
Raiffeisen Informatik Gesch\u00e4ftsf\u00fchrungs GmbH, Vienna (AT)
70,000
EUR
47.6%
BR
Raiffeisen Kooperations eGen, Vienna (AT)
9,000,000
EUR
11.1%
OT
Raiffeisen Landesbank K\u00e4rnten und Revisionsverband eGen, Klagenfurt (AT)
6,715,600
EUR
<0,1%
BA
Raiffeisen Salzburg Leasing GmbH, Salzburg (AT)
35,000
EUR
19.0%
FI
Raiffeisen Software GmbH, Linz (AT)
150,000
EUR
1.2%
BR
Raiffeisen WohnBau Via Silva GmbH, Vienna (AT)
35,000
EUR
55.0%
FI
RAIFFEISEN-HOLDING NIEDER\u00d6STERREICH-WIEN registrierte Genossenschaft mit beschr\u00e4nkter Haftung,
Vienna (AT)
96,391,536
EUR
<0,1%
BA
Raiffeisen-IMPULS-Liegenschaftsverwaltung Gesellschaft m.b.H., Linz (AT)
500,000
ATS
25.0%
FI
Raiffeisen-Impuls-Zeta Immobilien GmbH, Linz (AT)
58,333
EUR
40.0%
FI
Raiffeisen-Landesbank Tirol AG, Rum (AT)
90,850,000
EUR
<0,1%
BA
Raiffeisen-Leasing BOT s.r.o., Prague (CZ)
100,000
CZK
20.0%
OT
Raiffeisen-Leasing Mobilien und KFZ GmbH, Vienna (AT)
35,000
EUR
15.0%
FI
Registry of Securities in FBH, Sarajevo (BA)
2,052,300
BAM
1.4%
BR
Rehazentrum Kitzb\u00fchel Immobilien-Leasing GmbH, Innsbruck (AT)
35,000
EUR
19.0%
FI
REMUS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
50.0%
FI
RLB Holding eGen O\u00d6, Linz (AT)
1,566,758
EUR
<0,1%
FI
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
RLKG Raiffeisen-Leasing GmbH, Vienna (AT)
40,000
EUR
12.5%
FI
RSAL Raiffeisen Steiermark Anlagenleasing GmbH, Graz (AT)
38,000
EUR
19.0%
FI
RSC Raiffeisen Service Center GmbH, Vienna (AT)
2,000,000
EUR
50.3%
BR
RSIL Immobilienleasing Raiffeisen Steiermark GmbH, Graz (AT)
38,000
EUR
19.0%
FI
S.C. DEPOZITARUL CENTRAL S.A., Bucharest (RO)
25,291,953
RON
2.6%
OT
Sarajevo Stock Exchange, Sarajevo (BA)
1,967,680
BAM
10.5%
FI
SELENE Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Innsbruck (AT)
36,400
EUR
1.0%
OT
SESAMm, Metz (FR)
200,055
EUR
3.2%
OT
SKR Lager 102 AB, Stockholm (SE)
100,000
SEK
49.0%
OT
Slovak Banking Credit Bureau, s.r.o., Bratislava (SK)
9,958
EUR
33.3%
BR
Societatea de Transfer de Fonduri si Decontari-TRANSFOND S.A, Bucharest (RO)
6,720,000
RON
3.4%
FI
Society for Worldwide Interbank Financial Telekommunication scrl, La Hulpe (BE)
629,671,620
EUR
0.4%
FI
SPRINT INTERMEDIATECO B.V., Hoofddorp (NL)
2
EUR
0.9%
OT
Steirische Gemeindegeb\u00e4ude Leasing Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
50.0%
OT
Steirische Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
25.0%
FI
Steirische Leasing f\u00fcr Gebietsk\u00f6rperschaften Ges.m.b.H., Vienna (AT)
36,336
EUR
50.0%
FI
Steirische Leasing f\u00fcr \u00f6ffentliche Bauten Gesellschaft m.b.H. in Liqu., Vienna (AT)
36,336
EUR
50.0%
OT
SWO Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
50.0%
FI
Syrena Immobilien Holding AG, Spittal an der Drau (AT)
22,600,370
EUR
21.0%
OT
Tarfin Limited, London (GB)
16,297,958
GBP
11.9%
OT
The Zagreb Stock Exchange joint stock company, Zagreb (HR)
6,152,631
EUR
2.9%
OT
TKL II. Grundverwertungsgesellschaft m.b.H., Vienna (AT)
39,000
EUR
8.3%
OT
TKL VI Grundverwertungsgesellschaft m.b.H., Innsbruck (AT)
39,000
EUR
33.3%
FI
TKL VII Grundverwertungsgesellschaft m.b.H., Innsbruck (AT)
39,000
EUR
33.3%
OT
TKL VIII Grundverwertungsgesellschaft m.b.H., Innsbruck (AT)
39,000
EUR
24.5%
FI
Tojon Beteiligungs GmbH, Vienna (AT)
70,000
EUR
25.0%
OT
TRABITUS Grundst\u00fccksvermietungs Gesellschaft m.b.H. in Liqu., Vienna (AT)
36,360
EUR
25.0%
OT
VALET-Grundst\u00fccksverwaltungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
24.5%
FI
vc trade GmbH, Frankfurt am Main (DE)
41,278
EUR
9.4%
BR
VERMREAL Liegenschaftserwerbs- und -betriebs GmbH, Vienna (AT)
36,336
EUR
17.0%
OT
vestr AG, Zug (CH)
235,310
CHF
5.6%
OT
Visa Inc., San Francisco (US)
192,981
USD
<0,1%
BR
Wiener B\u00f6rse Aktiengesellschaft, Vienna (AT)
18,620,720
EUR
7.0%
OT
Zhytomyr Commodity Agroindustrial Exchange, Zhitomir (UA)
476,515
UAH
3.1%
OT
Ziloti Holding S.A., Luxembourg (LU)
48,963
EUR
0.9%
OT
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
Consolidated group
Fully consolidated
Number of units
2025
2024
As at beginning of period
182
192
Included for the first time in the financial period
1
3
Merged in the financial period
0
(4)
Excluded in the financial period
(13)
(9)
As at end of period
170
182
Domicile in Austria
100
107
Domicile abroad
70
75
Banks
16
17
Financial institutions
98
105
Companies rendering bank-related ancillary services
9
6
Financial holding companies
3
3
Other
44
51
Included units
Company, domicile (country)
Share
Included as of
Reason
Financial institutions
Raiffeisen investicni spolecnost a.s., Prague (CZ)
75.0%
1/1
Materiality
Excluded units
Company, domicile (country)
Share
Excluded as of
Reason
Banks
Aedificium Banca pentru Locuinte S.A., Bucharest (RO)
100.0 %
1/6
in liquidation
Financial institutions
CUPIDO Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
100.0 %
1/5
Sale
RL Grundst\u00fcckverwaltung Klagenfurt-S\u00fcd GmbH, Vienna (AT)
100.0 %
1/5
Sale
AGIOS Raiffeisen-Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
51.0 %
1/6
Sale
RIL XIV Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Raiffeisen Leasing-Projektfinanzierung Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
SOLAR II Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/8
Materiality
Abade Immobilienleasing GmbH, Eschborn (DE)
100.0 %
1/11
Materiality
Abade Immobilienleasing GmbH & Co Projekt Lauterbach KG, Kriftel (DE)
6.0 %
1/11
Materiality
LYRA Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
100.0 %
1/11
Materiality
Companies rendering bank-related ancillary services
ASCENT Pflege Borna Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/8
Materiality
Other companies
ASCENT Pflege Erfurt Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
ASCENT Pflege Schleswig Immobilienleasing GmbH, Kriftel (DE)
75.0 %
1/1
Materiality
The result from non-current assets and disposal groups classified as held for sale and deconsolidation amounted to minus \u20ac 6
million in the reporting year. In total, 13 Group units were deconsolidated during the reporting period.
Subsidiaries
All material subsidiaries over which RBI AG directly or indirectly has control are fully consolidated. The Group has control over
an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and the ability to affect
those returns through its power over the investee. Investments in subsidiaries that are not fully consolidated are shown under
the item investments in subsidiaries and associates.
If voting rights are relevant, the Group has control over an entity in which it directly or indirectly holds more than 50 per cent of
the voting rights; except when there are indicators that another investee has the ability to determine unilaterally the relevant
activities of the entity. One or more of the following points may be such an indicator:
\u00b7 Another investor has control over more than half of the voting rights due to an agreement with the Group,
\u00b7 Another investor has the ability to control financial policy and operational activities of the equity participation due
to legal provisions or an agreement,
\u00b7 Another investor has control over the equity participation due to its possibility to appoint and withdraw the majority
of members of the Board or members of an equivalent governing body,
\u00b7 Another investor has control over the entity due to its possibility to possess the majority of the delivered voting
rights in a meeting of members of the Board or of members an equivalent governing body.
When judging control, also potential voting rights are considered as far as they are material.
The Group assesses evidence of control in cases in which it does not hold the majority of voting rights but has the ability to
unilaterally govern the relevant activities of the entity. This ability may occur in cases in which the Group has the ability to
control the relevant activities due to the extent and distribution of voting rights of the investees.
Same as to subsidiaries, consolidation of structured entities is necessary, if the Group has control over the entity. Structured
entities are characterized by the fact that voting rights or similar rights are not the dominant factor for determining control.
To determine control over such entities, the group examines a series of control factors, which are reviewed if an event occurs
or at least quarterly.
In principle, subsidiaries are initially integrated into the consolidated group on the date when the Group obtains direct or
indirect control and are excluded from the consolidated group from the date on when it no longer has control over the
company. The results from subsidiaries acquired or disposed of during the year are recorded in the consolidated income
statement, either from the assumption of control or up to the loss of control. During the initial consolidation of previously not
included controlled subsidiaries due to their immateriality, changes in the value of individual assets and liabilities between the
date of acquisition or foundation and the initial consolidation as well as profits/losses generated in this period of the
subsidiary in question are taken into account directly in equity. These modifications are reported in the other changes. The
Group reviews the adequacy of previous decisions on which companies to consolidate at least every quarter. Accordingly, any
organizational changes are immediately considered. Apart from changes in ownership, these also include any changes to the
Group\u2019s existing contractual arrangements or new contractual arrangements with a unit.
Non-controlling interests are shown in the consolidated statement of financial position as part of equity, but separately from
RBI AG's equity. The profit attributable to non-controlling interests is shown separately in the consolidated income statement.
In debt consolidation, intra-group loans and liabilities are eliminated. Remaining temporary differences are recognized under
the item other assets or other liabilities in the consolidated statement of financial position.
Intra-group income and expenses are also eliminated and temporary differences resulting from bank business transactions are
included partly in net interest income and partly in net trading income. Other differences are shown in the item other net
operating income.
Intra-group results are eliminated insofar as they have a material effect on the income statement items. Transactions
between Group members are executed principally at market conditions.
Changes in the Group\u2019s ownership interests in existing subsidiaries
If, in the case of existing control, further shares are acquired or sold without loss of control, in subsequent consolidation such
transactions are recognized directly in equity. The carrying amount of the shares held by the Group and the non-controlling
interests are adjusted in such a way as to reflect changes in existing shareholdings in subsidiaries. Any difference between the
amount which is adjusted for the non-controlling interests and the fair value of the consideration paid or received is
recognized directly in equity and is assigned to the shareholders of the parent company.
If the company loses control over a subsidiary, the income/loss from disposal of group assets is shown in the income
statement. This is calculated as the difference between
\u00b7 the total amount of fair value of the received consideration and fair value of the shares retained and
\u00b7 the carrying amount of assets (including goodwill), liabilities of the subsidiary and all non-controlling interests.
All amounts related to these subsidiaries and shown in other comprehensive income are recognized in the same way as would
be the case for the sale of assets. This means the amounts are reclassified to the income statement or directly transferred to
retained earnings.
Consolidated subsidiaries where RBI holds less than 50 per cent of the ordinary voting
shares
Subsidiaries in which the Group holds less than half of the voting rights are fully consolidated if RBI has effective control
according to the criteria of IFRS 10. This involves examining whether the Group is exposed or has rights to variable returns from
its involvement in the investee and has the ability to affect those returns through its power over the investee.
Structured units have been designed in such a way that voting rights or other similar rights are not the dominant factor in
establishing control of a company.
The Group has several leasing companies in the legal form of a GmbH & Co KG, in which a Group company assumes the role of
general partner. Through this structure, the Group assumes the requisite personal liability which qualifies as exposure to the
variability of the returns generated by the structured companies. These companies are included in the list of fully consolidated
affiliated companies.
Subsidiaries not fully consolidated where RBI holds more than 50 per cent of the
ordinary voting shares
Due to their negligible contribution to the Group\u2019s assets, earnings, and financial position, 247 subsidiaries were not included in
the consolidated financial statements (previous year: 262). Total assets of the companies not included came to less than 1 per
cent of the Group\u2019s total assets.
List of fully consolidated affiliated companies
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
\"Raiffeisen-Rent\" Verm\u00f6gensberatung und Treuhand Gesellschaft m.b.H., Vienna (AT)
364,000
EUR
100.0%
FI
Abura Immobilienleasing GmbH & Co. Projekt Seniorenhaus Boppard KG, Kriftel (DE)
5,000
EUR
6.0%
FI
Achat Immobilien GmbH & Co. Projekt Hochtaunus-Stift KG, Kriftel (DE)
10,000
EUR
1.0%
FI
Acridin Immobilienleasing GmbH & Co. Projekt Marienfeld KG, Kriftel (DE)
5,000
EUR
100.0%
FI
Adagium Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Adamas Immobilienleasing GmbH & Co. Projekt Pflegeheim Werdau KG, Kriftel (DE)
5,000
EUR
100.0%
FI
Adorant Immobilienleasing GmbH & Co. Projekt Heilsbronn und Neuendettelsau KG, Kriftel (DE)
5,000
EUR
6.0%
OT
Ados Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
75.0%
FI
Adrittura Immobilienleasing GmbH & Co. Projekt Eiching KG, Kriftel (DE)
5,000
EUR
100.0%
OT
Agamemnon Immobilienleasing GmbH & Co. Projekt Pflegeheim Freiberg KG, Kriftel (DE)
5,000
EUR
100.0%
FI
Akcenta CZ a.s., Prague (CZ)
100,125,000
CZK
92.5%
FI
AKRISIOS Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
AL Taunussteiner Grundst\u00fccks-GmbH & Co KG, Kriftel (DE)
9,400
EUR
93.6%
FI
A-Leasing SpA, Treviso (IT)
68,410,000
EUR
100.0%
FI
Allg\u00e4u Reha Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
75.0%
FI
AMYKOS RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
Anton Proksch Institut Kalksburg RBI Immobilien Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
BR
AO Raiffeisenbank, Moscow (RU)
36,711,260,000
RUB
100.0%
BA
ARCANA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
A-Real Estate S.p.A., Bozen (IT)
390,000
EUR
100.0%
FI
ASCENT Pflege Hettstedt Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
75.0%
FI
Austria Leasing Beteiligungsgesellschaft mbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Austria Leasing GmbH, Eschborn (DE)
1,000,000
EUR
100.0%
FI
B52 RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
BR
Bafep21 RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
BAILE Handels- und Beteiligungsgesellschaft m.b.H., Vienna (AT)
40,000
EUR
100.0%
FI
Baumgartner H\u00f6he RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
Burgenl\u00e4ndische Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Campus ATZ + DOS RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
Campus NBhf RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
Canopa Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Centralised Raiffeisen International Services & Payments S.R.L., Bucharest (RO)
2,820,000
RON
100.0%
BR
CERES Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
CINOVA RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
CP Inlandsimmobilien-Holding GmbH, Vienna (AT)
364,000
EUR
100.0%
OT
Elevator Ventures Beteiligungs GmbH, Vienna (AT)
100,000
EUR
100.0%
FI
ETEOKLES Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Expo 2000 Real Estate EOOD, Sofia (BG)
10,000
BGN
100.0%
OT
FCC Office Building SRL, Bucharest (RO)
30,298,500
RON
100.0%
OT
Floreasca City Center Verwaltung Kft., Budapest (HU)
44,000
HUF
100.0%
OT
FMK Fachmarktcenter Kohlbruck Betriebs GmbH, Eschborn (DE)
30,678
EUR
94.5%
OT
FMZ PRIMUS Ingatlanfejleszt\u00f6 Kft., Budapest (HU)
11,077
EUR
100.0%
OT
GENO Leasing Ges.m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
GTNMS RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
75.0%
OT
HABITO Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
INFRA MI 1 Immobilien Gesellschaft mbH, Vienna (AT)
72,673
EUR
100.0%
OT
Infrastruktur Heilbad Sauerbrunn RBI-Leasing GmbH & Co.KG., Bad Sauerbrunn (AT)
3,511,188
EUR
75.0%
FI
Invest Verm\u00f6gensverwaltungs-GmbH, Vienna (AT)
73,000
EUR
100.0%
OT
Kathrein Privatbank Aktiengesellschaft, Vienna (AT)
20,000,000
EUR
100.0%
BA
KAURI Handels und Beteiligungs GmbH, Vienna (AT)
50,000
EUR
88.0%
FI
LARENTIA Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Lentia Immobilienleasing GmbH & Co. Albert-Osswald-Haus KG, Kriftel (DE)
5,000
EUR
6.0%
FI
Limited Liability Company RB-Digital, Moscow (RU)
1,500,000
RUB
100.0%
BR
LLC Asset Management \u0421ompany Raiffeisen, Moscow (RU)
225,000,000
RUB
100.0%
FI
Neu-Marx Holding Eins GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Neu-Marx Holding Zwei GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Neu-Marx Immobilien Eins GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Neu-Marx Immobilien Zwei GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Objekt Linser Areal Immoblilienerrichtungs GmbH & Co. KG, Vienna (AT)
1,000
EUR
100.0%
OT
OOO Raiffeisen-Leasing, Moscow (RU)
1,071,000,000
RUB
100.0%
FI
OVIS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
PELIAS Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
36,400
EUR
100.0%
FI
PERSES RBI Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
PLANA Raiffeisen-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
R Karpo Immobilien Linie S.R.L., Bucharest (RO)
200
RON
100.0%
OT
R.P.I. Handels- und Beteiligungsgesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
Raiffeisen Bank d.d. Bosna i Hercegovina, Sarajevo (BA)
247,167,000
BAM
100.0%
BA
Raiffeisen Bank JSC, Kiev (UA)
6,154,516,258
UAH
68.2%
BA
Raiffeisen Bank Kosovo J.S.C., Pristina (XK)
63,000,000
EUR
100.0%
BA
Raiffeisen Bank S.A., Bucharest (RO)
1,200,000,000
RON
100.0%
BA
Raiffeisen Bank Sh.a., Tirana (AL)
14,178,593,030
ALL
100.0%
BA
Raiffeisen Bank Zrt., Budapest (HU)
50,000,090,000
HUF
100.0%
BA
Raiffeisen banka a.d., Belgrade (RS)
27,466,157,580
RSD
100.0%
BA
Raiffeisen Bausparkasse Gesellschaft m.b.H., Vienna (AT)
35,000,000
EUR
100.0%
BA
Raiffeisen Bausparkassen Holding GmbH, Vienna (AT)
10,000,000
EUR
100.0%
FI
Raiffeisen CEE Region Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FH
Raiffeisen Corporate Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen Corporate L\u00edzing Zrt., Budapest (HU)
50,120,000
HUF
100.0%
FI
Raiffeisen Digital Bank AG, Vienna (AT)
47,598,850
EUR
100.0%
BA
Raiffeisen Factor Bank AG, Vienna (AT)
10,000,000
EUR
100.0%
FI
Raiffeisen FinCorp, s.r.o., Prague (CZ)
200,000
CZK
75.0%
FI
Raiffeisen Group IT GmbH, Vienna (AT)
100,000
EUR
99.9%
BR
Raiffeisen International Liegenschaftsbesitz GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen investicni spolecnost a.s., Prague (CZ)
40,000,000
CZK
75.0%
FI
Raiffeisen Investment Fund Management JSC, Budapest (HU)
100,000,000
HUF
100.0%
FI
Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
15,000,000
EUR
100.0%
FI
Raiffeisen Leasing d.o.o., Belgrade (RS)
405,021,700
RSD
100.0%
FI
Raiffeisen Leasing d.o.o. Sarajevo, Sarajevo (BA)
11,450,452
BAM
100.0%
FI
Raiffeisen Leasing IFN S.A., Bucharest (RO)
39,700,000
RON
99.9%
FI
Raiffeisen Leasing Kosovo LLC, Pristina (XK)
642,857
EUR
100.0%
FI
Raiffeisen Leasing sh.a., Tirana (AL)
263,520,134
ALL
100.0%
FI
Raiffeisen Mandatory and Voluntary Pension Funds Management Company Plc., Zagreb (HR)
19,038,463
EUR
100.0%
VV
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
Raiffeisen \u00d6HT Beteiligungs GmbH, Vienna (AT)
35,000
EUR
88.0%
FI
Raiffeisen Pension Insurance d.d., Zagreb (HR)
13,020,108
EUR
100.0%
VV
Raiffeisen Property Holding International GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Property International GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
Raiffeisen Property Management GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
Raiffeisen Rehazentrum Schruns Immobilienleasing GmbH, Vienna (AT)
36,400
EUR
51.0%
FI
Raiffeisen Rent DOO, Belgrade (RS)
243,099,913
RSD
100.0%
BR
Raiffeisen RS Beteiligungs GmbH, Vienna (AT)
35,000
EUR
100.0%
FH
Raiffeisen SEE Region Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FH
Raiffeisen stavebni sporitelna a.s., Prague (CZ)
650,000,000
CZK
75.0%
BA
Raiffeisen WohnBau Tirol GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen WohnBau Vienna GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen WohnBau Wien GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen WohnBau Zwei GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Wohnbaubank Aktiengesellschaft, Vienna (AT)
5,100,000
EUR
100.0%
FI
Raiffeisen-Anlagenvermietung Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisenbank a.s., Prague (CZ)
15,460,800,000
CZK
75.0%
BA
Raiffeisenbank Austria d.d., Zagreb (HR)
480,646,626
EUR
100.0%
BA
Raiffeisen-Gemeindegeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Invest-Gesellschaft m.b.H., Vienna (AT)
40,000
EUR
100.0%
FI
Raiffeisen-Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Leasing Beteiligung GesmbH, Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Leasing d.o.o., Zagreb (HR)
3,981,684
EUR
100.0%
FI
Raiffeisen-Leasing Equipment Finance\u00a0 GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Leasing Finanzierungs GmbH, Vienna (AT)
5,000,000
EUR
100.0%
FI
Raiffeisen-Leasing Fuhrparkmanagement Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
OT
Raiffeisen-Leasing Gesellschaft m.b.H., Vienna (AT)
363,364
EUR
100.0%
FI
Raiffeisen-Leasing Immobilienmanagement Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Leasing International Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
Raiffeisen-Leasing, s.r.o., Prague (CZ)
450,000,000
CZK
75.0%
FI
Raiffeisen-Rent Immobilienprojektentwicklung Gesellschaft m.b.H. Objekt Wallgasse 12 KG,
Vienna (AT)
4,886,449
EUR
100.0%
OT
Raiffeisen-Rent-Immobilienprojektentwicklung Gesellschaft m.b.H., Objekt Lenaugasse 11 KG,
Vienna (AT)
6,169,924
EUR
100.0%
OT
RALT Raiffeisen-Leasing Gesellschaft m.b.H., Vienna (AT)
218,500
EUR
100.0%
FI
RALT Raiffeisen-Leasing Gesellschaft m.b.H. & Co. KG, Vienna (AT)
20,348,394
EUR
100.0%
FI
RAN vierzehn Raiffeisen-Anlagevermietung GmbH, Vienna (AT)
36,336
EUR
100.0%
FI
RAN zehn Raiffeisen-Anlagenvermietung Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
RB International Markets (USA) LLC, New York (US)
8,000,000
USD
100.0%
FI
RBI eins Leasing Holding GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
RBI ITS Leasing-Immobilien GmbH, Vienna (AT)
35,000
EUR
75.0%
FI
RBI LEA Beteiligungs GmbH, Vienna (AT)
70,000
EUR
100.0%
FI
RBI Leasing GmbH, Vienna (AT)
100,000
EUR
75.0%
FI
REC Alpha LLC, Kiev (UA)
1,201,407,344
UAH
100.0%
OT
Regional Card Processing Center s.r.o., Bratislava (SK)
539,465
EUR
100.0%
BR
RIL VII Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
RIRE Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
RL Anlagenvermietung Gesellschaft m.b.H., Eschborn (DE)
50,000
EUR
100.0%
FI
RL LUX Holding S.a.r.l., Luxembourg (LU)
12,500
EUR
100.0%
OT
RL Retail Holding GmbH, Vienna (AT)
36,000
EUR
100.0%
FI
RL-ALPHA Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
RL-M\u00f6rby AB, Stockholm (SE)
100,000
SEK
100.0%
FI
RL-Nordic AB, Stockholm (SE)
50,000,000
SEK
100.0%
FI
RL-Pro Auxo Sp.z.o.o., Warsaw (PL)
50,000
PLN
100.0%
FI
RL-PROMITOR Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
RL-PROMITOR Sp. z.o.o., Warsaw (PL)
50,000
PLN
100.0%
OT
RUBRA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
RZB - BLS Holding GmbH, Vienna (AT)
500,000
EUR
100.0%
FI
RZB Versicherungsbeteiligung GmbH, Vienna (AT)
500,000
EUR
100.0%
FI
S.A.I. Raiffeisen Asset Management S.A., Bucharest (RO)
33,004,533
RON
99.9%
FI
SALVELINUS Handels- und Beteiligungsgesellschaft m.b.H, Vienna (AT)
40,000
EUR
100.0%
FI
SAMARA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Company, domicile (country)
Subscribed capital1
in local currency
Share1
Type2
SINIS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
35,000
EUR
100.0%
FI
Sky Tower Immobilien- und Verwaltung Kft, Budapest (HU)
44,000
HUF
100.0%
OT
Skytower Building SRL, Bucharest (RO)
126,661,500
RON
100.0%
OT
Tatra Asset Management, spr\u00e1v. spol., a.s., Bratislava (SK)
1,659,700
EUR
78.8%
FI
Tatra banka, a.s., Bratislava (SK)
64,326,228
EUR
78.8%
BA
Tatra-Leasing, s.r.o., Bratislava (SK)
6,638,785
EUR
78.8%
FI
Ukrainian Processing Center PJSC, Kiev (UA)
180,000
UAH
100.0%
BR
URSA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Valida Holding AG, Vienna (AT)
5,000,000
EUR
57.4%
FI
Valida Pension AG, Vienna (AT)
10,200,000
EUR
57.4%
OT
Valida Plus AG, Vienna (AT)
5,500,000
EUR
57.4%
FI
Viktor Property, s.r.o., Prague (CZ)
200,000
CZK
75.0%
OT
W 3 Errichtungs- und Betriebs-GmbH, Vienna (AT)
800,000
EUR
100.0%
OT
WEGA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
WHIBK Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
ZHS Office- & Facilitymanagement GmbH, Vienna (AT)
36,336
EUR
100.0%
BR
1 Less own shares
2 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
Other affiliated companies
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
\"Am Hafen\" Sutterl\u00fcty GmbH & Co, Vienna (AT)
100,000
EUR
100.0%
FI
Abade Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Abade Immobilienleasing GmbH & Co Projekt Lauterbach KG, Kriftel (DE)
5,000
EUR
6.0%
FI
Abelin Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Abrawiza Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Abrawiza Immobilienleasing GmbH & Co. Projekt Fernwald KG, Kriftel (DE)
5,000
EUR
6.0%
OT
Abura Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
ACB Ponava, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Achat Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Acridin Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Adamas Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Adorant Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Adrett Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Adrittura Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Adufe Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
OT
Agamemnon Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Aglaia Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Aiolos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
AKCENTA DE GmbH, Hamburg (DE)
25,000
EUR
100.0%
FI
Akcenta Digital s.r.o., Hradec Kralove (CZ)
20,000
CZK
100.0%
FI
Ananke Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Angaga Handels- und Beteiligungs GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Antiopa Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Apate Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Appolon Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
ASCENT Pflege Borna Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
100.0%
BR
ASCENT Pflege Erfurt Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
100.0%
BR
ASCENT Pflege Schleswig Immobilienleasing GmbH, Kriftel (DE)
25,000
EUR
100.0%
BR
AURIGA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Austria Leasing GmbH & Co. KG Immobilienverwaltung CURA, Kriftel (DE)
10,000
EUR
100.0%
FI
Austria Leasing GmbH & Co. KG Immobilienverwaltung Projekt Eberdingen, Kriftel (DE)
10,000
EUR
100.0%
FI
Austria Leasing Immobilienverwaltungsgesellschaft mbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Beskydska brana s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
Bratislavska 59 s.r.o., Prague (CZ)
10,000
CZK
90.0%
OT
Campus NWB RBI Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Cepeline Holding GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Charis Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Chronos Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Clio Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
CP Linzerstra\u00dfe 221-227 Projektentwicklungs GmbH, Vienna (AT)
37,000
EUR
100.0%
OT
CP Logistikcenter Errichtungs- und Verwaltungs GmbH, Vienna (AT)
37,000
EUR
100.0%
OT
CP Projekte Muthgasse Entwicklungs GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
Cranto Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
CURO Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
OT
Cymo Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Dafne Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Darmera Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Dero Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Die Nieder\u00f6sterreichische Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Doplnkov\u00e1 d\u00f4chodkov\u00e1 spolo\u010dnos\u0165 Tatra banky, a.s., Bratislava (SK)
1,659,700
EUR
78.8%
FI
Doris Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
DORISCUS ENTERPRISES LTD., Limassol (CY)
19,843,400
EUR
86.6%
OT
Dota Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Eleos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Ephyra Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Epifron Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Erginos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Essox d.o.o., Belgrade (RS)
100
RSD
100.0%
OT
Eudore Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
EV II EuVECA GmbH & Co KG, Vienna (AT)
70,000
EUR
71.4%
FI
EV Management GmbH, Vienna (AT)
100,000
EUR
100.0%
BR
Expo Forest 1 EOOD, Sofia (BG)
10,000
BGN
100.0%
OT
Extra Year Investments Limited, Tortola (VG)
50,000
USD
100.0%
FI
FARIO Handels- und Beteiligungsgesellschaft m.b.H., Vienna (AT)
40,000
EUR
100.0%
OT
Fidurock Residential a.s., Prague (CZ)
2,000,000
CZK
90.0%
OT
FINGROUP SKOLSKA s.r.o., Prague (CZ)
20,000
CZK
100.0%
OT
FIRA Properties a.s., Prague (CZ)
1,800,000
CZK
90.0%
OT
First Leasing Service Center GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Fittonia Property, s.r.o., Prague (CZ)
50,000
CZK
90.0%
OT
Fobos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Folos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Fortunella Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Frixos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Gabarts Beteiligungs GmbH & Co KG in Liqu., Vienna (AT)
10,000
EUR
100.0%
FI
Gaia Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Galene Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Golden Rainbow International Limited, Tortola (VG)
1
SGD
100.0%
FI
Grainulos s.r.o., Prague (CZ)
1
CZK
100.0%
OT
H22 GmbH & Co KG, Vienna (AT)
0
EUR
100.0%
OT
Harmonia Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Hefaistos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Hestia Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Holeckova Property s.r.o., Prague (CZ)
210,000
CZK
100.0%
OT
Humanitarian Fund ''Budimir Bosko Kostic'', Belgrade (RS)
30,000
RSD
100.0%
OT
Hypnos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Ianira Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
IDUS Handels- und Beteiligungs GmbH, Vienna (AT)
40,000
EUR
100.0%
OT
IGNIS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Immoservice Polska Sp.z.o.o., Warsaw (PL)
50,000
PLN
100.0%
OT
Infrastruktur Heilbad Sauerbrunn GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
ISIS Raiffeisen Immobilien Leasing GmbH, Vienna (AT)
36,400
EUR
100.0%
FI
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Kalypso Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
Karpo Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Kathrein & Co Life Settlement Gesellschaft m.b.H. in Liqu, Vienna (AT)
35,000
EUR
100.0%
OT
Kathrein & Co. Trust Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Kathrein Private Equity GmbH, Vienna (AT)
190,000
EUR
100.0%
OT
Keto Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Kleio Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
K\u00f6rlog Logistika \u00c9p\u00edt\u00f6 \u00e9s Kivitelez\u00f6 Korl\u00e1tolt Fele\u00f6ss\u00e9g\u00fc T\u00e1rsas\u00e1g, Budapest (HU)
11,077
EUR
100.0%
OT
Krios Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Krizkovskeho 3 s.r.o., Prague (CZ)
10,000
CZK
90.0%
OT
K-SPACE, spol. s r. o., Prague (CZ)
200,000
CZK
100.0%
OT
Kybele Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Lazne Dobra Voda s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
LENTIA Immobilienleasing GmbH, Eschborn (DE)
25,000
EUR
100.0%
FI
Leto Property, s.r.o., Prague (CZ)
200,000
CZK
77.0%
BR
Limited Liability Company \u201cRaiffeisen Leasing\u201d, Kiev (UA)
1,240,152,866
UAH
100.0%
OT
Limited Liability Company FAIRO, Kiev (UA)
358,998,892
UAH
100.0%
BR
Limited Liability Company REC GAMMA, Kiev (UA)
49,015,000
UAH
100.0%
BR
Limited Liabilty Company RBRU Specialized Depositary, Moscow (RU)
100,000,000
RUB
100.0%
FI
Luna Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
LYRA Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
MAMONT GmbH, Kiev (UA)
66,872,100
UAH
100.0%
OT
Marissa Ypsilon, a.s., Prague (CZ)
4,000,000
CZK
100.0%
OT
Medea Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Melite Property, s.r.o., Prague (CZ)
50,000
CZK
51.0%
BR
Melpomene Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
MIRA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Mneme Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Morfeus Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
MORHUA Handels- und Beteiligungs GmbH, Vienna (AT)
36,336
EUR
100.0%
OT
Nefele Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Neocity 29, s.r.o., Prague (CZ)
200,000
CZK
51.0%
OT
Nereus Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Nerudova Property s.r.o., Hradec Kralove (CZ)
200,000
CZK
100.0%
BR
Neso Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Objekt Linser Areal Immobilienerrichtungs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Orchideus Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
P20 Property, s.r.o., Prague (CZ)
20,000
CZK
100.0%
OT
Panope Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
PARO Raiffeisen Immobilien Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Pasithea Property, s.r.o., Prague (CZ)
50,000
CZK
90.0%
OT
Plutos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Pontos Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Pro Invest da Vinci e.o.o.d., Sofia (BG)
5,000
BGN
100.0%
OT
Propria Raiffeisen-Immobilien-Leasing GmbH, Vienna (AT)
35,000
EUR
90.0%
OT
Proteus Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Queens Garden Sp z.o.o., Warsaw (PL)
100,000
PLN
100.0%
OT
R 320 Verwaltungs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
R Lux Invest S.\u00e1 r.l, Luxembourg (LU)
50,000
EUR
100.0%
FI
R.L.H. Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Radwinter sp.z o.o., Warsaw (PL)
30,300
PLN
100.0%
OT
Raiffeisen Advisory EOOD, Sofia (BG)
700,000
BGN
100.0%
FI
Raiffeisen Apart GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Assistance D.O.O., Beograd, Belgrade (RS)
4,307,115
RSD
100.0%
OT
Raiffeisen Assistance doo Sarajevo, Sarajevo (BA)
4,000
BAM
100.0%
OT
Raiffeisen Aut\u00f3 L\u00edzing Kft., Budapest (HU)
3,000,000
HUF
100.0%
OT
Raiffeisen Broker, s.r.o., Prague (CZ)
1,250,000
CZK
100.0%
VV
Raiffeisen Burgenland Leasing GmbH, Vienna (AT)
38,000
EUR
100.0%
FI
Raiffeisen Capital a.d. Banja Luka, Banja Luka (BA)
355,000
BAM
100.0%
FI
Raiffeisen CIB sp. z o.o., Warsaw (PL)
2,105,000
PLN
100.0%
OT
Raiffeisen Conversational AI Lab s. r. o., Bratislava (SK)
75,000
EUR
100.0%
BR
Raiffeisen Digital Assets GmbH, Vienna (AT)
35,000
EUR
100.0%
BR
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Raiffeisen Direct Investments CZ, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
RAIFFEISEN FUTURE AD, Belgrade (RS)
143,200,000
RSD
100.0%
FI
Raiffeisen Immobilien Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
5,000,000
EUR
100.0%
FI
Raiffeisen Insurance and Reinsurance Broker S.R.L, Bucharest (RO)
180,000
RON
100.0%
BR
Raiffeisen Insurance Broker Kosovo L.L.C., Pristina (XK)
10,000
EUR
100.0%
BR
Raiffeisen International Invest Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen Invest a.d., Belgrade (RS)
47,660,000
RSD
100.0%
FI
Raiffeisen Invest Fund Management Company JSC Sarajevo, Sarajevo (BA)
1,118,600
BAM
100.0%
FI
Raiffeisen INVEST Sh.a., Tirana (AL)
90,000,000
ALL
100.0%
FI
Raiffeisen Investment Advisory GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen Investment Financial Advisory Services Ltd. Co., Istanbul (TR)
2,930,000
TRY
100.0%
FI
Raiffeisen Leasing d.o.o., Ljubljana (SI)
3,738,107
EUR
100.0%
FI
Raiffeisen Leasing-Projektfinanzierung Gesellschaft m.b.H., Vienna (AT)
72,673
EUR
100.0%
FI
Raiffeisen Property Estate s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
Raiffeisen Property Management Bulgaria EOOD, Sofia (BG)
80,000
BGN
100.0%
OT
Raiffeisen Property Management s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
Raiffeisen Real Estate Management Ltd., Budapest (HU)
3,000,000
HUF
100.0%
OT
Raiffeisen Rent S.R.L, Bucharest (RO)
27,857,820
RON
100.0%
OT
Raiffeisen Tech GmbH, Vienna (AT)
35,000
EUR
100.0%
BR
Raiffeisen Tech Kosovo LLC, Pristina (XK)
1,750,000
EUR
100.0%
BR
RAIFFEISEN TECH ROMANIA S.R.L., Bucharest (RO)
4,950,000
RON
100.0%
BR
Raiffeisen Windpark Zistersdorf GmbH, Vienna (AT)
37,000
EUR
100.0%
OT
Raiffeisen WohnBau Seeresidenz Weyregg GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
Raiffeisen Wohnbauleasing\u00a0 Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
Raiffeisen-Leasing Anlagen und KFZ Vermietungs GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
Raiffeisen-Leasing Immobilienverwaltung Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
OT
Raiffeisen-Wohnbauleasing \u00d6sterreich GmbH, Vienna (AT)
35,000
EUR
100.0%
FI
RAN elf Raiffeisen-Anlagenvermietung Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
100.0%
FI
RB Service Center Ltd., Ny\u00edregyh\u00e1za (HU)
3,000,000
HUF
100.0%
OT
RBI Kantinenbetriebs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
RBI PE Handels- und Beteiligungs GmbH, Vienna (AT)
150,000
EUR
100.0%
FI
RBI Real Estate Services Czechia s.r.o., Prague (CZ)
100,000
CZK
100.0%
OT
RBI Real Estate Services Polska SP.z.o.o., Warsaw (PL)
400,000
PLN
100.0%
OT
RBI Retail Innovation GmbH, Vienna (AT)
35,000
EUR
100.0%
BR
RBI Retail Innovation LLC, Kiev (UA)
8,241,525
UAH
100.0%
BR
RBM Wohnbau Ges.m.b.H., Vienna (AT)
37,000
EUR
100.0%
OT
RCR Ukraine LLC, Kiev (UA)
282,699
UAH
100.0%
OT
RDI Czech 1 s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
RDI Czech 3 s.r.o, Prague (CZ)
200,000
CZK
100.0%
OT
RDI Czech 4 s.r.o, Prague (CZ)
2,500,000
CZK
100.0%
OT
RDI Czech 5 s.r.o, Prague (CZ)
200,000
CZK
100.0%
OT
RDI Czech 6 s.r.o, Prague (CZ)
3,700,000
CZK
100.0%
OT
RDI Management s.r.o., Prague (CZ)
200,000
CZK
100.0%
OT
Real Estate Rent 4 DOO, Belgrade (RS)
40,310
RSD
100.0%
OT
Rent PO, s.r.o., Bratislava (SK)
6,639
EUR
100.0%
FI
Residence Park Trebes, s.r.o., Prague (CZ)
20,000,000
CZK
100.0%
BR
RIL XIII Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
100.0%
FI
R-Insurance Services sp. z o.o., Ruda O.S. (PL)
5,000
PLN
100.0%
OT
RIRBRO ESTATE MANAGEMENT S.R.L., Bucharest (RO)
1,000
RON
100.0%
OT
RK 60 Kft, Budapest (HU)
3,000,000
HUF
100.0%
OT
RL Leasing Gesellschaft m.b.H., Eschborn (DE)
25,565
EUR
100.0%
FI
RL-Lamda s.r.o., Bratislava (SK)
6,639
EUR
100.0%
OT
RL-Prom-Wald Sp. Z.o.o, Warsaw (PL)
50,000
PLN
100.0%
OT
RLRE Carina Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
RLRE Ypsilon Property, s.r.o., Prague (CZ)
200,000
CZK
100.0%
BR
Robert K\u00e1roly K\u00f6r\u00fat Irodah\u00e1z Kft., Budapest (HU)
3,000,000
HUF
100.0%
OT
Rolna 1 sp. z o.o., Wroc\u0142aw (PL)
100
PLN
100.0%
OT
RPM Budapest KFT, Budapest (HU)
3,000,000
HUF
100.0%
OT
RS 80 Projektentwicklungs GmbH & Co KG, Vienna (AT)
0
EUR
100.0%
OT
RWA Raiffeisen-Immobilien-Leasing s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
Sao Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
SASSK Ltd., Kiev (UA)
152,322,000
UAH
88.7%
OT
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Savity Verm\u00f6gensverwaltung GmbH, Vienna (AT)
100,000
EUR
100.0%
FI
Scantius Holding GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
SCT Karasz Ltd., Budapest (HU)
3,000,000
HUF
100.0%
OT
SCTE Els\u00f6 Ingatlanfejleszt\u00f6 \u00e9s Ingatlanhasznos\u00edt\u00f3 Kft., Budapest (HU)
3,000,000
HUF
100.0%
OT
Senna Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Sky Solar Distribuce s.r.o., Prague (CZ)
200,000
CZK
77.0%
OT
SOLIDA Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
50.5%
FI
SPILBERK SPV delta s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
SPILBERK SPV gama s.r.o., Prague (CZ)
10,000
CZK
100.0%
OT
St. Marx-Immobilien Verwertungs- und Verwaltungs GmbH, Vienna (AT)
36,336
EUR
100.0%
OT
Stara 19 s.r.o., Prague (CZ)
200,000
CZK
90.0%
OT
Strasnicka realitni a.s., Prague (CZ)
8,380,000
CZK
100.0%
OT
Szentkiraly utca 18 Kft., Budapest (HU)
5,000,000
HUF
100.0%
OT
Tatra Asset Management SICAV a.s., Prague (CZ)
100,000
CZK
100.0%
FI
Tatra Leasing Broker, s.r.o., Bratislava (SK)
6,639
EUR
100.0%
OT
Tatra Residence, a.s., Bratislava (SK)
21,420,423
EUR
100.0%
OT
TEG 1 Immobilienentwicklungs GmbH & Co KG, Vienna (AT)
10,000
EUR
100.0%
OT
Thallos Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
BR
Thaumas Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Thoe Property, s.r.o., Prague (CZ)
45,000
CZK
90.0%
OT
Uniola Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Valida Consulting GmbH, Vienna (AT)
1,536,336
EUR
100.0%
OT
Veletrzni 42 s.r.o., Prague (CZ)
100,000
CZK
90.0%
OT
Vindalo Properties Limited, Limassol (CY)
67,998
RUB
100.0%
BR
Vivante Services 2 sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105, Warsaw (PL)
56,000
PLN
100.0%
OT
Vlhka 26 s.r.o., Prague (CZ)
200,000
CZK
90.0%
OT
VR I Verwaltungs GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
WI Inwestycje Selektywne sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105, Wroc\u0142aw (PL)
7,450
PLN
100.0%
OT
WI Lasy Polskie 4 sp. z o.o., Warsaw (PL)
27,400
PLN
100.0%
OT
Xantoria Property, s.r.o., Prague (CZ)
50,000
CZK
100.0%
OT
Zahradnicka Property s.r.o., Bratislava (SK)
5,000
EUR
100.0%
OT
ZUNO GmbH, Vienna (AT)
35,000
EUR
100.0%
OT
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
For the effects on the models for calculating impairments in accordance with IFRS 9, please refer to note (31) Expected credit
losses.
Impairment test for tangible and intangible fixed assets
Due to the war between Russia and the Ukraine, tangible and intangible fixed assets in both countries were examined for
indicators that could lead to an impairment in accordance with IAS 36.
In Ukraine, the tangible fixed assets located in the occupied territories were already written off to zero in 2022. All other
tangible fixed assets were assessed individually and adjusted if damage occurred. This resulted in a reversal of impairments
less than \u20ac 1 million in the reporting year 2025 (previous year: reversal of impairments less than \u20ac 1 million).
Due to changes in market prices, interest rates, rental prices and vacant properties, as a result of the geopolitical situation and
a more detailed appraisal the impairment test for tangible fixed assets in Russia resulted in an impairment loss of around \u20ac 1
million (previous year: reversal of impairment losses \u20ac 8 million). The impairment test for intangible fixed assets resulted in a
impairment loss of \u20ac 3 million (previous year: reversal of impairment losses less than \u20ac 1 million).
in \u20ac million
2025
2024
Net modification gains/losses
(29)
(23)
Gains/losses from changes in present value of non-substantially modified contracts
(33)
(23)
Gains/losses from derecognition due to substantial modification of contract terms
3
0
Impairment or reversal of impairment on investments in subsidiaries and associates
21
(50)
Impairment or reversal of impairment on non-financial assets
(5)
7
Goodwill
0
0
Other
(5)
7
Result from non-current assets and disposal groups classified as held for sale and deconsolidation
6
(8)
Net income from non-current assets and disposal groups classified as held for sale
6
4
Result of deconsolidations
0
(10)
Net expense from allocation and release of provisions for VAT interbank tax exemptions
0
(20)
Expenses for credit-linked, portfolio-based litigations and annulments
(302)
(657)
Expenses for legal disputes in Russia
(1,269)
0
Net expense from allocation and release of provisions for a legal dispute in Russia
(339)
(840)
Total
(1,918)
(1,590)
Impairment test for companies valued at equity
At the end of each reporting period an assessment is made whether there is any indication that the carrying amount of an
equity investment is higher than its recoverable amount. IAS 36 has a list of external and internal indicators of impairment. If
there is an indication that a company valued at equity may be impaired, then the asset's recoverable amount is calculated. The
following key assumptions have been made for the impairment test.
2025
2024
Cash generating units
LLI
OeKB
UNIQA
LLI
OeKB
UNIQA
Average discount interest rate (after tax)
6.7%
8.5%
8.4%
6.7%
8.9%
9.0%
Planning period
5 years
3 years
5 years
5 years
3 years
5 years
LLI: Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT) - average discount rate WACC
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT) - average discount rate CoE
UNIQA: UNIQA Insurance Group AG, Vienna (AT) - average discount rate CoE
The results showed a reversal of impairment for the majority of the investment portfolio based on the most recent impairment
tests. In this process, the ongoing replacement of low-interest assets had a positive impact on the earnings situation of the
bank holdings.
Summary of significant planning assumptions and description of the management approach to identify the values:
Cash generating units
Brief description
Key assumptions
Management approach
Leipnik-Lundenburger Invest
Beteiligungs AG (LLI)
In the two core areas of milling and
vending (hot and cold) beverages and
food from vending machines, the LLI
companies are market leaders in
Austria and in some EU countries
(Eastern Europe and Germany).
In addition to the two core areas, the at
equity valued investments prove to be
value drivers within LLI.
The planning assumptions approved by
the supervisory board reflect the
expected developments in raw material
prices and costs, which are also
reflected in the sales prices.
Planning includes actions to address
current and expected market
developments. In addition to cost
savings and a suitable pricing strategy,
these include further specializations,
optimization through digitalization and
the development of new products.
Oesterreichische Kontrollbank
Aktiengesellschaft (OeKB)
The OeKB fulfills two essential functions
for the Austrian export industry and the
capital market. As the export credit
agency of the Republic of Austria, it
provides state-guaranteed liabilities
and refinances export-related
investments and foreign transactions
through the export financing process.
Furthermore, the OeKB supports the
capital market through specialized
securities services, the settlement of
federal bond auctions, and via its
subsidiaries in the areas of custody and
clearing. Its main subsidiaries are
\u00d6sterreichische Hotel- und
Tourismusbank (OEHT) and
Oesterreichische Entwicklungsbank
(OeEB).
The planning assumptions take into
account the development of volumes in
export finance and have been adopted
in the valuation approach. They show
stable growth of loan volume over the
following years.
The management approach reflects the
current external conditions. The interest
rate level as well as catch-up effects
from previously postponed investments
due to the inflationary environment of
recent years have been taken into
account in the planning assumptions.
The existing mandates of the Republic
of Austria provide a stable foundation
for OeKB's business activities, which are
complemented by additional services.
UNIQA Insurance Group AG (UNIQA)
UNIQA Insurance Group AG is one of the
leading insurance groups in its core
markets of Austria and CEE. The group
is represented in 14 countries and
serves more than 17 million customers.
The brands UNIQA and Raiffeisen
Versicherung are two strong insurance
brands in Austria and are well
positioned in the CEE markets.
By taking appropriate countermeasures,
UNIQA intends to continue to pursue its
long-term profitability targets despite
the increasing cost pressure. In
summary, despite the volatile
environment, it is assumed that the
long-term strategic orientation will be
maintained and, accordingly, that long-
term returns will remain stable.
The management approach was
essentially adopted as the valuation
approach. It is based on the
continuation of the established
strategic direction. Accordingly,
ensuring a solid return on equity as well
as a strong solvency position is
fundamental. This forms the basis for
sustainable dividend growth and a
stable dividend yield.
Sensitivity analysis
In order to examine how a change in parameters essential for determining the cost of capital affects the value of equity, these
parameters were varied in the course of the sensitivity analysis carried out. Changes in the valuation of these companies may
therefore result in an adjustment to the carrying amount. In the event of a downside scenario (increase in the cost of capital by
50 basis points) the value in use of Leipnik-Lundenburger Invest Beteiligungs AG, Raiffeisen Leasing Management GmbH, Prva
stavebna sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft, \u00d6sterreichische Hotel und Tourismusbank GmbH,
Posojilnica Bank eGen would decrease by less than 10 per cent, and that of Raiffeisen Informatik GmbH & Co KG by around 17
per cent, thus leading to a further reduction in the carrying amount. UNIQA Insurance Group AG,\u00a0 Notartreuhandbank AG and
EMCOM Beteiligungs GmbH are excluded from this scenario, a further decline in value would not lead to a reduction in the
carrying amount here as the value in use would still be higher than the proportionate equity
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2025
Tangible fixed assets
(1,929)
5
(243)
1,729
Land and buildings used by the group for own purpose
(502)
4
(33)
484
Office furniture, equipment and other tangible fixed assets
(688)
0
(99)
370
Investment property
(176)
0
(10)
336
Other leased assets (operating lease)
(127)
0
(22)
161
Right-of-use assets
(435)
0
(79)
378
Intangible fixed assets
(2,476)
1
(270)
1,108
Software
(1,987)
1
(256)
1,011
Goodwill
(404)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(17)
0
(3)
7
Core deposits intangibles
(32)
0
(7)
38
Other intangible fixed assets
(35)
0
(4)
13
Total
(4,404)
6
(513)
2,836
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2024
Tangible fixed assets
(1,758)
0
(230)
1,683
Land and buildings used by the group for own purpose
(469)
0
(25)
470
Office furniture, equipment and other tangible fixed assets
(637)
0
(97)
335
Investment property
(169)
0
(12)
385
Other leased assets (operating lease)
(115)
0
(18)
121
Right-of-use assets
(367)
0
(79)
372
Intangible fixed assets
(2,246)
4
(245)
1,003
Software
(1,788)
2
(231)
890
Goodwill
(387)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(13)
0
(3)
9
Core deposits intangibles
(24)
0
(7)
44
Other intangible fixed assets
(32)
1
(3)
21
Total
(4,003)
4
(476)
2,686
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
Key assumptions
2025
2024
Cash generating units
RKAG
RBRS
AKCENTA
RKAG
RBRS
AKCENTA
Average discount interest rate (after tax)
9.7%
14.0%
10.3%
10.2%
15.4%
11.1%
Growth rates in phase I and II (5 years) p.a.\u00b9
3.7%
5.5%
n/a
3.5%
4.2%
n/a
Growth rates in phase III (terminal value) p.a.
2.0%
3.5%
2.0%
2.0%
3.5%
2.0%
1 Growth rates are based on the future development of the dividend distribution, adjusted for irregular dividend distributions due to the economic environment.
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
Cash generating units
Key assumptions
Management approach
Risk estimation
RKAG
RKAG is one of Austria's leading fund/
asset management companies, that
has been operating internationally for
many years and is a well-known
participant in various European
countries. The development is expected
to remain stable. Administrative
expenses remain stable, with the
exception of slight increase in the IT
area.
The assumptions of planning are based
on internal and external sources.
Macroeconomic assumptions of the
research department were compared
with data from external sources and
the five-year plan and are presented to
the company's managers. The budget
was approved by the Supervisory Board.
The main risk of the yields lies in the
development of the funds volume,
which in turn depends on the market
and its development. Other influencing
factors include future sales capacities,
customer asset allocation and the level
of achievable margins.
RBRS
Serbia is one of the focus countries for
the Group.The market is expected to
grow by 6.9 per cent (corporate)
respectively 5.8 per cent (retail) in 2026.
Margins are projected to decline slightly
due to interest rate expectations, while
profits remain stable.
The assumptions are based on both
internal and external sources.
Macroeconomic assumptions of the
research department were compared
with data from external sources and
the five-year plan, presented to the
Management Board and approved by
the Supervisory Board.
Reference interest rates are expected
to decline from 5.4 per cent in 2026 to
4.6\u00a0per cent in 2027. As a result, net
interest income will also decline in the
future. The earnings risk mainly relates
to the interest rate and margin
development of the RBRS portfolio.
AKCENTA
The Payment Service Providers (PSP)
market in Central and Eastern Europe
has grown significantly due to rising e-
commerce, demand for digital
payments, and government efforts to
promote cashless transactions.
Technological advances like mobile
payments and digital wallets also boost
this growth. The market is becoming
more competitive, with local and
international PSPs expanding and
traditional banks lowering fees and FX
margins to compete. In this context,
Akcenta launched its Strategy 2027,
continuing digital transformation with a
new IT core system and focusing on
faster, more transparent, and simpler
services.
Akcenta offers competitive rates and
lower fees than traditional institutions.
It helps SMEs benefit from favorable
currency exchanges and provides tools
like forward contracts, options, and
hedging to reduce currency risks.
Akcenta guides SMEs through Forex
complexities for effective international
transaction management. Its value is in
cost-effective, convenient foreign
exchange solutions, letting SMEs focus
on core operations.
As a result of its sound, sustainable
financial performance as well as profit
generating capacity, Akcenta boasts a
solid financial base, substantially
exceeding the regulatory capital
requirements. Akcenta adheres to strict
compliance and regulatory standards to
ensure the security and integrity of its
operations. This includes implementing
measures to prevent money laundering,
fraud, and other financial risks.
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
Sensitivity analysis
A sensitivity analysis was carried out based on the above-mentioned assumptions to evaluate the stability of the results of the
impairment test for goodwill. From several options for this analysis, one relevant parameter was selected, namely the cost of
equity. The following overview demonstrates to what extent an increase in the cost of equity could occur without the value in
use of cash generating units declining below the respective carrying amount (equity capital plus goodwill).
2025
2024
Maximum sensitivity
RKAG
RBRS
AKCENTA
RKAG
RBRS
AKCENTA
Increase in discount interest rate
22.2 PP
12.3 PP
0.99 PP
22.8 PP
7.1 PP
1.19 PP
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
Valuation of collateral in Ukraine
The real estate market continues to be significantly affected by the war, but at the same time it is adapting to new realities. In
western Ukraine the demand for retail spaces and warehouse properties is increasing, resulting in a price growth, while the
demand for office real estate is decreasing. Prices in the primary residential real estate market increased in almost all regions
during 2025. Non-eligible status was applied for collateral in occupied regions and in regions with high risk of hostility or
occupation significantly increased discounts were applied. For other areas of Ukraine, ongoing on-site visits and evaluations
are taking place.
(32) Collateral and maximum exposure to credit risk
The following table contains details of the maximum exposure as the basis for the following disclosures regarding collateral:
2025
Maximum exposure to credit risk
in \u20ac million
Not subject to
impairment
standards
Subject to
impairment
standards
hereof loans and advances non-trading
as well as loan commitments, financial
guarantees and other commitments
Financial assets - amortized cost
0
157,739
119,563
Financial assets - fair value through other comprehensive income\u00b9
0
4,275
0
Non-trading financial assets - mandatorily fair value through profit/loss
1,344
0
934
Financial assets - designated fair value through profit/loss
208
0
0
Financial assets - held for trading
6,707
0
0
On-balance
8,259
162,015
120,497
Loan commitments, financial guarantees and other commitments
0
58,307
58,307
Total
8,259
220,322
178,804
1 Gross carrying amount is defined according to FINREP Annex V 1.34(b)
2024
Maximum exposure to credit risk
in \u20ac million
Not subject to
impairment
standards
Subject to
impairment
standards
hereof loans and advances non-trading
as well as loan commitments, financial
guarantees and other commitments
Financial assets - amortized cost
0
150,512
119,676
Financial assets - fair value through other comprehensive income\u00b9
0
3,431
0
Non-trading financial assets - mandatorily fair value through profit/loss
1,088
0
689
Financial assets - designated fair value through profit/loss
304
0
0
Financial assets - held for trading
5,492
0
0
On-balance
6,885
153,943
120,365
Loan commitments, financial guarantees and other commitments
0
52,445
52,445
Total
6,885
206,388
172,811
1 Gross carrying amount is defined according to FINREP Annex V 1.34(b)
RBI employs a range of policies to mitigate credit risk, the most common of which is the acceptance of collateral for loans and
advances provided. A valuation of collateral is performed during the credit approval process. This is then reviewed periodically
using various validation processes. The main types of collateral which are accepted in RBI are residential and commercial real
estate collateral, financial collateral, guarantees and movable goods. Particularly in the case of commercial and residential real
estate collateral, special attention is paid during the valuation and revaluation to adapting the valuation parameters to the
market environment and the expected medium-term development in such a way that the collateral is valued in a prudent and
sustainable manner. Long-term financing is generally secured, and revolving credit facilities are generally unsecured. Debt
securities are mainly unsecured. Derivatives can be secured by cash or master netting agreements. Collateral from leasing
business primarily consist of the value of the leased assets themselves. Items shown in cash and cash equivalents are
considered to have negligible credit risk. Collateral is taken into account uniformly on the basis of Group directives. The Group
directives regarding obtaining collateral were not significantly changed during the reporting period; however, they are updated
on a yearly basis.
The collateral values shown in the tables are capped at the maximum value of the gross carrying amount of the financial
asset. The following table shows non-trading loans and advances as well as loan commitments, financial guarantees and
other commitments that are subject to impairment:
2025
Maximum exposure to
credit risk
Fair value of
collateral
Credit risk exposure
net of collateral
in \u20ac million
Central banks
8,431
7,851
580
General governments
3,918
587
3,331
Banks
4,253
1,825
2,428
Other financial corporations
10,038
4,582
5,456
Non-financial corporations
48,791
22,134
26,657
Households
45,066
28,833
16,232
Loan commitments, financial guarantees and other commitments
58,307
5,464
52,843
Total
178,804
71,276
107,528
2024
Maximum exposure to
credit risk
Fair value of
collateral
Credit risk exposure
net of collateral
in \u20ac million
Central banks
13,784
7,548
6,236
General governments
3,817
872
2,945
Banks
4,276
1,667
2,608
Other financial corporations
10,549
4,860
5,690
Non-financial corporations
46,900
21,032
25,868
Households
41,040
26,950
14,090
Loan commitments, financial guarantees and other commitments
52,445
5,468
46,977
Total
172,811
68,397
104,414
More than half of collateral which can be considered by RBI relate to loans collateralized by immovable property and of this
more than 70 per cent is residential immovable property. Additional collateral mainly comes from guarantees received which
include reverse repo and securities lending business, among other things.
Details of the maximum exposure from financial assets in Stage 3 and the corresponding collateral:
2025
Maximum
exposure to credit
risk (Stage 3)
Fair value of
collateral (Stage 3)
Credit risk
exposure net of
collateral (Stage 3)
Impairment
(Stage 3)
in \u20ac million
Central banks
0
0
0
0
General governments
144
136
8
(6)
Banks
1
0
1
(1)
Other financial corporations
120
7
113
(32)
Non-financial corporations
1,772
712
1,060
(774)
Households
1,025
225
801
(612)
Loan commitments, financial guarantees and other commitments
151
11
140
(50)
Total
3,214
1,090
2,123
(1,474)
2024
Maximum
exposure to credit
risk (Stage 3)
Fair value of
collateral (Stage 3)
Credit risk
exposure net of
collateral (Stage 3)
Impairment
(Stage 3)
in \u20ac million
Central banks
0
0
0
0
General governments
163
155
8
(7)
Banks
1
0
1
(1)
Other financial corporations
290
125
165
(119)
Non-financial corporations
2,115
434
1,681
(1,107)
Households
1,000
223
777
(615)
Loan commitments, financial guarantees and other commitments
215
12
203
(56)
Total
3,784
949
2,835
(1,904)
RBI holds an immaterial amount of repossessed assets on the statement of financial position.
(36) Assets pledged as collateral and received financial assets
The Group pledges assets mainly for repurchase agreements, securities lending agreements as well as other lending
arrangements and for margining purposes in relation to derivative liabilities. The table below contains assets from repo
business, securities lending business, securitizations, debentures transferred as collateral of liabilities or guarantees (i.e.
collateralized deposits):
2025
2024
in \u20ac million
Pledged
Otherwise restricted
with liabilities
Pledged
Otherwise restricted
with liabilities
Financial assets - held for trading
73
0
476
0
Non-trading financial assets - mandatorily fair value through profit/loss
43
0
18
0
Financial assets - designated fair value through profit/loss
193
0
234
0
Financial assets - fair value through other comprehensive income
537
0
330
0
Financial assets - amortized cost
20,501
1,373
18,274
1,407
Total
21,347
1,373
19,332
1,407
Statutory, contractual, or regulatory requirements as well as protective rights of non-controlling interests might restrict the
ability of the Group to access and transfer assets freely to or from other Group entities and settle liabilities. As at the reporting
date, the Group has not granted any material protective rights associated with non-controlling interests and therefore these
were not a source of significant restrictions.
The following products restrict the Group in the use of its assets: repurchase agreements, securities lending contracts as well
as other lending contracts for margining purposes in relation to derivative liabilities, securitizations, and various insurance
activities. The table below shows assets pledged as collateral, which are therefore connected to a liability. These assets are
restricted from usage to secure funding, for legal or other reasons.
in \u20ac million
2025
2024
Securities and other financial assets accepted as collateral which can be sold or repledged
16,825
19,664
hereof which have been sold or repledged
4,458
4,540
The Group received collaterals which can be sold or repledged even if no default occurs in the course of reverse repo business,
securities lending business, derivative and other transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
Segment classification
Segmentation principles
As a rule, internal management reporting at RBI is based on the current organizational structure. This matrix structure means
that each member of the Management Board is responsible both for individual countries and for specific business activities. A
cash generating unit (CGU) within the Group is a country. The presentation of the countries includes the operating units of RBI
in the respective countries (in addition to subsidiary banks, e.g. also leasing companies). Accordingly, the RBI management
bodies \u2013 Management Board and Supervisory Board \u2013 make key decisions that determine the resources allocated to any given
segment based on its financial strength and profitability, which is why these reporting criteria are a material component in the
decision-making process. The segments are also presented accordingly in compliance with IFRS 8. When assigning countries to
the individual reportable segments, in addition to long-term economic similarities such as equity risk premiums, potential
market growth and net interest margins, the expected risk and return levels are also taken into account when allocating
resources. According to IFRS 8.12, it is also required that the following economic characteristics are taken into account when
composing the reportable segments. The countries are combined into a reportable segment if the products and services
offered are the same. In addition to the uniform production processes and sales channels, the target groups such as corporate
customers, private customers and institutional customers are also similar in the individual segments. Banking regulations in
each country are mainly monitored by central banks. In all countries, the central bank is responsible for formulating and
implementing monetary policy, maintaining financial stability, and regulating the banking sector.The reconciliation contains
mainly the amounts resulting from the elimination of intra-group results and consolidation between the segments.
In order to achieve the maximum possible transparency and in the interest of clearer lines of reporting, segments were defined
in accordance with the IFRS 8 thresholds. IFRS 8 establishes a 10 per cent threshold for the key figures of operating income,
profit after tax and segment assets.
Central Europe
This segment encompasses the most advanced banking markets in Central and Eastern Europe, namely the EU members,
Czech Republic, Hungary, Poland and Slovakia. In Slovakia, RBI is active in the corporate and retail customer business, leasing,
asset management and building society business. In retail business, Tatra banka is pursuing a multi-brand strategy. In the
Czech Republic, RBI operates not only the traditional banking business with corporate and retail customers, but also real estate
leasing and building society business. In Hungary, the Group provides services to retail and corporate customers. The focus is
based on corporate customers and affluent retail customers. In Poland, RBI is present with a reduced portfolio of retail foreign
currency mortgage loans.
Southeastern Europe
The Southeastern Europe segment comprises Albania, Bosnia and Herzegovina, Croatia, Kosovo, Romania, and Serbia. In these
markets, RBI is represented by banks and leasing companies, as well as own capital management and asset management
companies and pension funds in some markets. In Albania, financial services are offered across all business areas. In Kosovo,
RBI also offers a comprehensive product range. In Bosnia and Herzegovina, the emphasis is on small and medium-sized
enterprises, while also including a wide range of products for retail customers. In Croatia, the focus is on large and medium-
sized corporate customers and on retail customers (including pension funds business). In Romania, a broad range of financial
services is offered via a tightly knit branch network. In Serbia, the market is serviced by a universal bank and leasing
companies.
Eastern Europe
This segment comprises\u00a0 Russia and in the previous year Belarus. Raiffeisenbank Russia serves both selected corporate and
private customers. RBI is also represented in the leasing business in Russia.
In November 2024, RBI successfully completed the sale of the Belarusian Group units. The current result of this unis in the
reporting year 2024 was reported under the item result from discontinued operations. The result from deconsolidation was
allocated to the Corporate Center segment.
Ukraine
This segment encompasses Ukraine. In Ukraine, RBI is represented by a bank and provides a full range of financial services
through the bank\u2019s digital channels and via a local branch network.
Group Corporates & Markets
The Group Corporates & Markets segment covers operating business booked in Austria. This primarily comprises financing
business with Austrian and international corporate customers serviced from Vienna, Financial Institutions & Sovereigns, the
trading of equity instruments and capital market financing, and business with the institutions of the Raiffeisen Banking Group
(RBG). This segment also covers the capital market-based customer and proprietary business in Austria. Besides RBI AG, this
also includes financial services outsourced to subsidiaries, such as Vienna-based entities like Raiffeisen Digital Bank AG (digital
retail banking activities), Kathrein Privatbank Aktiengesellschaft, Raiffeisen Leasing Group, Raiffeisen Factor Bank AG,
Raiffeisen Bausparkasse Gesellschaft m.b.H., Valida Group (pension fund business) and Raiffeisen Kapitalanlage-Gesellschaft
mit beschr\u00e4nkter Haftung. In addition, companies valued at equity that are active in the financial services sector are allocated
to this segment:\u00a0 Notartreuhandbank AG,\u00a0 Oesterreichische Kontrollbank AG, Prva stavebna sporitelna a.s., Bratislava and
Posojilnica Bank eGen.
Corporate Center
The Corporate Center segment encompasses services in various areas provided by head office and joint service providers that
serve to implement the Group\u2019s overall strategy and that are allocated to this segment to ensure comparability. Therefore, this
segment includes the following areas: Liquidity management and balance sheet structure management, equity participation
management, the banking operations carried out by head office for financing Group units, the Austrian and international
transaction and services business for financial services providers, as well as other companies outside the financial service
provider business that are not directly assigned to another segment e.g. real estate projects. Companies valued at equity that
are not active in the financial services sector are also assigned to this segment such as UNIQA Insurance Group AG, Raiffeisen
Informatik GmbH & Co KG, EMCOM Beteiligungs GmbH, Raiffeisen-Leasing Management GmbH,\u00a0 \u00d6ster. Hotel- und
Tourismusbank GmbH and Leipnik-Lundenburger Invest Beteiligungs AG, (holding company with participations in the flour, mill,
and vending segments).
Assessment of segment profit/loss
The segment reporting according to IFRS 8 shows the segment performance based on internal management reporting,
supplemented with the reconciliation of the segment results to the consolidated financial statements. In principle, RBI\u2019s
management reporting is based on IFRS. Therefore, no differences occur in the recognition and measurement principles
between segment reporting and consolidated financial statements.
The governance of each segment is based on key indicators relating to profitability, efficiency, constraint and business mix
parameters. The target values of these key indicators are determined according to the specific market environment and
adapted when necessary.
Profitability
Profitability is measured by the return on equity (ROE) and return on risk-adjusted capital (RORAC) based on the internal
management systems. The return on equity shows the profitability of a CGU and is calculated as the ratio of profit/loss after
deduction of non-controlling interests to average consolidated equity employed. The return on equity reflects the yield of the
capital employed of each segment. The calculation of the RORAC incorporates risk-adjusted capital, which reflects the capital
necessary in case of possible unexpected losses. In RBI, this capital requirement is calculated within the economic capital model
for credit, market, and operational risk. This ratio shows the yield on the risk-adjusted equity (economic capital), but it is not an
indicator pursuant to IFRS. Within the different countries and business lines the actual RORAC generated is compared with the
respective predetermined minimal value (RORAC hurdle), which reflects appropriate market yield expectations.
Efficiency
The cost/income ratio represents the cost efficiency of the segment. The cost/income ratio shows general administrative
expenses (excluding transaction tax) in relation to operating income (less recharged transaction tax and before impairment),
which is the sum of net interest income, dividend income, current income from investments in associates, net fee and
commission income, net trading income and fair value result, net gains/losses from hedge accounting and other net operating
income.
Constraints
In accordance with the Basel III framework, specific legal regulations are to be considered. The proportion of common equity
tier 1 capital to total risk-weighted assets (common equity tier 1 ratio) is for example an important indicator of whether the
underlying capital is adequate for the business volume. Industry sector specifics lead to different risk weights within the
calculation of risk-weighted assets according to CRR. These factors are crucial for the calculation of the regulatory minimum
total capital requirements. As part of the annual Supervisory Review and Evaluation Process (SREP), the ECB stipulates in a
notification that additional CET1 capital must be held in order to cover those risks which are not considered or are insufficiently
considered in Pillar I. Moreover, the efficient use of the available capital is calculated internally, whereby the actual usage is
compared to the theoretically available risk coverage capital. The long-term liquidity ratios are also restrictive and are defined
in accordance with the regulatory requirements. The minimum requirements for total capital and eligible liabilities (MREL)
result in restrictions on bank distributions (maximum distributable amount).
Business mix
The following key performance indicators are relevant in ensuring a reasonable and sustainable business structure, whereby
the composition of the result and the underlying portfolio parameters are of significance. The structure of the primary funding
basis for loans and advances to customers is measured by using the loan/deposit ratio. The net interest margin is calculated
based on average interest-bearing assets.
The presentation of segment performance is based on the income statement and geared to the reporting structure internally
used. Income and expenses are attributed primarily to the country and secondary to business area in which they are
generated. The segment reporting is thus shown by country and region, respectively. The segment result is shown up to the
profit/loss after deduction of non-controlling interests.
The segment assets are represented by the total assets and the risk-weighted assets. The reconciliation includes mainly the
amounts resulting from the elimination of intra-group results and consolidation between the segments. The income statement
is supplemented with financial ratios conventionally used within the industry to evaluate performance. The values shown in the
segment reporting are for the most part taken from the IFRS individual financial statements, which are also used for the
compilation of the consolidated financial statements. At head office, profit center results are taken from the internal
management income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
Segment reporting
2025
Central Europe
Southeastern
Europe
Eastern Europe
Ukraine
in \u20ac million
Net interest income
1,650
1,399
1,690
401
Dividend income
4
5
0
0
Current income from investments in associates
0
0
0
0
Net fee and commission income
703
574
729
65
Net trading income and fair value result
3
31
238
9
Net gains/losses from hedge accounting
(1)
0
0
0
Other net operating income
55
17
16
3
Operating income
2,414
2,026
2,674
478
General administrative expenses
(1,201)
(852)
(688)
(206)
Operating result
1,214
1,174
1,986
272
Other result
(313)
(6)
(1,609)
(2)
Governmental measures and compulsory contributions
(74)
(85)
(22)
(12)
Impairment losses on financial assets
(7)
(51)
51
48
Profit/loss before tax
820
1,032
406
307
Income taxes
(247)
(167)
(492)
(77)
Profit/loss after tax from continuing operations
572
865
(86)
229
Gains/losses from discontinued operations
0
0
0
0
Profit/loss after tax
572
865
(86)
229
Profit attributable to non-controlling interests
(158)
0
0
(73)
Profit/loss after deduction of non-controlling interests
415
865
(86)
156
Return on equity before tax
17.8%
26.6%
6.5%
52.1%
Return on equity after tax
12.4%
22.3%
\u2014
39.0%
Net interest margin (average interest-bearing assets)
2.40%
3.79%
9.74%
8.84%
Cost/income ratio
47.6%
42.0%
25.7%
43.1%
Loan/deposit ratio
78.4%
67.3%
26.6%
41.4%
Provisioning ratio (average loans to customers)
0.01%
0.23%
(1.03)%
(2.72)%
NPE ratio
1.0%
1.6%
1.2%
3.1%
NPE coverage ratio
58.5%
65.4%
78.8%
82.3%
Assets
73,141
40,751
18,505
5,002
Total risk-weighted assets (RWA)
26,554
19,482
19,042
4,370
Equity
5,157
4,535
5,622
773
Loans to customers
42,222
21,695
4,415
1,697
Deposits from customers
56,512
32,104
10,298
4,034
Business outlets
334
638
66
266
Employees as at reporting date (full-time equivalents)
10,699
12,264
8,522
5,078
Customers in million
4.6
5.4
2.9
3.1
2025
Group Corporates &
Markets
Corporate Center
Reconciliation
Total
in \u20ac million
Net interest income
725
10
(1)
5,874
Dividend income
3
1,363
(1,345)
31
Current income from investments in associates
19
32
1
52
Net fee and commission income
600
60
1
2,731
Net trading income and fair value result
155
(194)
10
253
Net gains/losses from hedge accounting
5
3
(2)
6
Other net operating income
141
146
(227)
151
Operating income
1,649
1,419
(1,564)
9,097
General administrative expenses
(925)
(487)
225
(4,134)
Operating result
724
931
(1,338)
4,963
Other result
(1)
20
(8)
(1,918)
Governmental measures and compulsory contributions
(35)
(42)
0
(270)
Impairment losses on financial assets
(236)
64
(10)
(141)
Profit/loss before tax
452
973
(1,356)
2,634
Income taxes
(93)
66
(2)
(1,013)
Profit/loss after tax from continuing operations
359
1,039
(1,358)
1,621
Gains/losses from discontinued operations
0
0
0
0
Profit/loss after tax
359
1,039
(1,358)
1,621
Profit attributable to non-controlling interests
(19)
0
0
(250)
Profit/loss after deduction of non-controlling interests
340
1,039
(1,358)
1,371
Return on equity before tax
10.4%
\u2013
\u2013
12.5%
Return on equity after tax
8.3%
\u2013
\u2013
7.7%
Net interest margin (average interest-bearing assets)
1.18%
\u2013
\u2013
2.95%
Cost/income ratio
56.1%
\u2013
\u2013
44.8%
Loan/deposit ratio
167.3%
\u2013
\u2013
82.0%
Provisioning ratio (average loans to customers)
0.66%
\u2013
\u2013
0.14%
NPE ratio
2.9%
\u2013
\u2013
1.7%
NPE coverage ratio
25.9%
\u2013
\u2013
46.5%
Assets
63,635
28,865
(19,635)
210,265
Total risk-weighted assets (RWA)
23,660
16,866
(9,049)
100,924
Equity
4,600
7,122
(5,345)
22,463
Loans to customers
35,954
1,001
(1,374)
105,610
Deposits from customers
20,968
6,540
(2,880)
127,575
Business outlets
18
\u2013
\u2013
1,322
Employees as at reporting date (full-time equivalents)
3,714
2,148
\u2013
42,425
Customers in million
2.7
0.0
0.0
18.6
2024
Central Europe
Southeastern
Europe
Eastern Europe
Ukraine
in \u20ac million
Net interest income
1,606
1,392
1,623
391
Dividend income
11
4
0
0
Current income from investments in associates
5
0
1
0
Net fee and commission income
622
506
793
67
Net trading income and fair value result
6
22
59
19
Net gains/losses from hedge accounting
7
0
0
0
Other net operating income
35
15
(6)
1
Operating income
2,293
1,939
2,471
477
General administrative expenses
(1,099)
(807)
(488)
(192)
Operating result
1,195
1,132
1,982
286
Other result
(656)
(14)
(843)
(3)
Governmental measures and compulsory contributions
(86)
(61)
(30)
(11)
Impairment losses on financial assets
8
(19)
162
(60)
Profit/loss before tax
461
1,037
1,272
212
Income taxes
(245)
(162)
(399)
(115)
Profit/loss after tax from continuing operations
216
875
873
97
Gains/losses from discontinued operations
0
0
151
0
Profit/loss after tax
216
875
1,024
97
Profit attributable to non-controlling interests
(139)
0
(18)
(31)
Profit/loss after deduction of non-controlling interests
77
875
1,006
66
Return on equity before tax
10.3%
29.1%
29.6%
42.1%
Return on equity after tax
4.8%
24.5%
20.3%
19.3%
Net interest margin (average interest-bearing assets)
2.52%
4.17%
8.87%
9.07%
Cost/income ratio
47.9%
41.6%
19.8%
40.1%
Loan/deposit ratio
80.4%
65.6%
35.7%
33.2%
Provisioning ratio (average loans to customers)
(0.02)%
0.10%
(0.85)%
2.18%
NPE ratio
1.3%
1.7%
1.6%
4.4%
NPE coverage ratio
56.7%
66.2%
69.0%
82.5%
Assets
65,286
38,048
16,945
4,986
Total risk-weighted assets (RWA)
24,432
17,434
16,994
4,709
Equity
4,688
4,259
4,512
623
Loans to customers
37,836
20,583
4,176
1,385
Deposits from customers
49,648
30,060
9,512
4,149
Business outlets
337
650
89
298
Employees as at reporting date (full-time equivalents)
10,069
12,490
8,863
5,251
Customers in million
4.2
5.2
3.2
2.9
2024
Group Corporates &
Markets
Corporate Center
Reconciliation
Total
in \u20ac million
Net interest income
860
(95)
3
5,779
Dividend income
7
1,096
(1,086)
33
Current income from investments in associates
13
28
0
47
Net fee and commission income
589
76
(16)
2,638
Net trading income and fair value result
114
(121)
10
111
Net gains/losses from hedge accounting
2
(3)
3
9
Other net operating income
131
139
(231)
84
Operating income
1,717
1,120
(1,317)
8,701
General administrative expenses
(931)
(497)
228
(3,786)
Operating result
786
623
(1,089)
4,915
Other result
(13)
(54)
(7)
(1,590)
Governmental measures and compulsory contributions
(18)
(9)
0
(216)
Impairment losses on financial assets
(230)
5
8
(125)
Profit/loss before tax
525
565
(1,088)
2,984
Income taxes
(113)
82
(1)
(953)
Profit/loss after tax from continuing operations
412
647
(1,089)
2,031
Gains/losses from discontinued operations
0
(824)
0
(673)
Profit/loss after tax
412
(177)
(1,089)
1,358
Profit attributable to non-controlling interests
(24)
0
11
(201)
Profit/loss after deduction of non-controlling interests
388
(178)
(1,078)
1,157
Return on equity before tax
11.8%
\u2013
\u2013
15.4%
Return on equity after tax
9.2%
\u2013
\u2013
9.7%
Net interest margin (average interest-bearing assets)
1.39%
\u2013
\u2013
2.98%
Cost/income ratio
54.2%
\u2013
\u2013
43.0%
Loan/deposit ratio
161.1%
\u2013
\u2013
82.7%
Provisioning ratio (average loans to customers)
0.62%
\u2013
\u2013
0.22%
NPE ratio
3.5%
\u2013
\u2013
2.1%
NPE coverage ratio
39.4%
\u2013
\u2013
51.6%
Assets
62,818
33,001
(21,234)
199,851
Total risk-weighted assets (RWA)
25,055
17,215
(10,239)
95,600
Equity
4,729
8,045
(6,516)
20,340
Loans to customers
36,003
1,031
(1,463)
99,551
Deposits from customers
24,544
3,753
(3,950)
117,717
Business outlets
17
\u2013
\u2013
1,391
Employees as at reporting date (full-time equivalents)
3,704
2,187
\u2013
42,564
Customers in million
2.5
0.0
\u2013
17.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "
(1) Net interest income
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
in \u20ac million
2025
2024
Interest income according to effective interest method
7,596
8,170
Financial assets - fair value through other comprehensive income
227
169
Financial assets - amortized cost
7,369
8,001
Interest income other
2,231
2,312
Financial assets - held for trading
384
214
Non-trading financial assets - mandatorily fair value through profit/loss
56
40
Financial assets - designated fair value through profit/loss
7
9
Derivatives \u2013 hedge accounting, interest rate risk
146
294
Other assets
1,635
1,752
Interest income on financial liabilities
3
3
Interest expenses
(3,954)
(4,702)
Financial liabilities - amortized cost
(3,051)
(3,751)
Financial liabilities - held for trading
(424)
(245)
Financial liabilities - designated fair value through profit/loss
(37)
(37)
Derivatives \u2013 hedge accounting, interest rate risk
(421)
(649)
Other liabilities
(14)
(14)
Interest expenses on financial assets
(6)
(7)
Total
5,874
5,779
in \u20ac million
2025
2024
Net interest income
5,874
5,779
Average interest-bearing assets
198,836
194,071
Net interest margin
2.95%
2.98%
Net interest income includes interest income of \u20ac 674 million (previous year: \u20ac 432 million) from marked-to-market financial
assets and interest expenses of \u20ac 462 million (previous year: \u20ac 282 million) from marked-to-market financial liabilities.
Net interest income grew \u20ac 95 million to \u20ac 5,874 million. While the average key interest rate decreased year-on-year for most
of the Group\u2019s currencies (particularly for EUR, CZK and HUF), it rose for the Russian ruble, despite interest rate cuts in the
second half of the year. Business volume growth and purchases of government bonds in almost all countries supported net
interest income. Due to the reduction in market interest rates, the net interest margin was down 2 basis points to 2.95 per cent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
(1) Net interest income
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
in \u20ac million
2025
2024
Interest income according to effective interest method
7,596
8,170
Financial assets - fair value through other comprehensive income
227
169
Financial assets - amortized cost
7,369
8,001
Interest income other
2,231
2,312
Financial assets - held for trading
384
214
Non-trading financial assets - mandatorily fair value through profit/loss
56
40
Financial assets - designated fair value through profit/loss
7
9
Derivatives \u2013 hedge accounting, interest rate risk
146
294
Other assets
1,635
1,752
Interest income on financial liabilities
3
3
Interest expenses
(3,954)
(4,702)
Financial liabilities - amortized cost
(3,051)
(3,751)
Financial liabilities - held for trading
(424)
(245)
Financial liabilities - designated fair value through profit/loss
(37)
(37)
Derivatives \u2013 hedge accounting, interest rate risk
(421)
(649)
Other liabilities
(14)
(14)
Interest expenses on financial assets
(6)
(7)
Total
5,874
5,779
in \u20ac million
2025
2024
Net interest income
5,874
5,779
Average interest-bearing assets
198,836
194,071
Net interest margin
2.95%
2.98%
Net interest income includes interest income of \u20ac 674 million (previous year: \u20ac 432 million) from marked-to-market financial
assets and interest expenses of \u20ac 462 million (previous year: \u20ac 282 million) from marked-to-market financial liabilities.
Net interest income grew \u20ac 95 million to \u20ac 5,874 million. While the average key interest rate decreased year-on-year for most
of the Group\u2019s currencies (particularly for EUR, CZK and HUF), it rose for the Russian ruble, despite interest rate cuts in the
second half of the year. Business volume growth and purchases of government bonds in almost all countries supported net
interest income. Due to the reduction in market interest rates, the net interest margin was down 2 basis points to 2.95 per cent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
(1) Net interest income
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
in \u20ac million
2025
2024
Interest income according to effective interest method
7,596
8,170
Financial assets - fair value through other comprehensive income
227
169
Financial assets - amortized cost
7,369
8,001
Interest income other
2,231
2,312
Financial assets - held for trading
384
214
Non-trading financial assets - mandatorily fair value through profit/loss
56
40
Financial assets - designated fair value through profit/loss
7
9
Derivatives \u2013 hedge accounting, interest rate risk
146
294
Other assets
1,635
1,752
Interest income on financial liabilities
3
3
Interest expenses
(3,954)
(4,702)
Financial liabilities - amortized cost
(3,051)
(3,751)
Financial liabilities - held for trading
(424)
(245)
Financial liabilities - designated fair value through profit/loss
(37)
(37)
Derivatives \u2013 hedge accounting, interest rate risk
(421)
(649)
Other liabilities
(14)
(14)
Interest expenses on financial assets
(6)
(7)
Total
5,874
5,779
in \u20ac million
2025
2024
Net interest income
5,874
5,779
Average interest-bearing assets
198,836
194,071
Net interest margin
2.95%
2.98%
Net interest income includes interest income of \u20ac 674 million (previous year: \u20ac 432 million) from marked-to-market financial
assets and interest expenses of \u20ac 462 million (previous year: \u20ac 282 million) from marked-to-market financial liabilities.
Net interest income grew \u20ac 95 million to \u20ac 5,874 million. While the average key interest rate decreased year-on-year for most
of the Group\u2019s currencies (particularly for EUR, CZK and HUF), it rose for the Russian ruble, despite interest rate cuts in the
second half of the year. Business volume growth and purchases of government bonds in almost all countries supported net
interest income. Due to the reduction in market interest rates, the net interest margin was down 2 basis points to 2.95 per cent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
(1) Net interest income
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
in \u20ac million
2025
2024
Interest income according to effective interest method
7,596
8,170
Financial assets - fair value through other comprehensive income
227
169
Financial assets - amortized cost
7,369
8,001
Interest income other
2,231
2,312
Financial assets - held for trading
384
214
Non-trading financial assets - mandatorily fair value through profit/loss
56
40
Financial assets - designated fair value through profit/loss
7
9
Derivatives \u2013 hedge accounting, interest rate risk
146
294
Other assets
1,635
1,752
Interest income on financial liabilities
3
3
Interest expenses
(3,954)
(4,702)
Financial liabilities - amortized cost
(3,051)
(3,751)
Financial liabilities - held for trading
(424)
(245)
Financial liabilities - designated fair value through profit/loss
(37)
(37)
Derivatives \u2013 hedge accounting, interest rate risk
(421)
(649)
Other liabilities
(14)
(14)
Interest expenses on financial assets
(6)
(7)
Total
5,874
5,779
in \u20ac million
2025
2024
Net interest income
5,874
5,779
Average interest-bearing assets
198,836
194,071
Net interest margin
2.95%
2.98%
Net interest income includes interest income of \u20ac 674 million (previous year: \u20ac 432 million) from marked-to-market financial
assets and interest expenses of \u20ac 462 million (previous year: \u20ac 282 million) from marked-to-market financial liabilities.
Net interest income grew \u20ac 95 million to \u20ac 5,874 million. While the average key interest rate decreased year-on-year for most
of the Group\u2019s currencies (particularly for EUR, CZK and HUF), it rose for the Russian ruble, despite interest rate cuts in the
second half of the year. Business volume growth and purchases of government bonds in almost all countries supported net
interest income. Due to the reduction in market interest rates, the net interest margin was down 2 basis points to 2.95 per cent.
(2) Dividend income
Dividends from equities, subsidiaries not fully consolidated, strategic investments and associates not valued at equity are
recognized under dividend income. Dividends are recognized through profit/loss if RBI\u2019s legal entitlement to payment has
materialized.
in \u20ac million
2025
2024
Financial assets - held for trading
1
0
Non-trading financial assets - mandatorily fair value through profit/loss
1
2
Financial assets - fair value through other comprehensive income
9
10
Investments in subsidiaries and associates
20
20
Total
31
33
(3) Current income from investments in associates
in \u20ac million
2025
2024
Current income from investments in associates
52
47
(4) Net fee and commission income
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
in \u20ac million
2025
2024
Clearing, settlement and payment services
952
954
Loan and guarantee business
235
217
Securities
96
138
Asset management
328
299
Custody and fiduciary business
119
91
Customer resources distributed but not managed
68
65
Foreign exchange business
897
789
Other
36
84
Total
2,731
2,638
Net fee and commission income rose by \u20ac 93 million to \u20ac 2,731 million. Growth was achieved in most countries of the Group,
with highest increases in Romania, Hungary and the Czech Republic, while Russia recorded a decrease of \u20ac 64 million.
Net fee and commission income includes income and expenses of \u20ac 1,956 million (previous year: \u20ac 1,848 million) relating to
financial assets and financial liabilities that are not measured at fair value through profit or loss.
2025
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
980
807
861
183
923
135
(122)
3,767
Clearing, settlement and
payment services
453
485
186
144
210
102
(85)
1,495
Clearing and settlement
46
60
107
96
0
21
(12)
318
Credit cards
65
55
6
3
78
17
(8)
216
Debit cards and other card
payments
78
165
41
36
0
23
(21)
323
Other payment services
264
205
31
9
132
41
(44)
638
Loan and guarantee business
63
47
22
6
127
12
(4)
273
Securities
37
5
21
1
93
10
(16)
150
Asset management
53
34
29
0
371
0
0
487
Custody and fiduciary business
57
8
43
1
40
4
(9)
144
Customer resources
distributed but not managed
51
49
13
4
0
0
0
118
Foreign exchange business
231
167
471
27
67
7
(5)
965
Other
37
11
75
0
15
0
(3)
136
Fee and commission
expenses
(277)
(233)
(131)
(118)
(323)
(75)
123
(1,036)
Total
703
574
729
65
600
60
1
2,731
2024
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
862
724
957
192
933
142
(131)
3,680
Clearing, settlement and
payment services
411
441
292
146
201
99
(91)
1,499
Clearing and settlement
49
54
183
93
0
25
(15)
388
Credit cards
60
54
10
2
62
8
0
196
Debit cards and other card
payments
69
134
62
41
0
42
(38)
310
Other payment services
234
198
37
10
139
24
(38)
604
Loan and guarantee business
58
44
21
5
121
13
(6)
257
Securities
46
4
56
1
118
15
(19)
221
Asset management
34
30
31
0
365
0
0
460
Custody and fiduciary business
16
6
48
1
39
5
(5)
110
Customer resources
distributed but not managed
45
38
19
4
0
0
0
106
Foreign exchange business
222
151
377
35
73
9
(8)
860
Other
29
10
113
0
16
1
(2)
167
Fee and commission
expenses
(240)
(217)
(164)
(125)
(344)
(66)
115
(1,042)
Total
622
506
793
67
589
76
(16)
2,638
(5) Net trading income, fair value result and net gains/losses from hedge
accounting
Net trading income comprises the trading margins resulting from the foreign exchange business, results due to foreign
exchange revaluations and all realized and unrealized gains and losses from financial assets and liabilities at fair value.
in \u20ac million
2025
2024
Net gains/losses on financial assets and liabilities - held for trading
273
(48)
Derivatives
351
175
Equity instruments
129
20
Debt securities
32
46
Loans and advances
7
10
Short positions
(1)
0
Deposits
201
34
Debt securities issued
(467)
(319)
Other financial liabilities
20
(13)
Net gains/losses on non-trading financial assets - mandatorily fair value through profit or loss
(21)
18
Equity instruments
2
1
Debt securities
(3)
12
Loans and advances
(19)
6
Net gains/losses on financial assets and liabilities - designated fair value through profit/loss
3
(8)
Debt securities
0
0
Deposits
1
(1)
Debt securities issued
1
(7)
Exchange differences, net
(2)
148
Total
253
111
Net trading income and fair value result amounted to \u20ac 253 million in the reporting period (previous year: \u20ac 111 million). The
position Derivatives included in the trading result recorded a positive outcome of \u20ac 351 million, which represents an increase
compared to the previous year of \u20ac 176 million (previous year: \u20ac 175 million). Derivatives are primarily used to hedge against
interest rate and currency risks as well as risks from equity positions. The positive valuation results from derivatives were
achieved in part through hedges against currency and interest rate risks, while the majority resulted from derivatives on equity
instruments. Together with equity instruments, these form the hedge against value fluctuations of issued certificates, which
are mainly based on stocks and stock indices and to a lesser extent on interest products. The valuation result of these
certificates held in the trading book under securitized liabilities amounted to minus \u20ac\u00a0467 million in the reporting period
(previous year: minus \u20ac 319 million). This includes a negative valuation effect from the decline in the own credit spread
amounting to minus \u20ac 51 million. Adjusted for this effect, the certificate result essentially reflects the respective developments
of the underlying stocks and stock indices. The valuation result in the position deposits amounting to \u20ac 201 million (previous
year: \u20ac 34 million) mainly includes profit margins achieved from foreign exchange trading in Russia. Both high volatility in the
Russian foreign exchange markets caused by geopolitical conditions and increased transaction numbers and volumes
contributed to this development.
Gains from currency conversion of open spot positions amounted to minus \u20ac 2 million (previous year: \u20ac 148 million). Open
positions are managed by using foreign exchange derivatives and are largely closed. The opposing valuation effects of these
derivatives are accordingly reported in the item Derivatives.
in \u20ac million
2025
2024
Fair value changes of the hedging instruments
379
179
Fair value changes of the hedged items attributable to the hedged risk
(374)
(170)
Ineffectiveness of cash flow hedge recognized in profit or loss
1
1
Total
6
9
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
(7) General administrative expenses
in \u20ac million
2025
2024
Staff expenses
(2,347)
(2,053)
Other administrative expenses
(1,282)
(1,261)
Depreciation of tangible and intangible fixed assets
(506)
(472)
Total
(4,134)
(3,786)
Staff expenses
in \u20ac million
2025
2024
Wages and salaries
(1,787)
(1,579)
Social security costs and staff-related taxes
(413)
(361)
Other voluntary social expenses
(71)
(65)
Expenses for defined contribution pension plans
(19)
(16)
Expenses/income from defined benefit pension plans
(2)
(3)
Expenses for post-employment benefits
(12)
(11)
Expenses for other long-term employee benefits excl. bonus program
1
3
Staff expenses from bonus program
(38)
(21)
Termination benefits
(6)
0
Total
(2,347)
(2,053)
Staff expenses rose \u20ac 294 million to \u20ac 2,347 million. Increases occurred in almost all of the countries where the Group operates
as well as at head office. Russia recorded a rise of \u20ac 175 million due to salary adjustments and expenses for one-off payments
as well as currency developments.
Expenses for severance payments and retirement benefits
Under defined contribution plans, the company pays fixed contributions into a separate entity (pension fund).
in \u20ac million
2025
0.002024
Members of the management board and senior staff
(6)
(4)
Other employees
(28)
(27)
Total
(33)
(31)
Other administrative expenses
in \u20ac million
2025
2024
Office space expenses
(114)
(108)
IT expenses
(443)
(423)
Legal, advisory and consulting expenses
(157)
(190)
Advertising, PR and promotional expenses
(128)
(122)
Communication expenses
(90)
(80)
Office supplies
(18)
(18)
Car expenses
(11)
(11)
Security expenses
(26)
(25)
Traveling expenses
(20)
(19)
Training expenses for staff
(20)
(20)
Other non-income related taxes
(132)
(100)
Sundry administrative expenses
(124)
(146)
Total
(1,282)
(1,261)
hereof expenses for short-term leases
(15)
(16)
hereof expenses for leases of low-value assets
(5)
(5)
Legal, advisory, and consulting expenses include fees for the auditors of RBI AG and its subsidiaries which comprise expenses
for the audit of financial statements amounting to \u20ac 8 million (previous year: \u20ac 8 million) as well as other additional consulting
services \u2013 mainly confirmation services - amounting to \u20ac 3 million (previous year: \u20ac 3 million). Thereof, \u20ac 3 million (previous year:
\u20ac 3 million) related to the Group auditor for the audit of the financial statements and \u20ac 1 million (previous year: \u20ac 1 million)
related to other consulting services.
Depreciation of tangible and intangible fixed assets
in \u20ac million
2025
2024
Tangible fixed assets
(244)
(235)
hereof right-of-use assets
(80)
(79)
Intangible fixed assets
(261)
(237)
Total
(506)
(472)
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
Interest and interest-like income mainly includes interest income on financial assets such as loans, fixed-interest securities, as
well as interest and interest-like income from the trading portfolio. Interest expenses and interest-like expenses mainly include
interest paid on deposits, debt securities issued and subordinated capital. Interest income and interest expenses are accrued in
the reporting period. Negative interest from asset items is shown in interest expenses; negative interest from liability items is
shown in interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
(2) Dividend income
Dividends from equities, subsidiaries not fully consolidated, strategic investments and associates not valued at equity are
recognized under dividend income. Dividends are recognized through profit/loss if RBI\u2019s legal entitlement to payment has
materialized.
in \u20ac million
2025
2024
Financial assets - held for trading
1
0
Non-trading financial assets - mandatorily fair value through profit/loss
1
2
Financial assets - fair value through other comprehensive income
9
10
Investments in subsidiaries and associates
20
20
Total
31
33
Dividend
The Annual General Meeting decided on 26 March 2025, the distribution of a dividend of \u20ac 1.10 for each share that was entitled
to a dividend for the 2024 financial year. This corresponds to a total distribution amount of \u20ac 360,681,550.
Dividend proposal
The Management Board will purpose to the Annual General Meeting on 9 April 2026, the distribution of a dividend of \u20ac 1.60 per
share. This would result in a maximum amount of approximately \u20ac 525 million based on the issued shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
Dividends from equities, subsidiaries not fully consolidated, strategic investments and associates not valued at equity are
recognized under dividend income. Dividends are recognized through profit/loss if RBI\u2019s legal entitlement to payment has
materialized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
(4) Net fee and commission income
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
in \u20ac million
2025
2024
Clearing, settlement and payment services
952
954
Loan and guarantee business
235
217
Securities
96
138
Asset management
328
299
Custody and fiduciary business
119
91
Customer resources distributed but not managed
68
65
Foreign exchange business
897
789
Other
36
84
Total
2,731
2,638
Net fee and commission income rose by \u20ac 93 million to \u20ac 2,731 million. Growth was achieved in most countries of the Group,
with highest increases in Romania, Hungary and the Czech Republic, while Russia recorded a decrease of \u20ac 64 million.
Net fee and commission income includes income and expenses of \u20ac 1,956 million (previous year: \u20ac 1,848 million) relating to
financial assets and financial liabilities that are not measured at fair value through profit or loss.
2025
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
980
807
861
183
923
135
(122)
3,767
Clearing, settlement and
payment services
453
485
186
144
210
102
(85)
1,495
Clearing and settlement
46
60
107
96
0
21
(12)
318
Credit cards
65
55
6
3
78
17
(8)
216
Debit cards and other card
payments
78
165
41
36
0
23
(21)
323
Other payment services
264
205
31
9
132
41
(44)
638
Loan and guarantee business
63
47
22
6
127
12
(4)
273
Securities
37
5
21
1
93
10
(16)
150
Asset management
53
34
29
0
371
0
0
487
Custody and fiduciary business
57
8
43
1
40
4
(9)
144
Customer resources
distributed but not managed
51
49
13
4
0
0
0
118
Foreign exchange business
231
167
471
27
67
7
(5)
965
Other
37
11
75
0
15
0
(3)
136
Fee and commission
expenses
(277)
(233)
(131)
(118)
(323)
(75)
123
(1,036)
Total
703
574
729
65
600
60
1
2,731
2024
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
862
724
957
192
933
142
(131)
3,680
Clearing, settlement and
payment services
411
441
292
146
201
99
(91)
1,499
Clearing and settlement
49
54
183
93
0
25
(15)
388
Credit cards
60
54
10
2
62
8
0
196
Debit cards and other card
payments
69
134
62
41
0
42
(38)
310
Other payment services
234
198
37
10
139
24
(38)
604
Loan and guarantee business
58
44
21
5
121
13
(6)
257
Securities
46
4
56
1
118
15
(19)
221
Asset management
34
30
31
0
365
0
0
460
Custody and fiduciary business
16
6
48
1
39
5
(5)
110
Customer resources
distributed but not managed
45
38
19
4
0
0
0
106
Foreign exchange business
222
151
377
35
73
9
(8)
860
Other
29
10
113
0
16
1
(2)
167
Fee and commission
expenses
(240)
(217)
(164)
(125)
(344)
(66)
115
(1,042)
Total
622
506
793
67
589
76
(16)
2,638
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
(4) Net fee and commission income
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
in \u20ac million
2025
2024
Clearing, settlement and payment services
952
954
Loan and guarantee business
235
217
Securities
96
138
Asset management
328
299
Custody and fiduciary business
119
91
Customer resources distributed but not managed
68
65
Foreign exchange business
897
789
Other
36
84
Total
2,731
2,638
Net fee and commission income rose by \u20ac 93 million to \u20ac 2,731 million. Growth was achieved in most countries of the Group,
with highest increases in Romania, Hungary and the Czech Republic, while Russia recorded a decrease of \u20ac 64 million.
Net fee and commission income includes income and expenses of \u20ac 1,956 million (previous year: \u20ac 1,848 million) relating to
financial assets and financial liabilities that are not measured at fair value through profit or loss.
2025
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
980
807
861
183
923
135
(122)
3,767
Clearing, settlement and
payment services
453
485
186
144
210
102
(85)
1,495
Clearing and settlement
46
60
107
96
0
21
(12)
318
Credit cards
65
55
6
3
78
17
(8)
216
Debit cards and other card
payments
78
165
41
36
0
23
(21)
323
Other payment services
264
205
31
9
132
41
(44)
638
Loan and guarantee business
63
47
22
6
127
12
(4)
273
Securities
37
5
21
1
93
10
(16)
150
Asset management
53
34
29
0
371
0
0
487
Custody and fiduciary business
57
8
43
1
40
4
(9)
144
Customer resources
distributed but not managed
51
49
13
4
0
0
0
118
Foreign exchange business
231
167
471
27
67
7
(5)
965
Other
37
11
75
0
15
0
(3)
136
Fee and commission
expenses
(277)
(233)
(131)
(118)
(323)
(75)
123
(1,036)
Total
703
574
729
65
600
60
1
2,731
2024
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
862
724
957
192
933
142
(131)
3,680
Clearing, settlement and
payment services
411
441
292
146
201
99
(91)
1,499
Clearing and settlement
49
54
183
93
0
25
(15)
388
Credit cards
60
54
10
2
62
8
0
196
Debit cards and other card
payments
69
134
62
41
0
42
(38)
310
Other payment services
234
198
37
10
139
24
(38)
604
Loan and guarantee business
58
44
21
5
121
13
(6)
257
Securities
46
4
56
1
118
15
(19)
221
Asset management
34
30
31
0
365
0
0
460
Custody and fiduciary business
16
6
48
1
39
5
(5)
110
Customer resources
distributed but not managed
45
38
19
4
0
0
0
106
Foreign exchange business
222
151
377
35
73
9
(8)
860
Other
29
10
113
0
16
1
(2)
167
Fee and commission
expenses
(240)
(217)
(164)
(125)
(344)
(66)
115
(1,042)
Total
622
506
793
67
589
76
(16)
2,638
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
(4) Net fee and commission income
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
in \u20ac million
2025
2024
Clearing, settlement and payment services
952
954
Loan and guarantee business
235
217
Securities
96
138
Asset management
328
299
Custody and fiduciary business
119
91
Customer resources distributed but not managed
68
65
Foreign exchange business
897
789
Other
36
84
Total
2,731
2,638
Net fee and commission income rose by \u20ac 93 million to \u20ac 2,731 million. Growth was achieved in most countries of the Group,
with highest increases in Romania, Hungary and the Czech Republic, while Russia recorded a decrease of \u20ac 64 million.
Net fee and commission income includes income and expenses of \u20ac 1,956 million (previous year: \u20ac 1,848 million) relating to
financial assets and financial liabilities that are not measured at fair value through profit or loss.
2025
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
980
807
861
183
923
135
(122)
3,767
Clearing, settlement and
payment services
453
485
186
144
210
102
(85)
1,495
Clearing and settlement
46
60
107
96
0
21
(12)
318
Credit cards
65
55
6
3
78
17
(8)
216
Debit cards and other card
payments
78
165
41
36
0
23
(21)
323
Other payment services
264
205
31
9
132
41
(44)
638
Loan and guarantee business
63
47
22
6
127
12
(4)
273
Securities
37
5
21
1
93
10
(16)
150
Asset management
53
34
29
0
371
0
0
487
Custody and fiduciary business
57
8
43
1
40
4
(9)
144
Customer resources
distributed but not managed
51
49
13
4
0
0
0
118
Foreign exchange business
231
167
471
27
67
7
(5)
965
Other
37
11
75
0
15
0
(3)
136
Fee and commission
expenses
(277)
(233)
(131)
(118)
(323)
(75)
123
(1,036)
Total
703
574
729
65
600
60
1
2,731
2024
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
862
724
957
192
933
142
(131)
3,680
Clearing, settlement and
payment services
411
441
292
146
201
99
(91)
1,499
Clearing and settlement
49
54
183
93
0
25
(15)
388
Credit cards
60
54
10
2
62
8
0
196
Debit cards and other card
payments
69
134
62
41
0
42
(38)
310
Other payment services
234
198
37
10
139
24
(38)
604
Loan and guarantee business
58
44
21
5
121
13
(6)
257
Securities
46
4
56
1
118
15
(19)
221
Asset management
34
30
31
0
365
0
0
460
Custody and fiduciary business
16
6
48
1
39
5
(5)
110
Customer resources
distributed but not managed
45
38
19
4
0
0
0
106
Foreign exchange business
222
151
377
35
73
9
(8)
860
Other
29
10
113
0
16
1
(2)
167
Fee and commission
expenses
(240)
(217)
(164)
(125)
(344)
(66)
115
(1,042)
Total
622
506
793
67
589
76
(16)
2,638
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
(7) General administrative expenses
in \u20ac million
2025
2024
Staff expenses
(2,347)
(2,053)
Other administrative expenses
(1,282)
(1,261)
Depreciation of tangible and intangible fixed assets
(506)
(472)
Total
(4,134)
(3,786)
Staff expenses
in \u20ac million
2025
2024
Wages and salaries
(1,787)
(1,579)
Social security costs and staff-related taxes
(413)
(361)
Other voluntary social expenses
(71)
(65)
Expenses for defined contribution pension plans
(19)
(16)
Expenses/income from defined benefit pension plans
(2)
(3)
Expenses for post-employment benefits
(12)
(11)
Expenses for other long-term employee benefits excl. bonus program
1
3
Staff expenses from bonus program
(38)
(21)
Termination benefits
(6)
0
Total
(2,347)
(2,053)
Staff expenses rose \u20ac 294 million to \u20ac 2,347 million. Increases occurred in almost all of the countries where the Group operates
as well as at head office. Russia recorded a rise of \u20ac 175 million due to salary adjustments and expenses for one-off payments
as well as currency developments.
Expenses for severance payments and retirement benefits
Under defined contribution plans, the company pays fixed contributions into a separate entity (pension fund).
in \u20ac million
2025
0.002024
Members of the management board and senior staff
(6)
(4)
Other employees
(28)
(27)
Total
(33)
(31)
Other administrative expenses
in \u20ac million
2025
2024
Office space expenses
(114)
(108)
IT expenses
(443)
(423)
Legal, advisory and consulting expenses
(157)
(190)
Advertising, PR and promotional expenses
(128)
(122)
Communication expenses
(90)
(80)
Office supplies
(18)
(18)
Car expenses
(11)
(11)
Security expenses
(26)
(25)
Traveling expenses
(20)
(19)
Training expenses for staff
(20)
(20)
Other non-income related taxes
(132)
(100)
Sundry administrative expenses
(124)
(146)
Total
(1,282)
(1,261)
hereof expenses for short-term leases
(15)
(16)
hereof expenses for leases of low-value assets
(5)
(5)
Legal, advisory, and consulting expenses include fees for the auditors of RBI AG and its subsidiaries which comprise expenses
for the audit of financial statements amounting to \u20ac 8 million (previous year: \u20ac 8 million) as well as other additional consulting
services \u2013 mainly confirmation services - amounting to \u20ac 3 million (previous year: \u20ac 3 million). Thereof, \u20ac 3 million (previous year:
\u20ac 3 million) related to the Group auditor for the audit of the financial statements and \u20ac 1 million (previous year: \u20ac 1 million)
related to other consulting services.
Depreciation of tangible and intangible fixed assets
in \u20ac million
2025
2024
Tangible fixed assets
(244)
(235)
hereof right-of-use assets
(80)
(79)
Intangible fixed assets
(261)
(237)
Total
(506)
(472)
(9) Governmental measures and compulsory contributions
in \u20ac million
2025
2024
Governmental measures
(178)
(113)
Bank levies
(178)
(113)
Compulsory contributions
(92)
(103)
Resolution fund
(10)
(15)
Deposit insurance fees
(82)
(87)
Other compulsory contributions
0
0
Total
(270)
(216)
Bank levies increased \u20ac 65 million. This was mainly due to an increase of \u20ac 52 million at head office due to the increase in the
bank stability levy in Austria in the first quarter of 2025.
(10) Impairment losses on financial assets
Impairment losses on financial assets consist of impairment losses on financial assets measured at fair value through other
comprehensive income and impairment losses on financial assets measured at amortized cost.
in \u20ac million
2025
2024
Loans and advances
(109)
(238)
Debt securities
4
88
Loan commitments, financial guarantees and other commitments given
(36)
25
Total
(141)
(125)
hereof financial assets - fair value through other comprehensive income
(21)
(48)
hereof financial assets - amortized cost
(85)
(101)
Net provisioning for impairment losses on financial assets mainly related to the head office in an amount of \u20ac 157 million in the
reporting period (previous year: \u20ac 190 million), primarily relating to non-financial corporations in Stage 3. In Southeastern
Europe, net impairment losses of \u20ac 51 million (previous year: net \u20ac 19 million) were recognized, primarily in Romania. In Central
Europe, a lower net allocation of \u20ac 7 million was realized (previous year: net release of \u20ac 8 million). This was offset by net
releases in Russia (\u20ac 51 million) and Ukraine (\u20ac 48 million).
For defaulted loans (Stage 3), net impairments of \u20ac 247 million were recognized in the reporting period (previous year: net \u20ac 491
million), of which \u20ac 138 million related to non-financial corporations and \u20ac 123 million to households. At country level, the Stage
3 impairment losses were primarily incurred by head office (\u20ac 103 million) and Russia (\u20ac 76 million). In Stages 1 and 2, a net
release of \u20ac 106 million was recognized in the reporting period (previous year: net release of \u20ac 366 million), primarily in Russia.
Further details are shown under (13) Financial assets \u2013 amortized cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
(4) Net fee and commission income
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
in \u20ac million
2025
2024
Clearing, settlement and payment services
952
954
Loan and guarantee business
235
217
Securities
96
138
Asset management
328
299
Custody and fiduciary business
119
91
Customer resources distributed but not managed
68
65
Foreign exchange business
897
789
Other
36
84
Total
2,731
2,638
Net fee and commission income rose by \u20ac 93 million to \u20ac 2,731 million. Growth was achieved in most countries of the Group,
with highest increases in Romania, Hungary and the Czech Republic, while Russia recorded a decrease of \u20ac 64 million.
Net fee and commission income includes income and expenses of \u20ac 1,956 million (previous year: \u20ac 1,848 million) relating to
financial assets and financial liabilities that are not measured at fair value through profit or loss.
2025
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
980
807
861
183
923
135
(122)
3,767
Clearing, settlement and
payment services
453
485
186
144
210
102
(85)
1,495
Clearing and settlement
46
60
107
96
0
21
(12)
318
Credit cards
65
55
6
3
78
17
(8)
216
Debit cards and other card
payments
78
165
41
36
0
23
(21)
323
Other payment services
264
205
31
9
132
41
(44)
638
Loan and guarantee business
63
47
22
6
127
12
(4)
273
Securities
37
5
21
1
93
10
(16)
150
Asset management
53
34
29
0
371
0
0
487
Custody and fiduciary business
57
8
43
1
40
4
(9)
144
Customer resources
distributed but not managed
51
49
13
4
0
0
0
118
Foreign exchange business
231
167
471
27
67
7
(5)
965
Other
37
11
75
0
15
0
(3)
136
Fee and commission
expenses
(277)
(233)
(131)
(118)
(323)
(75)
123
(1,036)
Total
703
574
729
65
600
60
1
2,731
2024
Central
Europe
Southeastern
Europe
Eastern
Europe
Ukraine
Group Corporates
& Markets
Corporate
Center
Reconciliation
Total
in \u20ac million
Fee and commission income
862
724
957
192
933
142
(131)
3,680
Clearing, settlement and
payment services
411
441
292
146
201
99
(91)
1,499
Clearing and settlement
49
54
183
93
0
25
(15)
388
Credit cards
60
54
10
2
62
8
0
196
Debit cards and other card
payments
69
134
62
41
0
42
(38)
310
Other payment services
234
198
37
10
139
24
(38)
604
Loan and guarantee business
58
44
21
5
121
13
(6)
257
Securities
46
4
56
1
118
15
(19)
221
Asset management
34
30
31
0
365
0
0
460
Custody and fiduciary business
16
6
48
1
39
5
(5)
110
Customer resources
distributed but not managed
45
38
19
4
0
0
0
106
Foreign exchange business
222
151
377
35
73
9
(8)
860
Other
29
10
113
0
16
1
(2)
167
Fee and commission
expenses
(240)
(217)
(164)
(125)
(344)
(66)
115
(1,042)
Total
622
506
793
67
589
76
(16)
2,638
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
The other operating income contains other earnings components that arise in connection with the operating business activity.
Impairment losses on financial assets consist of impairment losses on financial assets measured at fair value through other
comprehensive income and impairment losses on financial assets measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
RBI applies the five-step revenue recognition model in IFRS 15 - Revenues from contracts with customers - for the recognition
of commission income when the contractual performance obligation to the customer has been satisfied. In cases where
contractual arrangements are part of a financial instrument under IFRS 9 the instruments are initially recognized at fair value
before applying IFRS 15. This is sometimes the case with loan commitments for which, depending on utilization, a portion of the
fee must be disclosed as part of the effective interest rate method in net interest income in accordance with IFRS 9 or in net
fee and commission income in accordance with IFRS 15 if not utilized .
In RBI, fee income is primarily generated from services provided at a fixed price over a certain period, such as card and current
account services or on a transactional basis at a point-in-time such as foreign exchange and payment services. In the case of
asset management fees income is normally variable and depends on factors such as the volume of assets under management
as well as performance of the underlying assets. Variable fees are recognized when all uncertainties, e.g. discounts or rebates,
are resolved and amounts are known.
If transactions are processed directly on behalf of the customer, the fees are reported on a gross basis. If, on the other hand,
RBI acts as an agent, the fees are shown net of payments to third parties.
Fees for foreign exchange and payment services are recognized in RBI at the time the service was rendered to the customer.
Fees that accrue over a certain period are recognized predominantly on a straight-line basis over the term of the contract.
In some cases, RBI offers a package of services (bundled services). These services may contain multiple performance
obligations which are usually distinguishable performance obligations, such as current account services, and the transaction
price is allocated to the individual performance obligation.
RBI has no financing agreements and no material assets or liabilities from long-term contracts in connection with IFRS 15. The
bank has not capitalized any expenses related to long-term contracts with customers which are covered by IFRS 15. Fee
expenses are expensed as the services are received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-441": { "value": "
(5) Net trading income, fair value result and net gains/losses from hedge
accounting
Net trading income comprises the trading margins resulting from the foreign exchange business, results due to foreign
exchange revaluations and all realized and unrealized gains and losses from financial assets and liabilities at fair value.
in \u20ac million
2025
2024
Net gains/losses on financial assets and liabilities - held for trading
273
(48)
Derivatives
351
175
Equity instruments
129
20
Debt securities
32
46
Loans and advances
7
10
Short positions
(1)
0
Deposits
201
34
Debt securities issued
(467)
(319)
Other financial liabilities
20
(13)
Net gains/losses on non-trading financial assets - mandatorily fair value through profit or loss
(21)
18
Equity instruments
2
1
Debt securities
(3)
12
Loans and advances
(19)
6
Net gains/losses on financial assets and liabilities - designated fair value through profit/loss
3
(8)
Debt securities
0
0
Deposits
1
(1)
Debt securities issued
1
(7)
Exchange differences, net
(2)
148
Total
253
111
Net trading income and fair value result amounted to \u20ac 253 million in the reporting period (previous year: \u20ac 111 million). The
position Derivatives included in the trading result recorded a positive outcome of \u20ac 351 million, which represents an increase
compared to the previous year of \u20ac 176 million (previous year: \u20ac 175 million). Derivatives are primarily used to hedge against
interest rate and currency risks as well as risks from equity positions. The positive valuation results from derivatives were
achieved in part through hedges against currency and interest rate risks, while the majority resulted from derivatives on equity
instruments. Together with equity instruments, these form the hedge against value fluctuations of issued certificates, which
are mainly based on stocks and stock indices and to a lesser extent on interest products. The valuation result of these
certificates held in the trading book under securitized liabilities amounted to minus \u20ac\u00a0467 million in the reporting period
(previous year: minus \u20ac 319 million). This includes a negative valuation effect from the decline in the own credit spread
amounting to minus \u20ac 51 million. Adjusted for this effect, the certificate result essentially reflects the respective developments
of the underlying stocks and stock indices. The valuation result in the position deposits amounting to \u20ac 201 million (previous
year: \u20ac 34 million) mainly includes profit margins achieved from foreign exchange trading in Russia. Both high volatility in the
Russian foreign exchange markets caused by geopolitical conditions and increased transaction numbers and volumes
contributed to this development.
Gains from currency conversion of open spot positions amounted to minus \u20ac 2 million (previous year: \u20ac 148 million). Open
positions are managed by using foreign exchange derivatives and are largely closed. The opposing valuation effects of these
derivatives are accordingly reported in the item Derivatives.
in \u20ac million
2025
2024
Fair value changes of the hedging instruments
379
179
Fair value changes of the hedged items attributable to the hedged risk
(374)
(170)
Ineffectiveness of cash flow hedge recognized in profit or loss
1
1
Total
6
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-442": { "value": "
Net trading income comprises the trading margins resulting from the foreign exchange business, results due to foreign
exchange revaluations and all realized and unrealized gains and losses from financial assets and liabilities at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-445": { "value": "
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-444": { "value": "
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-443": { "value": "
(6) Other net operating income
The other operating income contains other earnings components that arise in connection with the operating business activity.
in \u20ac million
2025
2024
Gains/losses on derecognition of not modified financial assets and liabilities - not measured at fair value
through profit/loss
3
(20)
Debt securities
3
(12)
Loans and advances
5
5
Debt securities issued
(5)
(14)
Other financial liabilities
0
0
Gains/losses on derecognition of non-financial assets held for sale
(1)
1
Investment property
1
0
Intangible fixed assets
(6)
(4)
Other assets
5
5
Net income arising from non-banking activities
14
12
Sales revenues from non-banking activities
114
122
Expenses from non-banking activities
(100)
(111)
Net income from additional leasing services
25
28
Revenues from additional leasing services
52
48
Expenses from additional leasing services
(26)
(20)
Net income from insurance contracts
(2)
(5)
Net rental income from investment property incl. operating lease (real estate)
70
66
Net rental income from investment property
21
20
Income from rental real estate
25
28
Expenses from rental real estate
(4)
(3)
Income from other operating lease
36
27
Expenses from other operating lease
(8)
(5)
Net expense from allocation and release of other provisions
12
(29)
Other operating income/expenses
30
31
Total
151
84
Other operating income
473
435
Other operating expenses
(321)
(351)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-446": { "value": "
(7) General administrative expenses
in \u20ac million
2025
2024
Staff expenses
(2,347)
(2,053)
Other administrative expenses
(1,282)
(1,261)
Depreciation of tangible and intangible fixed assets
(506)
(472)
Total
(4,134)
(3,786)
Staff expenses
in \u20ac million
2025
2024
Wages and salaries
(1,787)
(1,579)
Social security costs and staff-related taxes
(413)
(361)
Other voluntary social expenses
(71)
(65)
Expenses for defined contribution pension plans
(19)
(16)
Expenses/income from defined benefit pension plans
(2)
(3)
Expenses for post-employment benefits
(12)
(11)
Expenses for other long-term employee benefits excl. bonus program
1
3
Staff expenses from bonus program
(38)
(21)
Termination benefits
(6)
0
Total
(2,347)
(2,053)
Staff expenses rose \u20ac 294 million to \u20ac 2,347 million. Increases occurred in almost all of the countries where the Group operates
as well as at head office. Russia recorded a rise of \u20ac 175 million due to salary adjustments and expenses for one-off payments
as well as currency developments.
Expenses for severance payments and retirement benefits
Under defined contribution plans, the company pays fixed contributions into a separate entity (pension fund).
in \u20ac million
2025
0.002024
Members of the management board and senior staff
(6)
(4)
Other employees
(28)
(27)
Total
(33)
(31)
Other administrative expenses
in \u20ac million
2025
2024
Office space expenses
(114)
(108)
IT expenses
(443)
(423)
Legal, advisory and consulting expenses
(157)
(190)
Advertising, PR and promotional expenses
(128)
(122)
Communication expenses
(90)
(80)
Office supplies
(18)
(18)
Car expenses
(11)
(11)
Security expenses
(26)
(25)
Traveling expenses
(20)
(19)
Training expenses for staff
(20)
(20)
Other non-income related taxes
(132)
(100)
Sundry administrative expenses
(124)
(146)
Total
(1,282)
(1,261)
hereof expenses for short-term leases
(15)
(16)
hereof expenses for leases of low-value assets
(5)
(5)
Legal, advisory, and consulting expenses include fees for the auditors of RBI AG and its subsidiaries which comprise expenses
for the audit of financial statements amounting to \u20ac 8 million (previous year: \u20ac 8 million) as well as other additional consulting
services \u2013 mainly confirmation services - amounting to \u20ac 3 million (previous year: \u20ac 3 million). Thereof, \u20ac 3 million (previous year:
\u20ac 3 million) related to the Group auditor for the audit of the financial statements and \u20ac 1 million (previous year: \u20ac 1 million)
related to other consulting services.
Depreciation of tangible and intangible fixed assets
in \u20ac million
2025
2024
Tangible fixed assets
(244)
(235)
hereof right-of-use assets
(80)
(79)
Intangible fixed assets
(261)
(237)
Total
(506)
(472)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-447": { "value": "
Staff expenses
in \u20ac million
2025
2024
Wages and salaries
(1,787)
(1,579)
Social security costs and staff-related taxes
(413)
(361)
Other voluntary social expenses
(71)
(65)
Expenses for defined contribution pension plans
(19)
(16)
Expenses/income from defined benefit pension plans
(2)
(3)
Expenses for post-employment benefits
(12)
(11)
Expenses for other long-term employee benefits excl. bonus program
1
3
Staff expenses from bonus program
(38)
(21)
Termination benefits
(6)
0
Total
(2,347)
(2,053)
Staff expenses rose \u20ac 294 million to \u20ac 2,347 million. Increases occurred in almost all of the countries where the Group operates
as well as at head office. Russia recorded a rise of \u20ac 175 million due to salary adjustments and expenses for one-off payments
as well as currency developments.
Expenses for severance payments and retirement benefits
Under defined contribution plans, the company pays fixed contributions into a separate entity (pension fund).
in \u20ac million
2025
0.002024
Members of the management board and senior staff
(6)
(4)
Other employees
(28)
(27)
Total
(33)
(31)
in \u20ac million
2025
2024
Provisions for off-balance sheet items
219
183
Other commitments and guarantees given according to IFRS 9
219
182
Other commitments and guarantees given according to IAS 37
0
0
Provisions for staff
525
478
Pensions and other post employment defined benefit obligations
145
168
Other long-term employee benefits
38
41
Bonus payments
336
266
Termination benefits
7
3
Other provisions
1,930
2,241
Pending legal issues and tax litigation
1,716
2,025
Restructuring
3
3
Onerous contracts
57
59
Other provisions
154
155
Total
2,675
2,902
in \u20ac million
As at
1/1/2025
Change in
consolidated
group
Allocation
Release
Usage
Transfers,
exchange
differences
As at
31/12/2025
Provisions for off-balance sheet items1
0
0
0
(1)
0
0
0
Other commitments and guarantees given
according to IAS 37
0
0
0
(1)
0
0
0
Provisions for staff
478
0
266
(16)
(229)
26
525
Pensions and other post employment defined
benefit obligations
168
0
(10)
(2)
(12)
0
145
Other long-term employee benefits
41
0
1
(1)
(3)
0
38
Bonus payments
266
1
269
(13)
(214)
26
336
Termination benefits
3
0
6
0
(1)
0
7
Other provisions
2,241
(1)
861
(52)
(1,136)
17
1,930
Pending legal issues and tax litigation
2,025
0
773
(13)
(1,085)
17
1,716
Restructuring
3
0
3
0
(2)
0
3
Onerous contracts
59
0
1
(4)
0
0
57
Other provisions
155
(1)
84
(35)
(49)
0
154
Total
2,720
0
1,127
(69)
(1,365)
43
2,456
1 Provisions for off-balance-sheet items pursuant to IFRS 9 are not included and due to a more granular presentation broken down by stages under (30) Loan commitments, financial guarantees and
other commitments.
in \u20ac million
As at
1/1/2024
Change in
consolidated
group
Allocation
Release
Usage
Transfers,
exchange
differences
As at
31/12/2024
Provisions for off-balance sheet items1
2
0
0
(2)
0
0
0
Other commitments and guarantees given
according to IAS 37
2
0
0
(2)
0
0
0
Provisions for staff
507
(18)
228
(18)
(205)
(16)
478
Pensions and other post employment defined
benefit obligations
182
(15)
13
0
(13)
1
168
Other long-term employee benefits
47
0
7
(9)
(4)
0
41
Bonus payments
275
(3)
208
(8)
(188)
(17)
266
Termination benefits
3
0
1
(1)
(1)
0
3
Other provisions
931
(12)
1,755
(120)
(247)
(67)
2,241
Pending legal issues and tax litigation
636
(1)
1,586
(6)
(147)
(43)
2,025
Restructuring
6
0
1
(3)
(1)
0
3
Onerous contracts
60
0
0
0
(1)
0
59
Other provisions
229
(11)
168
(111)
(98)
(23)
155
Total
1,441
(30)
1,984
(140)
(452)
(83)
2,720
1 Provisions for off-balance-sheet items pursuant to IFRS 9 are not included and due to a more granular presentation broken down by stages under (30) Loan commitments, financial guarantees and
other commitments.
Actuarial assumptions
The actuarial assumptions used to calculate the net defined, long-term benefit obligation:
in per cent
2025
2024
Discount rate
3.5-6.0
3.0-6.0
Future pension basis increase
0.5-4.0
0.5-3.1
Future pension increase
0.5-4.0
0.5-3.1
The actuarial calculation of pension obligations at head office is based on a discount rate of 4.05 per cent (previous year: 3.28
per cent) p.a. and effective pensionable salary increases, and pension increases of 3.0 per cent in the first year, 2.1 per cent in
the second year and 2.3 per cent in the subsequent years (previous year: 4.1 per cent in the first year, 3.2 per cent in the second
year and 3.1 per cent in subsequent years).
The longevity assumptions used to calculate the net defined benefit obligation:
Years
2025
2024
Longevity at age 65 for current pensioners - males
23.8
23.6
Longevity at age 65 for current pensioners - females
26.2
26.3
Longevity at age 65 for current members aged 45 - males
26.4
26.1
Longevity at age 65 for current members aged 45 - females
28.6
28.5
The weighted average duration of the net defined benefit obligation was 8.6 years (previous year: 10.2 years).
Sensitivity analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have
affected the defined benefit obligation for Austrian companies by the amounts shown below:
in \u20ac million
2025
2024
Increase
Decrease
Increase
Decrease
Discount rate (1 percentage point change)
(7)
8
(9)
11
Future salary growth (0.5 percentage point change)
0
0
0
0
Future pension increase (0.25 percentage point change)
2
(2)
3
(2)
Remaining life expectancy (change 1 year)
5
(6)
7
(8)
Other termination benefits
in \u20ac million
2025
2024
Defined benefit obligation as at 1/1
77
72
Change in consolidated group
0
0
Current service cost
4
3
Interest cost
2
3
Payments
(5)
(5)
Loss/gain on DBO due to past service cost
0
0
Transfers
0
0
Remeasurements
(10)
3
Defined benefit obligation as at 31/12
68
77
Actuarial assumptions
The long-term actuarial assumptions used to calculate the other termination benefits:
in per cent
2025
2024
Discount rate
3.5-4.3
3.0-3.4
Additional future salary increase for employees
0.5-4.0
0.5-5.0
Employee benefit expenses
Details of employee benefit expenses (expenses for defined benefit pension plans, other benefits due to termination of
employment) are stated under (7) General administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-448": { "value": "
Legal, advisory, and consulting expenses include fees for the auditors of RBI AG and its subsidiaries which comprise expenses
for the audit of financial statements amounting to \u20ac 8 million (previous year: \u20ac 8 million) as well as other additional consulting
services \u2013 mainly confirmation services - amounting to \u20ac 3 million (previous year: \u20ac 3 million). Thereof, \u20ac 3 million (previous year:
\u20ac 3 million) related to the Group auditor for the audit of the financial statements and \u20ac 1 million (previous year: \u20ac 1 million)
related to other consulting services.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-449": { "value": "
Depreciation of tangible and intangible fixed assets
in \u20ac million
2025
2024
Tangible fixed assets
(244)
(235)
hereof right-of-use assets
(80)
(79)
Intangible fixed assets
(261)
(237)
Total
(506)
(472)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-453": { "value": "
in \u20ac million
2025
2024
Net modification gains/losses
(29)
(23)
Gains/losses from changes in present value of non-substantially modified contracts
(33)
(23)
Gains/losses from derecognition due to substantial modification of contract terms
3
0
Impairment or reversal of impairment on investments in subsidiaries and associates
21
(50)
Impairment or reversal of impairment on non-financial assets
(5)
7
Goodwill
0
0
Other
(5)
7
Result from non-current assets and disposal groups classified as held for sale and deconsolidation
6
(8)
Net income from non-current assets and disposal groups classified as held for sale
6
4
Result of deconsolidations
0
(10)
Net expense from allocation and release of provisions for VAT interbank tax exemptions
0
(20)
Expenses for credit-linked, portfolio-based litigations and annulments
(302)
(657)
Expenses for legal disputes in Russia
(1,269)
0
Net expense from allocation and release of provisions for a legal dispute in Russia
(339)
(840)
Total
(1,918)
(1,590)
The other result amounted to minus \u20ac 1,918 million in the reporting period, compared to minus \u20ac 1,590 million in the previous
year\u2019s period. The main reason for this was the derecognition of the expected proceeds from the enforcement of RBI's claims
against the Austrian assets of Rasperia Trading Limited as well as interest expenses in connection with damages awarded to
Rasperia (\u20ac 1,269 million) and the allocation to a provision in connection with the second Rasperia proceedings (\u20ac 339 million). In
addition, credit-linked, portfolio-based litigation and annulments of loan agreements had a negative impact of \u20ac 302 million
(previous year\u2019: \u20ac\u00a0657 million). These almost exclusively related to mortgage loans in Poland denominated in foreign currencies
or linked to a foreign currency. Losses on modified contract terms led to a result of minus \u20ac 29 million in the reporting period,
primarily in Slovakia (\u20ac 13 million) and at head office (\u20ac 8 million).
(27) Provisions
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and a reliable estimate of the amount is possible. The level of provisions is the best possible estimate of expected
outflow of economic benefits at the reporting date while taking into account the risks and uncertainties underlying the
commitment to fulfill the obligation. If a provision is formed based on cash flows estimated to fulfill an obligation, the cash
flows must be discounted if the interest effect is material.
Allocation of provisions is booked through different line items in the income statement depending on the nature of the
provision. Allocation of loan loss provisions for contingent liabilities is recorded in the income statement under the item
impairment losses on financial assets. Restructuring provisioning and other employee benefits are allocated in general
administrative expenses. Provision allocations that are not assigned to general administrative expenses are as a matter of
principle booked against other net operating income.
in \u20ac million
2025
2024
Provisions for off-balance sheet items
219
183
Other commitments and guarantees given according to IFRS 9
219
182
Other commitments and guarantees given according to IAS 37
0
0
Provisions for staff
525
478
Pensions and other post employment defined benefit obligations
145
168
Other long-term employee benefits
38
41
Bonus payments
336
266
Termination benefits
7
3
Other provisions
1,930
2,241
Pending legal issues and tax litigation
1,716
2,025
Restructuring
3
3
Onerous contracts
57
59
Other provisions
154
155
Total
2,675
2,902
Provisions decreased by \u20ac 227 million to \u20ac 2,675 million. The decrease was mainly due to the utilization of the provision for
Rasperia amounting to \u20ac 840 million created in the previous year. This decrease was partially offset by the allocation of a
provision related to a second Rasperia case amounting to \u20ac 339 million. In Poland, provisions relating to mortgage loans in
foreign currency increased by \u20ac 208 million (previous year: \u20ac 561 million) in accordance with IAS 37.
Taking into account the intra-year changes in the foreign currency portfolio, the provisions in Poland increased by
approximately \u20ac 17 million during the reporting period due to changes in the discount rate, while the changes arising from the
passage of time resulted in a decrease of about \u20ac 6 million. Further details on both matters can be found in note (45) Pending
legal issues.
in \u20ac million
As at
1/1/2025
Change in
consolidated
group
Allocation
Release
Usage
Transfers,
exchange
differences
As at
31/12/2025
Provisions for off-balance sheet items1
0
0
0
(1)
0
0
0
Other commitments and guarantees given
according to IAS 37
0
0
0
(1)
0
0
0
Provisions for staff
478
0
266
(16)
(229)
26
525
Pensions and other post employment defined
benefit obligations
168
0
(10)
(2)
(12)
0
145
Other long-term employee benefits
41
0
1
(1)
(3)
0
38
Bonus payments
266
1
269
(13)
(214)
26
336
Termination benefits
3
0
6
0
(1)
0
7
Other provisions
2,241
(1)
861
(52)
(1,136)
17
1,930
Pending legal issues and tax litigation
2,025
0
773
(13)
(1,085)
17
1,716
Restructuring
3
0
3
0
(2)
0
3
Onerous contracts
59
0
1
(4)
0
0
57
Other provisions
155
(1)
84
(35)
(49)
0
154
Total
2,720
0
1,127
(69)
(1,365)
43
2,456
1 Provisions for off-balance-sheet items pursuant to IFRS 9 are not included and due to a more granular presentation broken down by stages under (30) Loan commitments, financial guarantees and
other commitments.
in \u20ac million
As at
1/1/2024
Change in
consolidated
group
Allocation
Release
Usage
Transfers,
exchange
differences
As at
31/12/2024
Provisions for off-balance sheet items1
2
0
0
(2)
0
0
0
Other commitments and guarantees given
according to IAS 37
2
0
0
(2)
0
0
0
Provisions for staff
507
(18)
228
(18)
(205)
(16)
478
Pensions and other post employment defined
benefit obligations
182
(15)
13
0
(13)
1
168
Other long-term employee benefits
47
0
7
(9)
(4)
0
41
Bonus payments
275
(3)
208
(8)
(188)
(17)
266
Termination benefits
3
0
1
(1)
(1)
0
3
Other provisions
931
(12)
1,755
(120)
(247)
(67)
2,241
Pending legal issues and tax litigation
636
(1)
1,586
(6)
(147)
(43)
2,025
Restructuring
6
0
1
(3)
(1)
0
3
Onerous contracts
60
0
0
0
(1)
0
59
Other provisions
229
(11)
168
(111)
(98)
(23)
155
Total
1,441
(30)
1,984
(140)
(452)
(83)
2,720
1 Provisions for off-balance-sheet items pursuant to IFRS 9 are not included and due to a more granular presentation broken down by stages under (30) Loan commitments, financial guarantees and
other commitments.
Pension obligations and other termination benefits
All defined benefit plans relating to so-called social capital (provisions for pensions, provisions for severance payments and
provisions for service anniversary bonuses) are measured using the Projected Unit Credit Method in accordance with IAS 19 \u2013
Employee Benefits. The biometrical basis for the calculation of provisions for pensions, severance payments and service
anniversary bonuses for Austrian companies is provided by AV\u00d6 2018-P-Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
(Computational Framework for Pension Insurance), using the relevant parameters for salaried employees. In other countries,
comparable actuarial parameters are used for calculation. The following significant personnel provisions were created in the
2025 financial year:
\u00b7 Defined benefit pension plans in Austria and other countries
\u00b7 Other post-employment benefits in Austria and other countries
These defined benefit plans and other post-employment benefits expose the Group to actuarial risks, such as longevity risk,
currency risk, interest rate risk and market (investment) risk.
A liability and expense is recognized for termination benefits when RBI can no longer withdraw the offer of those benefits.
Where the benefits are not expected to be settled within 12 months of the reporting date they are discounted.
Funding
For pensions there are different plans: unfunded, partly funded and fully funded. The partly and fully funded plans are all
invested by Valida Pension AG. Valida Pension AG is a pension fund and is subject in particular to the provisions of the Pension
Act and Company Pension Act.
The Group expects to pay \u20ac 462 thousand in contributions to its defined benefit plans for the following financial year.
Pension obligations/defined benefit pension plans
Financial status
in \u20ac million
2025
2024
Defined benefit obligation (DBO)
113
128
Fair value of plan assets
(36)
(37)
Net liabilities/assets
77
91
Defined benefit obligations
in \u20ac million
2025
2024
Defined benefit obligation as at 1/1
128
147
Change in consolidated group
0
(14)
Exchange differences
0
-1
Current service cost
1
1
Interest cost
4
5
Payments
(8)
(9)
Loss/gain on DBO due to past service cost
0
0
Transfer
(2)
(1)
Remeasurements
(10)
1
Defined benefit obligation as at 31/12
113
128
The deconsolidation of the Belarusian Group units was reported under change in consolidated group in the previous year.
Plan assets
in \u20ac million
2025
2024
Plan assets as at 1/1
37
37
Interest income
1
1
Contributions to plan assets
0
1
Plan payments
(2)
(2)
Transfer
(1)
(3)
Return on plan assets excl. interest income
1
4
Plan assets as at 31/12
36
37
Return on plan assets
2
5
Fair value of rights to reimbursement recognized as an asset
8
9
Structure of plan assets
in per cent
2025
2024
Debt securities
28
35
Shares
35
31
Alternative Investments
9
5
Real estate
6
5
Cash
22
25
Total
100
100
Asset-Liability Matching
The pension provider Valida Pension AG has established an asset/risk management process (ARM process). According to this
process, the risk-bearing capacity of each fund is evaluated once a year based on the liability structure of investment and risk
associations, which itself is derived from the statement of financial position. Based on this risk-bearing capacity, the
investment structure of the fund is derived. When determining the investment structure, defined and documented customer
requirements are considered.
The defined investment structure is implemented in the two funds named VRG 60 and VRG 7, in which the accrued amounts for
RBI are invested with an investment concept. The weighting of predefined asset classes moves within a range according to
objective criteria, which can be derived from market trends. In times of stress, hedges of the equity component are put in
place.
Actuarial assumptions
The actuarial assumptions used to calculate the net defined, long-term benefit obligation:
in per cent
2025
2024
Discount rate
3.5-6.0
3.0-6.0
Future pension basis increase
0.5-4.0
0.5-3.1
Future pension increase
0.5-4.0
0.5-3.1
The actuarial calculation of pension obligations at head office is based on a discount rate of 4.05 per cent (previous year: 3.28
per cent) p.a. and effective pensionable salary increases, and pension increases of 3.0 per cent in the first year, 2.1 per cent in
the second year and 2.3 per cent in the subsequent years (previous year: 4.1 per cent in the first year, 3.2 per cent in the second
year and 3.1 per cent in subsequent years).
The longevity assumptions used to calculate the net defined benefit obligation:
Years
2025
2024
Longevity at age 65 for current pensioners - males
23.8
23.6
Longevity at age 65 for current pensioners - females
26.2
26.3
Longevity at age 65 for current members aged 45 - males
26.4
26.1
Longevity at age 65 for current members aged 45 - females
28.6
28.5
The weighted average duration of the net defined benefit obligation was 8.6 years (previous year: 10.2 years).
Sensitivity analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have
affected the defined benefit obligation for Austrian companies by the amounts shown below:
in \u20ac million
2025
2024
Increase
Decrease
Increase
Decrease
Discount rate (1 percentage point change)
(7)
8
(9)
11
Future salary growth (0.5 percentage point change)
0
0
0
0
Future pension increase (0.25 percentage point change)
2
(2)
3
(2)
Remaining life expectancy (change 1 year)
5
(6)
7
(8)
Other termination benefits
in \u20ac million
2025
2024
Defined benefit obligation as at 1/1
77
72
Change in consolidated group
0
0
Current service cost
4
3
Interest cost
2
3
Payments
(5)
(5)
Loss/gain on DBO due to past service cost
0
0
Transfers
0
0
Remeasurements
(10)
3
Defined benefit obligation as at 31/12
68
77
Actuarial assumptions
The long-term actuarial assumptions used to calculate the other termination benefits:
in per cent
2025
2024
Discount rate
3.5-4.3
3.0-3.4
Additional future salary increase for employees
0.5-4.0
0.5-5.0
Employee benefit expenses
Details of employee benefit expenses (expenses for defined benefit pension plans, other benefits due to termination of
employment) are stated under (7) General administrative expenses.
(45) Pending legal issues
RBI is involved in various legal, administrative or arbitration proceedings before various courts and authorities mainly arising in
the ordinary course of business and involving contractual, labor, and other matters.
A provision is only recognized if there is a legal or constructive obligation because of a past event, payment is likely, and the
amount can be reliably estimated. A contingent liability that arises from a past event is disclosed unless payment is highly
unlikely. A contingent asset that arises from a past event is reported if there is high probability of occurrence. In no instance in
the description that follows is an amount stated in which, in accordance with IAS 37, this would be severely detrimental. In
some cases, provisions are measured on a portfolio basis because this results in the obligation being estimated with greater
reliability. RBI has grouped its provisions, contingent assets, and contingent liabilities under the headings of consumer
protection, banking business, regulatory enforcement, and tax litigation.
Rasperia
In August 2024, a Russian company, Rasperia Trading Limited (Rasperia) filed an action against the Austrian company STRABAG
SE (STRABAG) and several major shareholders of STRABAG (STRABAG Shareholders) as well as against RBI\u2019s Russian subsidiary
AO Raiffeisenbank with the Arbitration Court of the Kaliningrad Region. Rasperia, holding 28,500,000 ordinary shares and one
registered share in STRABAG, alleges that it was deprived of its shareholder\u2019s rights, in particular by not being allowed to
participate in shareholder meetings or nominate members of the supervisory board of STRABAG, it is not paid dividends for the
past years and the dilution of its share in STRABAG without its consent and compensation in 2023. According to Rasperia, the
forfeiture of all its shareholder\u2019s rights resulted in the infliction of losses in the amount of approximately \u20ac 1.983 billion,
composed of the market value of Rasperia\u2019s share in STRABAG as well as unpaid dividends and interest on both amounts.
AO Raiffeisenbank is mentioned in the claim as related to the other defendants, although not accused of any wrongdoing. RBI
is not a party to these proceedings.
Rasperia has separated the claims against STRABAG and the STRABAG Shareholders from the claims against AO
Raiffeisenbank:
(i) The claim against STRABAG and the STRABAG Shareholders is for damages in the amount of approximately \u20ac 1.983 billion
plus interest up to the date of execution of the judgment, as amended from time to time (Claimed Amount).
(ii) The claim against AO Raiffeisenbank is intended to ensure enforcement in Russia of the judgment rendered under item (i)
above and therefore comprises the foreclosure on AO Raiffeisenbank funds (in particular with regard to its retained earnings)
for the compensation of the Claimed Amount awarded to Rasperia and, in return, the recognition of AO Raiffeisenbank
ownership of the 28,500,000 STRABAG ordinary shares and one registered share held by Rasperia from the date of execution of
the judgment against AO Raiffeisenbank.
In the preliminary court hearing on 16 October 2024, the Claimed Amount was increased from approximately \u20ac 1.983 billion to
approximately \u20ac 2.043 billion.
On 20 January 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 2.044 billion to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets.
In its verdict, the Russian court has also acceded to Rasperia's request according to which the ownership rights for the shares
of STRABAG held by Rasperia are to be transferred to AO Raiffeisenbank. However, Russian verdicts have no binding effect in
Austria and the transfer of shares is therefore not enforceable. Furthermore, Rasperia's STRABAG shares are subject to an
asset freeze under EU sanctions which also currently prevents their transfer.
On 21 February, AO Raiffeisenbank filed an appeal against the verdict with suspensive effect. On 24 April 2025, the Russian
appeal court in St. Petersburg confirmed the first-instance verdict from the Arbitration Court of the Kaliningrad Region. As a
consequence of this verdict from the Russian appeal court in St. Petersburg, AO Raiffeisenbank is required to pay the damages
of \u20ac 2.044 billion, awarded by the Arbitration court of Kaliningrad Region. On 25 April 2025 AO Raiffeisenbank appealed the
second-instance verdict in the next instance, the Court of Cassation in St. Petersburg. The appeal to the Court of Cassation
was accompanied by a request to suspend the enforcement of the second-instance judgment, which has however already
been dismissed by the Court of Cassation. In a court hearing held on 4 August 2025, the Court of Cassation in St. Petersburg
denied AO Raiffeisenbank\u2019s cassation appeal against the verdict. AO Raiffeisenbank abstained from filing an extraordinary
appeal to the Supreme Court of the Russian Federation to minimize any further financial risk.
On 30 April 2025, Rasperia requested the Russian Central Bank (CBR) to enforce the judgement by debiting a correspondent
account of AO Raiffeisenbank at the CBR with the RUB equivalent of \u20ac 1.870 billion (this corresponds to the damages awarded
to Rasperia by the Arbitration Court of the Kaliningrad Region, excluding interest of approximately \u20ac 174 million). In accordance
with this request, on 30 April an amount of RUB 174.221 billion was deducted or seized from a CBR correspondent account of AO
Raiffeisenbank by the CBR in favor of Rasperia. The interest awarded to Rasperia by the Arbitration Court of the Kaliningrad
Region had not been part of Rasperia's enforcement request to the CBR at that point in time but was the subject of a second
enforcement request on 26 May 2025. Consequently, on 27 May 2025, an amount of approximately RUB 21.599 billion
(corresponding to an amount of approximately \u20ac 239 million including additional interest accrued meanwhile) was deducted or
seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia; yet, in its second enforcement
request, Rasperia omitted one day of the interest period. Finally, on 15 July 2025, upon Rasperia\u2019s third enforcement request, an
amount of approximately RUB 36.7 million (corresponding to approximately \u20ac 400,000), which represents the remaining amount
of interest, was deducted or seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia.
RBI Group maintains a high degree of confidence in the judicial enforcement of its damage claim against Rasperia in Austria
and the enforceability thereof against Rasperia\u2019s assets in Austria. The judicial enforcement of the damage claim against
Rasperia can be carried out in full compliance with EU sanction law, to mitigate damages by seeking enforcement against
Rasperia's assets in Austria. The legal bases for such recourse litigation are rooted, inter alia, in EU sanctions (Article 11a of
Council Regulation (EU) 269/2014 and Article 11b of Council Regulation (EU) 833/2014), which specifically target cases like a
recourse litigation against Rasperia. Accordingly, a positive outcome of the recourse litigation is still considered by
management to be highly likely.
On 12 August 2025, AO Raiffeisenbank was served with a further lawsuit of Rasperia against STRABAG and the STRABAG
Shareholders as well as AO Raiffeisenbank which had been filed with the Arbitration Court of the Kaliningrad Region. Rasperia
claims from STRABAG and the STRABAG Shareholders the ruble equivalent of approximately \u20ac 339 million comprising inter alia
damages for the non-receipt by Rasperia of the monetary compensation related to the reduction of the authorized capital of
STRABAG implemented in 2024, for unpaid dividends of STRABAG for 2024 as well as interest on the various amounts which will
continue to accrue until the date of full payment. Rasperia again included AO Raiffeisenbank in its claim to ensure full
enforcement of the judgment against AO Raiffeisenbank\u2019s funds in Russia. RBI is not a party to these proceedings. On 18
December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Application for an anti-suit injunction
On 9 June 2025, Rasperia filed an application for an anti-suit injunction (ASI) before the Arbitral Court of the Kaliningrad Region,
targeting the STRABAG Shareholders\u00a0 and AO Raiffeisenbank. According to the ASI application, Rasperia seeks (A) to prevent the
continuation of arbitration proceedings in Amsterdam initiated by the STRABAG Shareholders against Rasperia (Amsterdam
Arbitration) and (B) to prohibit the filing of damage claims before foreign courts related to the Kaliningrad proceedings which
resulted in the Russian verdict dated 20 January 2025. Rasperia requests a RUB equivalent of \u20ac 1.09 billion penalty to be
enforced against AO Raiffeisenbank for non-compliance with the ASI in relation to the Amsterdam Arbitration (see item (A)
above), claiming AO Raiffeisenbank is controlled by one of the STRABAG Shareholders. On July 2, 2025, Rasperia amended its ASI
application to include RBI as a respondent and seeks to prohibit RBI from initiating foreign proceedings for damages related to
the Kaliningrad proceedings (see item (B) above). In July and September 2025, all STRABAG Shareholders discontinued the
Amsterdam Arbitration and withdrew their claims with prejudice. In turn, and in preparation for an oral hearing on 13 October
2025, Rasperia withdrew its ASI request related to the Amsterdam Arbitration and the \u20ac 1.09 billion penalty (see item (A) above).
The Arbitral Court of the Kaliningrad Region adjourned the hearing on Rasperia\u2019s second ASI request (see item (B) above) until
25 February 2026.
Assessment of legal risks
An affirmative judgment in Austrian civil proceedings would, in turn, allow enforcement against Rasperia's shares of STRABAG
as well as any related dividends or payments related to capital measures that have been withheld due to sanctions.The
probability of success in the administrative proceedings to unfreeze Rasperia's assets as well as in the enforcement
proceedings against its shares including withheld payments related to capital measures are expected to be highly likely.
While litigation always bears risks, in the external legal assessment no substantial obstacles were identified why RBI should not
prevail. Remaining uncertainties in connection with a recourse litigation initiated against Rasperia in Austria may include the
following:
\u00b7 Untested EU sanctions framework: The relevant EU sanctions framework is practically untested.
\u00b7 Time-bar on dividends: No case law is available on the legal consequences of the statute of limitation stipulated in
STRABAG's articles of association for dividends.
\u00b7 Unfreezing of Rasperia\u2019s assets: In the context of EU sanctions law, a minor degree of legal uncertainty remains, as
an authority could argue that it should not issue a positive decision even if the requirements are met. However, this
risk is expected to be very low.
From a U.S. sanctions perspective, it should be noted that the United States maintains two broad categories of sanctions:
\u201cprimary sanctions\u201d and \u201csecondary sanctions. Primary sanctions apply to activities with a U.S. nexus, involving U.S. persons or
connections to U.S. territory, and can require OFAC licenses for transactions otherwise prohibited. Secondary sanctions target
non-U.S. individuals and entities engaging in specified activities with sanctioned parties, aiming to discourage such conduct
without requiring a U.S. nexus, and can lead to various sanctions. Since there is no U.S. nexus there would be no U.S. primary
sanctions jurisdiction over the judgment in Russia or the potential recourse litigation in Austria. Secondary sanctions, on the
other hand, are to be considered because Rasperia is subject to U.S. sanctions. As in the past RBI AG continues to transparently
brief OFAC and the U.S. Treasury on material developments in the Russian litigation and the recourse litigation in Austria as
well. Accordingly a potential U.S. sanction risk to RBI AG and AO Raiffeisenbank stemming from the Russian verdict against AO
Raiffeisenbank and from potential RBI AG/AO Raiffeisenbank recourse litigation in Austria, but also for potential buyers and
involved parties in the context of the execution of the assets of a sanctioned company, is expected to be low.
Accounting policy information and critical accounting judgement
Due to changed circumstances related to Rasperia's application for an anti-suit injunction, management's assessment of the
expected cash inflow from enforcing claims against Rasperia has changed. The revised assessment as of June 30, 2025,
considers Rasperia's application for the anti-suit injunction against RBI Group and the associated risks of asset outflow within
the RBI Group, the chances of averting this, and the resulting delay in RBI's lawsuit against Rasperia in Austria. Consequently,
management concluded that the criteria for recognizing an asset under IFRS were no longer met.
On 18 December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Financial Impact
In the fiscal year 2025, the damages awarded to Rasperia amounting to \u20ac 2,109 million (including interest) were withdrawn
from AO Raiffeisenbank's correspondent account by the CBR, and the provision formed at the end of 2024 amounting to \u20ac 840
million was utilized. Due to the revised management assessment, from the expected proceeds from the enforcement of RBI\u2019s
claims against the Austrian assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. Despite the
changed accounting treatment, the legal assessment remains unchanged, and the management maintains a high degree of
confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia\u2019s assets in Austria.
For the damages claimed by Rasperia, against STRABAG and the STRABAG shareholders for the non-receipt of financial
compensation related to the capital reduction carried out in 2024 as well as for unpaid dividends and the interest accruing on
them until full payment, a provision of \u20ac 339 million was recognized.
Preliminary injunction (Temporary transfer ban)
Related to the above mentioned legal proceedings initiated by Rasperia against, among others, AO Raiffeisenbank, a Russian
court had on 5 September 2024 issued a preliminary injunction, by which shares of AO Raiffeisenbank were subject to a
temporary transfer ban with immediate effect. The purpose of the transfer ban was to keep the current state unchanged until
Rasperia's claims are settled. As a result of this court decision RBI could not transfer its shares in AO Raiffeisenbank which
complicated the efforts of RBI to sell a controlling stake in AO Raiffeisenbank. As AO Raiffeisenbank\u2019s motion to cancel the
preliminary injunction was rejected, AO Raiffeisenbank filed an appeal to the Arbitration Court of Appeal in St. Petersburg on 27
September 2024. On 5 December 2024, the Arbitration Court of Appeal confirmed the preliminary injunction. AO Raiffeisenbank
filed an appeal to the Court of Cassation in St. Petersburg in January 2025 which was dismissed on 24 March 2025. The transfer
ban on AO Raiffeisenbank shares, which was imposed as a measure to secure payment of damages, was expected to be lifted
upon the disbursement of the full amount of damages including interest as awarded to Rasperia by the Arbitration Court of
the Kaliningrad Region. Accordingly, following the deduction or seizure of the full of amount of damages including interest
awarded to Rasperia by the Russian verdict dated 20 January 2025, AO Raiffeisenbank filed a motion with the competent
Russian court to lift the transfer ban on 23 July 2025. In a court hearing held on 4 August 2025, the Court of Cassation in St.
Petersburg granted AO Raiffeisenbank\u2019s motion to cancel the preliminary injunction and lifted the transfer ban over the shares
in AO Raiffeisenbank.
Consumer protection
RBI faces customer lawsuits in connection with consumer protection matters. Most claims relate to terms of contract that are
alleged to breach consumer protection or other laws. The legal risk associated with such claims is heightened by the danger of
politically motivated legislation that increases the degree of unpredictability.
Croatia
In Croatia, following litigation initiated by a Croatian consumer association against Raiffeisenbank Austria, d.d., Zagreb (RBHR),
and other Croatian banks, two contractual clauses used in consumer loan agreements between 2003/2004 and 2008 were
declared null and void: an interest change clause and a CHF index clause. The decision on the interest adjustment clause
cannot be challenged any more. The decision on the nullity of the CHF index clause which was confirmed by the Croatian
Supreme Court also passed control of the Croatian Constitutional Court. RBHR is exploring the possibility to challenge this
decision, and submitted an application before the European Court for Human Rights in August 2021. The issue of CHF-indexed
loans which were converted under the Croatian Conversion Act into EUR-indexed loans was pending before the Court of Justice
of the European Union (CJEU) for preliminary ruling. In May 2022, CJEU published a preliminary ruling but like the Croatian
Supreme Court in a sample dispute, CJEU did not answer whether consumers of converted loans are entitled to any additional
compensation (besides the positive effects of the conversion performed under provisions of the Croatian Consumers Credit Act
2015). Therefore, the issue whether consumers are entitled to additional compensation (notwithstanding conversion) remained
for domestic courts to judge, primarily for the Croatian Supreme Court. Based on the decisions already rendered on the nullity
of the interest change clause and/or the CHF index clause, a number of borrowers have already raised claims against RBHR. In
its session in December 2022, the Croatian Supreme Court adopted the view that consumers are entitled to additional
compensation only in the amount of penalty interest on overpayments (if any) made until the conversion of CHF-indexed loans
into EUR-indexed loans in 2015. However, in April 2023, the President of the Supreme Court informed the public that the
adopted legal position did not pass the control by the Registrar for Judicial Practice of the Supreme Court who has the
authority to reverse any decision in case he considers that it does not comply with the law. In the meantime (July 2024), the
CJEU ruled in joined cases C-554/21, C-622/21 and C-727/21 that such a legal practice (that a judge/registrar of case law who
did not participate in the decision-making process can stop a final decision of another judge or council of the Supreme Court) is
contrary to EU law. The harmonisation of the CJEU judgment and the case law of the Supreme Court is still pending. The
question of whether the consumers from converted CHF-indexed loans are entitled to additional compensation or not has not
been resolved yet. A possible solution (whether consumers are entitled to additional compensation or not) is expected to be
given in the individual rulings of the Croatian Supreme Court. Only such specific rulings may then be challenged before the
Constitutional Court. Given current legal uncertainties relating to the statute of limitations, the validity of the CHF index
clause/conversion performed, the calculation of the additional compensation, the further course of action, the final outcome of
the request for preliminary ruling and the number of borrowers raising such claims, a final quantification of the financial
impact and the possible damage is not possible at this point of time. In this connection, a provision of \u20ac 51 million (previous
year: \u20ac 58 million) was recognized.
Poland
In Poland, a significant number of civil lawsuits are pending in relation to certain contractual stipulations connected with
consumer mortgage loans denominated in or indexed to foreign currencies. As at 31 December 2025, the total amount in
dispute was approximately PLN 8,926 million (\u20ac 2,115 million). The number of such lawsuits continues to increase.
In this context, a Polish court requested the Court of Justice of the European Union (CJEU) to clarify whether certain clauses in
these agreements breach European law and are unfair. The CJEU\u2019s preliminary ruling (C-260/18) in October 2019 does not
answer whether the loan agreements are invalid in whole or part but merely gives interpretative guidance on the principles
according to which the national courts must decide in each individual case. According to this, a loan agreement without unfair
terms should remain valid provided that it is in conformity with national law. If a loan agreement cannot remain valid without
the unfair term, the entire contract would have to be annulled. If the annulment of the entire contract triggers material
negative consequences for the borrower, the Polish courts can replace the unfair term by a valid term in accordance with
national law. The consequences of the contract being annulled must be carefully examined so that the borrower can consider
all potential negative consequences of annulment.
In another proceeding involving RBI, the District Court for Warszawa-Wola in Warsaw requested the CJEU to issue a preliminary
ruling concerning the way in which the contractual provisions concerning the rules for determining the buying and selling rates
for foreign currency are to be formulated in the case of consumer mortgage loans indexed to a foreign currency. In the
judgement of 18 November 2021 in case C-212/20, the CJEU considered that the content of a clause of a loan agreement that
sets the buying and selling prices of a foreign currency to which the loan is indexed must enable a reasonably well informed
and reasonably observant consumer, based on clear and intelligible criteria, to understand the way in which the foreign
currency exchange rate used to calculate the amount of the repayment installments is set. Based on information specified in
such a provision, the consumer must be able to determine on his or her own, at any time, the exchange rate applied by the
entrepreneur. In the justification the CJEU specified that a provision that does not enable the consumer to determine the
exchange rate himself or herself is unfair. Moreover, the CJEU indicated in said judgement that the national court, when the
considered term of a consumer contract is unfair, is not allowed to interpret that term in order to remedy its unfairness, even if
that interpretation would correspond to the common intention of the parties to that contract. Only if the invalidity of the
unfair term were to require the national court to annul the contract in its entirety, thereby exposing the consumer to
particularly unfavorable consequences, so that the consumer would thus be penalized, the national court might replace that
term with a supplementary provision of national law. The CJEU therefore did not entirely preclude national courts hearing such
cases from supplementing the contract with supplementary provisions of national law, but gaps may not be filled solely with
national provisions of a general nature and such remedy may be applied only in strictly limited cases as specified by the CJEU.
The assessment of an unfair nature of contractual provisions as well as the decision concerning supplementation of the
contract after removal of unfair contractual clauses, however, still falls within the competence of the national court hearing
the case. The CJEU did not determine at all whether, in the consequence of the above-mentioned actions, the entire foreign
currency contract is to be annulled.
On 15 June 2023, the CJEU announced its judgment in case C-520/21 on the consequences of the annulment of a mortgage loan
agreement vitiated by unfair terms. The consumer mortgage loan agreement indexed to CHF had been annulled on the ground
that the conversion clauses determining the rate of exchange into PLN for purposes of the monthly installments were
considered to be unfair and that the loan agreement could not continue in existence after removal of the unfair terms. The
CJEU observed that EU law does not expressly govern the consequences of the annulment of a consumer contract which are to
be determined by domestic legislation in the individual EU member states. Such domestic legislation has to be compatible with
EU law and its objectives, in particular to restore the situation which the consumer would have been in had the annulled
contract not existed as well as not to undermine the deterrent effect sought by EU law. According to the CJEU, EU law does not
preclude consumers from seeking compensation from the bank going beyond the reimbursement of the monthly installments
paid and the expenses paid in respect of the performance of the mortgage loan agreement together with the payment of
penalty interest at the statutory rate from the date on which notice is served. Nevertheless, it is a matter for the national
courts to determine whether upholding such claims on the part of the consumers is in accordance with the principle of
proportionality. By contrast, EU law precludes the bank from being able to claim from the consumer compensation going
beyond reimbursement of the capital paid in respect of the performance of the mortgage loan agreement together with the
payment of penalty interest at the statutory rate from the date on which notice is served.
Further specifications on the consequences of the annulment of a consumer mortgage loan agreement vitiated by unfair
terms was provided by the CJEU in its judgments in cases C-756/22 of 11 December 2023, C-488/23 of 12 January 2024 and
C-424/22 of 8 May 2024. None of these proceedings involved RBI directly. In all three cases, the CJEU considered that the
interpretation of EU law requested by the referring courts can be clearly derived from the previous CJEU\u2019s judgments, in
particular from judgement in case C-520/21 of 15 June 2023 comprehensively described in the paragraph above. In the case
C-756/22 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms without which it
cannot continue to be in force, the bank is not allowed to demand the consumer to pay amounts other than the capital paid in
performance of that contract and statutory penalty interest from the time of the demand for payment. In the case C-488/23
the CJEU stated that EU law precludes banks from being able to claim from the consumer \u2013 in addition to the reimbursement
of the capital sums paid in performance of the contract and statutory penalty interest from the date of the demand for
payment - compensation consisting of a judicial adjustment of the benefit of the capital sum paid in the event of a material
change in the purchasing power of the currency in question after that capital was paid to the consumer concerned. In the case
C-424/22 of 8 May 2024 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms and
the bank is therefore obliged to make restitutory payments to a consumer, the bank is not entitled to apply the right of
retention. This means that the bank is not allowed to withhold such payment until the debtor has repaid all sums that he or
she had received from the bank under the loan agreement.
Which impact the above mentioned CJEU judgments will have on the decisions made by Polish courts in individual civil cases
cannot be assessed finally due to the complexity and variability of case-specific factors, as well as the potential differing
contexts and legal nuances involved in each case.
On 25 April 2024, the full Civil Chamber of the Polish Supreme Court (the SC) adopted a resolution concerning legal issues
concerning loans indexed to or denominated in a foreign currency. In line with CJEU judgments, the SC ruled that if a
contractual term referring to an indexation mechanism is considered unlawful and is not binding, it cannot be replaced by
another method of determining the foreign exchange rate resulting from provisions of law or established customs and the
loan agreement shall not be binding in the remaining scope. The decision whether a contractual term is unfair is up to the
court hearing the case concerning an individual loan agreement. If a loan agreement is not binding due to its unlawful terms,
each party has a separate claim for the return of undue payments: the bank for the return of capital and the borrower for the
return of payments. The SC found no justification for mutual settlement of the parties\u2019 claims by the court during the hearing
of the case. The limitation period of the bank\u2019s claim for reimbursement of amounts paid under the loan shall, as a rule,
commence on the day following the day on which the borrower challenged the binding force of the loan agreement against
the bank. Thus, the start of the limitation period depends on the consumer's action and should therefore be analyzed
individually in relation to each contract. This decision modified a previous decision of the SC which provided that the limitation
period of the bank\u2019s claim would start after the consumer is informed about the potential consequences of declaring the loan
agreement invalid and the consumer consents to such a declaration of invalidity. The SC also excluded the possibility for any
party to claim interest or any other remuneration for the use of its funds in the period between the undue payment and the
delay in reimbursing the payment. Despite the fact the resolution was adopted to resolve the arising interpretation issues
connected with disputes concerning loans in Swiss francs, the conclusions arising from it are applicable to loans in other
currencies, including loans in euro, as well.
The above resolution of the SC, combined with the earlier CJEU ruling, means that banks operating in Poland and holding
foreign currency loan portfolios, including RBI, shall not be able to claim any additional remuneration and/or valorization in
connection with such annulled agreements as set out above. Banks shall be limited then only to the possibility to claim the
return of the capital made available to the customer when the loan was originated. This does not affect the possibility of
demanding payment of penalty interest, provided that the conditions for which the bank may demand such interest are met.
As regards the banks\u2019 claim of the return of capital, the guidance provided by the resolution of the SC and the current practice
may be affected by the CJEU judgment dated 19 June 2025 set out below.
On 19 June 2025, the CJEU issued another judgment in case C-396/24, ruling that Directive 93/13/EEC on unfair terms in
consumer contracts prevents banks from demanding full repayment of the disbursed nominal amount of a loan when such
loan agreements are considered null and void, without considering prior repayments made by the consumer (set-off theory).
This ruling may influence the current judicial practice of Polish courts, which, pursuant to the resolution of the Polish Supreme
Court from 25 April 2024 (described in detail above), applies the \"two claims\" theory. Under this theory, banks may claim full
repayment of amounts paid under a contract declared void, irrespective of the repayments made and the remaining balance
owed. This theory has also served as the basis for banks suing former borrowers to secure capital repayment. Furthermore, the
judgment prohibits the immediate enforceability of rulings favouring banks unless adequate consumer protections are in place.
The potential impact on Polish jurisprudence remains uncertain, with possible outcomes ranging from the adoption of a set-off
theory to the continuation of existing legal frameworks, as the judicial interpretation of this CJEU ruling may vary.
On 27 November 2025, the CJEU delivered a judgment in case C-746/24 which precludes national procedural rules that impose
disproportionately higher court costs on consumers defending against bank-initiated restitution claims for capital compared
to costs incurred in consumer-led actions for contract annulment. It was held that such a disparity in legal expenses
undermines the deterrent effect of Council Directive 93/13/EEC and may discourage consumers from exercising their rights
under the protective framework for unfair contract terms. The Polish civil procedural law provides for a limitation of the
maximum amount of court fees for claims initiated by consumers in cases related to banking activity. Conversely, a bank
initiating legal proceedings against a consumer cannot benefit from such preferential treatment and is required to bear court
fees in accordance with general rules, which results in significantly higher initial costs for the financial institution. Irrespective
of the CJEU's ruling, Polish courts retain the authority to invoke specific domestic procedural regulations to determine the final
allocation of costs, whereby courts are permitted to deviate from general cost-sharing principles based on the principle of
equity or the specific conduct of the parties. Consequently, the ultimate impact of the judgment on RBI\u2019s litigation expenses
depends on the discretionary assessment by national courts in individual cases. RBI continues to monitor the judicial trends and
may adjust its legal risk provisions and procedural strategies to mitigate potential adverse financial effects arising from this
jurisprudence.
Polish common courts have referred further multiple questions to the CJEU regarding interpretation of the Directive 93/13/EEC
on unfair terms in consumer contracts in relation to foreign exchange loan agreements. The issues include i.a. the legality of
requiring consumers to pay legal costs, the interruption of limitation periods for the banks\u2019 claims, treatment of time-barred
claims, banks' set-off rights, reimbursement of insurance costs, and the validity of contractual annexes. These inquiries seek to
clarify how national laws align with EU consumer protection standards.
A significant Inflow of lawsuits has been observed since the beginning of 2020 mainly as a result of the CJEU ruling in case
C-260/18 and of intensified marketing activity by law firms acting on behalf of borrowers. In the fiscal year 2025, RBI\u2019s Polish
branch recorded 4,334 new lawsuits (previous year: nearly 6,150 lawsuits) with an average of around 361 new lawsuits per
month in 2025 (of which CHF lawsuits 268 and 93 lawsuits for Euro loans). The inflow could continue to decrease as a result of
the increasing number of settlements being reached between RBI\u2019s Polish branch and borrowers as well as the fact that a
significant portion of the loan portfolio is already subject to ongoing litigation, which naturally limits the potential inflow of
new claims.
Furthermore, Polish courts have approached the CJEU with further requests for a preliminary ruling in other civil proceedings
which could lead to further CJEU\u2019s clarifications that could influence how court cases concerning foreign currency loans are
decided by national Polish courts.
The impact assessment in relation to affected FX-indexed or FX-denominated loan agreements may also be influenced by the
outcome of an ongoing administrative court proceeding resulting from the RBI Polish Branch\u2019s appeal against the decision of
the President of the Office of Competition and Consumer Protection (UOKiK).The contested decision stated that RBI\u2019s Polish
branch was engaged in practices violating the collective consumer interests and resulted in an administrative fine on RBI\u2019s
Polish branch and an obligation to provide borrowers information on the violation in case the administrative decision becomes
final. In June 2025, the Court of Competition and Consumer Protection (SOKIK) fully dismissed RBI's appeal against the decision.
In August 2025, RBI lodged\u00a0 an\u00a0 appeal against this judgment to the Court of Appeal in Warsaw.
Moreover, the Polish Financial Ombudsman, acting on behalf of two borrowers, has initiated a civil proceeding against RBI
alleging employment of unfair commercial practices towards consumers in respect of a case in which RBI \u2013 following the
annulment of a loan agreement \u2013 claimed the full loan amount originally disbursed without taking into account repayments
made in the meantime as well as amounts due for the use of capital by the borrowers based on the principle of unjust
enrichment, and has demanded that RBI discontinue such practices. In May 2023, the claim of the Financial Ombudsman was
dismissed by the court of first instance. The Financial Ombudsman lodged an appeal against this judgment, which was served
on RBI and duly responded to.\u00a0
RBI is also plaintiff in a number of ongoing civil lawsuits related to mortgage loans denominated in or indexed to Swiss Franc
and Euro which are already terminated. As of 31 December 2025, the total amount in dispute is in the region of approximately
PLN 298.5 million (\u20ac 71 million). The claims of RBI are for principal and interest which had not been paid due to legal objections.
The lawsuits are raised on contractual grounds or on the basis of unjust enrichment.
In addition, RBI has initiated a number of lawsuits based on counterclaims for the reimbursement of capital against borrowers
in case the borrower challenges the validity of the foreign currency mortgage loan against RBI. The filing of the lawsuits aims
at securing RBI\u2019s claims and should prevent that they become time-barred. As of 31 December 2025, the total amount in
dispute in these proceedings amounted to PLN\u00a0 2.662 million (\u20ac631 million). A further bunch of proceedings is expected to be
initiated until the end of 2025. In the coming years, the decision to file such lawsuits will depend on the ultimate impact of the
CJEU judgment in case C-746/24 described above, the development of national jurisprudence and potential legislative
initiatives.
Polish legislation topics
At the end of September 2025, the Polish Government adopted a draft law, introducing special procedures for civil cases
involving loans denominated in or indexed to Swiss francs (CHF). In early October 2025, the draft was submitted to the Sejm
(the lower house of the Polish Parliament) to begin the legislative process. The primary objective of the draft law is to
accelerate litigations related to CHF loans, reduce the burden on the courts, and strengthen consumer protection, in line with
the case law of the Court of Justice of the European Union. As drafted, the law would apply to civil cases between consumers
and banks concerning loans denominated in or indexed to CHF, including loans converted by annex into CHF-denominated or
CHF-indexed agreements. Loans denominated in or indexed to other currencies (notably EUR) would fall outside the scope of
the law. Overall, the proposed framework significantly strengthens the legal position of consumers in litigation against banks.
Upon service of the consumer\u2019s lawsuit or counterclaim on the bank, loan repayments are automatically suspended by
operation of law until the relevant court proceedings are finally concluded. The suspension of the borrower\u2019s repayment
obligations shall not constitute a default or improper performance under the loan agreement and shall not be reported to any
loan or debt registries. Moreover, any entries recorded in such registries prior to service of the statement of claim or
counterclaim on the bank must be deleted. For cases in which the consumer\u2019s lawsuit or counterclaim was served on the bank
before the act enters into force, the suspension of repayment obligations shall take effect from the act\u2019s effective date.
Consequently, from that date, repayments under all affected loan agreements will be automatically suspended by law,
potentially leading to a further reduction in cash inflows from the CHF loan portfolio. Notwithstanding the above, the bank
remains obliged to accept payments if the total amount repaid by the borrower remains below the total loan disbursed.
Importantly, consumers are not required to submit individual requests for suspension of repayments, and courts will no longer
need to issue or review rulings granting such interim measures or related appeals.
The procedural measures proposed in the draft aim to streamline case handling. Under the draft, cases may be heard in closed
sessions notwithstanding a party\u2019s request for a public hearing, parties may submit testimony in writing, and witness
examination may be conducted remotely, even if a party objects to such methods. In addition, a simplified procedure\u00a0 to
terminate proceedings following the voluntary withdrawal of claims or appeals was introduced at court. To facilitate
settlement and mutual reconciliation, the proposal allows the defendant to raise a set\u2011off defence up until the close of the
hearing before the court of second instance, or\u2014if the case is heard in a closed session\u2014until the verdict of the
second\u2011instance court is announced. Similarly, a counterclaim may be filed up to the conclusion of the hearing before the court
of first instance, or\u2014if the case is heard in a closed session\u2014until the first\u2011instance court judgment is announced. The draft\u00a0 bill
further incentivizes amicable dispute resolution by providing that, if a claim, appeal, or cassation appeal is withdrawn within
six months from the act\u2019s effective date, half of the court fee will be refunded. The draft act also provides for limitations on
the Supreme Court\u2019s ability to hear cassation appeals in cases concerning CHF-related loans.
The act is scheduled to enter into force 14 days after its publication in the official journal of laws. The compressed vacatio legis
underscores the urgency of the measure and may pose significant challenges for the banking sector in implementing its
provisions. In addition to financial effects (reduced inflows from repayments of disputed loans), the proposed provisions may
accelerate the resolution of proceedings before the courts, thereby accelerating the outflow of funds from banks due to the
need to settle final judgments. They may also encourage consumers who have not yet brought claims against banks to initiate
litigation.
Financial Impact
RBI has recognized a provision for filed and expected lawsuits in Poland regarding Swiss Franc and Euro loans, including default
interest that will be payable to customers. As lawsuits have been filed by a number of customers, the provision is based on a
statistical approach that takes into account both statistical data, where relevant, and expert opinions. The term provision,
used here, includes provisions according to IFRS 9, where the gross carrying amount is reduced by the provision amount due to
revision of expected cash flows, as well as provisions according to IAS 37.
RBI has around 17,2 thousand CHF loans to customers outstanding with a total volume of around \u20ac 1.3 billion and a further 10.1
thousand CHF loans have been repaid. These also include loans that are not expected to be the subject of litigation.
Furthermore, RBI has around 8.7 thousand Euro denominated loans to customers outstanding with a total volume of nearly \u20ac
360 million and a roughly 9.3 thousand loans have been repaid.
The resulting provision amounted to \u20ac 1,956 million (previous year: \u20ac 2.071 million), of which \u20ac 1,774 million for CHF loans and \u20ac
182 million for Euro loans. The total amount of the provision in Poland represents RBI\u2019s best estimate of the future outflow of
economic benefits. In calculating the provision for lawsuits filed in Poland, it is nevertheless necessary to form an opinion on
matters that are inherently uncertain, such as regulatory announcements, the number of future lawsuits, the extent to which
these will be upheld and the impact of legal decisions that may be relevant to the lawsuits received.
Thus a number of risks and uncertainties remain. Consequently the actual costs could differ from RBI\u2019s estimates and the
underlying assumptions. This could result in the need for an additional provision. The main measurable uncertainties
associated with the calculation of the provision relate to a potential reduction in the discount period, a decrease in discount
rates, an increase in the number of total expected lawsuits for outstanding and repaid loans as well as the success rate of out-
of-court settlements.
Sensitivity analysis
The sensitivity analysis refined during the reporting year for potential changes in the actual parameters over the next 12
months, while holding all other parameters constant, is shown in the following two tables, separated by CHF and EUR loans:
CHF-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
1,774
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
11
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
7
Decrease in discount rate (IFRS 9 carrying amount adjustment)
1.1%
- 0.3 PP
0.8%
5
Increase in propensity to litigate active loans
95%
+ 1.0 PP
96%
12
Increase in average loss coverage on outstanding loans
145%
+ 1.0 PP
146%
6
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
11
Increase in propensity to litigate repaid loans
43%
+ 1.0 PP
44%
3
Reduction of number of expected future settlements
2,497
- 10.0%
2,247
6
Increase of settlement offer for customers (in % of loss in case of
annulment)
79%
+ 5.0 PP
84%
11
EUR-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
182
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
8
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
0
Decrease in discount rate (IFRS 9 carrying amount adjustment)
6.0%
- 0.3 PP
5.7%
1
Increase in propensity to litigate active loans
52%
+ 1.0 PP
53%
2
Increase in average loss coverage on outstanding loans
93%
+ 1.0 PP
94%
1
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
1
Increase in propensity to litigate repaid loans
15%
+ 1.0 PP
16%
2
The assumptions are based on internal statistics as well as on market observations. The increase in provision is linear for each
change, with the exception of the discount rate changes which are logarithmic increases. Furthermore, the model does not
take into account changes related to unexpected developments in jurisprudence.
For the fiscal year 2025, the sensitivity analysis was slightly expanded. Firstly, a distinction was made between IFRS 9 carrying
amount adjustment and IAS 37 provision regarding the sensitivity of the discounting period, due to the different discounting
periods. Secondly, the CHF portfolio was supplemented with new sensitivities related to settlement offers, as these were
numerically more significant in 2025. These new sensitivities were not determined for the 2024 comparison period.
CHF-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
1,965
Reduction in discounting period in years
3,5 years
- 1,0 year
2,5 years
27
Decrease in discount rate (IFRS 9 provision)
2.3%
-0,3 PP
2.0%
8
Increase in propensity to litigate active loans
91.5%
+1,0 PP
92.5%
12
Increase in average loss coverage on outstanding loans
117%
+1,0 PP
118%
10
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
9
Increase in propensity to litigate repaid loans
53%
+1,0 PP
54%
4
EUR-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
106
Reduction in discounting period
3,5 years
- 1,0 year
2,5 years
7
Decrease in discount rate (IFRS 9 provision)
7.2%
-0,3 PP
6.9%
1
Increase in propensity to litigate active loans
32.9%
+1,0 PP
33.9%
2
Increase in average loss coverage on outstanding loans
83%
+1,0 PP
84%
2
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
1
Increase in propensity to litigate repaid loans
35%
+1,0 PP
36%
1
Settlement program
Already in 2023 an out-of- court settlement program based on the proposal by the Chairman of the Polish Financial Supervisory
Authority (KNF) have been launched. The major goal of the settlement program is to limit the expected losses resulting from
the current negative jurisprudence that in most case cancels the mortgage contract. Due to a tepid response to this program,
an improved model was developed in 2024 to enhance acceptance. Instead of recalculating the issued loan contract with
adjusted parameters, the revised settlement program focuses on the repayment amount to customers in the event of
annulment, minus a percentage deduction. In both scenarios, a settlement is achieved. Both cases lead to a write-off of a
portion of the loan balance depending on the individually negotiated settlement offer. The settlements are offered through a
mediation proceeding conducted by the Polish Financial Supervisory Authority.
As at 31/12/2025 RBI made 21,630 individual settlement proposals, out of which 4,541 customers already agreed and in addition
855 customers have signed agreements to enter a mediation process. The bank included in the provisioning calculation the
estimated number of settlements to be signed with customers reflecting the adjusted level of future losses in these settlement
cases. The consideration of settlements in the provision calculation is affected by factors such as the repayment amount and
the development of the ruling practice and the duration of proceedings.
Romania
In May 2023, the Romanian consumer protection authority (ANPC)\u00a0 has disputed the way installments in connection with
consumer loans are computed and claims that repayment schedules with fixed installments, which are composed of a bigger
portion of interest and a lower portion of principal in the early stages of the repayment, are detrimental to consumers and
therefore should be composed of an equal portion of capital and interest. It issued an order to stop such practice but a number
of banks, including RBI\u2019s\u00a0 Romanian network bank Raiffeisen Bank S.A., Bucharest, have obtained a suspension in court of the
application of such ANPC measure. As the meaning of the order is not clear, it is not possible to determine at this point of time
whether there will be any negative financial impact on Raiffeisen Bank S.A., Bucharest and, if yes, the potential damage
involved. However, in case of a mandatory change of repayment schedules, the impact could be significant. In May 2023,
Raiffeisen Bank SA, Bucharest has disputed in court the validity of the \u201cfindings\u201d of the ANPC and the court has decided that
the ANPC measure is to be put on hold until there is a final court decision in the dispute against the findings. In June 2025,
Raiffeisen Bank SA, Bucharest won the dispute against the findings. Since this decision is final, the trial regarding the ANPC
order has been resumed.
In June 2024, Raiffeisen Bank SA, Bucharest received another ANPC report which basically also concerns the entire Romanian
banking market and is based on an ANPC investigation on how banks comply with the obligation to provide customers with
sufficient information. Based on the allegation of\u00a0 \u201cdeceiving practice\u201d applied by banks, the report requires the banks to take
the following measures: (i) In case of consumer loans with variable interest rates, ANPC is of the opinion that banks should have
applied an interest rate composed of a public index (like ROBOR, EURIBOR, etc.) plus a margin rather than a type of \u201cmarket
interest rate\u201d (not linked to a public index). Thus, variable interest rates being \u201cmarket interest rates\u201d would have to be re-
calculated, also retroactively, by deducting the public index valid at the beginning of the first variable interest period from the
initial variable interest rate. The difference would then be applied as a margin over the public index applicable for the
respective variable interest period and the result would constitute the interest rate for such period. Since installments are
composed of payments of interest and principal, all components are subject to re-calculation as if the index plus margin had
been applied from the beginning. (ii) In case of CHF loans, the outstanding principal amounts as well as installments would
have to be re-calculated by converting the CHF exposure into Euro at the exchange rate valid at the date of the respective
credit agreements and by calculating the installments as if the loans had been granted in Euro while still applying the CHF
interest rate. Both measures seem to apply to current loans as well as loans that were repaid in the last six months prior to the
date of the ANPC report (7 June 2024). Raiffeisen Bank SA, Bucharest is of the opinion that it has acted in compliance with legal
requirements and has filed a dispute against the ANPC report. Both measures decided by ANPC are put on hold until there is a
final court decision on the merits of the case.\u00a0 Should the court dismiss the dispute, this would result in repayments to
customers, as a result of the application of the two previously mentioned recalculation measures. In December 2025, Raiffeisen
Bank SA, Bucharest has won the dispute against the ANPC report on the merits.\u00a0 ANPC may challenge this court ruling.
Banking business
RBI and its subsidiaries provide services for corporate customers that increase litigation risk at the operating level. The most
important cases are as follows:
Following the insolvency of Alpine Holding GmbH (Alpine) in 2013, a number of lawsuits were filed by retail investors in Austria
against RBI and another credit institution in connection with a bond which had been issued by Alpine in 2012 in an aggregate
principal amount of \u20ac 100 million. The claims asserted against RBI originally amounted to approximately \u20ac 10 million. In total,
claims of approximately \u20ac 8 million had been filed in court by investors either directly or indirectly through a 'class action' of the
Austrian Federal Chamber for Workers and Employees (Bundeskammer f\u00fcr Arbeiter und Angestellte). Owing to the termination
of some of the proceedings and claim reductions in other proceedings, the value in dispute of the pending court proceedings
against RBI decreased to approximately \u20ac 6.3 million. Among other things, it is claimed that the banks acted as joint lead
managers of the bond issue and were or at least should have been aware of financial problems of Alpine at the time of the
issue. Thus, they should have known that Alpine was not in a position to redeem the bonds as set forth in the terms and
conditions of the bonds. It is alleged that the capital market prospectus in relation to the bond issue was misleading and
incomplete and that the joint lead managers including RBI, were aware of that fact. In December 2023, in several joint
proceedings the court of first instance issued a partial judgment and dismissed the claims of the investors based on
prospectus liability in the amount of in total approximately \u20ac 5.9 million regarding RBI related claims. The judgment of the court
of first instance was confirmed by the court of second instance. The plaintiffs filed an appeal against this decision with the
Austrian Supreme Court (Oberster Gerichtshof) in September 2024. The amount of RBI related claims subject to these appellate
proceedings was reduced from \u20ac 5.9 million to \u20ac 5.7 million. The OGH rejected the plaintiff's appeal in this class action with its
decision of 23 July 2025. Furthermore, RBI was able to settle a number of other proceedings and receive partial reimbursement
of its legal costs. Following the proceedings settled by the appeal decision of the OGH, the number of all other pending
proceedings has fallen to just two (with a total value in dispute of around \u20ac 0.5 million).
In the first quarter of 2021, RBI learned about a claim already filed against it in Jakarta by an Indonesian company in November
2020. The amount of the alleged claim is approximately USD 129 million (\u20ac 110 million) in material damages and USD 200 million
(\u20ac 170 million) in immaterial damages. The claim was served upon RBI in May 2022. On 27 June 2023, the South Jakarta District
Court (Pengadilan Negeri Jakarta Selatan), held that RBI has committed an unlawful act against the Indonesian company and
ordered RBI to pay damages in the amount of USD 119 million (\u20ac 101 million). In view of the facts of the case and the legal
situation, RBI filed an appeal against the judgment with the High Court of Jakarta (Pengadilan Tinggi Jakarta). In March 2024
the High Court of Jakarta ruled in favour of RBI and rejected the claim due to lack of Indonesian jurisdiction. In June 2024, the
plaintiff filed an appeal to the Supreme Court of Indonesia (Mahkamah Agung Republik Indonesia) which was opposed by RBI.
While the South Jakarta District Court's website indicates the dismissal of the appeal, the delivery of this decision by the
Supreme Court of Indonesia to RBI is still pending.
RBI is involved in a dispute with a Cayman Islands Company (Cayman Islands Company) and other parties (including several
subsidiaries of and a director of the Cayman Islands Company) centered on non-payment of guarantees given by the former
parent company of the Cayman Islands Company (Parent Company). In August 2019, RBI began proceedings against the
Cayman Islands Company (and other parties) in the Grand Court of the Cayman Islands, Financial Services Division (the Cayman
Islands Court). In those proceedings, RBI alleges in general terms that through a series of fraudulent transfers (the Fraudulent
Scheme) the Parent Company was stripped of its assets, to frustrate the enforcement of RBI's guarantees. In September 2019,
RBI obtained an order against the Cayman Islands Company, restricting its ability to deal with its assets (the Freezing Order),
pending determination of the proceedings before the Cayman Islands Court. In November 2019, the Cayman Islands Company
filed its defense and counterclaim to the proceedings before the Cayman Islands Court, including a \u20ac 203 million counterclaim
against RBI. The Cayman Islands Company's purported counterclaim is founded on documents that the Cayman Islands
Company has, to date, refused to provide. Further defendant parties were added to the proceedings before the Cayman
Islands Court in 2020. In December 2021, the Cayman Islands Court of Appeal refused attempts by the Cayman Islands
Company and other parties to challenge the Freezing Order and the jurisdiction of the Cayman Islands Court. Those attempts
were rejected with costs ordered in RBI's favor. In 2023, RBI amended its claim, added a director of the Cayman Islands
Company (Director) as a party to the proceedings before the Cayman Islands Court, and increased its claim for damages from
approximately \u20ac 44 million to approximately \u20ac 106 million plus interest and costs. An application by the Director to challenge
jurisdiction and his joinder to the proceedings before the Cayman Islands Court was heard in February 2025 and refused in April
2025, with costs awarded in RBI's favour. The Director\u2019s defense was filed in August 2025. Following a case management
conference in September 2025, a trial has been ordered to commence on the first available date after 2 April 2027.\u00a0 Also in
September 2025, a new party (a subsidiary of the Cayman Islands Company) was added to the proceedings. That party gave
undertakings to the Cayman Islands Court in materially the same form as the Freezing Order and both the Cayman Islands
Company and the new party were ordered to give disclosure of all of their assets with a value above \u20ac 3 million, with the
provision of further information to come from the Cayman Islands Company's auditors, to aid in the policing of the Freezing
Order.\u00a0 Other related proceedings have been brought against RBI by parties within the Cayman Islands Company\u2019s group,
including in Malta and\u00a0 British Columbia (Canada).\u00a0 Those proceedings are being defended by RBI.\u00a0 They are for declaratory
relief only, and no damages are claimed.
In February 2025, RBI\u2019s subsidiary Kathrein Privatbank Aktiengesellschaft (\u201eKathrein\u201c) was served with a claim for damages in
the amount of \u20ac 50 million as well as an action for declaratory judgment of its liability (valued \u20ac 1 million) filed against it with
the Commercial Court, Vienna, in connection with malversations by a former employee of Kathrein. Although Kathrein had
already compensated the plaintiff for the amount originally subject to the malversation, Kathrein could not reach an out-of-
court settlement with the plaintiff regarding the amount of the relating hypothetical loss of profit. Nevertheless, further out-
of-court settlement negotiations are conducted in parallel to the court proceedings. The claimed amount is significantly higher
than the amount determined by calculation of Kathrein, which is also supported by an external legal assessment. Following
Kathrein\u2019s legal assessment, an adequate provision was recognized.
At the end of June 2025, a Russian corporate customer of AO Raiffeisenbank filed a claim for damages in the amount of
approximately \u20ac 337.5 million against AO Raiffeisenbank in the Arbitration Court of Moscow. The plaintiff claimed that it had
incurred losses resulting from the failure to sell shares in a German subsidiary operating a production facility in Germany. The
plaintiff alleged that AO Raiffeisenbank, having provided advisory services in respect of the potential sale, was responsible for
such failure. On 2 December 2025, the claimant withdrew its claim against AO Raiffeisenbank and the proceedings were
terminated by the Arbitration Court of Moscow without payment obligations of AO Raiffeisenbank towards the Russian
claimant.
Regulatory enforcement
RBI and its subsidiaries are subject to numerous national and international regulatory authorities.
In March 2018, an administrative fine of \u20ac 2.7 million (which was calculated by reference to the annual consolidated turnover of
RBI and constitutes 0.06 per cent of the last available annual consolidated turnover) was imposed on RBI by FMA in the course
of administrative proceedings based on alleged non-compliance with formal documentation requirements relating to the
know-your-customer principle (Initial FMA Decision). According to the interpretation of the Austrian Financial Market Authority
(FMA), RBI had failed to comply with these administrative obligations in a few individual cases. FMA did not allege that any
money laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. RBI took
the view that it had duly complied with all due diligence obligations regarding know-your-customer requirements and
appealed against the Initial FMA Decision in its entirety. The Federal Administrative Court (Bundesverwaltungsgericht \u2013 BVwG)
confirmed the Initial FMA Decision (First Appellate Decision) and \u2013 again- RBI appealed against this decision in its entirety. In
December 2019, the Austrian Supreme Administrative Court (Verwaltungsgerichtshof\u2013 VwGH) revoked the First Appellate
Decision and referred the case back to the BVwG. In the retrial on 6 May 2021, the BVwG again confirmed the Initial FMA
Decision in general but reduced the administrative fine down to \u20ac 824 thousand and allowed another (second) appeal before
the VwGH (Second Appellate Decision). Such appeal was filed by RBI. In July 2023, the VwGH revoked the Second Appellate
Decision and, again, referred the case back to the BVwG. In the retrial on 25 April 2024, the BVwG again confirmed the Initial
FMA Decision in general but reduced the administrative fine down to \u20ac 2 million (from the amount of \u20ac 2.7 million imposed by -
the Initial FMA Decision) and allowed another (third) appeal before the VwGH (Third Appellate Decision). Such appeal was filed
by RBI on 7 June 2024. A provision of an appropriate amount has been recognized.
In September 2018, two administrative fines totaling PLN 55 million (\u20ac 13 million) were imposed on Raiffeisen Bank Polska S.A.
(RBPL), the former Polish subsidiary of RBI in the course of administrative proceedings based on alleged non-performance of
duties as the depositary and liquidator of certain investment funds. RBPL as custodian of investment funds assumed the role
of liquidator of certain funds in February 2018. According to the interpretation of the Polish Financial Supervision Authority \u2013
which is known by its Polish abbreviation, KNF \u2013 RBPL failed to comply with certain obligations in its function as depository
bank and liquidator of the funds. In the course of the transactions related to the sale of the core banking operations of RBPL to
Bank BGZ BNP Paribas S.A., the responsibility for said administrative proceedings and related fines was assumed by RBI. RBI
filed appeals against these fines in their entirety. In September 2019, in relation to the PLN 5 million (\u20ac 1 million) fine regarding
RBPL\u2019s duties as depositary bank, the Voivodship Administrative Court considered RBI\u2019s appeal and overturned the KNF decision
in its entirety. However, the KNF filed an appeal in cassation against the judgement. In relation to the PLN 50 million (\u20ac 12
million) fine regarding RBPL\u2019s function as liquidator, the Voivodship Administrative Court decided to dismiss the appeal and
uphold the KNF decision in its entirety. RBI has raised appeal in cassation to the Supreme Administrative Court because it takes
the view that RBPL has duly complied with all its duties. In April 2023, the Supreme Administrative Court decided to refer the
case regarding the PLN 5 million (\u20ac 1 million) fine back to the Voivodship Administrative Court for reconsideration. Furthermore,
the Supreme Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 50 million (\u20ac 12 million) fine
which is now final. However in October 2023 RBI filed a complaint to the European Court of Human Rights over this verdict. In
October 2023, the Voivodship Administrative Court dismissed RBI\u2019s appeal and upheld the KNF decision imposing the PLN 5
million (\u20ac 1 million) penalty on RBI in relation to the alleged violations of RBI's duties as depositary of certain investment funds. A
cassation appeal against this judgment to the Supreme Administrative court was submitted. In February 2025, the Supreme
Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 5 million (\u20ac 1 million) fine which is now final.
In July 2025, RBI also filed a complaint to the European Court of Human Rights over this verdict. Both fines, i.e. the PLN 5 million
(\u20ac 1 million) fine and the PLN 50 million (\u20ac 12 million) fine, have already been paid.
In this context, several individual lawsuits and four class actions, aggregating claims of holders of certificates in the above-
mentioned investment funds, were filed against RBI, whereby the total amount in dispute as at 31 December 2025 equals
approximately PLN\u00a0 81 million (\u20ac 19 million). Additionally, RBI was informed that two modifications of a statement of claim had
been submitted to the court which could result in an increase of the total amount in dispute by approximately PLN 93 million (\u20ac
22 million). However, the first of such modifications for an amount of approximately PLN 91 million (\u20ac 22 million) has not yet
been served upon RBI. The plaintiffs of the class actions demand the confirmation of RBI\u2019s responsibility for the alleged
improper performance of RBPL (in respect of which RBI is the legal successor) as custodian bank. Such confirmation would
secure and facilitate their financial claims in further lawsuits. Due to RBI\u2019s legal assessment, no provision has been recognized.
Additionally, RBI received a number of claim notices from BNP in connection with certain bank operations in respect of which
BNP is the legal successor to RBPL. Said claim notices primarily relate to administrative proceedings conducted by the KNF
(Polish Financial Supervision Authority) in connection with alleged failures of RBPL/BNP in acting as a depository of investment
funds and could lead to cash penalties. Furthermore, claims in this context have been raised by investors to BNP, and as a
mitigating measure RBI supports BNP in this regard. The financial impact can not be estimated at this time.
In January 2023, RBI was informed by FMA that an administrative proceeding has been started based on the alleged non-
compliance with certain legal requirements regarding the know-your-customer principle in connection with three customers of
RBI\u2019s correspondent banking business. The transactions relevant for the administrative proceedings had been processed by RBI
between 2017 and 2020. According to the interpretation of FMA, RBI had not sufficiently convinced itself that these banks had
appropriate due diligence procedures in place regarding customers of their own correspondent banking business. Thus, in the
view of FMA, RBI failed to fully comply with its administrative obligations in this regard. FMA did not state that any money
laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. In June 2024,
FMA terminated the administrative proceeding in relation to one bank without a fine, but imposed a fine of \u20ac 2.07 million
against RBI in relation to the other two banks. In July 2024 RBI filed an appeal to the Federal Administrative court
(Bundesverwaltungsgericht - BVwG) and, thus the fine is not yet final or legally binding. The BVwG meanwhile has requested
the CJEU to issue a preliminary ruling concerning the involvement and treatment of natural persons acting for a legal entity as
prerequisite for fining said legal entity. The proceeding before the CJEU is currently on-going.
In January 2023, RBI received a Request for Information (RFI) from the Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury. OFAC administers and enforces economic and trade sanctions based on US foreign policy and
national security goals. A breach of US sanctions may, among others, result in fines, the freezing of accounts or the termination
of business relationships with US correspondent banks. The questions raised by OFAC in the RFI seek to clarify payments
business and related processes maintained by RBI with respect to US correspondent banks in light of the developments related
to Russia and Ukraine. RBI has also been cooperating with the U.S. Department of Justice ( DOJ) since March 2023 in connection
with a DOJ inquiry into RBI's compliance with sanctions against Russia. A breach of U.S. criminal law related to sanctions may,
among others, result in fines or the appointment of a monitor. As a matter of principle, RBI maintains policies and procedures
that are designed to ensure compliance with applicable embargoes and financial sanctions and is cooperating fully with OFAC
and DOJ in relation to their requests to the extent permitted by applicable laws and regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-451": { "value": "
in \u20ac million
2025
2024
Net modification gains/losses
(29)
(23)
Gains/losses from changes in present value of non-substantially modified contracts
(33)
(23)
Gains/losses from derecognition due to substantial modification of contract terms
3
0
Impairment or reversal of impairment on investments in subsidiaries and associates
21
(50)
Impairment or reversal of impairment on non-financial assets
(5)
7
Goodwill
0
0
Other
(5)
7
Result from non-current assets and disposal groups classified as held for sale and deconsolidation
6
(8)
Net income from non-current assets and disposal groups classified as held for sale
6
4
Result of deconsolidations
0
(10)
Net expense from allocation and release of provisions for VAT interbank tax exemptions
0
(20)
Expenses for credit-linked, portfolio-based litigations and annulments
(302)
(657)
Expenses for legal disputes in Russia
(1,269)
0
Net expense from allocation and release of provisions for a legal dispute in Russia
(339)
(840)
Total
(1,918)
(1,590)
The other result amounted to minus \u20ac 1,918 million in the reporting period, compared to minus \u20ac 1,590 million in the previous
year\u2019s period. The main reason for this was the derecognition of the expected proceeds from the enforcement of RBI's claims
against the Austrian assets of Rasperia Trading Limited as well as interest expenses in connection with damages awarded to
Rasperia (\u20ac 1,269 million) and the allocation to a provision in connection with the second Rasperia proceedings (\u20ac 339 million). In
addition, credit-linked, portfolio-based litigation and annulments of loan agreements had a negative impact of \u20ac 302 million
(previous year\u2019: \u20ac\u00a0657 million). These almost exclusively related to mortgage loans in Poland denominated in foreign currencies
or linked to a foreign currency. Losses on modified contract terms led to a result of minus \u20ac 29 million in the reporting period,
primarily in Slovakia (\u20ac 13 million) and at head office (\u20ac 8 million).
(27) Provisions
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and a reliable estimate of the amount is possible. The level of provisions is the best possible estimate of expected
outflow of economic benefits at the reporting date while taking into account the risks and uncertainties underlying the
commitment to fulfill the obligation. If a provision is formed based on cash flows estimated to fulfill an obligation, the cash
flows must be discounted if the interest effect is material.
Allocation of provisions is booked through different line items in the income statement depending on the nature of the
provision. Allocation of loan loss provisions for contingent liabilities is recorded in the income statement under the item
impairment losses on financial assets. Restructuring provisioning and other employee benefits are allocated in general
administrative expenses. Provision allocations that are not assigned to general administrative expenses are as a matter of
principle booked against other net operating income.
in \u20ac million
2025
2024
Provisions for off-balance sheet items
219
183
Other commitments and guarantees given according to IFRS 9
219
182
Other commitments and guarantees given according to IAS 37
0
0
Provisions for staff
525
478
Pensions and other post employment defined benefit obligations
145
168
Other long-term employee benefits
38
41
Bonus payments
336
266
Termination benefits
7
3
Other provisions
1,930
2,241
Pending legal issues and tax litigation
1,716
2,025
Restructuring
3
3
Onerous contracts
57
59
Other provisions
154
155
Total
2,675
2,902
Provisions decreased by \u20ac 227 million to \u20ac 2,675 million. The decrease was mainly due to the utilization of the provision for
Rasperia amounting to \u20ac 840 million created in the previous year. This decrease was partially offset by the allocation of a
provision related to a second Rasperia case amounting to \u20ac 339 million. In Poland, provisions relating to mortgage loans in
foreign currency increased by \u20ac 208 million (previous year: \u20ac 561 million) in accordance with IAS 37.
Taking into account the intra-year changes in the foreign currency portfolio, the provisions in Poland increased by
approximately \u20ac 17 million during the reporting period due to changes in the discount rate, while the changes arising from the
passage of time resulted in a decrease of about \u20ac 6 million. Further details on both matters can be found in note (45) Pending
legal issues.
in \u20ac million
As at
1/1/2025
Change in
consolidated
group
Allocation
Release
Usage
Transfers,
exchange
differences
As at
31/12/2025
Provisions for off-balance sheet items1
0
0
0
(1)
0
0
0
Other commitments and guarantees given
according to IAS 37
0
0
0
(1)
0
0
0
Provisions for staff
478
0
266
(16)
(229)
26
525
Pensions and other post employment defined
benefit obligations
168
0
(10)
(2)
(12)
0
145
Other long-term employee benefits
41
0
1
(1)
(3)
0
38
Bonus payments
266
1
269
(13)
(214)
26
336
Termination benefits
3
0
6
0
(1)
0
7
Other provisions
2,241
(1)
861
(52)
(1,136)
17
1,930
Pending legal issues and tax litigation
2,025
0
773
(13)
(1,085)
17
1,716
Restructuring
3
0
3
0
(2)
0
3
Onerous contracts
59
0
1
(4)
0
0
57
Other provisions
155
(1)
84
(35)
(49)
0
154
Total
2,720
0
1,127
(69)
(1,365)
43
2,456
1 Provisions for off-balance-sheet items pursuant to IFRS 9 are not included and due to a more granular presentation broken down by stages under (30) Loan commitments, financial guarantees and
other commitments.
in \u20ac million
As at
1/1/2024
Change in
consolidated
group
Allocation
Release
Usage
Transfers,
exchange
differences
As at
31/12/2024
Provisions for off-balance sheet items1
2
0
0
(2)
0
0
0
Other commitments and guarantees given
according to IAS 37
2
0
0
(2)
0
0
0
Provisions for staff
507
(18)
228
(18)
(205)
(16)
478
Pensions and other post employment defined
benefit obligations
182
(15)
13
0
(13)
1
168
Other long-term employee benefits
47
0
7
(9)
(4)
0
41
Bonus payments
275
(3)
208
(8)
(188)
(17)
266
Termination benefits
3
0
1
(1)
(1)
0
3
Other provisions
931
(12)
1,755
(120)
(247)
(67)
2,241
Pending legal issues and tax litigation
636
(1)
1,586
(6)
(147)
(43)
2,025
Restructuring
6
0
1
(3)
(1)
0
3
Onerous contracts
60
0
0
0
(1)
0
59
Other provisions
229
(11)
168
(111)
(98)
(23)
155
Total
1,441
(30)
1,984
(140)
(452)
(83)
2,720
1 Provisions for off-balance-sheet items pursuant to IFRS 9 are not included and due to a more granular presentation broken down by stages under (30) Loan commitments, financial guarantees and
other commitments.
Pension obligations and other termination benefits
All defined benefit plans relating to so-called social capital (provisions for pensions, provisions for severance payments and
provisions for service anniversary bonuses) are measured using the Projected Unit Credit Method in accordance with IAS 19 \u2013
Employee Benefits. The biometrical basis for the calculation of provisions for pensions, severance payments and service
anniversary bonuses for Austrian companies is provided by AV\u00d6 2018-P-Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
(Computational Framework for Pension Insurance), using the relevant parameters for salaried employees. In other countries,
comparable actuarial parameters are used for calculation. The following significant personnel provisions were created in the
2025 financial year:
\u00b7 Defined benefit pension plans in Austria and other countries
\u00b7 Other post-employment benefits in Austria and other countries
These defined benefit plans and other post-employment benefits expose the Group to actuarial risks, such as longevity risk,
currency risk, interest rate risk and market (investment) risk.
A liability and expense is recognized for termination benefits when RBI can no longer withdraw the offer of those benefits.
Where the benefits are not expected to be settled within 12 months of the reporting date they are discounted.
Funding
For pensions there are different plans: unfunded, partly funded and fully funded. The partly and fully funded plans are all
invested by Valida Pension AG. Valida Pension AG is a pension fund and is subject in particular to the provisions of the Pension
Act and Company Pension Act.
The Group expects to pay \u20ac 462 thousand in contributions to its defined benefit plans for the following financial year.
Pension obligations/defined benefit pension plans
Financial status
in \u20ac million
2025
2024
Defined benefit obligation (DBO)
113
128
Fair value of plan assets
(36)
(37)
Net liabilities/assets
77
91
Defined benefit obligations
in \u20ac million
2025
2024
Defined benefit obligation as at 1/1
128
147
Change in consolidated group
0
(14)
Exchange differences
0
-1
Current service cost
1
1
Interest cost
4
5
Payments
(8)
(9)
Loss/gain on DBO due to past service cost
0
0
Transfer
(2)
(1)
Remeasurements
(10)
1
Defined benefit obligation as at 31/12
113
128
The deconsolidation of the Belarusian Group units was reported under change in consolidated group in the previous year.
Plan assets
in \u20ac million
2025
2024
Plan assets as at 1/1
37
37
Interest income
1
1
Contributions to plan assets
0
1
Plan payments
(2)
(2)
Transfer
(1)
(3)
Return on plan assets excl. interest income
1
4
Plan assets as at 31/12
36
37
Return on plan assets
2
5
Fair value of rights to reimbursement recognized as an asset
8
9
Structure of plan assets
in per cent
2025
2024
Debt securities
28
35
Shares
35
31
Alternative Investments
9
5
Real estate
6
5
Cash
22
25
Total
100
100
Asset-Liability Matching
The pension provider Valida Pension AG has established an asset/risk management process (ARM process). According to this
process, the risk-bearing capacity of each fund is evaluated once a year based on the liability structure of investment and risk
associations, which itself is derived from the statement of financial position. Based on this risk-bearing capacity, the
investment structure of the fund is derived. When determining the investment structure, defined and documented customer
requirements are considered.
The defined investment structure is implemented in the two funds named VRG 60 and VRG 7, in which the accrued amounts for
RBI are invested with an investment concept. The weighting of predefined asset classes moves within a range according to
objective criteria, which can be derived from market trends. In times of stress, hedges of the equity component are put in
place.
Actuarial assumptions
The actuarial assumptions used to calculate the net defined, long-term benefit obligation:
in per cent
2025
2024
Discount rate
3.5-6.0
3.0-6.0
Future pension basis increase
0.5-4.0
0.5-3.1
Future pension increase
0.5-4.0
0.5-3.1
The actuarial calculation of pension obligations at head office is based on a discount rate of 4.05 per cent (previous year: 3.28
per cent) p.a. and effective pensionable salary increases, and pension increases of 3.0 per cent in the first year, 2.1 per cent in
the second year and 2.3 per cent in the subsequent years (previous year: 4.1 per cent in the first year, 3.2 per cent in the second
year and 3.1 per cent in subsequent years).
The longevity assumptions used to calculate the net defined benefit obligation:
Years
2025
2024
Longevity at age 65 for current pensioners - males
23.8
23.6
Longevity at age 65 for current pensioners - females
26.2
26.3
Longevity at age 65 for current members aged 45 - males
26.4
26.1
Longevity at age 65 for current members aged 45 - females
28.6
28.5
The weighted average duration of the net defined benefit obligation was 8.6 years (previous year: 10.2 years).
Sensitivity analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have
affected the defined benefit obligation for Austrian companies by the amounts shown below:
in \u20ac million
2025
2024
Increase
Decrease
Increase
Decrease
Discount rate (1 percentage point change)
(7)
8
(9)
11
Future salary growth (0.5 percentage point change)
0
0
0
0
Future pension increase (0.25 percentage point change)
2
(2)
3
(2)
Remaining life expectancy (change 1 year)
5
(6)
7
(8)
Other termination benefits
in \u20ac million
2025
2024
Defined benefit obligation as at 1/1
77
72
Change in consolidated group
0
0
Current service cost
4
3
Interest cost
2
3
Payments
(5)
(5)
Loss/gain on DBO due to past service cost
0
0
Transfers
0
0
Remeasurements
(10)
3
Defined benefit obligation as at 31/12
68
77
Actuarial assumptions
The long-term actuarial assumptions used to calculate the other termination benefits:
in per cent
2025
2024
Discount rate
3.5-4.3
3.0-3.4
Additional future salary increase for employees
0.5-4.0
0.5-5.0
Employee benefit expenses
Details of employee benefit expenses (expenses for defined benefit pension plans, other benefits due to termination of
employment) are stated under (7) General administrative expenses.
(30) Loan commitments, financial guarantees and other commitments
Financial guarantees
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.
Contingent liabilities and commitments
This item mainly includes contingent liabilities from undrawn loan commitments. Loan commitments must be reported when a
credit risk may occur. These include commitments to provide loans, to purchase securities or to provide guarantees and
acceptances. Loan loss provisions for loan commitments are reported under provisions for liabilities and charges. Often, loan
commitments are only partially drawn and thus comprise a drawn and an undrawn commitment. If it is not possible to
separately identify the expected credit losses applicable to a drawn commitment and those to an undrawn commitment,
these are shown together with the impairments of the financial asset, in accordance with IFRS 7. The total expected credit
losses are shown as a provision if they exceed the gross carrying amount of the financial asset. Major contingent liabilities
from legal disputes are shown under (45) Pending legal issues.
in \u20ac million
2025
2024
Loan commitments given
42,664
37,635
Financial guarantees given
10,034
9,243
Other commitments given
5,609
5,567
Total
58,307
52,445
Provisions for off-balance sheet items according to IFRS 9
(219)
(182)
In addition to the provisions for off-balance sheet risks according to IFRS 9 presented, provisions of less than one million were
recognized for other commitments given in accordance with IAS 37 (previous year: \u20ac\u00a01 million).
Nominal value and provisions for off-balance sheet liabilities from commitments and financial guarantees according to IFRS 9
shown by counterparties and stages \u2013 in accordance with \u00a7 51 (13) of the Austrian Banking Act (BWG):
2025
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.0%
-
-
General governments
535
54
0
0
0
0
0.1%
0.5%
95.1%
Banks
2,637
136
0
0
0
0
0.0%
0.1%
-
Other financial corporations
7,063
531
4
(4)
(5)
0
0.1%
0.9%
0.1%
Non-financial corporations
34,466
4,888
128
(56)
(86)
(36)
0.2%
1.8%
28.2%
Households
6,959
887
20
(11)
(6)
(14)
0.2%
0.7%
69.6%
Total
51,660
6,496
151
(72)
(97)
(50)
0.1%
1.5%
33.0%
2024
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.1%
-
-
General governments
475
8
18
0
0
(1)
0.0%
3.3%
5.1%
Banks
2,112
166
0
0
0
0
0.0%
0.0%
-
Other financial corporations
6,366
422
2
(3)
(3)
0
0.1%
0.8%
0.0%
Non-financial corporations
32,640
3,721
179
(56)
(46)
(43)
0.2%
1.2%
24.2%
Households
5,507
813
16
(10)
(7)
(12)
0.2%
0.8%
71.0%
Total
47,099
5,130
215
(70)
(56)
(56)
0.1%
1.1%
26.0%
Development of provisions for loan commitments, financial guarantees and other
commitments given:
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
70
56
56
182
Increases due to origination and acquisition
80
11
9
100
Decreases due to derecognition
(30)
(17)
(12)
(60)
Changes due to change in credit risk (net)
(43)
43
(5)
(4)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
0
0
0
0
Foreign exchange and other
(5)
4
1
0
As at 31/12/2025
72
97
50
219
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
58
96
49
204
Increases due to origination and acquisition
67
23
6
96
Decreases due to derecognition
(28)
(23)
(8)
(59)
Changes due to change in credit risk (net)
(36)
(38)
11
(62)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
9
(2)
0
7
Foreign exchange and other
(1)
0
(2)
(3)
As at 31/12/2024
70
56
56
182
Nominal values of off-balance sheet commitments by rating categories and stages:
2025
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
837
218
0
1,055
Strong
17,625
1,167
0
18,792
Good
25,035
2,349
0
27,384
Satisfactory
7,083
2,231
0
9,315
Substandard
397
325
0
722
Credit impaired
0
0
150
150
Not rated
683
205
1
889
Nominal amount
51,660
6,496
151
58,307
Provisions for off-balance sheet items according to IFRS 9
(72)
(97)
(50)
(219)
Nominal amount after provisions
51,589
6,399
101
58,088
2024
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
862
244
0
1,106
Strong
17,492
873
0
18,365
Good
21,426
1,984
0
23,410
Satisfactory
4,912
1,659
0
6,572
Substandard
109
266
0
375
Credit impaired
0
0
214
214
Not rated
2,298
103
1
2,402
Nominal amount
47,099
5,130
215
52,445
Provisions for off-balance sheet items according to IFRS 9
(70)
(56)
(56)
(182)
Nominal amount after provisions
47,030
5,074
159
52,263
The category not rated includes off-balance sheet commitments for some retail customers for whom no ratings are available.
The rating is therefore based on qualitative factors.
(45) Pending legal issues
RBI is involved in various legal, administrative or arbitration proceedings before various courts and authorities mainly arising in
the ordinary course of business and involving contractual, labor, and other matters.
A provision is only recognized if there is a legal or constructive obligation because of a past event, payment is likely, and the
amount can be reliably estimated. A contingent liability that arises from a past event is disclosed unless payment is highly
unlikely. A contingent asset that arises from a past event is reported if there is high probability of occurrence. In no instance in
the description that follows is an amount stated in which, in accordance with IAS 37, this would be severely detrimental. In
some cases, provisions are measured on a portfolio basis because this results in the obligation being estimated with greater
reliability. RBI has grouped its provisions, contingent assets, and contingent liabilities under the headings of consumer
protection, banking business, regulatory enforcement, and tax litigation.
Rasperia
In August 2024, a Russian company, Rasperia Trading Limited (Rasperia) filed an action against the Austrian company STRABAG
SE (STRABAG) and several major shareholders of STRABAG (STRABAG Shareholders) as well as against RBI\u2019s Russian subsidiary
AO Raiffeisenbank with the Arbitration Court of the Kaliningrad Region. Rasperia, holding 28,500,000 ordinary shares and one
registered share in STRABAG, alleges that it was deprived of its shareholder\u2019s rights, in particular by not being allowed to
participate in shareholder meetings or nominate members of the supervisory board of STRABAG, it is not paid dividends for the
past years and the dilution of its share in STRABAG without its consent and compensation in 2023. According to Rasperia, the
forfeiture of all its shareholder\u2019s rights resulted in the infliction of losses in the amount of approximately \u20ac 1.983 billion,
composed of the market value of Rasperia\u2019s share in STRABAG as well as unpaid dividends and interest on both amounts.
AO Raiffeisenbank is mentioned in the claim as related to the other defendants, although not accused of any wrongdoing. RBI
is not a party to these proceedings.
Rasperia has separated the claims against STRABAG and the STRABAG Shareholders from the claims against AO
Raiffeisenbank:
(i) The claim against STRABAG and the STRABAG Shareholders is for damages in the amount of approximately \u20ac 1.983 billion
plus interest up to the date of execution of the judgment, as amended from time to time (Claimed Amount).
(ii) The claim against AO Raiffeisenbank is intended to ensure enforcement in Russia of the judgment rendered under item (i)
above and therefore comprises the foreclosure on AO Raiffeisenbank funds (in particular with regard to its retained earnings)
for the compensation of the Claimed Amount awarded to Rasperia and, in return, the recognition of AO Raiffeisenbank
ownership of the 28,500,000 STRABAG ordinary shares and one registered share held by Rasperia from the date of execution of
the judgment against AO Raiffeisenbank.
In the preliminary court hearing on 16 October 2024, the Claimed Amount was increased from approximately \u20ac 1.983 billion to
approximately \u20ac 2.043 billion.
On 20 January 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 2.044 billion to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets.
In its verdict, the Russian court has also acceded to Rasperia's request according to which the ownership rights for the shares
of STRABAG held by Rasperia are to be transferred to AO Raiffeisenbank. However, Russian verdicts have no binding effect in
Austria and the transfer of shares is therefore not enforceable. Furthermore, Rasperia's STRABAG shares are subject to an
asset freeze under EU sanctions which also currently prevents their transfer.
On 21 February, AO Raiffeisenbank filed an appeal against the verdict with suspensive effect. On 24 April 2025, the Russian
appeal court in St. Petersburg confirmed the first-instance verdict from the Arbitration Court of the Kaliningrad Region. As a
consequence of this verdict from the Russian appeal court in St. Petersburg, AO Raiffeisenbank is required to pay the damages
of \u20ac 2.044 billion, awarded by the Arbitration court of Kaliningrad Region. On 25 April 2025 AO Raiffeisenbank appealed the
second-instance verdict in the next instance, the Court of Cassation in St. Petersburg. The appeal to the Court of Cassation
was accompanied by a request to suspend the enforcement of the second-instance judgment, which has however already
been dismissed by the Court of Cassation. In a court hearing held on 4 August 2025, the Court of Cassation in St. Petersburg
denied AO Raiffeisenbank\u2019s cassation appeal against the verdict. AO Raiffeisenbank abstained from filing an extraordinary
appeal to the Supreme Court of the Russian Federation to minimize any further financial risk.
On 30 April 2025, Rasperia requested the Russian Central Bank (CBR) to enforce the judgement by debiting a correspondent
account of AO Raiffeisenbank at the CBR with the RUB equivalent of \u20ac 1.870 billion (this corresponds to the damages awarded
to Rasperia by the Arbitration Court of the Kaliningrad Region, excluding interest of approximately \u20ac 174 million). In accordance
with this request, on 30 April an amount of RUB 174.221 billion was deducted or seized from a CBR correspondent account of AO
Raiffeisenbank by the CBR in favor of Rasperia. The interest awarded to Rasperia by the Arbitration Court of the Kaliningrad
Region had not been part of Rasperia's enforcement request to the CBR at that point in time but was the subject of a second
enforcement request on 26 May 2025. Consequently, on 27 May 2025, an amount of approximately RUB 21.599 billion
(corresponding to an amount of approximately \u20ac 239 million including additional interest accrued meanwhile) was deducted or
seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia; yet, in its second enforcement
request, Rasperia omitted one day of the interest period. Finally, on 15 July 2025, upon Rasperia\u2019s third enforcement request, an
amount of approximately RUB 36.7 million (corresponding to approximately \u20ac 400,000), which represents the remaining amount
of interest, was deducted or seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia.
RBI Group maintains a high degree of confidence in the judicial enforcement of its damage claim against Rasperia in Austria
and the enforceability thereof against Rasperia\u2019s assets in Austria. The judicial enforcement of the damage claim against
Rasperia can be carried out in full compliance with EU sanction law, to mitigate damages by seeking enforcement against
Rasperia's assets in Austria. The legal bases for such recourse litigation are rooted, inter alia, in EU sanctions (Article 11a of
Council Regulation (EU) 269/2014 and Article 11b of Council Regulation (EU) 833/2014), which specifically target cases like a
recourse litigation against Rasperia. Accordingly, a positive outcome of the recourse litigation is still considered by
management to be highly likely.
On 12 August 2025, AO Raiffeisenbank was served with a further lawsuit of Rasperia against STRABAG and the STRABAG
Shareholders as well as AO Raiffeisenbank which had been filed with the Arbitration Court of the Kaliningrad Region. Rasperia
claims from STRABAG and the STRABAG Shareholders the ruble equivalent of approximately \u20ac 339 million comprising inter alia
damages for the non-receipt by Rasperia of the monetary compensation related to the reduction of the authorized capital of
STRABAG implemented in 2024, for unpaid dividends of STRABAG for 2024 as well as interest on the various amounts which will
continue to accrue until the date of full payment. Rasperia again included AO Raiffeisenbank in its claim to ensure full
enforcement of the judgment against AO Raiffeisenbank\u2019s funds in Russia. RBI is not a party to these proceedings. On 18
December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Application for an anti-suit injunction
On 9 June 2025, Rasperia filed an application for an anti-suit injunction (ASI) before the Arbitral Court of the Kaliningrad Region,
targeting the STRABAG Shareholders\u00a0 and AO Raiffeisenbank. According to the ASI application, Rasperia seeks (A) to prevent the
continuation of arbitration proceedings in Amsterdam initiated by the STRABAG Shareholders against Rasperia (Amsterdam
Arbitration) and (B) to prohibit the filing of damage claims before foreign courts related to the Kaliningrad proceedings which
resulted in the Russian verdict dated 20 January 2025. Rasperia requests a RUB equivalent of \u20ac 1.09 billion penalty to be
enforced against AO Raiffeisenbank for non-compliance with the ASI in relation to the Amsterdam Arbitration (see item (A)
above), claiming AO Raiffeisenbank is controlled by one of the STRABAG Shareholders. On July 2, 2025, Rasperia amended its ASI
application to include RBI as a respondent and seeks to prohibit RBI from initiating foreign proceedings for damages related to
the Kaliningrad proceedings (see item (B) above). In July and September 2025, all STRABAG Shareholders discontinued the
Amsterdam Arbitration and withdrew their claims with prejudice. In turn, and in preparation for an oral hearing on 13 October
2025, Rasperia withdrew its ASI request related to the Amsterdam Arbitration and the \u20ac 1.09 billion penalty (see item (A) above).
The Arbitral Court of the Kaliningrad Region adjourned the hearing on Rasperia\u2019s second ASI request (see item (B) above) until
25 February 2026.
Assessment of legal risks
An affirmative judgment in Austrian civil proceedings would, in turn, allow enforcement against Rasperia's shares of STRABAG
as well as any related dividends or payments related to capital measures that have been withheld due to sanctions.The
probability of success in the administrative proceedings to unfreeze Rasperia's assets as well as in the enforcement
proceedings against its shares including withheld payments related to capital measures are expected to be highly likely.
While litigation always bears risks, in the external legal assessment no substantial obstacles were identified why RBI should not
prevail. Remaining uncertainties in connection with a recourse litigation initiated against Rasperia in Austria may include the
following:
\u00b7 Untested EU sanctions framework: The relevant EU sanctions framework is practically untested.
\u00b7 Time-bar on dividends: No case law is available on the legal consequences of the statute of limitation stipulated in
STRABAG's articles of association for dividends.
\u00b7 Unfreezing of Rasperia\u2019s assets: In the context of EU sanctions law, a minor degree of legal uncertainty remains, as
an authority could argue that it should not issue a positive decision even if the requirements are met. However, this
risk is expected to be very low.
From a U.S. sanctions perspective, it should be noted that the United States maintains two broad categories of sanctions:
\u201cprimary sanctions\u201d and \u201csecondary sanctions. Primary sanctions apply to activities with a U.S. nexus, involving U.S. persons or
connections to U.S. territory, and can require OFAC licenses for transactions otherwise prohibited. Secondary sanctions target
non-U.S. individuals and entities engaging in specified activities with sanctioned parties, aiming to discourage such conduct
without requiring a U.S. nexus, and can lead to various sanctions. Since there is no U.S. nexus there would be no U.S. primary
sanctions jurisdiction over the judgment in Russia or the potential recourse litigation in Austria. Secondary sanctions, on the
other hand, are to be considered because Rasperia is subject to U.S. sanctions. As in the past RBI AG continues to transparently
brief OFAC and the U.S. Treasury on material developments in the Russian litigation and the recourse litigation in Austria as
well. Accordingly a potential U.S. sanction risk to RBI AG and AO Raiffeisenbank stemming from the Russian verdict against AO
Raiffeisenbank and from potential RBI AG/AO Raiffeisenbank recourse litigation in Austria, but also for potential buyers and
involved parties in the context of the execution of the assets of a sanctioned company, is expected to be low.
Accounting policy information and critical accounting judgement
Due to changed circumstances related to Rasperia's application for an anti-suit injunction, management's assessment of the
expected cash inflow from enforcing claims against Rasperia has changed. The revised assessment as of June 30, 2025,
considers Rasperia's application for the anti-suit injunction against RBI Group and the associated risks of asset outflow within
the RBI Group, the chances of averting this, and the resulting delay in RBI's lawsuit against Rasperia in Austria. Consequently,
management concluded that the criteria for recognizing an asset under IFRS were no longer met.
On 18 December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Financial Impact
In the fiscal year 2025, the damages awarded to Rasperia amounting to \u20ac 2,109 million (including interest) were withdrawn
from AO Raiffeisenbank's correspondent account by the CBR, and the provision formed at the end of 2024 amounting to \u20ac 840
million was utilized. Due to the revised management assessment, from the expected proceeds from the enforcement of RBI\u2019s
claims against the Austrian assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. Despite the
changed accounting treatment, the legal assessment remains unchanged, and the management maintains a high degree of
confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia\u2019s assets in Austria.
For the damages claimed by Rasperia, against STRABAG and the STRABAG shareholders for the non-receipt of financial
compensation related to the capital reduction carried out in 2024 as well as for unpaid dividends and the interest accruing on
them until full payment, a provision of \u20ac 339 million was recognized.
Preliminary injunction (Temporary transfer ban)
Related to the above mentioned legal proceedings initiated by Rasperia against, among others, AO Raiffeisenbank, a Russian
court had on 5 September 2024 issued a preliminary injunction, by which shares of AO Raiffeisenbank were subject to a
temporary transfer ban with immediate effect. The purpose of the transfer ban was to keep the current state unchanged until
Rasperia's claims are settled. As a result of this court decision RBI could not transfer its shares in AO Raiffeisenbank which
complicated the efforts of RBI to sell a controlling stake in AO Raiffeisenbank. As AO Raiffeisenbank\u2019s motion to cancel the
preliminary injunction was rejected, AO Raiffeisenbank filed an appeal to the Arbitration Court of Appeal in St. Petersburg on 27
September 2024. On 5 December 2024, the Arbitration Court of Appeal confirmed the preliminary injunction. AO Raiffeisenbank
filed an appeal to the Court of Cassation in St. Petersburg in January 2025 which was dismissed on 24 March 2025. The transfer
ban on AO Raiffeisenbank shares, which was imposed as a measure to secure payment of damages, was expected to be lifted
upon the disbursement of the full amount of damages including interest as awarded to Rasperia by the Arbitration Court of
the Kaliningrad Region. Accordingly, following the deduction or seizure of the full of amount of damages including interest
awarded to Rasperia by the Russian verdict dated 20 January 2025, AO Raiffeisenbank filed a motion with the competent
Russian court to lift the transfer ban on 23 July 2025. In a court hearing held on 4 August 2025, the Court of Cassation in St.
Petersburg granted AO Raiffeisenbank\u2019s motion to cancel the preliminary injunction and lifted the transfer ban over the shares
in AO Raiffeisenbank.
Consumer protection
RBI faces customer lawsuits in connection with consumer protection matters. Most claims relate to terms of contract that are
alleged to breach consumer protection or other laws. The legal risk associated with such claims is heightened by the danger of
politically motivated legislation that increases the degree of unpredictability.
Croatia
In Croatia, following litigation initiated by a Croatian consumer association against Raiffeisenbank Austria, d.d., Zagreb (RBHR),
and other Croatian banks, two contractual clauses used in consumer loan agreements between 2003/2004 and 2008 were
declared null and void: an interest change clause and a CHF index clause. The decision on the interest adjustment clause
cannot be challenged any more. The decision on the nullity of the CHF index clause which was confirmed by the Croatian
Supreme Court also passed control of the Croatian Constitutional Court. RBHR is exploring the possibility to challenge this
decision, and submitted an application before the European Court for Human Rights in August 2021. The issue of CHF-indexed
loans which were converted under the Croatian Conversion Act into EUR-indexed loans was pending before the Court of Justice
of the European Union (CJEU) for preliminary ruling. In May 2022, CJEU published a preliminary ruling but like the Croatian
Supreme Court in a sample dispute, CJEU did not answer whether consumers of converted loans are entitled to any additional
compensation (besides the positive effects of the conversion performed under provisions of the Croatian Consumers Credit Act
2015). Therefore, the issue whether consumers are entitled to additional compensation (notwithstanding conversion) remained
for domestic courts to judge, primarily for the Croatian Supreme Court. Based on the decisions already rendered on the nullity
of the interest change clause and/or the CHF index clause, a number of borrowers have already raised claims against RBHR. In
its session in December 2022, the Croatian Supreme Court adopted the view that consumers are entitled to additional
compensation only in the amount of penalty interest on overpayments (if any) made until the conversion of CHF-indexed loans
into EUR-indexed loans in 2015. However, in April 2023, the President of the Supreme Court informed the public that the
adopted legal position did not pass the control by the Registrar for Judicial Practice of the Supreme Court who has the
authority to reverse any decision in case he considers that it does not comply with the law. In the meantime (July 2024), the
CJEU ruled in joined cases C-554/21, C-622/21 and C-727/21 that such a legal practice (that a judge/registrar of case law who
did not participate in the decision-making process can stop a final decision of another judge or council of the Supreme Court) is
contrary to EU law. The harmonisation of the CJEU judgment and the case law of the Supreme Court is still pending. The
question of whether the consumers from converted CHF-indexed loans are entitled to additional compensation or not has not
been resolved yet. A possible solution (whether consumers are entitled to additional compensation or not) is expected to be
given in the individual rulings of the Croatian Supreme Court. Only such specific rulings may then be challenged before the
Constitutional Court. Given current legal uncertainties relating to the statute of limitations, the validity of the CHF index
clause/conversion performed, the calculation of the additional compensation, the further course of action, the final outcome of
the request for preliminary ruling and the number of borrowers raising such claims, a final quantification of the financial
impact and the possible damage is not possible at this point of time. In this connection, a provision of \u20ac 51 million (previous
year: \u20ac 58 million) was recognized.
Poland
In Poland, a significant number of civil lawsuits are pending in relation to certain contractual stipulations connected with
consumer mortgage loans denominated in or indexed to foreign currencies. As at 31 December 2025, the total amount in
dispute was approximately PLN 8,926 million (\u20ac 2,115 million). The number of such lawsuits continues to increase.
In this context, a Polish court requested the Court of Justice of the European Union (CJEU) to clarify whether certain clauses in
these agreements breach European law and are unfair. The CJEU\u2019s preliminary ruling (C-260/18) in October 2019 does not
answer whether the loan agreements are invalid in whole or part but merely gives interpretative guidance on the principles
according to which the national courts must decide in each individual case. According to this, a loan agreement without unfair
terms should remain valid provided that it is in conformity with national law. If a loan agreement cannot remain valid without
the unfair term, the entire contract would have to be annulled. If the annulment of the entire contract triggers material
negative consequences for the borrower, the Polish courts can replace the unfair term by a valid term in accordance with
national law. The consequences of the contract being annulled must be carefully examined so that the borrower can consider
all potential negative consequences of annulment.
In another proceeding involving RBI, the District Court for Warszawa-Wola in Warsaw requested the CJEU to issue a preliminary
ruling concerning the way in which the contractual provisions concerning the rules for determining the buying and selling rates
for foreign currency are to be formulated in the case of consumer mortgage loans indexed to a foreign currency. In the
judgement of 18 November 2021 in case C-212/20, the CJEU considered that the content of a clause of a loan agreement that
sets the buying and selling prices of a foreign currency to which the loan is indexed must enable a reasonably well informed
and reasonably observant consumer, based on clear and intelligible criteria, to understand the way in which the foreign
currency exchange rate used to calculate the amount of the repayment installments is set. Based on information specified in
such a provision, the consumer must be able to determine on his or her own, at any time, the exchange rate applied by the
entrepreneur. In the justification the CJEU specified that a provision that does not enable the consumer to determine the
exchange rate himself or herself is unfair. Moreover, the CJEU indicated in said judgement that the national court, when the
considered term of a consumer contract is unfair, is not allowed to interpret that term in order to remedy its unfairness, even if
that interpretation would correspond to the common intention of the parties to that contract. Only if the invalidity of the
unfair term were to require the national court to annul the contract in its entirety, thereby exposing the consumer to
particularly unfavorable consequences, so that the consumer would thus be penalized, the national court might replace that
term with a supplementary provision of national law. The CJEU therefore did not entirely preclude national courts hearing such
cases from supplementing the contract with supplementary provisions of national law, but gaps may not be filled solely with
national provisions of a general nature and such remedy may be applied only in strictly limited cases as specified by the CJEU.
The assessment of an unfair nature of contractual provisions as well as the decision concerning supplementation of the
contract after removal of unfair contractual clauses, however, still falls within the competence of the national court hearing
the case. The CJEU did not determine at all whether, in the consequence of the above-mentioned actions, the entire foreign
currency contract is to be annulled.
On 15 June 2023, the CJEU announced its judgment in case C-520/21 on the consequences of the annulment of a mortgage loan
agreement vitiated by unfair terms. The consumer mortgage loan agreement indexed to CHF had been annulled on the ground
that the conversion clauses determining the rate of exchange into PLN for purposes of the monthly installments were
considered to be unfair and that the loan agreement could not continue in existence after removal of the unfair terms. The
CJEU observed that EU law does not expressly govern the consequences of the annulment of a consumer contract which are to
be determined by domestic legislation in the individual EU member states. Such domestic legislation has to be compatible with
EU law and its objectives, in particular to restore the situation which the consumer would have been in had the annulled
contract not existed as well as not to undermine the deterrent effect sought by EU law. According to the CJEU, EU law does not
preclude consumers from seeking compensation from the bank going beyond the reimbursement of the monthly installments
paid and the expenses paid in respect of the performance of the mortgage loan agreement together with the payment of
penalty interest at the statutory rate from the date on which notice is served. Nevertheless, it is a matter for the national
courts to determine whether upholding such claims on the part of the consumers is in accordance with the principle of
proportionality. By contrast, EU law precludes the bank from being able to claim from the consumer compensation going
beyond reimbursement of the capital paid in respect of the performance of the mortgage loan agreement together with the
payment of penalty interest at the statutory rate from the date on which notice is served.
Further specifications on the consequences of the annulment of a consumer mortgage loan agreement vitiated by unfair
terms was provided by the CJEU in its judgments in cases C-756/22 of 11 December 2023, C-488/23 of 12 January 2024 and
C-424/22 of 8 May 2024. None of these proceedings involved RBI directly. In all three cases, the CJEU considered that the
interpretation of EU law requested by the referring courts can be clearly derived from the previous CJEU\u2019s judgments, in
particular from judgement in case C-520/21 of 15 June 2023 comprehensively described in the paragraph above. In the case
C-756/22 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms without which it
cannot continue to be in force, the bank is not allowed to demand the consumer to pay amounts other than the capital paid in
performance of that contract and statutory penalty interest from the time of the demand for payment. In the case C-488/23
the CJEU stated that EU law precludes banks from being able to claim from the consumer \u2013 in addition to the reimbursement
of the capital sums paid in performance of the contract and statutory penalty interest from the date of the demand for
payment - compensation consisting of a judicial adjustment of the benefit of the capital sum paid in the event of a material
change in the purchasing power of the currency in question after that capital was paid to the consumer concerned. In the case
C-424/22 of 8 May 2024 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms and
the bank is therefore obliged to make restitutory payments to a consumer, the bank is not entitled to apply the right of
retention. This means that the bank is not allowed to withhold such payment until the debtor has repaid all sums that he or
she had received from the bank under the loan agreement.
Which impact the above mentioned CJEU judgments will have on the decisions made by Polish courts in individual civil cases
cannot be assessed finally due to the complexity and variability of case-specific factors, as well as the potential differing
contexts and legal nuances involved in each case.
On 25 April 2024, the full Civil Chamber of the Polish Supreme Court (the SC) adopted a resolution concerning legal issues
concerning loans indexed to or denominated in a foreign currency. In line with CJEU judgments, the SC ruled that if a
contractual term referring to an indexation mechanism is considered unlawful and is not binding, it cannot be replaced by
another method of determining the foreign exchange rate resulting from provisions of law or established customs and the
loan agreement shall not be binding in the remaining scope. The decision whether a contractual term is unfair is up to the
court hearing the case concerning an individual loan agreement. If a loan agreement is not binding due to its unlawful terms,
each party has a separate claim for the return of undue payments: the bank for the return of capital and the borrower for the
return of payments. The SC found no justification for mutual settlement of the parties\u2019 claims by the court during the hearing
of the case. The limitation period of the bank\u2019s claim for reimbursement of amounts paid under the loan shall, as a rule,
commence on the day following the day on which the borrower challenged the binding force of the loan agreement against
the bank. Thus, the start of the limitation period depends on the consumer's action and should therefore be analyzed
individually in relation to each contract. This decision modified a previous decision of the SC which provided that the limitation
period of the bank\u2019s claim would start after the consumer is informed about the potential consequences of declaring the loan
agreement invalid and the consumer consents to such a declaration of invalidity. The SC also excluded the possibility for any
party to claim interest or any other remuneration for the use of its funds in the period between the undue payment and the
delay in reimbursing the payment. Despite the fact the resolution was adopted to resolve the arising interpretation issues
connected with disputes concerning loans in Swiss francs, the conclusions arising from it are applicable to loans in other
currencies, including loans in euro, as well.
The above resolution of the SC, combined with the earlier CJEU ruling, means that banks operating in Poland and holding
foreign currency loan portfolios, including RBI, shall not be able to claim any additional remuneration and/or valorization in
connection with such annulled agreements as set out above. Banks shall be limited then only to the possibility to claim the
return of the capital made available to the customer when the loan was originated. This does not affect the possibility of
demanding payment of penalty interest, provided that the conditions for which the bank may demand such interest are met.
As regards the banks\u2019 claim of the return of capital, the guidance provided by the resolution of the SC and the current practice
may be affected by the CJEU judgment dated 19 June 2025 set out below.
On 19 June 2025, the CJEU issued another judgment in case C-396/24, ruling that Directive 93/13/EEC on unfair terms in
consumer contracts prevents banks from demanding full repayment of the disbursed nominal amount of a loan when such
loan agreements are considered null and void, without considering prior repayments made by the consumer (set-off theory).
This ruling may influence the current judicial practice of Polish courts, which, pursuant to the resolution of the Polish Supreme
Court from 25 April 2024 (described in detail above), applies the \"two claims\" theory. Under this theory, banks may claim full
repayment of amounts paid under a contract declared void, irrespective of the repayments made and the remaining balance
owed. This theory has also served as the basis for banks suing former borrowers to secure capital repayment. Furthermore, the
judgment prohibits the immediate enforceability of rulings favouring banks unless adequate consumer protections are in place.
The potential impact on Polish jurisprudence remains uncertain, with possible outcomes ranging from the adoption of a set-off
theory to the continuation of existing legal frameworks, as the judicial interpretation of this CJEU ruling may vary.
On 27 November 2025, the CJEU delivered a judgment in case C-746/24 which precludes national procedural rules that impose
disproportionately higher court costs on consumers defending against bank-initiated restitution claims for capital compared
to costs incurred in consumer-led actions for contract annulment. It was held that such a disparity in legal expenses
undermines the deterrent effect of Council Directive 93/13/EEC and may discourage consumers from exercising their rights
under the protective framework for unfair contract terms. The Polish civil procedural law provides for a limitation of the
maximum amount of court fees for claims initiated by consumers in cases related to banking activity. Conversely, a bank
initiating legal proceedings against a consumer cannot benefit from such preferential treatment and is required to bear court
fees in accordance with general rules, which results in significantly higher initial costs for the financial institution. Irrespective
of the CJEU's ruling, Polish courts retain the authority to invoke specific domestic procedural regulations to determine the final
allocation of costs, whereby courts are permitted to deviate from general cost-sharing principles based on the principle of
equity or the specific conduct of the parties. Consequently, the ultimate impact of the judgment on RBI\u2019s litigation expenses
depends on the discretionary assessment by national courts in individual cases. RBI continues to monitor the judicial trends and
may adjust its legal risk provisions and procedural strategies to mitigate potential adverse financial effects arising from this
jurisprudence.
Polish common courts have referred further multiple questions to the CJEU regarding interpretation of the Directive 93/13/EEC
on unfair terms in consumer contracts in relation to foreign exchange loan agreements. The issues include i.a. the legality of
requiring consumers to pay legal costs, the interruption of limitation periods for the banks\u2019 claims, treatment of time-barred
claims, banks' set-off rights, reimbursement of insurance costs, and the validity of contractual annexes. These inquiries seek to
clarify how national laws align with EU consumer protection standards.
A significant Inflow of lawsuits has been observed since the beginning of 2020 mainly as a result of the CJEU ruling in case
C-260/18 and of intensified marketing activity by law firms acting on behalf of borrowers. In the fiscal year 2025, RBI\u2019s Polish
branch recorded 4,334 new lawsuits (previous year: nearly 6,150 lawsuits) with an average of around 361 new lawsuits per
month in 2025 (of which CHF lawsuits 268 and 93 lawsuits for Euro loans). The inflow could continue to decrease as a result of
the increasing number of settlements being reached between RBI\u2019s Polish branch and borrowers as well as the fact that a
significant portion of the loan portfolio is already subject to ongoing litigation, which naturally limits the potential inflow of
new claims.
Furthermore, Polish courts have approached the CJEU with further requests for a preliminary ruling in other civil proceedings
which could lead to further CJEU\u2019s clarifications that could influence how court cases concerning foreign currency loans are
decided by national Polish courts.
The impact assessment in relation to affected FX-indexed or FX-denominated loan agreements may also be influenced by the
outcome of an ongoing administrative court proceeding resulting from the RBI Polish Branch\u2019s appeal against the decision of
the President of the Office of Competition and Consumer Protection (UOKiK).The contested decision stated that RBI\u2019s Polish
branch was engaged in practices violating the collective consumer interests and resulted in an administrative fine on RBI\u2019s
Polish branch and an obligation to provide borrowers information on the violation in case the administrative decision becomes
final. In June 2025, the Court of Competition and Consumer Protection (SOKIK) fully dismissed RBI's appeal against the decision.
In August 2025, RBI lodged\u00a0 an\u00a0 appeal against this judgment to the Court of Appeal in Warsaw.
Moreover, the Polish Financial Ombudsman, acting on behalf of two borrowers, has initiated a civil proceeding against RBI
alleging employment of unfair commercial practices towards consumers in respect of a case in which RBI \u2013 following the
annulment of a loan agreement \u2013 claimed the full loan amount originally disbursed without taking into account repayments
made in the meantime as well as amounts due for the use of capital by the borrowers based on the principle of unjust
enrichment, and has demanded that RBI discontinue such practices. In May 2023, the claim of the Financial Ombudsman was
dismissed by the court of first instance. The Financial Ombudsman lodged an appeal against this judgment, which was served
on RBI and duly responded to.\u00a0
RBI is also plaintiff in a number of ongoing civil lawsuits related to mortgage loans denominated in or indexed to Swiss Franc
and Euro which are already terminated. As of 31 December 2025, the total amount in dispute is in the region of approximately
PLN 298.5 million (\u20ac 71 million). The claims of RBI are for principal and interest which had not been paid due to legal objections.
The lawsuits are raised on contractual grounds or on the basis of unjust enrichment.
In addition, RBI has initiated a number of lawsuits based on counterclaims for the reimbursement of capital against borrowers
in case the borrower challenges the validity of the foreign currency mortgage loan against RBI. The filing of the lawsuits aims
at securing RBI\u2019s claims and should prevent that they become time-barred. As of 31 December 2025, the total amount in
dispute in these proceedings amounted to PLN\u00a0 2.662 million (\u20ac631 million). A further bunch of proceedings is expected to be
initiated until the end of 2025. In the coming years, the decision to file such lawsuits will depend on the ultimate impact of the
CJEU judgment in case C-746/24 described above, the development of national jurisprudence and potential legislative
initiatives.
Polish legislation topics
At the end of September 2025, the Polish Government adopted a draft law, introducing special procedures for civil cases
involving loans denominated in or indexed to Swiss francs (CHF). In early October 2025, the draft was submitted to the Sejm
(the lower house of the Polish Parliament) to begin the legislative process. The primary objective of the draft law is to
accelerate litigations related to CHF loans, reduce the burden on the courts, and strengthen consumer protection, in line with
the case law of the Court of Justice of the European Union. As drafted, the law would apply to civil cases between consumers
and banks concerning loans denominated in or indexed to CHF, including loans converted by annex into CHF-denominated or
CHF-indexed agreements. Loans denominated in or indexed to other currencies (notably EUR) would fall outside the scope of
the law. Overall, the proposed framework significantly strengthens the legal position of consumers in litigation against banks.
Upon service of the consumer\u2019s lawsuit or counterclaim on the bank, loan repayments are automatically suspended by
operation of law until the relevant court proceedings are finally concluded. The suspension of the borrower\u2019s repayment
obligations shall not constitute a default or improper performance under the loan agreement and shall not be reported to any
loan or debt registries. Moreover, any entries recorded in such registries prior to service of the statement of claim or
counterclaim on the bank must be deleted. For cases in which the consumer\u2019s lawsuit or counterclaim was served on the bank
before the act enters into force, the suspension of repayment obligations shall take effect from the act\u2019s effective date.
Consequently, from that date, repayments under all affected loan agreements will be automatically suspended by law,
potentially leading to a further reduction in cash inflows from the CHF loan portfolio. Notwithstanding the above, the bank
remains obliged to accept payments if the total amount repaid by the borrower remains below the total loan disbursed.
Importantly, consumers are not required to submit individual requests for suspension of repayments, and courts will no longer
need to issue or review rulings granting such interim measures or related appeals.
The procedural measures proposed in the draft aim to streamline case handling. Under the draft, cases may be heard in closed
sessions notwithstanding a party\u2019s request for a public hearing, parties may submit testimony in writing, and witness
examination may be conducted remotely, even if a party objects to such methods. In addition, a simplified procedure\u00a0 to
terminate proceedings following the voluntary withdrawal of claims or appeals was introduced at court. To facilitate
settlement and mutual reconciliation, the proposal allows the defendant to raise a set\u2011off defence up until the close of the
hearing before the court of second instance, or\u2014if the case is heard in a closed session\u2014until the verdict of the
second\u2011instance court is announced. Similarly, a counterclaim may be filed up to the conclusion of the hearing before the court
of first instance, or\u2014if the case is heard in a closed session\u2014until the first\u2011instance court judgment is announced. The draft\u00a0 bill
further incentivizes amicable dispute resolution by providing that, if a claim, appeal, or cassation appeal is withdrawn within
six months from the act\u2019s effective date, half of the court fee will be refunded. The draft act also provides for limitations on
the Supreme Court\u2019s ability to hear cassation appeals in cases concerning CHF-related loans.
The act is scheduled to enter into force 14 days after its publication in the official journal of laws. The compressed vacatio legis
underscores the urgency of the measure and may pose significant challenges for the banking sector in implementing its
provisions. In addition to financial effects (reduced inflows from repayments of disputed loans), the proposed provisions may
accelerate the resolution of proceedings before the courts, thereby accelerating the outflow of funds from banks due to the
need to settle final judgments. They may also encourage consumers who have not yet brought claims against banks to initiate
litigation.
Financial Impact
RBI has recognized a provision for filed and expected lawsuits in Poland regarding Swiss Franc and Euro loans, including default
interest that will be payable to customers. As lawsuits have been filed by a number of customers, the provision is based on a
statistical approach that takes into account both statistical data, where relevant, and expert opinions. The term provision,
used here, includes provisions according to IFRS 9, where the gross carrying amount is reduced by the provision amount due to
revision of expected cash flows, as well as provisions according to IAS 37.
RBI has around 17,2 thousand CHF loans to customers outstanding with a total volume of around \u20ac 1.3 billion and a further 10.1
thousand CHF loans have been repaid. These also include loans that are not expected to be the subject of litigation.
Furthermore, RBI has around 8.7 thousand Euro denominated loans to customers outstanding with a total volume of nearly \u20ac
360 million and a roughly 9.3 thousand loans have been repaid.
The resulting provision amounted to \u20ac 1,956 million (previous year: \u20ac 2.071 million), of which \u20ac 1,774 million for CHF loans and \u20ac
182 million for Euro loans. The total amount of the provision in Poland represents RBI\u2019s best estimate of the future outflow of
economic benefits. In calculating the provision for lawsuits filed in Poland, it is nevertheless necessary to form an opinion on
matters that are inherently uncertain, such as regulatory announcements, the number of future lawsuits, the extent to which
these will be upheld and the impact of legal decisions that may be relevant to the lawsuits received.
Thus a number of risks and uncertainties remain. Consequently the actual costs could differ from RBI\u2019s estimates and the
underlying assumptions. This could result in the need for an additional provision. The main measurable uncertainties
associated with the calculation of the provision relate to a potential reduction in the discount period, a decrease in discount
rates, an increase in the number of total expected lawsuits for outstanding and repaid loans as well as the success rate of out-
of-court settlements.
Sensitivity analysis
The sensitivity analysis refined during the reporting year for potential changes in the actual parameters over the next 12
months, while holding all other parameters constant, is shown in the following two tables, separated by CHF and EUR loans:
CHF-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
1,774
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
11
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
7
Decrease in discount rate (IFRS 9 carrying amount adjustment)
1.1%
- 0.3 PP
0.8%
5
Increase in propensity to litigate active loans
95%
+ 1.0 PP
96%
12
Increase in average loss coverage on outstanding loans
145%
+ 1.0 PP
146%
6
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
11
Increase in propensity to litigate repaid loans
43%
+ 1.0 PP
44%
3
Reduction of number of expected future settlements
2,497
- 10.0%
2,247
6
Increase of settlement offer for customers (in % of loss in case of
annulment)
79%
+ 5.0 PP
84%
11
EUR-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
182
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
8
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
0
Decrease in discount rate (IFRS 9 carrying amount adjustment)
6.0%
- 0.3 PP
5.7%
1
Increase in propensity to litigate active loans
52%
+ 1.0 PP
53%
2
Increase in average loss coverage on outstanding loans
93%
+ 1.0 PP
94%
1
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
1
Increase in propensity to litigate repaid loans
15%
+ 1.0 PP
16%
2
The assumptions are based on internal statistics as well as on market observations. The increase in provision is linear for each
change, with the exception of the discount rate changes which are logarithmic increases. Furthermore, the model does not
take into account changes related to unexpected developments in jurisprudence.
For the fiscal year 2025, the sensitivity analysis was slightly expanded. Firstly, a distinction was made between IFRS 9 carrying
amount adjustment and IAS 37 provision regarding the sensitivity of the discounting period, due to the different discounting
periods. Secondly, the CHF portfolio was supplemented with new sensitivities related to settlement offers, as these were
numerically more significant in 2025. These new sensitivities were not determined for the 2024 comparison period.
CHF-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
1,965
Reduction in discounting period in years
3,5 years
- 1,0 year
2,5 years
27
Decrease in discount rate (IFRS 9 provision)
2.3%
-0,3 PP
2.0%
8
Increase in propensity to litigate active loans
91.5%
+1,0 PP
92.5%
12
Increase in average loss coverage on outstanding loans
117%
+1,0 PP
118%
10
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
9
Increase in propensity to litigate repaid loans
53%
+1,0 PP
54%
4
EUR-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
106
Reduction in discounting period
3,5 years
- 1,0 year
2,5 years
7
Decrease in discount rate (IFRS 9 provision)
7.2%
-0,3 PP
6.9%
1
Increase in propensity to litigate active loans
32.9%
+1,0 PP
33.9%
2
Increase in average loss coverage on outstanding loans
83%
+1,0 PP
84%
2
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
1
Increase in propensity to litigate repaid loans
35%
+1,0 PP
36%
1
Settlement program
Already in 2023 an out-of- court settlement program based on the proposal by the Chairman of the Polish Financial Supervisory
Authority (KNF) have been launched. The major goal of the settlement program is to limit the expected losses resulting from
the current negative jurisprudence that in most case cancels the mortgage contract. Due to a tepid response to this program,
an improved model was developed in 2024 to enhance acceptance. Instead of recalculating the issued loan contract with
adjusted parameters, the revised settlement program focuses on the repayment amount to customers in the event of
annulment, minus a percentage deduction. In both scenarios, a settlement is achieved. Both cases lead to a write-off of a
portion of the loan balance depending on the individually negotiated settlement offer. The settlements are offered through a
mediation proceeding conducted by the Polish Financial Supervisory Authority.
As at 31/12/2025 RBI made 21,630 individual settlement proposals, out of which 4,541 customers already agreed and in addition
855 customers have signed agreements to enter a mediation process. The bank included in the provisioning calculation the
estimated number of settlements to be signed with customers reflecting the adjusted level of future losses in these settlement
cases. The consideration of settlements in the provision calculation is affected by factors such as the repayment amount and
the development of the ruling practice and the duration of proceedings.
Romania
In May 2023, the Romanian consumer protection authority (ANPC)\u00a0 has disputed the way installments in connection with
consumer loans are computed and claims that repayment schedules with fixed installments, which are composed of a bigger
portion of interest and a lower portion of principal in the early stages of the repayment, are detrimental to consumers and
therefore should be composed of an equal portion of capital and interest. It issued an order to stop such practice but a number
of banks, including RBI\u2019s\u00a0 Romanian network bank Raiffeisen Bank S.A., Bucharest, have obtained a suspension in court of the
application of such ANPC measure. As the meaning of the order is not clear, it is not possible to determine at this point of time
whether there will be any negative financial impact on Raiffeisen Bank S.A., Bucharest and, if yes, the potential damage
involved. However, in case of a mandatory change of repayment schedules, the impact could be significant. In May 2023,
Raiffeisen Bank SA, Bucharest has disputed in court the validity of the \u201cfindings\u201d of the ANPC and the court has decided that
the ANPC measure is to be put on hold until there is a final court decision in the dispute against the findings. In June 2025,
Raiffeisen Bank SA, Bucharest won the dispute against the findings. Since this decision is final, the trial regarding the ANPC
order has been resumed.
In June 2024, Raiffeisen Bank SA, Bucharest received another ANPC report which basically also concerns the entire Romanian
banking market and is based on an ANPC investigation on how banks comply with the obligation to provide customers with
sufficient information. Based on the allegation of\u00a0 \u201cdeceiving practice\u201d applied by banks, the report requires the banks to take
the following measures: (i) In case of consumer loans with variable interest rates, ANPC is of the opinion that banks should have
applied an interest rate composed of a public index (like ROBOR, EURIBOR, etc.) plus a margin rather than a type of \u201cmarket
interest rate\u201d (not linked to a public index). Thus, variable interest rates being \u201cmarket interest rates\u201d would have to be re-
calculated, also retroactively, by deducting the public index valid at the beginning of the first variable interest period from the
initial variable interest rate. The difference would then be applied as a margin over the public index applicable for the
respective variable interest period and the result would constitute the interest rate for such period. Since installments are
composed of payments of interest and principal, all components are subject to re-calculation as if the index plus margin had
been applied from the beginning. (ii) In case of CHF loans, the outstanding principal amounts as well as installments would
have to be re-calculated by converting the CHF exposure into Euro at the exchange rate valid at the date of the respective
credit agreements and by calculating the installments as if the loans had been granted in Euro while still applying the CHF
interest rate. Both measures seem to apply to current loans as well as loans that were repaid in the last six months prior to the
date of the ANPC report (7 June 2024). Raiffeisen Bank SA, Bucharest is of the opinion that it has acted in compliance with legal
requirements and has filed a dispute against the ANPC report. Both measures decided by ANPC are put on hold until there is a
final court decision on the merits of the case.\u00a0 Should the court dismiss the dispute, this would result in repayments to
customers, as a result of the application of the two previously mentioned recalculation measures. In December 2025, Raiffeisen
Bank SA, Bucharest has won the dispute against the ANPC report on the merits.\u00a0 ANPC may challenge this court ruling.
Banking business
RBI and its subsidiaries provide services for corporate customers that increase litigation risk at the operating level. The most
important cases are as follows:
Following the insolvency of Alpine Holding GmbH (Alpine) in 2013, a number of lawsuits were filed by retail investors in Austria
against RBI and another credit institution in connection with a bond which had been issued by Alpine in 2012 in an aggregate
principal amount of \u20ac 100 million. The claims asserted against RBI originally amounted to approximately \u20ac 10 million. In total,
claims of approximately \u20ac 8 million had been filed in court by investors either directly or indirectly through a 'class action' of the
Austrian Federal Chamber for Workers and Employees (Bundeskammer f\u00fcr Arbeiter und Angestellte). Owing to the termination
of some of the proceedings and claim reductions in other proceedings, the value in dispute of the pending court proceedings
against RBI decreased to approximately \u20ac 6.3 million. Among other things, it is claimed that the banks acted as joint lead
managers of the bond issue and were or at least should have been aware of financial problems of Alpine at the time of the
issue. Thus, they should have known that Alpine was not in a position to redeem the bonds as set forth in the terms and
conditions of the bonds. It is alleged that the capital market prospectus in relation to the bond issue was misleading and
incomplete and that the joint lead managers including RBI, were aware of that fact. In December 2023, in several joint
proceedings the court of first instance issued a partial judgment and dismissed the claims of the investors based on
prospectus liability in the amount of in total approximately \u20ac 5.9 million regarding RBI related claims. The judgment of the court
of first instance was confirmed by the court of second instance. The plaintiffs filed an appeal against this decision with the
Austrian Supreme Court (Oberster Gerichtshof) in September 2024. The amount of RBI related claims subject to these appellate
proceedings was reduced from \u20ac 5.9 million to \u20ac 5.7 million. The OGH rejected the plaintiff's appeal in this class action with its
decision of 23 July 2025. Furthermore, RBI was able to settle a number of other proceedings and receive partial reimbursement
of its legal costs. Following the proceedings settled by the appeal decision of the OGH, the number of all other pending
proceedings has fallen to just two (with a total value in dispute of around \u20ac 0.5 million).
In the first quarter of 2021, RBI learned about a claim already filed against it in Jakarta by an Indonesian company in November
2020. The amount of the alleged claim is approximately USD 129 million (\u20ac 110 million) in material damages and USD 200 million
(\u20ac 170 million) in immaterial damages. The claim was served upon RBI in May 2022. On 27 June 2023, the South Jakarta District
Court (Pengadilan Negeri Jakarta Selatan), held that RBI has committed an unlawful act against the Indonesian company and
ordered RBI to pay damages in the amount of USD 119 million (\u20ac 101 million). In view of the facts of the case and the legal
situation, RBI filed an appeal against the judgment with the High Court of Jakarta (Pengadilan Tinggi Jakarta). In March 2024
the High Court of Jakarta ruled in favour of RBI and rejected the claim due to lack of Indonesian jurisdiction. In June 2024, the
plaintiff filed an appeal to the Supreme Court of Indonesia (Mahkamah Agung Republik Indonesia) which was opposed by RBI.
While the South Jakarta District Court's website indicates the dismissal of the appeal, the delivery of this decision by the
Supreme Court of Indonesia to RBI is still pending.
RBI is involved in a dispute with a Cayman Islands Company (Cayman Islands Company) and other parties (including several
subsidiaries of and a director of the Cayman Islands Company) centered on non-payment of guarantees given by the former
parent company of the Cayman Islands Company (Parent Company). In August 2019, RBI began proceedings against the
Cayman Islands Company (and other parties) in the Grand Court of the Cayman Islands, Financial Services Division (the Cayman
Islands Court). In those proceedings, RBI alleges in general terms that through a series of fraudulent transfers (the Fraudulent
Scheme) the Parent Company was stripped of its assets, to frustrate the enforcement of RBI's guarantees. In September 2019,
RBI obtained an order against the Cayman Islands Company, restricting its ability to deal with its assets (the Freezing Order),
pending determination of the proceedings before the Cayman Islands Court. In November 2019, the Cayman Islands Company
filed its defense and counterclaim to the proceedings before the Cayman Islands Court, including a \u20ac 203 million counterclaim
against RBI. The Cayman Islands Company's purported counterclaim is founded on documents that the Cayman Islands
Company has, to date, refused to provide. Further defendant parties were added to the proceedings before the Cayman
Islands Court in 2020. In December 2021, the Cayman Islands Court of Appeal refused attempts by the Cayman Islands
Company and other parties to challenge the Freezing Order and the jurisdiction of the Cayman Islands Court. Those attempts
were rejected with costs ordered in RBI's favor. In 2023, RBI amended its claim, added a director of the Cayman Islands
Company (Director) as a party to the proceedings before the Cayman Islands Court, and increased its claim for damages from
approximately \u20ac 44 million to approximately \u20ac 106 million plus interest and costs. An application by the Director to challenge
jurisdiction and his joinder to the proceedings before the Cayman Islands Court was heard in February 2025 and refused in April
2025, with costs awarded in RBI's favour. The Director\u2019s defense was filed in August 2025. Following a case management
conference in September 2025, a trial has been ordered to commence on the first available date after 2 April 2027.\u00a0 Also in
September 2025, a new party (a subsidiary of the Cayman Islands Company) was added to the proceedings. That party gave
undertakings to the Cayman Islands Court in materially the same form as the Freezing Order and both the Cayman Islands
Company and the new party were ordered to give disclosure of all of their assets with a value above \u20ac 3 million, with the
provision of further information to come from the Cayman Islands Company's auditors, to aid in the policing of the Freezing
Order.\u00a0 Other related proceedings have been brought against RBI by parties within the Cayman Islands Company\u2019s group,
including in Malta and\u00a0 British Columbia (Canada).\u00a0 Those proceedings are being defended by RBI.\u00a0 They are for declaratory
relief only, and no damages are claimed.
In February 2025, RBI\u2019s subsidiary Kathrein Privatbank Aktiengesellschaft (\u201eKathrein\u201c) was served with a claim for damages in
the amount of \u20ac 50 million as well as an action for declaratory judgment of its liability (valued \u20ac 1 million) filed against it with
the Commercial Court, Vienna, in connection with malversations by a former employee of Kathrein. Although Kathrein had
already compensated the plaintiff for the amount originally subject to the malversation, Kathrein could not reach an out-of-
court settlement with the plaintiff regarding the amount of the relating hypothetical loss of profit. Nevertheless, further out-
of-court settlement negotiations are conducted in parallel to the court proceedings. The claimed amount is significantly higher
than the amount determined by calculation of Kathrein, which is also supported by an external legal assessment. Following
Kathrein\u2019s legal assessment, an adequate provision was recognized.
At the end of June 2025, a Russian corporate customer of AO Raiffeisenbank filed a claim for damages in the amount of
approximately \u20ac 337.5 million against AO Raiffeisenbank in the Arbitration Court of Moscow. The plaintiff claimed that it had
incurred losses resulting from the failure to sell shares in a German subsidiary operating a production facility in Germany. The
plaintiff alleged that AO Raiffeisenbank, having provided advisory services in respect of the potential sale, was responsible for
such failure. On 2 December 2025, the claimant withdrew its claim against AO Raiffeisenbank and the proceedings were
terminated by the Arbitration Court of Moscow without payment obligations of AO Raiffeisenbank towards the Russian
claimant.
Regulatory enforcement
RBI and its subsidiaries are subject to numerous national and international regulatory authorities.
In March 2018, an administrative fine of \u20ac 2.7 million (which was calculated by reference to the annual consolidated turnover of
RBI and constitutes 0.06 per cent of the last available annual consolidated turnover) was imposed on RBI by FMA in the course
of administrative proceedings based on alleged non-compliance with formal documentation requirements relating to the
know-your-customer principle (Initial FMA Decision). According to the interpretation of the Austrian Financial Market Authority
(FMA), RBI had failed to comply with these administrative obligations in a few individual cases. FMA did not allege that any
money laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. RBI took
the view that it had duly complied with all due diligence obligations regarding know-your-customer requirements and
appealed against the Initial FMA Decision in its entirety. The Federal Administrative Court (Bundesverwaltungsgericht \u2013 BVwG)
confirmed the Initial FMA Decision (First Appellate Decision) and \u2013 again- RBI appealed against this decision in its entirety. In
December 2019, the Austrian Supreme Administrative Court (Verwaltungsgerichtshof\u2013 VwGH) revoked the First Appellate
Decision and referred the case back to the BVwG. In the retrial on 6 May 2021, the BVwG again confirmed the Initial FMA
Decision in general but reduced the administrative fine down to \u20ac 824 thousand and allowed another (second) appeal before
the VwGH (Second Appellate Decision). Such appeal was filed by RBI. In July 2023, the VwGH revoked the Second Appellate
Decision and, again, referred the case back to the BVwG. In the retrial on 25 April 2024, the BVwG again confirmed the Initial
FMA Decision in general but reduced the administrative fine down to \u20ac 2 million (from the amount of \u20ac 2.7 million imposed by -
the Initial FMA Decision) and allowed another (third) appeal before the VwGH (Third Appellate Decision). Such appeal was filed
by RBI on 7 June 2024. A provision of an appropriate amount has been recognized.
In September 2018, two administrative fines totaling PLN 55 million (\u20ac 13 million) were imposed on Raiffeisen Bank Polska S.A.
(RBPL), the former Polish subsidiary of RBI in the course of administrative proceedings based on alleged non-performance of
duties as the depositary and liquidator of certain investment funds. RBPL as custodian of investment funds assumed the role
of liquidator of certain funds in February 2018. According to the interpretation of the Polish Financial Supervision Authority \u2013
which is known by its Polish abbreviation, KNF \u2013 RBPL failed to comply with certain obligations in its function as depository
bank and liquidator of the funds. In the course of the transactions related to the sale of the core banking operations of RBPL to
Bank BGZ BNP Paribas S.A., the responsibility for said administrative proceedings and related fines was assumed by RBI. RBI
filed appeals against these fines in their entirety. In September 2019, in relation to the PLN 5 million (\u20ac 1 million) fine regarding
RBPL\u2019s duties as depositary bank, the Voivodship Administrative Court considered RBI\u2019s appeal and overturned the KNF decision
in its entirety. However, the KNF filed an appeal in cassation against the judgement. In relation to the PLN 50 million (\u20ac 12
million) fine regarding RBPL\u2019s function as liquidator, the Voivodship Administrative Court decided to dismiss the appeal and
uphold the KNF decision in its entirety. RBI has raised appeal in cassation to the Supreme Administrative Court because it takes
the view that RBPL has duly complied with all its duties. In April 2023, the Supreme Administrative Court decided to refer the
case regarding the PLN 5 million (\u20ac 1 million) fine back to the Voivodship Administrative Court for reconsideration. Furthermore,
the Supreme Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 50 million (\u20ac 12 million) fine
which is now final. However in October 2023 RBI filed a complaint to the European Court of Human Rights over this verdict. In
October 2023, the Voivodship Administrative Court dismissed RBI\u2019s appeal and upheld the KNF decision imposing the PLN 5
million (\u20ac 1 million) penalty on RBI in relation to the alleged violations of RBI's duties as depositary of certain investment funds. A
cassation appeal against this judgment to the Supreme Administrative court was submitted. In February 2025, the Supreme
Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 5 million (\u20ac 1 million) fine which is now final.
In July 2025, RBI also filed a complaint to the European Court of Human Rights over this verdict. Both fines, i.e. the PLN 5 million
(\u20ac 1 million) fine and the PLN 50 million (\u20ac 12 million) fine, have already been paid.
In this context, several individual lawsuits and four class actions, aggregating claims of holders of certificates in the above-
mentioned investment funds, were filed against RBI, whereby the total amount in dispute as at 31 December 2025 equals
approximately PLN\u00a0 81 million (\u20ac 19 million). Additionally, RBI was informed that two modifications of a statement of claim had
been submitted to the court which could result in an increase of the total amount in dispute by approximately PLN 93 million (\u20ac
22 million). However, the first of such modifications for an amount of approximately PLN 91 million (\u20ac 22 million) has not yet
been served upon RBI. The plaintiffs of the class actions demand the confirmation of RBI\u2019s responsibility for the alleged
improper performance of RBPL (in respect of which RBI is the legal successor) as custodian bank. Such confirmation would
secure and facilitate their financial claims in further lawsuits. Due to RBI\u2019s legal assessment, no provision has been recognized.
Additionally, RBI received a number of claim notices from BNP in connection with certain bank operations in respect of which
BNP is the legal successor to RBPL. Said claim notices primarily relate to administrative proceedings conducted by the KNF
(Polish Financial Supervision Authority) in connection with alleged failures of RBPL/BNP in acting as a depository of investment
funds and could lead to cash penalties. Furthermore, claims in this context have been raised by investors to BNP, and as a
mitigating measure RBI supports BNP in this regard. The financial impact can not be estimated at this time.
In January 2023, RBI was informed by FMA that an administrative proceeding has been started based on the alleged non-
compliance with certain legal requirements regarding the know-your-customer principle in connection with three customers of
RBI\u2019s correspondent banking business. The transactions relevant for the administrative proceedings had been processed by RBI
between 2017 and 2020. According to the interpretation of FMA, RBI had not sufficiently convinced itself that these banks had
appropriate due diligence procedures in place regarding customers of their own correspondent banking business. Thus, in the
view of FMA, RBI failed to fully comply with its administrative obligations in this regard. FMA did not state that any money
laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. In June 2024,
FMA terminated the administrative proceeding in relation to one bank without a fine, but imposed a fine of \u20ac 2.07 million
against RBI in relation to the other two banks. In July 2024 RBI filed an appeal to the Federal Administrative court
(Bundesverwaltungsgericht - BVwG) and, thus the fine is not yet final or legally binding. The BVwG meanwhile has requested
the CJEU to issue a preliminary ruling concerning the involvement and treatment of natural persons acting for a legal entity as
prerequisite for fining said legal entity. The proceeding before the CJEU is currently on-going.
In January 2023, RBI received a Request for Information (RFI) from the Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury. OFAC administers and enforces economic and trade sanctions based on US foreign policy and
national security goals. A breach of US sanctions may, among others, result in fines, the freezing of accounts or the termination
of business relationships with US correspondent banks. The questions raised by OFAC in the RFI seek to clarify payments
business and related processes maintained by RBI with respect to US correspondent banks in light of the developments related
to Russia and Ukraine. RBI has also been cooperating with the U.S. Department of Justice ( DOJ) since March 2023 in connection
with a DOJ inquiry into RBI's compliance with sanctions against Russia. A breach of U.S. criminal law related to sanctions may,
among others, result in fines or the appointment of a monitor. As a matter of principle, RBI maintains policies and procedures
that are designed to ensure compliance with applicable embargoes and financial sanctions and is cooperating fully with OFAC
and DOJ in relation to their requests to the extent permitted by applicable laws and regulations.
(46) Other agreements
Institutional protection scheme (Raiffeisen-IPS)
Raiffeisen Bank International AG and its Austrian bank subsidiaries, the regional Raiffeisen banks and the local Raiffeisen
banks, are part of the agreement on an institutional protection scheme (Raiffeisen-IPS) as well as the Austrian Raiffeisen-
Sicherungseinrichtung eGen (\u00d6RS), as a statutory protection scheme.
In the agreement on the Raiffeisen-IPS, the member institutions agree to ensure one another\u2019s security and in particular, join
forces to ensure liquidity and solvency when required. The Raiffeisen-IPS was recognized by the relevant supervisory authorities
(ECB and FMA) as an institutional protection scheme according to Article 113 (7) CRR (Capital Requirements Regulation of the
European Union) and its related rights and obligations of the participating member institutions. This allows, among other
things, for receivables to be risk-weighted at zero per cent between Raiffeisen-IPS members. The Raiffeisen-IPS is subject to
joint regulatory supervision and capital requirements must also be met on a consolidated basis.
The Raiffeisen-IPS was recognized together with \u00d6RS by the Austrian Financial Market Authority (FMA) as a statutory deposit
guarantee and investor protection scheme according to the Austrian Deposit Guarantee and Investor Protection Act
Einlagensicherungs- und Anlegerentsch\u00e4digungsgesetz (ESAEG).
\u00d6RS is mandated to operate the reporting and early risk assessment systems for the Raiffeisen-IPS. \u00d6RS acts as trustee and
manages the liquid assets for the Raiffeisen-IPS.
The Raiffeisen-IPS is controlled by a joint risk council, comprising representatives of RBI AG, the regional Raiffeisen banks and
the Raiffeisen banks. Tasks that could be solved on a regional level were delegated to the regional risk councils, each
comprising representatives of the respective regional Raiffeisen banks and Raiffeisen banks, by the joint risk council.
Raiffeisen Customer Guarantee Scheme (RK\u00d6)
RBI AG is a member of Raiffeisen-Kundengarantiegemeinschaft Austria (Raiffeisen Customer Guarantee Scheme Austria (RK\u00d6).
The members of this association have a contractual obligation to guarantee jointly the punctual fulfillment of the entirety of
an insolvent association member\u2019s commitments arising from customer deposits and its own issues up to the limit of the sum
of the individual capacities of the remaining association members. The individual capacity of an association member is
measured on the basis of its freely available reserves subject to the pertinent provisions of the Austrian Banking Act (BWG).
In view of the change in the legal and regulatory framework and implementation of an institutional protection scheme, the
RK\u00d6 and its respective member institutions decided in 2019 to discontinue the scheme for new transactions. Accordingly, the
supplementary protection by RK\u00d6 may only be granted to protected transactions entered into before 1 October 2019. The
rights of customers with regard to statutory deposit insurance are not affected and remain fully in place.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-452": { "value": "
in \u20ac million
2025
2024
Net modification gains/losses
(29)
(23)
Gains/losses from changes in present value of non-substantially modified contracts
(33)
(23)
Gains/losses from derecognition due to substantial modification of contract terms
3
0
Impairment or reversal of impairment on investments in subsidiaries and associates
21
(50)
Impairment or reversal of impairment on non-financial assets
(5)
7
Goodwill
0
0
Other
(5)
7
Result from non-current assets and disposal groups classified as held for sale and deconsolidation
6
(8)
Net income from non-current assets and disposal groups classified as held for sale
6
4
Result of deconsolidations
0
(10)
Net expense from allocation and release of provisions for VAT interbank tax exemptions
0
(20)
Expenses for credit-linked, portfolio-based litigations and annulments
(302)
(657)
Expenses for legal disputes in Russia
(1,269)
0
Net expense from allocation and release of provisions for a legal dispute in Russia
(339)
(840)
Total
(1,918)
(1,590)
The item impairment or reversal of impairment on investments in subsidiaries and associates amounted to \u20ac 21 million
(previous year: minus \u20ac 50 million). Thereof, \u20ac 28 million (previous year: minus \u20ac 45 million) related to the valuation of
investments in companies valued at equity and minus \u20ac 7 million (previous year: minus \u20ac 4 million) to the\u00a0 impairment on
investments in subsidiaries. In the reporting period the largest individual effects\u00a0 resulted from the valuation of Prva stavebna
sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft and Leipnik-Lundenburger Invest Beteiligungs AG.
(24) Investments in subsidiaries and associates
in \u20ac million
2025
2024
Investments in affiliated companies
222
206
Investments in associates valued at equity
721
665
Total
944
871
Number of subsidiaries not included
247
262
Investments in associates valued at equity:
in \u20ac million
Share in %
Carrying amount
2025
Carrying amount
2024
card complete Service Bank AG, Vienna (AT)
25.0%
-
2
EMCOM Beteiligungs GmbH, Vienna (AT)
33.6%
7
7
Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT)
33.1%
150
161
Notartreuhandbank AG, Vienna (AT)
26.0%
18
16
Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
8.1%
71
64
\u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
31.3%
15
16
Posojilnica Bank eGen, Klagenfurt (AT)
49.8%
26
20
Prva stavebna sporitelna a.s., Bratislava (SK)
32.5%
63
51
Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
47.6%
12
10
Raiffeisen-Leasing Management GmbH, Vienna (AT)
50.0%
9
8
UNIQA Insurance Group AG, Vienna (AT)
10.9%
352
309
Total
721
665
The carrying amount of investments in associates values at equity increased from \u20ac 665 million to \u20ac 721 million. The increase is
primarily due UNIQA Insurance Group AG.
In the current reporting period, the sale of the card complete Service Bank AG took place. The decrease in book value at
Leipnik-Lundenburger Invest Beteiligungs AG is attributable to negative economic developments of the at equity valued
investments in Leipnik-Lundenburger Invest Beteiligungs AG. The increase of the carrying amounts of UNIQA Insurance Group
AG, Posojilnica Bank eGen and Prva stavebna sporitelna a.s. is primarily due to higher earning contributions in the reporting
period 2025.
Significant influence over UNIQA Insurance Group AG exists due to a syndicate agreement with the other core shareholders
that governs the right to appoint members of the Supervisory Board, among other things. Significant influence over
Oesterreichische Kontrollbank Aktiengesellschaft exists due to two permanent positions on the Supervisory Board.Financial
information on associates valued at equity as at 30 September 2025:
in \u20ac million
EMCOM
LLI1
NTB
OeKB1
OEHT
Assets
20
1,210
2,153
35,693
1,235
Operating income
0
57
12
77
11
Profit/loss after tax from continuing operations
0
(55)
9
63
8
Profit/loss after tax from discontinued operations
0
0
0
0
0
Other comprehensive income
0
(10)
0
3
0
Total comprehensive income
0
(65)
9
66
8
Attributable to non-controlling interests
0
3
0
1
0
Attributable to investee's shareholders
0
(68)
9
65
8
Current assets
20
378
454
6,553
20
Non-current assets
0
832
1,699
29,140
1,215
Short-term liabilities
0
(391)
(1,853)
(9,392)
0
Long-term liabilities
0
(313)
(232)
(25,355)
(1,179)
Net assets
20
507
68
946
57
Attributable to non-controlling interests
0
7
0
18
0
Attributable to investee's shareholders
20
499
68
928
57
Group's interest in net assets of investee as at 1/1
7
184
16
74
16
Change in share/first time inclusion
0
0
0
0
0
Total comprehensive income attributable to the Group
1
(15)
3
6
3
hereof income statement
1
(19)
3
6
3
hereof other comprehensive income
0
4
0
0
0
Dividends received
(1)
(4)
(2)
(5)
(2)
Share in the capital increase
0
0
0
0
0
Group's interest in net assets of investee as at 30/9
7
165
18
75
18
Valulation
0
(15)
0
(4)
(3)
Carrying amount
7
150
18
71
15
1 Consolidated financial statements: Profit and equity is after deduction of non-controlling interests.
EMCOM: EMCOM Beteiligungs GmbH, Vienna (AT)
LLI: Leipnik-Lundenburger Invest Beteiligungs Aktiengesellschaft, Vienna (AT)
NTB: Notartreuhandbank AG, Vienna (AT)
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
OEHT: \u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
in \u20ac million
POSO
PSS
RIZ
R-Leasing
UNIQA1
Assets
397
2,921
341
59
28,763
Operating income
3
60
5
1
484
Profit/loss after tax from continuing operations
13
15
4
1
333
Profit/loss after tax from discontinued operations
0
0
0
0
0
Other comprehensive income
0
0
0
4
163
Total comprehensive income
13
15
4
5
496
Attributable to non-controlling interests
0
0
0
0
(1)
Attributable to investee's shareholders
11
15
4
4
498
Current assets
115
136
184
55
1,403
Non-current assets
281
2,785
157
4
27,360
Short-term liabilities
(278)
(654)
(155)
(28)
(1,194)
Long-term liabilities
(48)
(1,935)
(98)
0
(24,238)
Net assets
71
332
88
31
3,331
Attributable to non-controlling interests
0
0
0
0
114
Attributable to investee's shareholders
71
332
88
31
3,217
Group's interest in net assets of investee as at 1/1
30
105
42
16
309
Change in share/first time inclusion
0
0
0
0
0
Total comprehensive income attributable to the Group
5
5
1
1
62
hereof income statement
6
5
1
1
46
hereof other comprehensive income
0
0
0
0
16
Dividends received
0
(2)
(2)
(2)
(19)
Share in the capital increase
0
0
0
0
0
Group's interest in net assets of investee as at 30/9
35
108
42
15
352
Valulation
(9)
(45)
(30)
(7)
0
Carrying amount
26
63
12
9
352
1 Consolidated financial statements: Profit and equity is after deduction of non-controlling interests.
POSO: Posojilnica Bank eGen, Klagenfurt (AT)
PSS: Prva stavebna sporitelna a.s., Bratislava (SK)
RIZ: Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
R-Leasing: Raiffeisen-Leasing Management GmbH, Vienna (AT)
UNIQA: UNIQA Insurance Group AG, Vienna (AT)
Impairment test for companies valued at equity
At the end of each reporting period an assessment is made whether there is any indication that the carrying amount of an
equity investment is higher than its recoverable amount. IAS 36 has a list of external and internal indicators of impairment. If
there is an indication that a company valued at equity may be impaired, then the asset's recoverable amount is calculated. The
following key assumptions have been made for the impairment test.
2025
2024
Cash generating units
LLI
OeKB
UNIQA
LLI
OeKB
UNIQA
Average discount interest rate (after tax)
6.7%
8.5%
8.4%
6.7%
8.9%
9.0%
Planning period
5 years
3 years
5 years
5 years
3 years
5 years
LLI: Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT) - average discount rate WACC
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT) - average discount rate CoE
UNIQA: UNIQA Insurance Group AG, Vienna (AT) - average discount rate CoE
The results showed a reversal of impairment for the majority of the investment portfolio based on the most recent impairment
tests. In this process, the ongoing replacement of low-interest assets had a positive impact on the earnings situation of the
bank holdings.
Summary of significant planning assumptions and description of the management approach to identify the values:
Cash generating units
Brief description
Key assumptions
Management approach
Leipnik-Lundenburger Invest
Beteiligungs AG (LLI)
In the two core areas of milling and
vending (hot and cold) beverages and
food from vending machines, the LLI
companies are market leaders in
Austria and in some EU countries
(Eastern Europe and Germany).
In addition to the two core areas, the at
equity valued investments prove to be
value drivers within LLI.
The planning assumptions approved by
the supervisory board reflect the
expected developments in raw material
prices and costs, which are also
reflected in the sales prices.
Planning includes actions to address
current and expected market
developments. In addition to cost
savings and a suitable pricing strategy,
these include further specializations,
optimization through digitalization and
the development of new products.
Oesterreichische Kontrollbank
Aktiengesellschaft (OeKB)
The OeKB fulfills two essential functions
for the Austrian export industry and the
capital market. As the export credit
agency of the Republic of Austria, it
provides state-guaranteed liabilities
and refinances export-related
investments and foreign transactions
through the export financing process.
Furthermore, the OeKB supports the
capital market through specialized
securities services, the settlement of
federal bond auctions, and via its
subsidiaries in the areas of custody and
clearing. Its main subsidiaries are
\u00d6sterreichische Hotel- und
Tourismusbank (OEHT) and
Oesterreichische Entwicklungsbank
(OeEB).
The planning assumptions take into
account the development of volumes in
export finance and have been adopted
in the valuation approach. They show
stable growth of loan volume over the
following years.
The management approach reflects the
current external conditions. The interest
rate level as well as catch-up effects
from previously postponed investments
due to the inflationary environment of
recent years have been taken into
account in the planning assumptions.
The existing mandates of the Republic
of Austria provide a stable foundation
for OeKB's business activities, which are
complemented by additional services.
UNIQA Insurance Group AG (UNIQA)
UNIQA Insurance Group AG is one of the
leading insurance groups in its core
markets of Austria and CEE. The group
is represented in 14 countries and
serves more than 17 million customers.
The brands UNIQA and Raiffeisen
Versicherung are two strong insurance
brands in Austria and are well
positioned in the CEE markets.
By taking appropriate countermeasures,
UNIQA intends to continue to pursue its
long-term profitability targets despite
the increasing cost pressure. In
summary, despite the volatile
environment, it is assumed that the
long-term strategic orientation will be
maintained and, accordingly, that long-
term returns will remain stable.
The management approach was
essentially adopted as the valuation
approach. It is based on the
continuation of the established
strategic direction. Accordingly,
ensuring a solid return on equity as well
as a strong solvency position is
fundamental. This forms the basis for
sustainable dividend growth and a
stable dividend yield.
Sensitivity analysis
In order to examine how a change in parameters essential for determining the cost of capital affects the value of equity, these
parameters were varied in the course of the sensitivity analysis carried out. Changes in the valuation of these companies may
therefore result in an adjustment to the carrying amount. In the event of a downside scenario (increase in the cost of capital by
50 basis points) the value in use of Leipnik-Lundenburger Invest Beteiligungs AG, Raiffeisen Leasing Management GmbH, Prva
stavebna sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft, \u00d6sterreichische Hotel und Tourismusbank GmbH,
Posojilnica Bank eGen would decrease by less than 10 per cent, and that of Raiffeisen Informatik GmbH & Co KG by around 17
per cent, thus leading to a further reduction in the carrying amount. UNIQA Insurance Group AG,\u00a0 Notartreuhandbank AG and
EMCOM Beteiligungs GmbH are excluded from this scenario, a further decline in value would not lead to a reduction in the
carrying amount here as the value in use would still be higher than the proportionate equity
Associated companies valued at equity
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
EMCOM Beteiligungs GmbH, Vienna (AT)
37,000
EUR
33.6%
BA
LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft, Vienna (AT)
32,624,283
EUR
33.1%
OT
NOTARTREUHANDBANK AG, Vienna (AT)
8,030,000
EUR
26.0%
FI
Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
130,000,000
EUR
8.1%
BA
\u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
11,627,653
EUR
31.3%
BA
Posojilnica Bank eGen, Klagenfurt (AT)
74,345,115
EUR
49.8%
BA
Prva stavebna sporitelna a.s., Bratislava (SK)
66,500,000
EUR
32.5%
BA
Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
1,460,000
EUR
47.6%
BR
Raiffeisen-Leasing Management GmbH, Vienna (AT)
300,000
EUR
50.0%
OT
UNIQA Insurance Group AG, Vienna (AT)
309,000,000
EUR
10.9%
VV
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-450": { "value": "
in \u20ac million
2025
2024
Net modification gains/losses
(29)
(23)
Gains/losses from changes in present value of non-substantially modified contracts
(33)
(23)
Gains/losses from derecognition due to substantial modification of contract terms
3
0
Impairment or reversal of impairment on investments in subsidiaries and associates
21
(50)
Impairment or reversal of impairment on non-financial assets
(5)
7
Goodwill
0
0
Other
(5)
7
Result from non-current assets and disposal groups classified as held for sale and deconsolidation
6
(8)
Net income from non-current assets and disposal groups classified as held for sale
6
4
Result of deconsolidations
0
(10)
Net expense from allocation and release of provisions for VAT interbank tax exemptions
0
(20)
Expenses for credit-linked, portfolio-based litigations and annulments
(302)
(657)
Expenses for legal disputes in Russia
(1,269)
0
Net expense from allocation and release of provisions for a legal dispute in Russia
(339)
(840)
Total
(1,918)
(1,590)
The item impairment or reversal of impairment on investments in subsidiaries and associates amounted to \u20ac 21 million
(previous year: minus \u20ac 50 million). Thereof, \u20ac 28 million (previous year: minus \u20ac 45 million) related to the valuation of
investments in companies valued at equity and minus \u20ac 7 million (previous year: minus \u20ac 4 million) to the\u00a0 impairment on
investments in subsidiaries. In the reporting period the largest individual effects\u00a0 resulted from the valuation of Prva stavebna
sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft and Leipnik-Lundenburger Invest Beteiligungs AG.
Other equity participations
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Accession Mezzanine Capital III L.P. (in liquidation), St. Helier (JE)
1,501
EUR
3.3%
OT
Aedificium Banca pentru Locuinte S.A. - in Liquidation, Bucharest (RO)
25,000,320
RON
100.0%
OT
Agricultural Open Joint Stock Company Illintsi Livestock Breeding Enterprise, Illinci (UA)
703,100
UAH
4.7%
OT
Agro.Club Inc., New York (US)
240
USD
8.2%
OT
AIL Swiss-Austria Leasing AG, Glattbrugg (CH)
5,000,000
CHF
50.0%
FI
ALCS Association of Leasing Companies in Serbia, Belgrade (RS)
853,710
RSD
12.5%
OT
Analytical Credit Rating Agency (Joint Stock Company), Moscow (RU)
3,000,024,000
RUB
3.7%
OT
A-Trust GmbH, Vienna (AT)
5,290,013
EUR
12.1%
OT
Austrian Growth Capital Fund SCSp, Senningerberg (LU)
132,919,213
EUR
18.8%
FI
Austrian Reporting Services GmbH, Vienna (AT)
41,176
EUR
13.0%
BR
Autenti Sp. z o.o., Poznan (PL)
6,811,700
PLN
7.4%
OT
Bad Sauerbrunn Thermalwasser Nutzungs- und Verwertungs GmbH., Bad Sauerbrunn (AT)
36,336
EUR
50.0%
OT
Bankovni identita, a.s., Prague (CZ)
3,881,000
CZK
11.9%
OT
Biroul de Credit S.A., Bucharest (RO)
4,114,615
RON
13.2%
FI
BTS Holding a.s. \"v likvid\u00e1cii\", Bratislava (SK)
35,700
EUR
19.0%
OT
Budapest Stock Exchange, Budapest (HU)
541,348,100
HUF
<0,1%
OT
byrd technologies GmbH, Vienna (AT)
172,069
EUR
2.1%
OT
Central Depository and Clearing Company, Inc., Zagreb (HR)
12,545,623
EUR
0.1%
FI
CIT ONE SA, Bucharest (RO)
21,270,270
RON
33.3%
BR
CloudCart AD, Sofia (BG)
78,430
BGN
5.0%
OT
Commodity Exchange Crimean Interbank Currency Exchange, Simferopol (UA)
420,000
UAH
4.8%
OT
CONATUS Grundst\u00fcckvermietungs Gesellschaft m.b.H. in Liqu., St. P\u00f6lten (AT)
36,360
EUR
24.5%
OT
CULINA Grundst\u00fcckvermietungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
25.0%
FI
D. Trust Certifikacn\u00e1 Autorita, a.s., Bratislava (SK)
331,939
EUR
10.0%
OT
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
Einlagensicherung AUSTRIA Ges.m.b.H., Vienna (AT)
0
EUR
1.0%
FI
Elucidate GmbH, Berlin (DE)
57,746
EUR
5.2%
OT
EMERGING EUROPE GROWTH FUND II, L.P., Delaware (US)
370,000,000
USD
1.9%
OT
ESQUILIN Grundst\u00fccksverwaltungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,336
EUR
24.5%
FI
Euro Banking Association (ABE Clearing S.A.S.), Paris (FR)
48,000
EUR
2.1%
FI
European Investment Fund S.A., Luxembourg (LU)
7,370,000,000
EUR
0.1%
FI
Export and Industry Bank Inc., Makati City (PH)
4,734,452,540
PHP
9.5%
BA
FORIS Grundst\u00fcckvermietungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
24.5%
FI
G + R Leasing Gesellschaft m.b.H. & Co. KG., Graz (AT)
72,673
EUR
50.0%
FI
Garantiqa Hitelgarancia ZRt., Budapest (HU)
7,839,600,000
HUF
0.2%
BR
Greenix Limited, Tortola (VG)
100,000
USD
25.0%
OT
HOBEX AG, Salzburg (AT)
1,000,000
EUR
8.5%
FI
Hrvatski registar obveza po kreditima d.o.o., Zagreb (HR)
1,791,758
EUR
10.5%
BR
Joint Stock Company Stock Exchange PFTS, Kiev (UA)
32,010,000
UAH
0.2%
OT
Kommunal-Infrastruktur & Immobilien Zeltweg GmbH, Zeltweg (AT)
35,000
EUR
20.0%
OT
LITUS Grundst\u00fcckvermietungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
24.5%
FI
Lorit Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
42,000
EUR
8.3%
FI
MASTERINVEST Kapitalanlage GmbH, Vienna (AT)
2,500,000
EUR
37.5%
FI
Medicur - Holding Gesellschaft m.b.H., Vienna (AT)
4,360,500
EUR
25.0%
OT
Mit.Einander Wohnen Bisamberg Projekterrichtungs GmbH, Vienna (AT)
35,000
EUR
20.0%
OT
Monilogi s.r.o., Bratislava (SK)
2,250,000
EUR
28.0%
OT
National Settlement Depositary, Moscow (RU)
1,180,675,000
RUB
<0,1%
FI
N\u00d6 Raiffeisen Kommunalprojekte Service Gesellschaft m.b.H., Vienna (AT)
50,000
EUR
26.0%
FI
N\u00d6 Raiffeisen-Leasing Gemeindeprojekte Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
1.0%
FI
N\u00d6-KL Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
37,400
EUR
33.3%
FI
Not a Hotel Venture Limited, Dublin (IE)
6,476
EUR
7.2%
OT
Oberpinzg. Fremdenverkehrf\u00f6rderungs- und Bergbahnen AG, Neukirchen am Gro\u00dfvenediger (AT)
3,297,530
EUR
<0,1%
OT
Open Joint Stock Company Kyiv Special Project and Design Bureau Menas, Kiev (UA)
3,383,218
UAH
4.7%
OT
\u00d6sterreichische Raiffeisen-Sicherungseinrichtung eGen, Vienna (AT)
121,200
EUR
8.7%
BR
\u00d6sterreichische Wertpapierdaten Service GmbH, Vienna (AT)
100,000
EUR
24.1%
BR
Pisano Limited, London (GB)
4,041
GBP
17.0%
OT
Private Joint Stock Company Bird Farm Bershadskyi, Viytivka (UA)
6,691,141
UAH
0.5%
OT
Private Joint Stock Company First All-Ukrainian Credit Bureau, Kiev (UA)
11,750,000
UAH
5.1%
OT
Private Joint Stock Company Sumy Enterprise Agrotechservice, Sumy (UA)
1,545,000
UAH
0.6%
OT
Private Joint Stock Company Ukrainian Interbank Currency Exchange, Kiev (UA)
36,000,000
UAH
3.1%
OT
PSA Payment Services Austria GmbH, Vienna (AT)
285,000
EUR
11.2%
FI
Public Joint Stock Company National Depositary of Ukraine, Kiev (UA)
103,200,000
UAH
0.1%
BR
Public Joint Stock Company Settlement Center for Servicing of Contracts in Financial Markets, Kiev
(UA)
206,700,000
UAH
<0,1%
OT
Qivalis B.V., Amsterdam (NL)
11,000
EUR
9.1%
OT
QUIRINAL Grundst\u00fccksverwaltungs Gesellschaft m.b.H., Vienna (AT)
37,063
EUR
33.3%
FI
Raiffeisen Continuum GmbH, Vienna (AT)
100,000
EUR
14.3%
OT
Raiffeisen Continuum GmbH & Co KG, Vienna (AT)
22,700,543
EUR
29.1%
FI
Raiffeisen Continuum Management GmbH, Vienna (AT)
100,000
EUR
47.5%
FI
Raiffeisen Digital GmbH, Vienna (AT)
75,000
EUR
1.2%
BR
Raiffeisen e-force GmbH, Vienna (AT)
145,346
EUR
28.2%
BR
Raiffeisen Informatik Gesch\u00e4ftsf\u00fchrungs GmbH, Vienna (AT)
70,000
EUR
47.6%
BR
Raiffeisen Kooperations eGen, Vienna (AT)
9,000,000
EUR
11.1%
OT
Raiffeisen Landesbank K\u00e4rnten und Revisionsverband eGen, Klagenfurt (AT)
6,715,600
EUR
<0,1%
BA
Raiffeisen Salzburg Leasing GmbH, Salzburg (AT)
35,000
EUR
19.0%
FI
Raiffeisen Software GmbH, Linz (AT)
150,000
EUR
1.2%
BR
Raiffeisen WohnBau Via Silva GmbH, Vienna (AT)
35,000
EUR
55.0%
FI
RAIFFEISEN-HOLDING NIEDER\u00d6STERREICH-WIEN registrierte Genossenschaft mit beschr\u00e4nkter Haftung,
Vienna (AT)
96,391,536
EUR
<0,1%
BA
Raiffeisen-IMPULS-Liegenschaftsverwaltung Gesellschaft m.b.H., Linz (AT)
500,000
ATS
25.0%
FI
Raiffeisen-Impuls-Zeta Immobilien GmbH, Linz (AT)
58,333
EUR
40.0%
FI
Raiffeisen-Landesbank Tirol AG, Rum (AT)
90,850,000
EUR
<0,1%
BA
Raiffeisen-Leasing BOT s.r.o., Prague (CZ)
100,000
CZK
20.0%
OT
Raiffeisen-Leasing Mobilien und KFZ GmbH, Vienna (AT)
35,000
EUR
15.0%
FI
Registry of Securities in FBH, Sarajevo (BA)
2,052,300
BAM
1.4%
BR
Rehazentrum Kitzb\u00fchel Immobilien-Leasing GmbH, Innsbruck (AT)
35,000
EUR
19.0%
FI
REMUS Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Vienna (AT)
36,400
EUR
50.0%
FI
RLB Holding eGen O\u00d6, Linz (AT)
1,566,758
EUR
<0,1%
FI
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
RLKG Raiffeisen-Leasing GmbH, Vienna (AT)
40,000
EUR
12.5%
FI
RSAL Raiffeisen Steiermark Anlagenleasing GmbH, Graz (AT)
38,000
EUR
19.0%
FI
RSC Raiffeisen Service Center GmbH, Vienna (AT)
2,000,000
EUR
50.3%
BR
RSIL Immobilienleasing Raiffeisen Steiermark GmbH, Graz (AT)
38,000
EUR
19.0%
FI
S.C. DEPOZITARUL CENTRAL S.A., Bucharest (RO)
25,291,953
RON
2.6%
OT
Sarajevo Stock Exchange, Sarajevo (BA)
1,967,680
BAM
10.5%
FI
SELENE Raiffeisen-Immobilien-Leasing Gesellschaft m.b.H., Innsbruck (AT)
36,400
EUR
1.0%
OT
SESAMm, Metz (FR)
200,055
EUR
3.2%
OT
SKR Lager 102 AB, Stockholm (SE)
100,000
SEK
49.0%
OT
Slovak Banking Credit Bureau, s.r.o., Bratislava (SK)
9,958
EUR
33.3%
BR
Societatea de Transfer de Fonduri si Decontari-TRANSFOND S.A, Bucharest (RO)
6,720,000
RON
3.4%
FI
Society for Worldwide Interbank Financial Telekommunication scrl, La Hulpe (BE)
629,671,620
EUR
0.4%
FI
SPRINT INTERMEDIATECO B.V., Hoofddorp (NL)
2
EUR
0.9%
OT
Steirische Gemeindegeb\u00e4ude Leasing Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
50.0%
OT
Steirische Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
25.0%
FI
Steirische Leasing f\u00fcr Gebietsk\u00f6rperschaften Ges.m.b.H., Vienna (AT)
36,336
EUR
50.0%
FI
Steirische Leasing f\u00fcr \u00f6ffentliche Bauten Gesellschaft m.b.H. in Liqu., Vienna (AT)
36,336
EUR
50.0%
OT
SWO Kommunalgeb\u00e4udeleasing Gesellschaft m.b.H., Vienna (AT)
36,336
EUR
50.0%
FI
Syrena Immobilien Holding AG, Spittal an der Drau (AT)
22,600,370
EUR
21.0%
OT
Tarfin Limited, London (GB)
16,297,958
GBP
11.9%
OT
The Zagreb Stock Exchange joint stock company, Zagreb (HR)
6,152,631
EUR
2.9%
OT
TKL II. Grundverwertungsgesellschaft m.b.H., Vienna (AT)
39,000
EUR
8.3%
OT
TKL VI Grundverwertungsgesellschaft m.b.H., Innsbruck (AT)
39,000
EUR
33.3%
FI
TKL VII Grundverwertungsgesellschaft m.b.H., Innsbruck (AT)
39,000
EUR
33.3%
OT
TKL VIII Grundverwertungsgesellschaft m.b.H., Innsbruck (AT)
39,000
EUR
24.5%
FI
Tojon Beteiligungs GmbH, Vienna (AT)
70,000
EUR
25.0%
OT
TRABITUS Grundst\u00fccksvermietungs Gesellschaft m.b.H. in Liqu., Vienna (AT)
36,360
EUR
25.0%
OT
VALET-Grundst\u00fccksverwaltungs Gesellschaft m.b.H., St. P\u00f6lten (AT)
36,360
EUR
24.5%
FI
vc trade GmbH, Frankfurt am Main (DE)
41,278
EUR
9.4%
BR
VERMREAL Liegenschaftserwerbs- und -betriebs GmbH, Vienna (AT)
36,336
EUR
17.0%
OT
vestr AG, Zug (CH)
235,310
CHF
5.6%
OT
Visa Inc., San Francisco (US)
192,981
USD
<0,1%
BR
Wiener B\u00f6rse Aktiengesellschaft, Vienna (AT)
18,620,720
EUR
7.0%
OT
Zhytomyr Commodity Agroindustrial Exchange, Zhitomir (UA)
476,515
UAH
3.1%
OT
Ziloti Holding S.A., Luxembourg (LU)
48,963
EUR
0.9%
OT
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-455": { "value": "
(11) Taxes
RBI AG as Group parent and 64 of its consolidated domestic subsidiaries are members of a tax group. Current taxes are
calculated based on taxable income for the current year taking into account the tax group (in terms of a tax group allocation).
The taxable income deviates from the profit/loss before tax of the consolidated statement of comprehensive income due to
expenses and income which are taxable or tax-deductible in future years or never. The liability of the Group for current taxes is
calculated based on the actual tax rate. Deferred taxes are calculated and recognized in accordance with IAS 12 applying the
liability method and based on the tax rates applicable in the future. Deferred taxes are based on all temporary differences
that result from comparing the carrying amounts of assets and liabilities in the IFRS accounts with the tax bases of assets and
liabilities, and which will reverse in the future. Deferred taxes are calculated by using tax rates applicable in the countries
concerned. A deferred tax asset should also be recognized on tax loss carry forwards if it is probable that sufficient taxable
profit will be generated in future periods against which the tax loss carry forwards can be utilized within the same entity.
On each reporting date, the carrying amount of the deferred tax assets is determined and the value determined is reduced if it
is unlikely that sufficient taxable income will be available in order to realize the tax assets partly or fully. Deferred tax assets
are offset against deferred tax liabilities for each subsidiary to the extent that offsetting is permitted. Income tax credits and
income tax obligations are recorded under the items current and deferred tax assets and current and deferred tax liabilities.
Current and deferred taxes are recognized in the income statement unless they are linked to items which are recognized in
other comprehensive income, in which case the current and deferred taxes are also directly recognized in other comprehensive
income. IFRIC 23 is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates when there is uncertainty over income tax treatments under IAS 12. RBI is required to use judgment to
determine whether each tax treatment should be considered independently or whether some tax treatments should be
considered together. If RBI concludes that it is not probable that a particular tax treatment is accepted, it must use the most
likely amount or the expected value of the tax treatment. Otherwise, it uses the tax treatment that is consistent with its
income tax filings. An entity has to reassess its judgments and estimates if facts and circumstances change.
Non-income related taxes are recognized in other administrative expenses when the Group unit identifies the obligating event
for the recognition of a liability in accordance with the relevant legislation. In practice this means either the liability is
recognized progressively when the obligating event occurs over a period or the obligation is triggered on reaching a minimum
threshold. The full liability is recognized when this minimum threshold is reached. Expenses for governmental measures and
compulsory contributions are shown separately in the item of the same name. This includes the bank levies, the resolution
fund, deposit insurance fees and other compulsory contributions (e.g. state borrowers\u2019 support fund).
in \u20ac million
2025
0
Current income taxes
(994)
(953)
hereof Austria
(26)
(29)
hereof abroad
(968)
(924)
Deferred taxes
(19)
0
Total
(1,013)
(953)
Effective tax rate
38.4%
31.9%
Tax assets
in \u20ac million
2025
2024
Current tax assets
124
130
Deferred tax assets
167
216
Tax claims from temporary differences
158
208
Loss carry forwards
9
8
Total
291
345
Net deferred taxes
in \u20ac million
2025
2024
Financial assets - amortized cost
94
84
Financial liabilities - amortized cost
17
24
Financial liabilities - held for trading
6
31
Derivatives \u2013 Hedge accounting incl. fair value adjustments
62
56
Financial liabilities - designated fair value through profit/loss
2
0
Provisions for liabilities and charges
113
104
Investments in subsidiaries and associates
11
12
Tangible fixed assets
95
92
Other assets
124
93
Loss carry forwards
9
8
Other items of the statement of financial position
18
26
Deferred tax assets
551
531
Financial assets - held for trading
30
45
Financial assets - amortized cost
97
89
Financial liabilities - amortized cost
56
63
Financial assets - fair value through other comprehensive income
29
26
Financial assets and liabilities - designated fair value through profit/loss
2
2
Investments in subsidiaries and associates
5
5
Tangible fixed assets
27
19
Intangible fixed assets
72
71
Derivatives \u2013 Hedge accounting incl. fair value adjustments
85
7
Provisions for liabilities and charges
3
2
Other assets
14
17
Other liabilities
19
21
Other items of the statement of financial position
4
2
Deferred tax liabilities
442
369
Net deferred taxes
109
162
In the consolidated financial statements, deferred tax assets are recognized for unused tax loss carry forwards which
amounted to \u20ac 9 million (previous year: \u20ac 8 million). The tax loss carry forwards are mainly without any time limit. The Group
did not recognize deferred tax assets from tax loss carry forwards of \u20ac 356 million (previous year: \u20ac 346 million) because from
a current point of view there is no prospect of realizing them within a reasonable period.
Tax liabilities
in \u20ac million
2025
2024
Current tax liabilities
144
217
Deferred tax liabilities
58
53
Temporary tax obligation
58
53
Total
202
271
The global minimum tax for corporate groups (MindBestG) introduced as of January 1, 2024, at a rate of 15 per cent resulted in
an additional tax expense of \u20ac 8 million. In most countries where RBI operates, the Safe Harbour Rules are met, except for
Bosnia and Herzegovina, Kosovo, and Serbia. RBI has applied the temporary mandatory exception published by the IASB in May
2023 related to the international tax reform. This exception applies to accounting requirements for deferred taxes according
to IAS 12. Respectively, RBI does not consider income taxes related to the OECD Pillar 2 model rules in the calculation and
presentation of deferred tax assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-454": { "value": "
(11) Taxes
RBI AG as Group parent and 64 of its consolidated domestic subsidiaries are members of a tax group. Current taxes are
calculated based on taxable income for the current year taking into account the tax group (in terms of a tax group allocation).
The taxable income deviates from the profit/loss before tax of the consolidated statement of comprehensive income due to
expenses and income which are taxable or tax-deductible in future years or never. The liability of the Group for current taxes is
calculated based on the actual tax rate. Deferred taxes are calculated and recognized in accordance with IAS 12 applying the
liability method and based on the tax rates applicable in the future. Deferred taxes are based on all temporary differences
that result from comparing the carrying amounts of assets and liabilities in the IFRS accounts with the tax bases of assets and
liabilities, and which will reverse in the future. Deferred taxes are calculated by using tax rates applicable in the countries
concerned. A deferred tax asset should also be recognized on tax loss carry forwards if it is probable that sufficient taxable
profit will be generated in future periods against which the tax loss carry forwards can be utilized within the same entity.
On each reporting date, the carrying amount of the deferred tax assets is determined and the value determined is reduced if it
is unlikely that sufficient taxable income will be available in order to realize the tax assets partly or fully. Deferred tax assets
are offset against deferred tax liabilities for each subsidiary to the extent that offsetting is permitted. Income tax credits and
income tax obligations are recorded under the items current and deferred tax assets and current and deferred tax liabilities.
Current and deferred taxes are recognized in the income statement unless they are linked to items which are recognized in
other comprehensive income, in which case the current and deferred taxes are also directly recognized in other comprehensive
income. IFRIC 23 is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates when there is uncertainty over income tax treatments under IAS 12. RBI is required to use judgment to
determine whether each tax treatment should be considered independently or whether some tax treatments should be
considered together. If RBI concludes that it is not probable that a particular tax treatment is accepted, it must use the most
likely amount or the expected value of the tax treatment. Otherwise, it uses the tax treatment that is consistent with its
income tax filings. An entity has to reassess its judgments and estimates if facts and circumstances change.
Non-income related taxes are recognized in other administrative expenses when the Group unit identifies the obligating event
for the recognition of a liability in accordance with the relevant legislation. In practice this means either the liability is
recognized progressively when the obligating event occurs over a period or the obligation is triggered on reaching a minimum
threshold. The full liability is recognized when this minimum threshold is reached. Expenses for governmental measures and
compulsory contributions are shown separately in the item of the same name. This includes the bank levies, the resolution
fund, deposit insurance fees and other compulsory contributions (e.g. state borrowers\u2019 support fund).
in \u20ac million
2025
0
Current income taxes
(994)
(953)
hereof Austria
(26)
(29)
hereof abroad
(968)
(924)
Deferred taxes
(19)
0
Total
(1,013)
(953)
Effective tax rate
38.4%
31.9%
Reconciliation between profit/loss before tax and the effective tax burden:
in \u20ac million
2025
2024
Profit/loss before tax
2,634
2,984
Theoretical income tax expense in the financial year based on the domestic income tax rate of 23 per cent
(606)
(686)
Effect of divergent foreign tax rates
134
182
Tax decrease because of tax-exempted income from equity participations and other income
78
113
Tax increase because of non-deductible expenses
(552)
(405)
Impairment on loss carry forwards
(1)
(6)
Non-recognized taxes from net investment hedge
3
(9)
Non-recognized taxes from value changes on companies valued at equity
6
(10)
Tax expense/income from changes of the tax rate and windfall taxes
(74)
(131)
Other tax effects
(2)
(1)
Effective tax burden
(1,013)
(953)
Effective tax rate
38.4%
31.9%
The negative effect arising from non-deductible expenses mainly results from expenses incurred in connection with the
Rasperia proceedings in Russia, as well as non-deductible expenses related to credit-linked and portfolio-based litigation
provisions and annulments of loan agreements in Poland. The item tax expense/income from changes of the tax rate and
windfall taxes includes the tax effects from the return to a 25 per cent tax rate in Ukraine (previous year: 50 per cent) and the
increase of the tax rate to 25 per cent in Russia, as well as the tax disadvantages from the special tax in Slovakia and the
Czech Republic.
For the calculation of deferred tax assets and liabilities, the future tax rate corresponding to the expected realization times of
the temporary differences from deferred taxes was applied.
Information on current and open tax proceedings can be found under (45) Pending legal issues. Furthermore, there are no
material tax interpretations that would require disclosure within the meaning of IFRIC 23.
Tax assets
in \u20ac million
2025
2024
Current tax assets
124
130
Deferred tax assets
167
216
Tax claims from temporary differences
158
208
Loss carry forwards
9
8
Total
291
345
Net deferred taxes
in \u20ac million
2025
2024
Financial assets - amortized cost
94
84
Financial liabilities - amortized cost
17
24
Financial liabilities - held for trading
6
31
Derivatives \u2013 Hedge accounting incl. fair value adjustments
62
56
Financial liabilities - designated fair value through profit/loss
2
0
Provisions for liabilities and charges
113
104
Investments in subsidiaries and associates
11
12
Tangible fixed assets
95
92
Other assets
124
93
Loss carry forwards
9
8
Other items of the statement of financial position
18
26
Deferred tax assets
551
531
Financial assets - held for trading
30
45
Financial assets - amortized cost
97
89
Financial liabilities - amortized cost
56
63
Financial assets - fair value through other comprehensive income
29
26
Financial assets and liabilities - designated fair value through profit/loss
2
2
Investments in subsidiaries and associates
5
5
Tangible fixed assets
27
19
Intangible fixed assets
72
71
Derivatives \u2013 Hedge accounting incl. fair value adjustments
85
7
Provisions for liabilities and charges
3
2
Other assets
14
17
Other liabilities
19
21
Other items of the statement of financial position
4
2
Deferred tax liabilities
442
369
Net deferred taxes
109
162
In the consolidated financial statements, deferred tax assets are recognized for unused tax loss carry forwards which
amounted to \u20ac 9 million (previous year: \u20ac 8 million). The tax loss carry forwards are mainly without any time limit. The Group
did not recognize deferred tax assets from tax loss carry forwards of \u20ac 356 million (previous year: \u20ac 346 million) because from
a current point of view there is no prospect of realizing them within a reasonable period.
Tax liabilities
in \u20ac million
2025
2024
Current tax liabilities
144
217
Deferred tax liabilities
58
53
Temporary tax obligation
58
53
Total
202
271
The global minimum tax for corporate groups (MindBestG) introduced as of January 1, 2024, at a rate of 15 per cent resulted in
an additional tax expense of \u20ac 8 million. In most countries where RBI operates, the Safe Harbour Rules are met, except for
Bosnia and Herzegovina, Kosovo, and Serbia. RBI has applied the temporary mandatory exception published by the IASB in May
2023 related to the international tax reform. This exception applies to accounting requirements for deferred taxes according
to IAS 12. Respectively, RBI does not consider income taxes related to the OECD Pillar 2 model rules in the calculation and
presentation of deferred tax assets and liabilities.
Tax litigation
RBI is, or is expected to be, involved in various tax audits, tax reviews and tax proceedings. RBI is involved in the following
significant tax proceedings, among others:
In Romania, tax assessments led to an extraordinary tax burden totalling approximately RON 158 million (\u20ac 31 million) in
additional taxes and approximately RON 105 million (\u20ac 21 million) in penalties. After various proceedings, some still ongoing, this
tax burden has been reduced to RON 235 million (\u20ac 46 million)so far. The tax authority's decision was appealed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-458": { "value": "
RBI AG as Group parent and 64 of its consolidated domestic subsidiaries are members of a tax group. Current taxes are
calculated based on taxable income for the current year taking into account the tax group (in terms of a tax group allocation).
The taxable income deviates from the profit/loss before tax of the consolidated statement of comprehensive income due to
expenses and income which are taxable or tax-deductible in future years or never. The liability of the Group for current taxes is
calculated based on the actual tax rate. Deferred taxes are calculated and recognized in accordance with IAS 12 applying the
liability method and based on the tax rates applicable in the future. Deferred taxes are based on all temporary differences
that result from comparing the carrying amounts of assets and liabilities in the IFRS accounts with the tax bases of assets and
liabilities, and which will reverse in the future. Deferred taxes are calculated by using tax rates applicable in the countries
concerned. A deferred tax asset should also be recognized on tax loss carry forwards if it is probable that sufficient taxable
profit will be generated in future periods against which the tax loss carry forwards can be utilized within the same entity.
On each reporting date, the carrying amount of the deferred tax assets is determined and the value determined is reduced if it
is unlikely that sufficient taxable income will be available in order to realize the tax assets partly or fully. Deferred tax assets
are offset against deferred tax liabilities for each subsidiary to the extent that offsetting is permitted. Income tax credits and
income tax obligations are recorded under the items current and deferred tax assets and current and deferred tax liabilities.
Current and deferred taxes are recognized in the income statement unless they are linked to items which are recognized in
other comprehensive income, in which case the current and deferred taxes are also directly recognized in other comprehensive
income. IFRIC 23 is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates when there is uncertainty over income tax treatments under IAS 12. RBI is required to use judgment to
determine whether each tax treatment should be considered independently or whether some tax treatments should be
considered together. If RBI concludes that it is not probable that a particular tax treatment is accepted, it must use the most
likely amount or the expected value of the tax treatment. Otherwise, it uses the tax treatment that is consistent with its
income tax filings. An entity has to reassess its judgments and estimates if facts and circumstances change.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-457": { "value": "
RBI AG as Group parent and 64 of its consolidated domestic subsidiaries are members of a tax group. Current taxes are
calculated based on taxable income for the current year taking into account the tax group (in terms of a tax group allocation).
The taxable income deviates from the profit/loss before tax of the consolidated statement of comprehensive income due to
expenses and income which are taxable or tax-deductible in future years or never. The liability of the Group for current taxes is
calculated based on the actual tax rate. Deferred taxes are calculated and recognized in accordance with IAS 12 applying the
liability method and based on the tax rates applicable in the future. Deferred taxes are based on all temporary differences
that result from comparing the carrying amounts of assets and liabilities in the IFRS accounts with the tax bases of assets and
liabilities, and which will reverse in the future. Deferred taxes are calculated by using tax rates applicable in the countries
concerned. A deferred tax asset should also be recognized on tax loss carry forwards if it is probable that sufficient taxable
profit will be generated in future periods against which the tax loss carry forwards can be utilized within the same entity.
On each reporting date, the carrying amount of the deferred tax assets is determined and the value determined is reduced if it
is unlikely that sufficient taxable income will be available in order to realize the tax assets partly or fully. Deferred tax assets
are offset against deferred tax liabilities for each subsidiary to the extent that offsetting is permitted. Income tax credits and
income tax obligations are recorded under the items current and deferred tax assets and current and deferred tax liabilities.
Current and deferred taxes are recognized in the income statement unless they are linked to items which are recognized in
other comprehensive income, in which case the current and deferred taxes are also directly recognized in other comprehensive
income. IFRIC 23 is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates when there is uncertainty over income tax treatments under IAS 12. RBI is required to use judgment to
determine whether each tax treatment should be considered independently or whether some tax treatments should be
considered together. If RBI concludes that it is not probable that a particular tax treatment is accepted, it must use the most
likely amount or the expected value of the tax treatment. Otherwise, it uses the tax treatment that is consistent with its
income tax filings. An entity has to reassess its judgments and estimates if facts and circumstances change.
Tax assets
in \u20ac million
2025
2024
Current tax assets
124
130
Deferred tax assets
167
216
Tax claims from temporary differences
158
208
Loss carry forwards
9
8
Total
291
345
Tax liabilities
in \u20ac million
2025
2024
Current tax liabilities
144
217
Deferred tax liabilities
58
53
Temporary tax obligation
58
53
Total
202
271
The global minimum tax for corporate groups (MindBestG) introduced as of January 1, 2024, at a rate of 15 per cent resulted in
an additional tax expense of \u20ac 8 million. In most countries where RBI operates, the Safe Harbour Rules are met, except for
Bosnia and Herzegovina, Kosovo, and Serbia. RBI has applied the temporary mandatory exception published by the IASB in May
2023 related to the international tax reform. This exception applies to accounting requirements for deferred taxes according
to IAS 12. Respectively, RBI does not consider income taxes related to the OECD Pillar 2 model rules in the calculation and
presentation of deferred tax assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-456": { "value": "
RBI AG as Group parent and 64 of its consolidated domestic subsidiaries are members of a tax group. Current taxes are
calculated based on taxable income for the current year taking into account the tax group (in terms of a tax group allocation).
The taxable income deviates from the profit/loss before tax of the consolidated statement of comprehensive income due to
expenses and income which are taxable or tax-deductible in future years or never. The liability of the Group for current taxes is
calculated based on the actual tax rate. Deferred taxes are calculated and recognized in accordance with IAS 12 applying the
liability method and based on the tax rates applicable in the future. Deferred taxes are based on all temporary differences
that result from comparing the carrying amounts of assets and liabilities in the IFRS accounts with the tax bases of assets and
liabilities, and which will reverse in the future. Deferred taxes are calculated by using tax rates applicable in the countries
concerned. A deferred tax asset should also be recognized on tax loss carry forwards if it is probable that sufficient taxable
profit will be generated in future periods against which the tax loss carry forwards can be utilized within the same entity.
On each reporting date, the carrying amount of the deferred tax assets is determined and the value determined is reduced if it
is unlikely that sufficient taxable income will be available in order to realize the tax assets partly or fully. Deferred tax assets
are offset against deferred tax liabilities for each subsidiary to the extent that offsetting is permitted. Income tax credits and
income tax obligations are recorded under the items current and deferred tax assets and current and deferred tax liabilities.
Current and deferred taxes are recognized in the income statement unless they are linked to items which are recognized in
other comprehensive income, in which case the current and deferred taxes are also directly recognized in other comprehensive
income. IFRIC 23 is to be applied to the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates when there is uncertainty over income tax treatments under IAS 12. RBI is required to use judgment to
determine whether each tax treatment should be considered independently or whether some tax treatments should be
considered together. If RBI concludes that it is not probable that a particular tax treatment is accepted, it must use the most
likely amount or the expected value of the tax treatment. Otherwise, it uses the tax treatment that is consistent with its
income tax filings. An entity has to reassess its judgments and estimates if facts and circumstances change.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-459": { "value": "
Non-income related taxes are recognized in other administrative expenses when the Group unit identifies the obligating event
for the recognition of a liability in accordance with the relevant legislation. In practice this means either the liability is
recognized progressively when the obligating event occurs over a period or the obligation is triggered on reaching a minimum
threshold. The full liability is recognized when this minimum threshold is reached. Expenses for governmental measures and
compulsory contributions are shown separately in the item of the same name. This includes the bank levies, the resolution
fund, deposit insurance fees and other compulsory contributions (e.g. state borrowers\u2019 support fund).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-460": { "value": "Financial assets measured at amortized cost
(12) Cash, balances at central banks and other demand deposits
This item on the statement of financial position includes cash in hand, balances at central banks that are due on call, and
demand deposits at banks that are due on call.
in \u20ac million
2025
2024
Cash in hand
3,287
3,338
Balances at central banks
21,931
18,486
Other demand deposits at banks
10,122
13,047
Total
35,340
34,871
In the position cash, balances with central banks, and other demand deposits, there was an increase compared to the year end\u00a0
by \u20ac 469 million to \u20ac 35,340 million. The increase in balance with central banks (increase: \u20ac 3,455 million) was mainly due to
Russia, as a result of the reallocation from short-term investments with central banks to daily callable deposits with the
Russian central bank (increase: \u20ac 7,544 million). This was offset by decreases in other demand deposits (decrease: \u20ac 2,925
million) and cash on hand (decrease: \u20ac 51 million). The increase in Russia was mitigated by the withholding of compensation
awarded to Rasperia Trading Limited amounting to \u20ac 2,109 million (including interest). The withholding took place in the second
quarter of 2025 by debiting the correspondent account of AO Raiffeisenbank at the Russian central bank. The decrease in other
demand deposits at banks resulted from declines at head office (decrease: \u20ac 2,887 million).
Under the item cash in hand, Ukraine and Russia reported a total of \u20ac 922 million. Cash balances in Russia decreased by \u20ac 372
million compared to the previous year.
At the reporting date, cash and cash equivalents amounting to \u20ac 770 million (previous year: \u20ac 797 million) were reported, which
are subject to legal restrictions according to IAS 7.48, meaning that RBI cannot access these funds. Of this amount, \u20ac 713 million
was attributed to Russia and Ukraine.
(13) Financial assets \u2013 amortized cost
In RBI, a financial asset is measured at amortized cost (AC) if both of the following conditions are met:
\u00b7 The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows.
\u00b7 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
These conditions are explained in more detail in the sections business model assessment, analysis of contractual cash flow
characteristics, and modification of the time value of money and the benchmark test.
Loans and advances to customers and banks are particularly assigned to this category. Loans and advances relating to
finance lease business, which are recognized in accordance with IFRS 16, and securities which meet the above conditions, are
also shown in this measurement category. They are measured at amortized cost. If there is a difference between the amount
paid and face value \u2013 and this has an interest character \u2013 the effective interest method is used, and the amount is stated
under net interest income. Interest income is calculated on the basis of the gross carrying amount provided the financial asset
is not impaired. As soon as the financial asset is impaired, interest income is calculated based on the net carrying amount. The
amortized cost is also adjusted by the expected loss recognized, using the expected loss approach in accordance with IFRS 9,
as outlined in the section impairment general (IFRS 9). The effective interest rate method is a method of calculating the
amortized cost of a financial instrument and allocating interest expenses and interest income to the relevant periods. The
effective interest rate is the interest rate applied to discount the forecast future cash inflows and outflows (including all fees
which form part of the effective interest rate, transaction costs and other premiums and discounts) over the expected term of
the financial instrument or a shorter period, where applicable, to arrive at the net carrying amount from initial recognition.
2025
2024
in \u20ac million
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Debt securities
38,176
(26)
38,150
30,836
(53)
30,783
Central banks
5
0
5
5
0
5
General governments
32,015
(20)
31,995
25,726
(47)
25,678
Banks
3,872
0
3,872
3,455
(1)
3,455
Other financial corporations
1,400
(1)
1,399
967
(1)
966
Non-financial corporations
885
(5)
880
683
(4)
679
Loans and advances
119,563
(2,205)
117,358
119,676
(2,758)
116,919
Central banks
8,431
0
8,431
13,784
(1)
13,783
General governments
3,917
(9)
3,909
3,816
(9)
3,807
Banks
4,251
(2)
4,249
4,274
(2)
4,272
Other financial corporations
10,020
(52)
9,968
10,526
(169)
10,356
Non-financial corporations
48,514
(1,194)
47,320
46,713
(1,607)
45,106
Households
44,430
(948)
43,482
40,564
(970)
39,594
Total
157,739
(2,231)
155,508
150,512
(2,810)
147,701
The carrying amount of the item financial assets \u2013 amortized cost increased \u20ac 7,807 million compared to year-end 2024.
The increase in debt securities of \u20ac\u00a07,367 million resulted predominantly from purchases of government bonds (up
\u20ac\u00a06,317\u00a0million), mainly at head office (up \u20ac\u00a02,265\u00a0million), in the Czech Republic (up \u20ac\u00a01,485 million) and in Slovakia (up \u20ac 731
million). The lending business showed an increase of \u20ac\u00a0440 million. The increase in loans to households (up \u20ac 3,888 million) came
mainly from the Czech Republic and from Slovakia (up \u20ac 1,455 million and \u20ac 950 million, especially from mortgage loans), with
other countries in the Group also reporting an increase, with the exception of Russia and Poland. Loans to non-financial
corporations increased \u20ac 2,214 million. The increase was achieved in almost all countries in the Group, mainly in Slovakia (up
\u20ac\u00a0594 million), in the Czech Republic (up \u20ac 441 million) and in Hungary (up \u20ac 423 million) as well as at the head office (up \u20ac 656
million), whereby there was a decrease in Russia of \u20ac 590 million. The decrease in short-term business of \u20ac 5,662 million
resulted predominantly from Russia (down \u20ac 5,121 million), due to reallocation of short-term placements in central bank
deposits into overnight deposits (balances at central banks).
There are financial assets \u2013 amortized cost of \u20ac\u00a01,779 million (previous year: \u20ac 901 million) in Russia from payments by issuers of
local debt instruments that cannot currently be passed on to foreign investors due to existing US and EU sanctions and are
therefore deposited with the Russian Deposit Insurance Agency. They are not available for general use by head office.
RBI\u2019s credit portfolio is well diversified in terms of type of customer, geographical region, and industry. The following tables
show the financial assets \u2013 amortized cost, by counterparty. This reveals RBI's focus on non-financial corporations and
households.
Gross carrying amount
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central banks
8,315
120
0
0
13,668
120
0
0
General governments
33,589
2,199
144
0
27,985
1,395
163
0
Banks
7,857
265
1
0
7,257
472
1
0
Other financial corporations
10,329
965
120
6
9,478
1,681
290
44
Non-financial corporations
39,590
7,957
1,775
76
37,937
7,241
2,118
100
Households
38,276
5,034
1,025
94
33,396
6,068
1,000
100
hereof mortgage
25,514
3,167
342
55
22,490
4,111
347
60
Total
137,958
16,540
3,066
176
129,720
16,977
3,571
244
Accumulated impairment
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central banks
0
0
0
0
(1)
0
0
0
General governments
(18)
(5)
(6)
0
(40)
(10)
(7)
0
Banks
(1)
(1)
(1)
0
(1)
(1)
(1)
0
Other financial corporations
(9)
(8)
(32)
(4)
(11)
(22)
(119)
(17)
Non-financial corporations
(135)
(246)
(775)
(42)
(194)
(266)
(1,108)
(42)
Households
(114)
(203)
(612)
(19)
(106)
(227)
(615)
(22)
hereof mortgage
(17)
(67)
(134)
(11)
(18)
(82)
(156)
(13)
Total
(278)
(463)
(1,426)
(65)
(353)
(527)
(1,850)
(81)
ECL coverage ratio
2025
2024
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central banks
0.0%
0.0%
-
-
0.0%
0.0%
-
-
General governments
0.1%
0.2%
4.0%
1.5%
0.1%
0.7%
4.2%
2.2%
Banks
0.0%
0.3%
77.4%
-
0.0%
0.2%
72.3%
-
Other financial corporations
0.1%
0.8%
26.7%
70.1%
0.1%
1.3%
41.1%
39.6%
Non-financial corporations
0.3%
3.1%
43.7%
55.0%
0.5%
3.7%
52.3%
41.6%
Households
0.3%
4.0%
59.7%
19.9%
0.3%
3.7%
61.5%
21.8%
hereof mortgage
0.1%
2.1%
39.2%
20.0%
0.1%
2.0%
45.1%
21.0%
Total
0.2%
2.8%
46.5%
36.8%
0.3%
3.1%
51.8%
33.1%
The following breakdown of financial assets \u2013 amortized cost by region shows the high level of diversification of RBI\u2019s credit
business in the European markets:
Gross carrying amount
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central Europe
58,208
6,189
673
65
51,058
5,756
748
60
hereof Czech Republic
30,598
3,128
247
34
26,763
3,140
240
31
hereof Hungary
7,554
1,337
78
10
6,292
1,264
130
10
hereof Slovakia
19,487
1,597
266
11
17,374
1,218
258
8
Southeastern Europe
27,788
3,104
559
92
25,969
2,621
569
97
hereof Romania
11,659
1,649
232
35
11,606
1,190
230
40
Eastern Europe
3,767
2,551
223
3
10,269
1,909
226
25
hereof Russia
3,767
2,551
223
3
10,269
1,909
226
25
Ukraine
2,166
279
139
9
2,004
576
199
12
Austria and other1
46,029
4,418
1,472
7
40,421
6,114
1,829
50
Total
137,958
16,540
3,066
176
129,720
16,977
3,571
244
1 Austria mainly includes the business of the head office and Raiffeisen Bausparkasse Gesellschaft m.b.H. Other also includes any consolidation effects.
Accumulated impairment
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central Europe
(90)
(189)
(391)
(14)
(111)
(182)
(418)
(12)
hereof Czech Republic
(30)
(56)
(134)
4
(35)
(65)
(120)
4
hereof Hungary
(23)
(70)
(31)
(4)
(25)
(62)
(49)
(4)
hereof Slovakia
(36)
(53)
(155)
(7)
(50)
(45)
(153)
(4)
Southeastern Europe
(88)
(130)
(360)
(41)
(102)
(124)
(371)
(40)
hereof Romania
(40)
(52)
(140)
(11)
(50)
(39)
(148)
(12)
Eastern Europe
(6)
(20)
(172)
0
(9)
(118)
(175)
(2)
hereof Russia
(6)
(20)
(172)
0
(9)
(118)
(175)
(2)
Ukraine
(56)
(23)
(115)
(4)
(97)
(52)
(163)
(5)
Austria and other1
(38)
(102)
(388)
(6)
(34)
(50)
(722)
(22)
Total
(278)
(463)
(1,426)
(65)
(353)
(527)
(1,850)
(81)
1 Austria mainly includes the business of the head office and Raiffeisen Bausparkasse Gesellschaft m.b.H. Other also includes any consolidation effects.
ECL coverage ratio
2025
2024
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central Europe
0.2%
3.1%
58.1%
21.3%
0.2%
3.2%
55.9%
20.3%
hereof Czech Republic
0.1%
1.8%
54.2%
-
0.1%
2.1%
50.1%
-
hereof Hungary
0.3%
5.3%
39.7%
39.7%
0.4%
4.9%
37.7%
38.5%
hereof Slovakia
0.2%
3.4%
58.1%
64.2%
0.3%
3.7%
59.2%
53.9%
Southeastern Europe
0.3%
4.2%
64.4%
44.5%
0.4%
4.7%
65.1%
40.8%
hereof Romania
0.3%
3.1%
60.3%
31.3%
0.4%
3.3%
64.3%
29.0%
Eastern Europe
0.2%
0.8%
77.2%
18.6%
0.1%
6.2%
77.4%
8.1%
hereof Russia
0.2%
0.8%
77.2%
18.6%
0.1%
6.2%
77.4%
8.1%
Ukraine
2.6%
8.2%
82.5%
42.4%
4.8%
9.0%
82.3%
44.0%
Austria and other1
0.1%
2.3%
26.4%
77.0%
0.1%
0.8%
39.5%
43.9%
Total
0.2%
2.8%
46.5%
36.8%
0.3%
3.1%
51.8%
33.1%
1 Austria mainly includes the business of the head office and Raiffeisen Bausparkasse Gesellschaft m.b.H. Other also includes any consolidation effects.
Stage 1 amounts include assets of \u20ac 30,549 million (previous year: \u20ac 23,801 million), for which the low credit risk exemption has
been used, of which \u20ac 27,961 million (previous year: \u20ac 22,269 million) are accounted for as financial assets \u2013 amortized cost and
\u20ac 2,588 million (previous year: \u20ac 1,531 million) as financial assets - fair value through other comprehensive income.
RBI has loans and advances (financial assets \u2013 amortized cost) in the amount of \u20ac 2,341 million (previous year: \u20ac 2,199 million)
and reverse repo business in the amount of \u20ac 11,347 million (previous year: \u20ac 10,941 million) with no expected credit losses due
to collateral.
Development of impairments
Development of impairments on loans and bonds in the measurement categories of financial assets \u2013 amortized cost, financial
assets \u2013 fair value through other comprehensive income and other demand deposits at banks:
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
407
529
1,854
81
2,871
Increases due to origination and acquisition
290
63
14
0
367
Decreases due to derecognition
(92)
(81)
(397)
(8)
(579)
Changes due to change in credit risk (net)
(241)
(83)
394
(4)
66
Changes due to modifications without derecognition (net)
0
0
(3)
0
(3)
Decrease due to write-offs
0
(1)
(449)
(4)
(454)
Changes due to model/risk parameters
0
0
0
0
0
Change in consolidated group
0
0
0
0
0
Foreign exchange and other
(21)
37
16
1
33
As at 31/12/2025
342
464
1,430
65
2,301
hereof fair value through other comprehensive income
65
1
4
0
70
hereof other demand deposits at banks
0
0
0
0
0
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
372
978
1,673
107
3,130
Increases due to origination and acquisition
308
127
15
0
450
Decreases due to derecognition
(115)
(268)
(273)
(36)
(692)
Changes due to change in credit risk (net)
(129)
(275)
710
14
320
Changes due to modifications without derecognition (net)
0
0
2
0
2
Decrease due to write-offs
(1)
(2)
(241)
(7)
(251)
Changes due to model/risk parameters
(1)
(1)
0
0
(2)
Change in consolidated group
(2)
(35)
(19)
0
(56)
Foreign exchange and other
(25)
5
(13)
3
(30)
As at 31/12/2024
407
529
1,854
81
2,871
hereof fair value through other comprehensive income
54
3
3
0
59
hereof other demand deposits at banks
0
0
1
0
1
Carrying amounts of financial assets \u2013 amortized cost by rating categories and stages
The credit quality analysis of financial assets is a point in time assessment of the probability of default of the assets.
\u00b7 Excellent are exposures which demonstrate a strong capacity to meet financial commitments, with negligible or no
probability of default (non-retail PD range >0.0000 \u2264 0.0300 per cent and retail PD range >0.00 \u2264 0.17 per cent).
\u00b7 Strong are exposures which demonstrate a strong capacity to meet financial commitments, with negligible or low
probability of default (non-retail PD range >0.0300 \u2264 0.1878 per cent and retail PD range >0.17 \u2264 0.35 per cent).
\u00b7 Good are exposures which demonstrate a good capacity to meet financial commitments, with low default risk (non-
retail PD range >0.1878 \u2264 1.1735 per cent and retail PD range >0.35 \u2264 1.37 cent).
\u00b7 Satisfactory are exposures which require closer monitoring and demonstrate an average to fair capacity to meet
financial commitments, with moderate default risk (non-retail PD range >1.1735 \u2264 7.3344 per cent and retail PD range
>1.37 \u2264 7.28 per cent).
\u00b7 Substandard are exposures which require varying degrees of special attention and default risk is of greater concern
(non-retail PD range >7.3344 < 100.0 per cent and retail PD range >7.28 < 100.0 per cent).
\u00b7 Credit-impaired are exposures which have been assessed as impaired (PD range 100.0 per cent for both non-retail
and retail).
The following table shows the connection between the rating categories and stages according to IFRS 9. It should be noted
that for financial assets in Stages 1 and 2, due to the relative nature of a significant increase in credit risk, it is not necessarily
the case that Stage 2 assets have a lower credit rating than Stage 1 assets, although this is normally the case.
2025
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
25,021
210
0
0
25,231
Strong
42,135
2,043
0
1
44,178
Good
49,592
4,548
0
5
54,145
Satisfactory
17,658
5,586
0
15
23,259
Substandard
1,740
2,131
0
9
3,880
Credit impaired
0
0
2,965
132
3,097
Not rated
1,812
2,023
101
13
3,949
Gross carrying amount
137,958
16,540
3,066
176
157,739
Accumulated impairment
(278)
(463)
(1,426)
(65)
(2,231)
Carrying amount
137,680
16,077
1,640
111
155,508
2024
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
20,556
905
0
0
21,462
Strong
40,918
2,385
0
2
43,304
Good
43,015
4,711
0
6
47,732
Satisfactory
20,880
5,462
0
12
26,355
Substandard
1,710
2,287
0
10
4,006
Credit impaired
0
0
3,483
196
3,679
Not rated
2,643
1,226
88
17
3,974
Gross carrying amount
129,720
16,977
3,571
244
150,512
Accumulated impairment
(353)
(527)
(1,850)
(81)
(2,810)
Carrying amount
129,367
16,450
1,721
163
147,701
The category not rated mainly includes financial assets for households (predominantly in Serbia and Croatia), for whom no
ratings are available. The rating is therefore based on qualitative factors.
(14) Modified assets
If a financial asset is modified, RBI distinguishes between substantial and non-substantial modifications of financial assets. In
RBI, terms are substantially modified if the discounted present value of the cash flows under the new terms using the original
effective interest rate differs by at least 10 per cent from the discounted present value of the remaining cash flows of the
original financial asset (present value test). In addition to the present value test further quantitative and qualitative criteria are
considered to assess whether a substantial modification applies. The other quantitative criteria primarily consider the
extension of the average remaining term. Stage 3 loans are often restructured to match the maximum expected payments
from the customer. If this is the case, then additional judgement is required to determine whether the contractual change is a
new instrument in economic terms. RBI has defined qualitative criteria for a significant change in the terms of the contract as
a change in the underlying currency and also the introduction of clauses that would normally cause the contractual cash flow
criteria according to IFRS 9 to fail, or a change in the type of instrument (e.g. a bond is converted to a loan).
If the modifications are substantial, the existing asset is derecognized, and a new financial instrument is recognized at its fair
value (including new classification and new stage allocation for impairment purposes). Non-substantial modifications do not
lead to derecognition, but to an adjustment to the gross carrying amount through profit and loss.
Due to the ongoing negative economic environment, there was a slight increase in the net modification effects in the reporting
year 2025. It increased year-on-year to minus \u20ac 33 million. Essentially, loans from Slovakia, Austria and\u00a0 Hungary were affected.
2025
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
Net modifications gains/losses of financial assets
(26)
(4)
(3)
0
(33)
Amortized cost before the modification of financial assets
1,199
328
327
2
1,856
Gross carrying amount of modified assets as at 31/12, which moved to Stage 1 during the
year
0
19
0
0
19
2024
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
Net modifications gains/losses of financial assets
(12)
(6)
(4)
(1)
(23)
Amortized cost before the modification of financial assets
1,634
392
115
(4)
2,138
Gross carrying amount of modified assets as at 31/12, which moved to Stage 1 during the
year
0
16
0
0
16
(15) Financial liabilities - amortized cost
Liabilities are predominantly recognized at amortized cost. For differences between the amount paid and face value, the
effective interest method is applied, and the amounts are shown in net interest income. This category mainly includes
customer deposits and securities issues for refinancing purposes.
Issued subordinated capital and supplementary capital are shown either in financial liabilities \u2013 amortized cost or financial
liabilities \u2013 designated fair value through profit/loss. Securitized and non-securitized assets are subordinated if, in the event of
liquidation or bankruptcy, they can only be met after the claims of the other \u2013 not subordinated \u2013 creditors have been
satisfied. Supplementary capital is defined according to Article 63 of the regulation (EU) No 575/2013 (CRR). Corresponding
instruments have an original maturity of at least five years, are of subordinate nature and are, among others, not allowed to
contain an incentive to early redeem, a right of the investor to accelerate repayment or credit standing linked features that
amend the level of dividend and/or interest payments of the issuer.
in \u20ac million
2025
2024
Deposits from banks
20,660
22,999
Current accounts/overnight deposits
12,668
12,680
Deposits with agreed maturity
6,542
7,310
Repurchase agreements
1,450
3,009
Deposits from customers
127,551
117,693
Current accounts/overnight deposits
88,481
80,467
Deposits with agreed maturity
37,629
35,703
Repurchase agreements
1,441
1,524
Debt securities issued
21,088
21,002
Covered bonds
6,169
4,912
Hybrid contracts
732
514
Other debt securities issued
14,188
15,576
hereof convertible compound financial instruments
814
2,360
hereof non-convertible
13,374
13,215
Other financial liabilities
1,288
1,622
Total
170,588
163,316
hereof subordinated financial liabilities
2,110
2,261
hereof lease liabilities
363
364
The position deposits from banks - deposits with agreed maturity decreased mainly in head office by \u20ac 762 million. Repurchase
agreements also decreased by \u20ac 1,609 million, primarily driven by head office.
Current accounts/overnight deposits from customers increased especially in Czech Republic (increase: \u20ac 5,020 million). Main
contributor were deposits from households. Deposits with agreed maturity increased by \u20ac 858 million in Hungary and by \u20ac 604
million in Slovakia.
Covered bonds increased in Slovakia (increase: \u20ac 1,052 million) due to new own issuances. In contrast, other debt securities
issued decreased in head office by \u20ac 912 million due to maturity of various issuances and in Slovakia by \u20ac 313 million due to
cancellation of a bond prior maturity.
Other financial liabilities\u00a0 increased mainly in Russia due to suspense and transit items (increase: \u20ac 310 million).
Deposits from banks and customers by asset classes:
in \u20ac million
2025
2024
Central banks
419
391
General governments
3,755
3,104
Banks
20,241
22,607
Other financial corporations
11,978
11,403
Non-financial corporations
46,163
43,833
Households
65,656
59,353
Total
148,212
140,692
Liabilities against households increased mainly in Czech Republic (increase: \u20ac 3,708 million), Slovakia (increase: \u20ac 739 million) and
Romania (increase: \u20ac 598 million).
Principal debt securities issued:
Issuer
ISIN
Type
Currency
Nominal value
in \u20ac million
Coupon
Due
Call redemption
date
RBI AG
XS2579606927
Senior public placements
EUR
1,000
4.8%
26/01/2026
26/01/2026
RBI AG
AT000B015714
Senior private placements
EUR
800
3.9%
17/04/2029
No
RBI AG
XS2055627538
Senior public placements
EUR
750
0.4%
25/09/2026
No
TBSK
SK4000026043
senior public placements
EUR
600
2.8%
09/10/2028
No
TBSK
SK4000027389
senior public placements
EUR
600
2.8%
27/05/2030
No
RBI AG
XS2596528716
Senior public placements
EUR
500
3.9%
16/03/2026
No
RBI AG
XS2537097409
Senior public placements
EUR
500
2.9%
28/09/2026
No
RBI AG
XS2481491160
Senior public placements
EUR
500
1.5%
24/05/2027
No
RBI AG
XS2626022656
Senior public placements
EUR
500
3.4%
27/09/2027
No
RBI AG
XS2435783613
Senior public placements
EUR
500
0.1%
26/01/2028
No
RBI AG
XS2547936984
Senior public placements
EUR
500
5.8%
27/01/2028
No
RBI AG
XS2682093526
Senior public placements
EUR
500
6.0%
15/09/2028
15/09/2027
RBI AG
XS2765027193
Senior public placements
EUR
500
4.6%
21/08/2029
21/08/2028
RBI AG
XS2086861437
Senior public placements
EUR
500
0.1%
03/12/2029
No
RBI AG
XS2893858352
Senior public placements
EUR
500
3.9%
03/01/2030
03/01/2029
RBI AG
XS2826609971
Senior public placements
EUR
500
4.5%
31/05/2030
31/05/2029
RBI AG
XS3166786619
Senior public placements
EUR
500
3.5%
27/08/2031
27/08/2030
TBSK
SK4000027918
senior public placements
EUR
500
2.9%
11/09/2031
No
RBI AG
XS3004031822
Senior public placements
EUR
500
3.5%
18/02/2032
18/02/2031
RBI AG
XS2189786226
Subordinated
EUR
500
2.9%
18/06/2032
18/06/2027
RBI AG
XS2534786590
Subordinated
EUR
500
7.4%
20/12/2032
20/09/2027
RBI AG
XS2353473692
Subordinated
EUR
500
1.4%
17/06/2033
17/03/2028
RBI AG
XS3227928911
Senior public placements
EUR
500
3.6%
13/11/2033
13/11/2032
RBI AG
XS2904849879
Subordinated
EUR
500
5.3%
02/01/2035
02/10/2029
In the reporting period, expenses for subordinated liabilities amounted to \u20ac 91 million (previous year: \u20ac 77 million).
Development of subordinated financial liabilities in the measurement categories of amortized cost and designated at fair
value through profit/loss:
in \u20ac million
Carrying amount as at 1/1/2024
2,167
Change in carrying amount
94
hereof cash
44
hereof effect of exchange rate changes
(1)
hereof changes of fair value
51
Carrying amount as at 31/12/2024
2,261
Change in carrying amount
(151)
hereof cash
(194)
hereof effect of exchange rate changes
5
hereof changes of fair value
38
Carrying amount as at 31/12/2025
2,110
(16) Fair value of financial instruments not reported at fair value
For the following instruments, the fair value is calculated only for the purposes of providing information in the notes and has
no impact on the consolidated statement of financial position or on the consolidated income statement. A simplified fair value
calculation method for loans and advances is applied for all short-term transactions (transactions with maturities up to three
months). The fair value of these short-term transactions will be equal to the carrying amount of the product. For the other
transactions, the methodology as described in the section entitled Fair value of financial instruments reported at fair value is
applied.
2025
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
35,340
0
35,340
35,340
0
Financial assets - amortized cost
33,449
1,947
119,632
155,028
155,508
(481)
Debt securities
33,449
1,947
2,631
38,026
38,150
(124)
Loans and advances
0
0
117,002
117,002
117,358
(356)
Equity and liabilities
Financial liabilities - amortized cost
1,145
18,952
150,990
171,086
170,225
861
Deposits from banks and customers\u00b9
0
0
148,328
148,328
147,849
479
Debt securities issued
1,145
18,952
1,375
21,471
21,088
382
Other financial liabilities
0
0
1,288
1,288
1,288
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
2024
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
34,871
0
34,871
34,871
0
Financial assets - amortized cost
26,579
1,931
118,021
146,530
147,701
(1,171)
Debt securities
26,579
1,931
1,964
30,473
30,783
(310)
Loans and advances
0
0
116,057
116,057
116,919
(862)
Equity and liabilities
Financial liabilities - amortized cost
854
18,482
143,025
162,361
162,951
(590)
Deposits from banks and customers\u00b9
0
0
139,439
139,439
140,328
(889)
Debt securities issued
854
18,482
1,964
21,301
21,002
298
Other financial liabilities
0
0
1,622
1,622
1,622
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
Financial assets measured at fair value
(17) Financial assets \u2013 fair value through other comprehensive income
In RBI, a debt instrument is measured at fair value through other comprehensive income if both of the following conditions are
met:
\u00b7 A financial asset is held within a business model whose objective is both collecting contractual cash flows and selling
financial assets.
\u00b7 The contractual terms of the financial asset rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Securities for the purpose of liquidity management are particularly assigned to this category.
Recognition is at fair value. Interest income, foreign exchange gains and losses from remeasurements and impairment
expenses and reversals of impairment are recorded in the income statement and calculated in the same way as financial
assets measured at amortized cost. The remaining fair value changes are recorded in other comprehensive income. On
derecognition, the cumulative net gains or losses from the fair value changes which are recorded in other comprehensive
income are reclassified to the income statement. Details on the applied impairment model are shown in the section general
rules on impairment (IFRS 9).
In RBI, an equity instrument is shown at fair value through other comprehensive income if RBI irrevocably decides on initial
recognition to present subsequent changes in fair value in other comprehensive income (OCI). This decision is made on an
investment-by-investment basis for each investment and essentially covers strategic investments that are not fully
consolidated and investments in associates not valued at equity. In contrast to debt instruments, the gains and losses
recorded in other comprehensive income (OCI) are not reclassified to the income statement on sale; impairments are not
recorded through profit or loss, either.
2025
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
231
\u2013
\u2013
231
Banks
4
\u2013
\u2013
4
Other financial corporations
153
\u2013
\u2013
153
Non-financial corporations
73
\u2013
\u2013
73
Debt securities
4,275
(70)
50
4,255
Central banks
26
0
0
26
General governments
3,532
(65)
50
3,517
Banks
573
0
(1)
572
Other financial corporations
8
0
0
8
Non-financial corporations
136
(4)
1
133
Total
4,506
(70)
50
4,486
2024
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
211
\u2013
\u2013
211
Banks
4
\u2013
\u2013
4
Other financial corporations
133
\u2013
\u2013
133
Non-financial corporations
74
\u2013
\u2013
74
Debt securities
3,431
(59)
27
3,398
Central banks
389
0
0
389
General governments
2,231
(55)
32
2,207
Banks
685
(1)
(4)
680
Other financial corporations
0
0
0
0
Non-financial corporations
127
(3)
(1)
122
Total
3,642
(59)
27
3,610
The carrying amount for the position financial assets - fair value through other comprehensive income increased by \u20ac 876
million to \u20ac 4,486 million compared to previous year 2024 due to purchase of government bonds in Romania, Czech Republic
and the Ukraine, compensated by the sale of government bonds in Hungary.
Equity instruments in financial assets \u2013 fair value through other comprehensive income:
in \u20ac million
2025
2024
Visa Inc., San Francisco (US), Class A Preferred Stock
31
28
CEESEG Aktiengesellschaft, Vienna (AT), ordinary shares
33
29
Medicur - Holding Gesellschaft m.b.H., Vienna (AT), company shares
20
18
HOBEX AG, Salzburg (AT), company shares
16
13
PSA Payment Services Austria GmbH, Vienna (AT), company shares
15
15
Other
116
108
Total
231
211
Dividends paid on equity instruments - fair value through other comprehensive income
9
10
Carrying amounts of financial assets \u2013 fair value through other comprehensive
income, excluding equity instruments, by rating categories and stages
2025
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
589
0
0
0
589
Strong
914
0
0
0
914
Good
2,106
44
0
0
2,149
Satisfactory
34
3
0
0
37
Substandard
576
5
0
0
581
Credit impaired
0
0
5
0
5
Not rated
0
0
0
0
0
Gross carrying amount
4,219
51
5
0
4,275
Accumulated impairment
(65)
(1)
(4)
0
(70)
Cumulative other comprehensive
income
47
2
1
0
50
Carrying amount
4,201
52
2
0
4,255
2024
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
Excellent
752
0
0
0
752
Strong
861
0
0
0
861
Good
1,349
88
0
0
1,437
Satisfactory
27
0
0
0
27
Substandard
315
33
0
0
348
Credit impaired
0
0
5
0
5
Not rated
0
0
0
0
0
Gross carrying amount
3,304
121
5
0
3,431
Accumulated impairment
(54)
(3)
(3)
0
(59)
Cumulative other comprehensive
income
25
2
0
0
27
Carrying amount
3,275
121
2
0
3,398
(18) Non-trading financial assets - mandatorily fair value through profit/loss
In RBI, a financial asset is mandatorily measured at fair value if the financial asset is managed neither at amortized cost nor at
fair value through other comprehensive income, and if there is no intention to trade and the asset was not voluntarily
designated at fair value. Essentially, this concerns securities and loans which do not pass the contractual cash flow
characteristics analysis and portfolios of financial assets which are not held for trading, which are managed at fair value and
whose performance is assessed.
in \u20ac million
2025
2024
Equity instruments
4
6
Other financial corporations
4
6
Non-financial corporations
0
0
Debt securities
410
399
General governments
198
178
Banks
12
22
Other financial corporations
196
193
Non-financial corporations
4
7
Loans and advances
934
689
General governments
1
1
Banks
2
2
Other financial corporations
18
24
Non-financial corporations
277
187
Households
636
476
Total
1,347
1,094
(19) Financial assets and liabilities \u2013 designated fair value through profit/
loss
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets - designated fair value through profit/loss
in \u20ac million
2025
2024
Debt securities
208
304
General governments
193
281
Banks
9
15
Non-financial corporations
6
8
Total
208
304
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
(20) Financial assets \u2013 held for trading
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
in \u20ac million
2025
2024
Derivatives
3,377
3,405
Interest rate contracts
2,286
2,318
Equity contracts
590
382
Foreign exchange rate and gold contracts
440
646
Credit contracts
27
29
Commodities
0
0
Other
35
31
Equity instruments
523
453
Banks
88
54
Other financial corporations
137
141
Non-financial corporations
299
258
Debt securities
3,330
2,087
Central banks
5
4
General governments
2,827
1,679
Banks
411
315
Other financial corporations
9
16
Non-financial corporations
78
73
Loans and advances
0
0
Total
7,230
5,945
Within the item financial assets \u2013 held for trading, the securities pledged as collateral, which the recipient is entitled to sell or
pledge, amounted to \u20ac\u00a064 million (previous year: \u20ac\u00a0462 million). The increase in debt securities was mainly due to the purchase
of government bonds at head office.
Derivative financial instruments
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
2025
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
199,602
3,203
(2,701)
Interest rate contracts
141,690
2,149
(2,195)
Equity contracts
4,858
590
(142)
Foreign exchange rate and gold contracts
48,265
402
(317)
Credit contracts
1,626
27
(41)
Commodities
25
0
(1)
Other
3,139
35
(5)
Banking book
18,142
175
(85)
Interest rate contracts
13,136
137
(56)
Foreign exchange rate and gold contracts
5,006
37
(28)
Total
217,744
3,377
(2,785)
OTC products
215,803
3,369
(2,759)
Products traded on stock exchange
1,941
8
(26)
2024
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
195,720
3,219
(2,824)
Interest rate contracts
141,742
2,170
(2,199)
Equity contracts
3,966
382
(121)
Foreign exchange rate and gold contracts
47,415
608
(469)
Credit contracts
1,126
27
(30)
Commodities
21
0
0
Other
1,450
31
(6)
Banking book
12,607
186
(208)
Interest rate contracts
7,181
148
(66)
Foreign exchange rate and gold contracts
5,365
37
(130)
Credit contracts
61
1
(12)
Total
208,327
3,405
(3,032)
OTC products
206,383
3,388
(3,004)
Products traded on stock exchange
1,944
17
(28)
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
(22) Hedge accounting and fair value adjustments of the hedged items in
portfolio hedge
IFRS 9 granted the accounting policy choice to continue the application of the provisions given in IAS 39 until the IASB finishes
its existing project of replacing the portfolio hedge accounting rules in IAS 39. RBI opted to use this policy choice and i still
applying the hedge accounting rules according to IAS in the version endorsed by the EU (EU carve-out). Notwithstanding that,
the changes in the disclosures in the notes pursuant to IFRS 7 are taken into account.
If hedging instruments, mainly derivatives, are held for the purpose of risk management and if the respective transactions
meet specific criteria, RBI designates them into hedge accounting relationships. This can occur in the way of fair value hedges,
cash flow hedges or net investment hedges. At the beginning of the hedging relationship, the relationship between underlying
and hedging instrument, including the risk management objectives, is documented. Furthermore, it is necessary to regularly
document from the beginning and during the lifetime of the hedging relationship that the fair value or cash flow hedge is
highly effective in respect of the offset of valuation changes between hedging instrument and hedged item.
in \u20ac million
2025
2024
Positive fair values of derivatives in micro fair value hedge
438
371
Interest rate contracts
438
371
Positive fair values of derivatives in micro cash flow hedge
0
0
Interest rate contracts
0
0
Positive fair values of derivatives in net investment hedge
0
9
Positive fair values of derivatives in portfolio hedge
660
633
Cash flow hedge
125
95
Fair value hedge
535
538
Total
1,098
1,014
in \u20ac million
2025
2024
Fair value adjustments of the hedged items in portfolio hedge of interest rate risk
(372)
(234)
Total
(372)
(234)
in \u20ac million
2025
2024
Negative fair values of derivatives in micro fair value hedge
293
417
Interest rate contracts
293
417
Negative fair values of derivatives in micro cash flow hedge
0
0
Interest rate contracts
0
0
Negative fair values of derivatives in net investment hedge
17
1
Negative fair values of derivatives in portfolio hedge
632
890
Cash flow hedge
72
183
Fair value hedge
560
707
Total
942
1,308
in \u20ac million
2025
2024
Fair value adjustments of the hedged items in portfolio hedge of interest rate risk
(343)
(359)
Total
(343)
(359)
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
Hedge of a net investment in an economically independent operation (net investment
hedge)
In RBI, foreign exchange hedges of net investments in economically independent sub-units are executed to reduce differences
arising from the foreign currency translation on equity. FX Forwards are mainly used as hedging instruments. Where the hedge
is effective the resulting gains or losses from foreign currency translation are recognized in other comprehensive income and
shown separately in the statement of comprehensive income. Any ineffective part of the hedge is recognized in net trading
income. Any valuation part that is implied in FX Forwards due to the different interest rate differential on the two currencies is
shown in net trading income.
Hedging instruments
Breakdown of hedging instruments by type of hedge accounting at the level of nominal amounts, both in total and by
contractual termination, and at the level of the carrying amounts.
2025
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
82,271
1,721
7,576
45,694
27,281
1,095
923
Cash flow hedge
4,698
254
1,173
2,525
746
122
70
Fair value hedge
77,573
1,467
6,403
43,168
26,535
973
853
Foreign exchange contracts
1,371
450
720
124
77
3
19
Cash flow hedge
246
0
45
124
77
3
2
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
1,125
450
675
0
0
0
17
Total
83,642
2,171
8,296
45,817
27,358
1,098
942
2024
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
71,608
1,726
8,194
38,996
22,692
1,004
1,301
Cash flow hedge
4,890
184
892
2,935
879
94
177
Fair value hedge
66,718
1,542
7,302
36,060
21,814
910
1,124
Foreign exchange contracts
2,135
1,175
878
48
34
11
7
Cash flow hedge
130
0
48
48
34
1
6
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
2,005
1,175
830
0
0
9
1
Total
73,743
2,901
9,072
39,043
22,726
1,014
1,308
Fair value hedges
Hedge accounting according to IAS 39 applies to those derivatives that are used to hedge the fair value of financial assets and
liabilities. The credit business is especially subject to such fair value risks if it deals with fixed-interest loans. Interest rate
swaps that satisfy the prerequisites for hedge accounting are contracted to hedge against the interest rate risks arising from
individual loans or refinancing. Thus, hedges are formally documented, continuously assessed, and tested to be highly effective.
Throughout the term of a hedge relationship, it can therefore be assumed that changes in the fair value of a hedged item will
be nearly completely offset by a change in the fair value of the hedging instrument and that the actual effectiveness outcome
will lie within a range of 80 to 125 per cent.
Derivative instruments held to hedge the fair value of individual items in the statement of financial position (except trading
derivatives) are recognized at fair value (dirty price) under the item hedge accounting (for assets: positive dirty prices; for
liabilities: negative dirty prices). Changes in the carrying amounts of hedged items (assets or liabilities) are allocated directly to
the corresponding items of the statement of financial position and reported separately in the notes.
Both the effect of changes in the carrying amounts of hedged items and the effects of changes in the clean prices of the
derivative instruments are recorded under net gains/losses from hedge accounting.
Within the management of interest rate risks, the hedging of interest rate risk is also undertaken on the portfolio level.
Individual transactions or groups of transactions with similar risk structures, divided into maturities according to the expected
repayment and interest rate adjustment date in a portfolio, are hedged. Portfolios can contain assets only, liabilities only, or
both. For hedge accounting, the change in the value of the hedged asset or liability is shown in net gains/losses from hedge
accounting. The hedged amount of the hedged items is determined in the consolidated financial statements including sight
deposits (the rules of the EU carve-out are therefore applied).
Details of the underlying transactions for fair value hedges:
2025
Carrying amount of the hedged items
Accumulated amount of fair value
adjustments of the hedged items
Changes in fair value of
the hedged items 1
in \u20ac million
Assets
Liabilities
Assets
Liabilities
Interest rate hedges
37,956
39,547
(757)
(619)
(374)
Debt securities
19,453
0
(381)
0
(151)
Loans and advances
18,504
0
(375)
0
(156)
Deposits
0
21,882
0
(432)
(52)
Debt securities issued
0
17,665
0
(187)
(15)
Other financial liabilities
0
0
0
0
0
Foreign exchange hedges
0
0
0
0
0
Other assets
0
0
0
0
0
Other liabilities
0
0
0
0
0
Total
37,956
39,547
(757)
(619)
(374)
1 Fair value changes in the underlying transactions which were used in the reporting period to calculate ineffectiveness
2024
Carrying amount of the hedged items
Accumulated amount of fair value
adjustments of the hedged items
Changes in fair value of
the hedged items 1
in \u20ac million
Assets
Liabilities
Assets
Liabilities
Interest rate hedges
31,328
33,168
(452)
(670)
(170)
Debt securities
16,735
0
(205)
0
167
Loans and advances
14,593
0
(247)
0
105
Deposits
0
17,447
0
(459)
(138)
Debt securities issued
0
15,721
0
(211)
(304)
Other financial liabilities
0
0
0
0
0
Foreign exchange hedges
0
49
0
0
(1)
Other assets
0
0
0
0
0
Other liabilities
0
49
0
0
(1)
Total
31,328
33,217
(452)
(670)
(170)
1 Fair value changes in the underlying transactions which were used in the reporting period to calculate ineffectiveness
Cash flow hedges
Cash flow hedge accounting according to IAS 39 applies for those derivatives that are used to hedge against the risk of
fluctuating future cash flows. Variable interest loans and liabilities, as well as expected transactions such as expected
borrowing or investment, are especially subject to such cash flow risks. Interest rate swaps used to hedge against the risk of
fluctuating cash flows arising from specific variable interest rate items are recognized as follows: The hedging instrument is
recognized at fair value, changes in its clean price are recorded in other comprehensive income. Any ineffective portion is
recognized in the income statement under net gains/losses from hedge accounting.
Details on changes in the value of the hedging instruments in cash flow hedge relationships considering the various disclosure
of the effective part in the other comprehensive income and the ineffective part in the income statement:
2025
Change in the value of the hedging instruments
recognized in other comprehensive income
Hedge ineffectiveness recognized in
profit or loss
in \u20ac million
Interest rate hedges
163
1
Loans and advances
177
0
Deposits
(14)
0
Foreign exchange hedges
0
0
Other assets
0
0
Other liabilities
0
0
Total
163
1
2024
Change in the value of the hedging instruments
recognized in other comprehensive income
Hedge ineffectiveness recognized in
profit or loss
in \u20ac million
Interest rate hedges
(103)
1
Loans and advances
(121)
1
Deposits
18
1
Foreign exchange hedges
0
0
Other assets
1
0
Other liabilities
-1
0
Total
-103
1
(23) Notes to fair value of financial instruments
In accordance with IFRS 13, RBI uses the following fair value hierarchy to determine and report the fair value for financial
instruments. The allocation of certain financial instruments to the level categories requires regular assessment, especially if
the valuation is based on both observable and unobservable inputs. The classification of an instrument may change over time,
even after considering changes in market liquidity and thus price transparency.
Quotation on an active market (Level I)
Financial instruments whose fair values are measured based on quoted market prices are allocated to Level I of the fair value
hierarchy. This category includes particularly equity instruments traded on the stock exchange, debt instruments traded on the
interbank market and derivatives traded on the stock exchange. The valuation is mainly based on external data sources (stock
exchange prices or broker quotes in liquid market segments). In an active market, transactions involving assets and liabilities
are traded in sufficient frequency and volumes that price information is continuously available. Indicators for active markets
are the number, the frequency of update or the quality of quotations (e.g. banks or stock exchanges). Moreover, narrow bid/ask
spreads and quotations from market participants within a certain corridor are also indicators of an active liquid market.
Financial instruments whose fair value measurements are based on quoted market prices mainly consist of quoted securities, a
small proportion of derivatives and liquid bonds traded on over-the-counter markets (OTC).
Measurement techniques based on observable market data (Level II)
When quoted prices are not available on an active market, the financial instrument is then classified as Level II if the fair value
can be determined using recognized measurement models which utilize observable prices or parameters (particularly present
value calculations or option price models). The observable market data mainly consist of yield curves, credit spreads and
volatilities. RBI generally uses measurement models that undergo internal review by the Market Risk Committee to ensure
appropriate measurement parameters. The measurement techniques based on observable market data concern most of the
OTC derivatives and non-quoted debt instruments.
Measurement techniques not based on observable market data (Level III)
If the fair value measurement can be made neither based on sufficiently regular market prices (Level I) nor on measurement
models that are based entirely on observable market prices (Level II), individual input parameters that are not observable in the
market are estimated using appropriate assumptions. If unobservable parameters have a significant impact on the
measurement of the underlying financial instrument, it is assigned to Level III of the fair value hierarchy. These regularly
unobservable measurement parameters include credit spreads derived from internal estimates.
These input parameters may include data which is calculated in terms of approximated values from historical data among
other factors (fair value hierarchy Level III). The utilization of these models requires assumptions and estimates of the
Management. The scope of the assumptions and estimates depends on the price transparency of the financial instrument, its
market, and the complexity of the instrument.
For financial instruments valued at amortized cost (this comprises loans and advances, deposits, other short-term borrowings,
and long-term liabilities), the Group discloses the fair value. In principle, there is low or no trading activity for these instruments,
therefore a significant degree of assessment by the Management is necessary for determining the fair value.
Fair value of financial instruments measured at fair value
The loan portfolio is included in the central calculation of fair value. Fair value is calculated monthly and is based on the
discounted cash flow method. The expected cash flows are discounted using an appropriate discount rate (e.g. risk-free
interest rate plus premium). The method applied to calculate the discount rate depends on the segment (i.e. retail and non-
retail).
In addition, the fair value of the embedded options is calculated for the loan portfolio, and the method applied is based on the
customer segment (i.e. retail and non-retail). The measurement of the embedded options in the retail segment is based on
behavioral modeling (e.g. linear regression/moving twelve-month average of prepayment rates). The measurement of
embedded options in loans in the non-retail segment assumes that the customer will behave in an entirely rational manner.
The embedded options in non-retail loans such as prepayment, disbursement and replenishment are replicated with swaptions
and measured using the trinomial tree Hull-White structural model. The Black model, which is based on the log-normal
distribution of yields, is generally used to measure interest rate options (caps and floors). As there is a volatile interest rate
environment, the shifted log-normal Black model is used to measure interest rate options. It is based on a displaced diffusion
model (log-normal distribution with a shift in interest rates).
For bonds, tradable market prices are mostly used. If no quotes are available, a discounted cash flow model is used to value
the securities. The yield curve and an adequate credit spread are used as measurement parameters. The credit spread is
determined through comparable financial instruments available on the market. Credit default spreads were used to measure a
small part of the portfolio. In addition, consideration is given to third party external measurements, which are indicative in all
cases. The positions are assigned to levels at the end of the reporting period.
In RBI, well-known conventional market valuation techniques are used to measure OTC derivatives. For example, interest rate
swaps, cross currency swaps and forward rate agreements are measured using the customary discounted cash flow model for
these products. OTC options, such as foreign exchange options or caps and floors, are based on valuation models which are in
line with market standards. In the case of the examples listed, such models would be the Garman-Kohlhagen model, Black-
Scholes 1972 and Black 1976. Monte Carlo simulations are used to measure complex options.
Credit value adjustments (CVA) and debit value adjustments (DVA) are also necessary to determine fair value to reflect
counterparty default risk associated with OTC derivative transactions, especially for contractual partners for whom a credit
support annex does not provide protection. This amount represents the respective estimated market value of a security
measure which is required to hedge against counterparty credit risk in the Group\u2019s OTC derivative portfolios.
The CVA depends on the expected future exposure (expected positive exposure) and the probability of default of the
contractual partner. The expected positive exposure is calculated by simulating a large number of scenarios for future points
in time, taking into account all available risk factors (e.g. currency and yield curves). OTC derivatives are measured at market
values taking into account these scenarios at the respective future points in time and are aggregated at counterparty level in
order to then ascertain the expected positive exposure for all points in time. Counterparties with CSA contracts (credit support
annex contracts) are taken into account in the calculation. The expected exposures are not calculated directly from simulated
market values, but from a future expected change in market values based on a margin period of risk of ten days. In order to
determining the probability of default for each counterparty, where direct credit default swap (CDS) quotations are available,
the Group calculates the market-based probability of default and, implicitly, the loss given default (LGD) for the respective
counterparty. The probability of default for counterparties which are not actively traded on the market is calculated by
assigning a counterparty\u2019s internal rating to a sector and rating specific CDS curve.
The DVA is determined by the expected negative exposure and by RBI's credit quality and represents the value adjustment for
own probability of default. The method of calculation is analogous to that of the CVA. No funding value adjustment (FVA) was
considered to measure OTC derivatives. RBI is observing market developments and will develop a method to calculate the FVA
where appropriate.
In the tables below, the financial instruments reported at fair value in the statement of financial position are grouped
according to items in the statement of financial position.
Assets
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial assets - held for trading
3,685
3,524
21
2,289
3,642
15
Derivatives
2
3,376
0
3
3,402
0
Equity instruments
502
1
20
449
1
3
Debt securities
3,181
147
2
1,837
239
12
Non-trading financial assets - mandatorily fair value
through profit/loss
357
12
979
327
34
733
Equity instruments
1
3
0
1
5
0
Debt securities
356
9
44
326
29
44
Loans and advances
0
0
934
0
0
689
Financial assets - designated fair value through profit/
loss
198
10
0
286
18
0
Debt securities
198
10
0
286
18
0
Financial assets - fair value through other
comprehensive income
3,350
854
281
2,645
693
272
Equity instruments
33
1
197
30
0
181
Debt securities
3,317
854
84
2,615
693
91
Hedge accounting
0
1,098
0
0
1,014
0
Equity and liabilities
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial liabilities - held for trading
1,309
9,774
0
991
8,313
0
Derivatives
3
2,782
0
2
3,031
0
Short positions
1,305
6
0
988
4
0
Debt securities issued
0
6,986
0
0
5,279
0
Other financial liabilities
1
0
0
1
0
0
Financial liabilities - designated fair value through
profit/loss
0
1,061
0
0
1,108
0
Deposits
0
40
0
0
41
0
Debt securities issued
0
1,020
0
0
1,067
0
Hedge accounting
0
942
0
0
1,308
0
Movements of financial instruments valued at fair value between Level I and Level II
Market values were available for financial instruments with a volume of \u20ac 52 millions as of December 31, 2025. For example,
instead of the BVAL value (Bloomberg Evaluation), there was the BGN value (Bloomberg Generic Price). Consequently, these
securities were reclassified from Level II to Level I. The shifts from Level I to Level II involved mainly bonds amounting to \u20ac 22
million, for which only derived prices were available at the time of transfer.
Movements of financial instruments at fair value in Level III
The total stock of Level III assets saw a net increase of \u20ac 262 million in the reporting period. Financial instruments mandatorily
recognized at fair value increased by \u20ac\u00a0246 million net, mainly due to inflows in Austria, in particular as a result of substantial
modifications and loan growth in Hungary. In the valuation category of financial assets held for trading, the volume increased
by a net amount of \u20ac 7 million, primarily due to additions in Albania and Croatia, with the additions in Albania being offset by
even higher disposals. In the measurement category financial assets - fair value through other comprehensive income, there
was an increase of \u20ac\u00a08 million, mainly due to additions and\u00a0 positive valuation results in Austria. Out of the \u20ac\u00a0255 million, net
increase of around \u20ac\u00a014 million was based on exchange rate fluctuations.
Assets
in \u20ac million
As at
1/1/2025
Change in consolidated
group
Exchange
differences
Additions
Disposals
Financial assets - held for trading
15
0
1
55
(48)
Non-trading financial assets - mandatorily fair value through
profit/loss
733
0
14
301
(47)
Financial assets - designated fair value through profit/loss
0
0
0
0
0
Financial assets - fair value through other comprehensive
income
272
8
(1)
8
(3)
Total
1,019
8
14
364
(98)
Assets
in \u20ac million
Gains/loss in
P/L
Gain/loss in other
comprehensive income
Transfer to
Level III
Transfer from
Level III
As at
31/12/2025
Financial assets - held for trading
(2)
0
0
0
21
Non-trading financial assets - mandatorily fair value through
profit/loss
(23)
0
0
0
979
Financial assets - designated fair value through profit/loss
0
0
0
0
0
Financial assets - fair value through other comprehensive
income
0
(2)
0
0
281
Total
(26)
(2)
0
0
1,281
Qualitative information on the valuation of financial instruments in Level III
Assets
Fair value in \u20ac
million\u00b9
Valuation technique
Significant unobservable
inputs
Range of unobservable
inputs
2025
Financial assets - held for trading
21
Equity investments,
Mezzanine capital,
Supplementary capital
20
Indicative prices,
Alternative investments
\u2013
\u2013
Treasury bills, fixed coupon bonds
2
DCF method
Credit spread; (Auctions-)
yield curve
2.5 - 14.77%
Non-trading financial assets - mandatorily fair
value through profit/loss
979
Other interests
0
Simplified net present value
method
\u2013
\u2013
Bonds, notes and other fixed-interest securities
44
Net asset value
Market price indication
(Auction-) Price
\u2013
Loans
934
Retail: DCF method (Black
Scholes, prepayment option,
withdrawal option etc.)
Non-Retail: DCF method/ Financial
option pricing
Black Scholes (shifted),
Hull-White trinominal tree
Discount spread (new
business)
Funding curves (liquidity
costs)
Credit risk premium (CDS
curves)
1.22 - 3.84 % over all
currencies
(0.15) - 3,34 % over all
currencies
0.11 - 5,46 %
(depending on the rating:
from A to CCC)
Financial assets - fair value through other
comprehensive income
281
Other interests
64
Dividend discount model
Simplified income approach
DCF method
Credit spread
Cash flow
Discount rate
Dividends
Beta factor
\u2013
Other interests
62
Adjusted net asset value method
Adjusted equity
\u2013
Other interests
71
Market comparable companies
Transaction price
Purchase price
Cost approach
Valuation report
Cost minus impairment
-
\u2013
Treasury bills,
municipal bonds
84
DCF method
Interest rate
\u2013
Total
1,281
Sensitivity of the fair value of financial assets (Level III) and liabilities measured at fair
value
Calculations of unobservable input parameters are mainly based on changes in credit spreads for bonds and loans as well as
market values of comparable equities. For bonds and loans, an increase (decrease) in credit spread of 100 basis points leads to
a corresponding decrease (increase) in fair value. For unquoted equity instruments an increase (decrease) in price of 10 per cent
leads to a corresponding increase (decrease) in fair value.
Financial assets
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Loans and advances
934
28
(25)
689
21
(14)
Debt securities
46
4
(4)
56
4
(4)
Income statement effect
-
33
(30)
-
26
(18)
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Debt securities
84
2
(2)
91
3
(3)
Equity instruments
197
16
(17)
181
11
(11)
Other comprehensive income effect
-
18
(20)
-
14
(14)
(33) Offsetting of financial assets and liabilities
The disclosures set out in the tables below include financial assets and financial liabilities that are offset in the Group\u2019s
statement of financial position or are subject to an enforceable/unenforceable master netting arrangement or similar
agreement that covers similar financial instruments, irrespective of whether they are offset in the statement of financial
position or not.
Where the borrower and lender are the same, offsetting of loans and liabilities with matching maturities and currencies occurs
if a legal right, by contract or otherwise, exists and offsetting is in line with the actually expected course of the business.
Similar agreements include derivative clearing agreements, global master repurchase agreements, and global master
securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale
and repurchase agreements, and securities borrowing and lending agreements.
Some of the agreements are not set-off in the statement of financial position. This is because they create, for the parties to
the agreement, a right of set-off of recognized 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, the Group and its
counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The Group
receives and gives collaterals in the form of cash and marketable securities.
2025
Gross amount
Net amount
recognized
financial
assets
Amounts from global
netting agreements
Net-
amount
in \u20ac million
recognized
financial
assets
recognized
financial
liabilities set-off
Financial
instruments
Cash collateral
received
Derivatives (legally enforceable)
5,709
1,628
4,081
2,491
1,184
405
Reverse repurchase, securities lending and similar
agreements (legally enforceable)
16,861
0
16,861
16,684
0
177
Total
22,570
1,628
20,942
19,175
1,184
583
2025
Gross amount
Net amount
recognized
financial
liabilities
Amounts from global
netting agreements
Net-
amount
in \u20ac million
recognized
financial
liabilities
recognized
financial assets
set-off
Financial
instruments
Cash collateral
received
Derivatives (legally enforceable)
4,964
1,628
3,336
2,472
595
269
Reverse repurchase, securities lending and similar
agreements (legally enforceable)
2,924
0
2,924
2,858
0
66
Total
7,888
1,628
6,259
5,329
595
335
In the reporting period, assets which were not subject to legally enforceable netting agreements amounted to \u20ac 189,323 million
(previous year: \u20ac 176,667 million), of which an immaterial part was accounted for by derivative financial instruments and cash
balances from reverse repo business. Liabilities which were not subject to legally enforceable netting agreements totaled
\u20ac\u00a0181,542 million in 2025 (previous year: \u20ac 171,218 million), of which only an immaterial part was accounted for by derivative
financial instruments and cash deposits from repo business.
2024
Gross amount
Net amount
recognized
financial
assets
Amounts from global
netting agreements
Net-
amount
in \u20ac million
recognized
financial
assets
recognized
financial
liabilities set-off
Financial
instruments
Cash collateral
received
Derivatives (legally enforceable)
8,076
4,098
3,978
2,766
854
358
Reverse repurchase, securities lending and similar
agreements (legally enforceable)
19,206
0
19,206
18,923
0
283
Total
27,282
4,098
23,184
21,689
854
641
2024
Gross amount
Net amount
recognized
financial
liabilities
Amounts from global
netting agreements
Net-
amount
in \u20ac million
recognized
financial
liabilities
recognized
financial assets
set-off
Financial
instruments
Cash collateral
received
Derivatives (legally enforceable)
7,995
4,098
3,897
2,738
806
352
Reverse repurchase, securities lending and similar
agreements (legally enforceable)
4,396
0
4,396
4,275
0
122
Total
12,391
4,098
8,293
7,013
806
474
(34) Securitization (RBI as originator)
RBI securitizes various financial assets by placing risks of the mezzanine or junior tranches via synthetic securitization to third
parties. This is done on a case-by-case basis by transferring the risks of the respective tranches to institutional investors, to
supranationals, or to special purpose vehicles (SPV) that issue securities to investors. The transactions use direct financial
guarantees issued by a third party, covering the risk of the mezzanine or junior tranche. Depending on which tranche is placed
externally, RBI, acting as the originator, retains securitization positions in the form of senior and/or subordinated tranches.
The objective of the Group\u2019s securitization transactions is to relieve Group regulatory total capital and to use additional
refinancing sources.
The following transactions for all or at least some tranches were executed with external contractual partners, were still active
in the reporting year 2025 and resulted in a credit risk mitigation which led to a reduction in risk-weighted assets in regulatory
reporting. The stated amounts represent the securitized portfolio and the underlying receivables as well as the externally
placed tranche at the balance sheet date.
in \u20ac million
Date of
contract
End of
maturity
Max.
volume
Securitized
portfolio
Outstanding
portfolio2
Portfolio
Externally
placed
tranche
Amount of the
externally
placed tranche
Synthetic Transaction
ROOF RO Personal Loans 2024
Oct. 2025
June 2037
1,053
997
1,049
Private customer loans
Mezzanine
59
Synthetic Transaction
ROOF HR Personal Loans 2024
Dec. 2024
Dec. 2036
554
554
583
Private customer loans
Mezzanine
55
Synthetic Transaction
ROOF CORPORATE 2024
Nov. 2024
Sept. 2034
2,764
2,764
7,851
Corporate loans
Mezzanine
152
Synthetic Transaction
ROOF HR MORTGAGES 2023
Dec. 2023
Nov. 2035
660
597
629
Mortgage loans
Mezzanine
55
Synthetic Transaction
ROOF CORPORATE 2023
Sept. 2023
Oct. 2033
1,852
1,001
3,050
Corporate loans
Mezzanine
55
Synthetic Transaction
ROOF CROATIA 2022
Dec. 2022
June 2034
366
202
371
Corporate loans
Mezzanine
14
Synthetic Transaction
ROOF HUNGARY 2022
Dec. 2022
March 2038
785
832
876
Building society loans
Mezzanine
106
Synthetic Transaction
ROOF ROMANIA 2022
Nov. 2022
June 2039
307
205
252
Corporate loans
Mezzanine
17
Synthetic Transaction
ROOF CORPORATE 2022
June 2022
Dec. 2032
1,818
997
3,173
Corporate loans
Mezzanine
58
Synthetic Transaction
ROOF CORPORATE 2021
Dec. 2021
Dec. 2031
4,080
1,875
3,871
Corporate loans
Mezzanine
106
Synthetic Transaction
ROOF CRE 2019 1
Oct. 2019
Sept. 2029
1,262
752
2,133
Corporate customer,
Project finance
Mezzanine
50
Synthetic Transaction
EIF Western Balkans EDIF Serbia
Nov. 2018
Dec. 2028
20
0
0
SME loans
Junior
0
Synthetic Transaction
EIF COSME Serbia
Dec. 2020
June 2034
64
3
7
SME loans
Junior
0
Synthetic Transaction
State Guarantee Serbia
May 2020
April 2024
147
0
0
SME loans
Junior
0
Synthetic Transaction
EIF DCFTA Ukraine
Dec. 2017
Dec. 2031
176
28
40
SME loans
Junior
10
Synthetic Transaction
EIF JEREMIE Slovakia
March 2013
June 2025
60
0
0
SME loans
Junior
0
Synthetic Transaction
EIF Western Balkans EDIF Albania
Dec. 2016
June 2028
17
0
0
SME loans
Junior
0
Synthetic Transaction
EIF COSME Romania
April 2017
Dec. 2034
434
16
29
SME loans
Junior
12
Synthetic Transaction
EIF EASI Romania
July 2020
Dec. 2032
65
3
3
SME loans
Junior
3
Synthetic Transaction
EIF Microfinance Romania
June 2023
June 2035
53
23
29
SME loans
Junior
4
Synthetic Transaction
EIB RRF Romania
June 2024
Dec. 2051
375
40
51
SME loans
Junior
9
Synthetic Transaction\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EBRD Unfunded RSF Ukraine
Oct. 2023
Dec. 2029
50
5
11
Corporate and SME
loans
Junior
2
1 Junior tranche held in the Group
2 Outstanding portfolio (securitized and non-securitized)
SME: Small and medium-sized enterprises
The synthetic ROOF transactions are split into a senior, a mezzanine and a junior tranche. The credit risk of the mezzanine
tranche is guaranteed by either institutional investors or supranationals, while the credit risk of the junior and senior tranches
is retained.
In 2025 the following new transactions with Significant Risk Transfer (SRT) were realized:
\u00b7 Raiffeisenbank S.A., Bucharest executed ROOF RO Personal Loans 2025. The credit risk of the mezzanine tranche is
guaranteed by institutional investors, while the credit risk of the junior and senior tranches is retained.
\u00b7 As part of the EIF InvestEU programme, Raiffeisenbank S.A., Bucharest, signed a portfolio guarantee for microfinance
(EIF Microfinance Romania), with the objectives to promote job creation and social inclusion. Significant risk transfer
for this transaction is being recognized from year-end 2025 onwards.
\u00b7 As part of the EIB Resolution and Resilience Facility, Raiffeisenbank S.A., Bucharest, signed a portfolio guarantee (EIB
RRF Romania), which is aimed at mitigating the economic and social impact of the COVID-19 pandemic. Significant
risk transfer for this transaction is being recognized from year-end 2025 onwards.
The ROOF HUNGARY 2022 transaction has been upsized, resulting in an increase of the portfolio parameters, as well as the
volume of the externally placed tranche.
As part of the EBRD Unfunded Risk Sharing Facility program, Raiffeisen Bank JSC, Kiev, signed a portfolio guarantee agreement
which was funded by the EU and which is aimed to facilitate access to finance for private corporate companies under the
Resilience and Livelihood Framework and the SME Competitiveness in Eastern Partnership program.
As part of the Western Balkans Enterprise Development and Innovation Facility, Raiffeisen Bank Serbia, Belgrade, signed a
portfolio guarantee agreement which was funded by the EU and which is aimed at providing access to finance for small and
medium-sized enterprises. Significant risk transfer for this transaction is being recognized from year-end 2022 onwards.
As part of the COSME initiative, Raiffeisen Bank Serbia, Belgrade, signed a portfolio guarantee agreement in 2020, which was
funded by the EU and which is aimed at providing access to finance for small and medium-sized enterprises. Significant risk
transfer for this transaction is being recognized from year-end 2022 onwards.
As part of a State Guarantee initiative, Raiffeisen Bank Serbia, Belgrade, signed a portfolio guarantee agreement in 2020, which
was funded by the Serbian National Bank, and which is aimed at providing support during the COVID-19 crisis. Significant risk
transfer for this transaction is being recognized from January 2021 onwards.
As part of the DCFTA initiative, Raiffeisen Bank JSC, Kiev, signed a portfolio guarantee agreement in 2017, which was funded by
the EU and which is aimed at providing access to finance for small and medium-sized enterprises. Significant risk transfer for
this transaction is being recognized from year-end 2021 onwards.
As part of the JEREMIE initiative, the participating subsidiaries (Raiffeisenbank S.A., Bucharest, and Tatra banka a.s., Bratislava)
have received guarantees from the European Investment Fund (EIF) to support lending to small and medium-sized enterprises.
Since 2016 the Slovakian JEREMIE transaction has been converted into a funded credit guarantee via a Slovakian state-owned
fund, EIF is no longer part of the transaction.
As part of the Western Balkans Enterprise Development and Innovation Facility, Raiffeisenbank Sh.a., Tirana, signed a portfolio
guarantee agreement which was funded by the EU and which, like the JEREMIE initiatives, is aimed at providing access to
finance for small and medium-sized enterprises.
As part of the COSME initiative, Raiffeisenbank S.A., Bucharest, signed a portfolio guarantee agreement in 2017, which was
funded by the EU and which, like the JEREMIE initiatives, is aimed at providing access to finance for small and medium-sized
enterprises. Significant risk transfer for this transaction is being recognized from year-end 2020 onwards.
As part of the EaSI initiative, Raiffeisenbank S.A., Bucharest, signed a portfolio guarantee agreement which was funded by the
EU and which, like the JEREMIE initiatives, is aimed at providing access to finance for small and medium-sized enterprises.
The ROOF RCBZ 2023 transaction was terminated during 2025.
Reimbursement assets were recognized for the ROOF CRE 2019 transaction in the amount of \u20ac 0.4 million, for the ROOF
CORPORATE 2021 transaction in the amount of \u20ac 36 million, for the ROOF CORPORATE 2022 transaction in the amount of \u20ac 18
million, and for ROOF CORPORATE 2024 transaction in the amount of \u20ac 10 million, reflecting a deterioration of the underlying
portfolio. The reimbursement asset mirrors the potential claim against the guarantor of the mezzanine tranche. For the
transaction ROOF CRE 2019, a payment in the amount of \u20ac 5.6 million was received from the guarantor covering losses in the
mezzanine tranche. For the transaction ROOF CORPORATE 2021, a payment in the amount of \u20ac 5.7 million was received from
the guarantor covering losses in the mezzanine tranche.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-462": { "value": "
(12) Cash, balances at central banks and other demand deposits
This item on the statement of financial position includes cash in hand, balances at central banks that are due on call, and
demand deposits at banks that are due on call.
in \u20ac million
2025
2024
Cash in hand
3,287
3,338
Balances at central banks
21,931
18,486
Other demand deposits at banks
10,122
13,047
Total
35,340
34,871
In the position cash, balances with central banks, and other demand deposits, there was an increase compared to the year end\u00a0
by \u20ac 469 million to \u20ac 35,340 million. The increase in balance with central banks (increase: \u20ac 3,455 million) was mainly due to
Russia, as a result of the reallocation from short-term investments with central banks to daily callable deposits with the
Russian central bank (increase: \u20ac 7,544 million). This was offset by decreases in other demand deposits (decrease: \u20ac 2,925
million) and cash on hand (decrease: \u20ac 51 million). The increase in Russia was mitigated by the withholding of compensation
awarded to Rasperia Trading Limited amounting to \u20ac 2,109 million (including interest). The withholding took place in the second
quarter of 2025 by debiting the correspondent account of AO Raiffeisenbank at the Russian central bank. The decrease in other
demand deposits at banks resulted from declines at head office (decrease: \u20ac 2,887 million).
Under the item cash in hand, Ukraine and Russia reported a total of \u20ac 922 million. Cash balances in Russia decreased by \u20ac 372
million compared to the previous year.
At the reporting date, cash and cash equivalents amounting to \u20ac 770 million (previous year: \u20ac 797 million) were reported, which
are subject to legal restrictions according to IAS 7.48, meaning that RBI cannot access these funds. Of this amount, \u20ac 713 million
was attributed to Russia and Ukraine.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-461": { "value": "
(12) Cash, balances at central banks and other demand deposits
This item on the statement of financial position includes cash in hand, balances at central banks that are due on call, and
demand deposits at banks that are due on call.
in \u20ac million
2025
2024
Cash in hand
3,287
3,338
Balances at central banks
21,931
18,486
Other demand deposits at banks
10,122
13,047
Total
35,340
34,871
In the position cash, balances with central banks, and other demand deposits, there was an increase compared to the year end\u00a0
by \u20ac 469 million to \u20ac 35,340 million. The increase in balance with central banks (increase: \u20ac 3,455 million) was mainly due to
Russia, as a result of the reallocation from short-term investments with central banks to daily callable deposits with the
Russian central bank (increase: \u20ac 7,544 million). This was offset by decreases in other demand deposits (decrease: \u20ac 2,925
million) and cash on hand (decrease: \u20ac 51 million). The increase in Russia was mitigated by the withholding of compensation
awarded to Rasperia Trading Limited amounting to \u20ac 2,109 million (including interest). The withholding took place in the second
quarter of 2025 by debiting the correspondent account of AO Raiffeisenbank at the Russian central bank. The decrease in other
demand deposits at banks resulted from declines at head office (decrease: \u20ac 2,887 million).
Under the item cash in hand, Ukraine and Russia reported a total of \u20ac 922 million. Cash balances in Russia decreased by \u20ac 372
million compared to the previous year.
At the reporting date, cash and cash equivalents amounting to \u20ac 770 million (previous year: \u20ac 797 million) were reported, which
are subject to legal restrictions according to IAS 7.48, meaning that RBI cannot access these funds. Of this amount, \u20ac 713 million
was attributed to Russia and Ukraine.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-463": { "value": "
This item on the statement of financial position includes cash in hand, balances at central banks that are due on call, and
demand deposits at banks that are due on call.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-464": { "value": "
At the reporting date, cash and cash equivalents amounting to \u20ac 770 million (previous year: \u20ac 797 million) were reported, which
are subject to legal restrictions according to IAS 7.48, meaning that RBI cannot access these funds. Of this amount, \u20ac 713 million
was attributed to Russia and Ukraine.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-467": { "value": "
2025
2024
in \u20ac million
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Debt securities
38,176
(26)
38,150
30,836
(53)
30,783
Central banks
5
0
5
5
0
5
General governments
32,015
(20)
31,995
25,726
(47)
25,678
Banks
3,872
0
3,872
3,455
(1)
3,455
Other financial corporations
1,400
(1)
1,399
967
(1)
966
Non-financial corporations
885
(5)
880
683
(4)
679
Loans and advances
119,563
(2,205)
117,358
119,676
(2,758)
116,919
Central banks
8,431
0
8,431
13,784
(1)
13,783
General governments
3,917
(9)
3,909
3,816
(9)
3,807
Banks
4,251
(2)
4,249
4,274
(2)
4,272
Other financial corporations
10,020
(52)
9,968
10,526
(169)
10,356
Non-financial corporations
48,514
(1,194)
47,320
46,713
(1,607)
45,106
Households
44,430
(948)
43,482
40,564
(970)
39,594
Total
157,739
(2,231)
155,508
150,512
(2,810)
147,701
The carrying amount of the item financial assets \u2013 amortized cost increased \u20ac 7,807 million compared to year-end 2024.
The increase in debt securities of \u20ac\u00a07,367 million resulted predominantly from purchases of government bonds (up
\u20ac\u00a06,317\u00a0million), mainly at head office (up \u20ac\u00a02,265\u00a0million), in the Czech Republic (up \u20ac\u00a01,485 million) and in Slovakia (up \u20ac 731
million). The lending business showed an increase of \u20ac\u00a0440 million. The increase in loans to households (up \u20ac 3,888 million) came
mainly from the Czech Republic and from Slovakia (up \u20ac 1,455 million and \u20ac 950 million, especially from mortgage loans), with
other countries in the Group also reporting an increase, with the exception of Russia and Poland. Loans to non-financial
corporations increased \u20ac 2,214 million. The increase was achieved in almost all countries in the Group, mainly in Slovakia (up
\u20ac\u00a0594 million), in the Czech Republic (up \u20ac 441 million) and in Hungary (up \u20ac 423 million) as well as at the head office (up \u20ac 656
million), whereby there was a decrease in Russia of \u20ac 590 million. The decrease in short-term business of \u20ac 5,662 million
resulted predominantly from Russia (down \u20ac 5,121 million), due to reallocation of short-term placements in central bank
deposits into overnight deposits (balances at central banks).
There are financial assets \u2013 amortized cost of \u20ac\u00a01,779 million (previous year: \u20ac 901 million) in Russia from payments by issuers of
local debt instruments that cannot currently be passed on to foreign investors due to existing US and EU sanctions and are
therefore deposited with the Russian Deposit Insurance Agency. They are not available for general use by head office.
RBI\u2019s credit portfolio is well diversified in terms of type of customer, geographical region, and industry. The following tables
show the financial assets \u2013 amortized cost, by counterparty. This reveals RBI's focus on non-financial corporations and
households.
in \u20ac million
2025
2024
Deposits from banks
20,660
22,999
Current accounts/overnight deposits
12,668
12,680
Deposits with agreed maturity
6,542
7,310
Repurchase agreements
1,450
3,009
Deposits from customers
127,551
117,693
Current accounts/overnight deposits
88,481
80,467
Deposits with agreed maturity
37,629
35,703
Repurchase agreements
1,441
1,524
Debt securities issued
21,088
21,002
Covered bonds
6,169
4,912
Hybrid contracts
732
514
Other debt securities issued
14,188
15,576
hereof convertible compound financial instruments
814
2,360
hereof non-convertible
13,374
13,215
Other financial liabilities
1,288
1,622
Total
170,588
163,316
hereof subordinated financial liabilities
2,110
2,261
hereof lease liabilities
363
364
The position deposits from banks - deposits with agreed maturity decreased mainly in head office by \u20ac 762 million. Repurchase
agreements also decreased by \u20ac 1,609 million, primarily driven by head office.
Current accounts/overnight deposits from customers increased especially in Czech Republic (increase: \u20ac 5,020 million). Main
contributor were deposits from households. Deposits with agreed maturity increased by \u20ac 858 million in Hungary and by \u20ac 604
million in Slovakia.
Covered bonds increased in Slovakia (increase: \u20ac 1,052 million) due to new own issuances. In contrast, other debt securities
issued decreased in head office by \u20ac 912 million due to maturity of various issuances and in Slovakia by \u20ac 313 million due to
cancellation of a bond prior maturity.
Other financial liabilities\u00a0 increased mainly in Russia due to suspense and transit items (increase: \u20ac 310 million).
Deposits from banks and customers by asset classes:
in \u20ac million
2025
2024
Central banks
419
391
General governments
3,755
3,104
Banks
20,241
22,607
Other financial corporations
11,978
11,403
Non-financial corporations
46,163
43,833
Households
65,656
59,353
Total
148,212
140,692
Liabilities against households increased mainly in Czech Republic (increase: \u20ac 3,708 million), Slovakia (increase: \u20ac 739 million) and
Romania (increase: \u20ac 598 million).
Principal debt securities issued:
Issuer
ISIN
Type
Currency
Nominal value
in \u20ac million
Coupon
Due
Call redemption
date
RBI AG
XS2579606927
Senior public placements
EUR
1,000
4.8%
26/01/2026
26/01/2026
RBI AG
AT000B015714
Senior private placements
EUR
800
3.9%
17/04/2029
No
RBI AG
XS2055627538
Senior public placements
EUR
750
0.4%
25/09/2026
No
TBSK
SK4000026043
senior public placements
EUR
600
2.8%
09/10/2028
No
TBSK
SK4000027389
senior public placements
EUR
600
2.8%
27/05/2030
No
RBI AG
XS2596528716
Senior public placements
EUR
500
3.9%
16/03/2026
No
RBI AG
XS2537097409
Senior public placements
EUR
500
2.9%
28/09/2026
No
RBI AG
XS2481491160
Senior public placements
EUR
500
1.5%
24/05/2027
No
RBI AG
XS2626022656
Senior public placements
EUR
500
3.4%
27/09/2027
No
RBI AG
XS2435783613
Senior public placements
EUR
500
0.1%
26/01/2028
No
RBI AG
XS2547936984
Senior public placements
EUR
500
5.8%
27/01/2028
No
RBI AG
XS2682093526
Senior public placements
EUR
500
6.0%
15/09/2028
15/09/2027
RBI AG
XS2765027193
Senior public placements
EUR
500
4.6%
21/08/2029
21/08/2028
RBI AG
XS2086861437
Senior public placements
EUR
500
0.1%
03/12/2029
No
RBI AG
XS2893858352
Senior public placements
EUR
500
3.9%
03/01/2030
03/01/2029
RBI AG
XS2826609971
Senior public placements
EUR
500
4.5%
31/05/2030
31/05/2029
RBI AG
XS3166786619
Senior public placements
EUR
500
3.5%
27/08/2031
27/08/2030
TBSK
SK4000027918
senior public placements
EUR
500
2.9%
11/09/2031
No
RBI AG
XS3004031822
Senior public placements
EUR
500
3.5%
18/02/2032
18/02/2031
RBI AG
XS2189786226
Subordinated
EUR
500
2.9%
18/06/2032
18/06/2027
RBI AG
XS2534786590
Subordinated
EUR
500
7.4%
20/12/2032
20/09/2027
RBI AG
XS2353473692
Subordinated
EUR
500
1.4%
17/06/2033
17/03/2028
RBI AG
XS3227928911
Senior public placements
EUR
500
3.6%
13/11/2033
13/11/2032
RBI AG
XS2904849879
Subordinated
EUR
500
5.3%
02/01/2035
02/10/2029
In the reporting period, expenses for subordinated liabilities amounted to \u20ac 91 million (previous year: \u20ac 77 million).
Development of subordinated financial liabilities in the measurement categories of amortized cost and designated at fair
value through profit/loss:
in \u20ac million
Carrying amount as at 1/1/2024
2,167
Change in carrying amount
94
hereof cash
44
hereof effect of exchange rate changes
(1)
hereof changes of fair value
51
Carrying amount as at 31/12/2024
2,261
Change in carrying amount
(151)
hereof cash
(194)
hereof effect of exchange rate changes
5
hereof changes of fair value
38
Carrying amount as at 31/12/2025
2,110
2025
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
35,340
0
35,340
35,340
0
Financial assets - amortized cost
33,449
1,947
119,632
155,028
155,508
(481)
Debt securities
33,449
1,947
2,631
38,026
38,150
(124)
Loans and advances
0
0
117,002
117,002
117,358
(356)
Equity and liabilities
Financial liabilities - amortized cost
1,145
18,952
150,990
171,086
170,225
861
Deposits from banks and customers\u00b9
0
0
148,328
148,328
147,849
479
Debt securities issued
1,145
18,952
1,375
21,471
21,088
382
Other financial liabilities
0
0
1,288
1,288
1,288
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
2024
in \u20ac million
Level I
Level II
Level III
Fair value
Carrying amount
Difference
Assets
Cash, balances at central banks and other demand
deposits
0
34,871
0
34,871
34,871
0
Financial assets - amortized cost
26,579
1,931
118,021
146,530
147,701
(1,171)
Debt securities
26,579
1,931
1,964
30,473
30,783
(310)
Loans and advances
0
0
116,057
116,057
116,919
(862)
Equity and liabilities
Financial liabilities - amortized cost
854
18,482
143,025
162,361
162,951
(590)
Deposits from banks and customers\u00b9
0
0
139,439
139,439
140,328
(889)
Debt securities issued
854
18,482
1,964
21,301
21,002
298
Other financial liabilities
0
0
1,622
1,622
1,622
0
1 Not including lease liabilities in accordance with IFRS 7
Level I Quoted market prices
Level II Valuation techniques based on market data
Level III Valuation techniques not based on market data
2025
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
231
\u2013
\u2013
231
Banks
4
\u2013
\u2013
4
Other financial corporations
153
\u2013
\u2013
153
Non-financial corporations
73
\u2013
\u2013
73
Debt securities
4,275
(70)
50
4,255
Central banks
26
0
0
26
General governments
3,532
(65)
50
3,517
Banks
573
0
(1)
572
Other financial corporations
8
0
0
8
Non-financial corporations
136
(4)
1
133
Total
4,506
(70)
50
4,486
2024
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
211
\u2013
\u2013
211
Banks
4
\u2013
\u2013
4
Other financial corporations
133
\u2013
\u2013
133
Non-financial corporations
74
\u2013
\u2013
74
Debt securities
3,431
(59)
27
3,398
Central banks
389
0
0
389
General governments
2,231
(55)
32
2,207
Banks
685
(1)
(4)
680
Other financial corporations
0
0
0
0
Non-financial corporations
127
(3)
(1)
122
Total
3,642
(59)
27
3,610
The carrying amount for the position financial assets - fair value through other comprehensive income increased by \u20ac 876
million to \u20ac 4,486 million compared to previous year 2024 due to purchase of government bonds in Romania, Czech Republic
and the Ukraine, compensated by the sale of government bonds in Hungary.
in \u20ac million
2025
2024
Equity instruments
4
6
Other financial corporations
4
6
Non-financial corporations
0
0
Debt securities
410
399
General governments
198
178
Banks
12
22
Other financial corporations
196
193
Non-financial corporations
4
7
Loans and advances
934
689
General governments
1
1
Banks
2
2
Other financial corporations
18
24
Non-financial corporations
277
187
Households
636
476
Total
1,347
1,094
Financial assets - designated fair value through profit/loss
in \u20ac million
2025
2024
Debt securities
208
304
General governments
193
281
Banks
9
15
Non-financial corporations
6
8
Total
208
304
in \u20ac million
2025
2024
Derivatives
3,377
3,405
Interest rate contracts
2,286
2,318
Equity contracts
590
382
Foreign exchange rate and gold contracts
440
646
Credit contracts
27
29
Commodities
0
0
Other
35
31
Equity instruments
523
453
Banks
88
54
Other financial corporations
137
141
Non-financial corporations
299
258
Debt securities
3,330
2,087
Central banks
5
4
General governments
2,827
1,679
Banks
411
315
Other financial corporations
9
16
Non-financial corporations
78
73
Loans and advances
0
0
Total
7,230
5,945
Within the item financial assets \u2013 held for trading, the securities pledged as collateral, which the recipient is entitled to sell or
pledge, amounted to \u20ac\u00a064 million (previous year: \u20ac\u00a0462 million). The increase in debt securities was mainly due to the purchase
of government bonds at head office.
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
n the tables below, the financial instruments reported at fair value in the statement of financial position are grouped
according to items in the statement of financial position.
Assets
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial assets - held for trading
3,685
3,524
21
2,289
3,642
15
Derivatives
2
3,376
0
3
3,402
0
Equity instruments
502
1
20
449
1
3
Debt securities
3,181
147
2
1,837
239
12
Non-trading financial assets - mandatorily fair value
through profit/loss
357
12
979
327
34
733
Equity instruments
1
3
0
1
5
0
Debt securities
356
9
44
326
29
44
Loans and advances
0
0
934
0
0
689
Financial assets - designated fair value through profit/
loss
198
10
0
286
18
0
Debt securities
198
10
0
286
18
0
Financial assets - fair value through other
comprehensive income
3,350
854
281
2,645
693
272
Equity instruments
33
1
197
30
0
181
Debt securities
3,317
854
84
2,615
693
91
Hedge accounting
0
1,098
0
0
1,014
0
Equity and liabilities
2025
2024
in \u20ac million
Level I
Level II
Level III
Level I
Level II
Level III
Financial liabilities - held for trading
1,309
9,774
0
991
8,313
0
Derivatives
3
2,782
0
2
3,031
0
Short positions
1,305
6
0
988
4
0
Debt securities issued
0
6,986
0
0
5,279
0
Other financial liabilities
1
0
0
1
0
0
Financial liabilities - designated fair value through
profit/loss
0
1,061
0
0
1,108
0
Deposits
0
40
0
0
41
0
Debt securities issued
0
1,020
0
0
1,067
0
Hedge accounting
0
942
0
0
1,308
0
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Loans and advances
934
28
(25)
689
21
(14)
Debt securities
46
4
(4)
56
4
(4)
Income statement effect
-
33
(30)
-
26
(18)
2025
2024
Carrying amount
Fair value changes
Carrying amount
Fair value changes
in \u20ac million
Level III
Positive
Negative
Level III
Positive
Negative
Debt securities
84
2
(2)
91
3
(3)
Equity instruments
197
16
(17)
181
11
(11)
Other comprehensive income effect
-
18
(20)
-
14
(14)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-466": { "value": "
2025
2024
in \u20ac million
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Debt securities
38,176
(26)
38,150
30,836
(53)
30,783
Central banks
5
0
5
5
0
5
General governments
32,015
(20)
31,995
25,726
(47)
25,678
Banks
3,872
0
3,872
3,455
(1)
3,455
Other financial corporations
1,400
(1)
1,399
967
(1)
966
Non-financial corporations
885
(5)
880
683
(4)
679
Loans and advances
119,563
(2,205)
117,358
119,676
(2,758)
116,919
Central banks
8,431
0
8,431
13,784
(1)
13,783
General governments
3,917
(9)
3,909
3,816
(9)
3,807
Banks
4,251
(2)
4,249
4,274
(2)
4,272
Other financial corporations
10,020
(52)
9,968
10,526
(169)
10,356
Non-financial corporations
48,514
(1,194)
47,320
46,713
(1,607)
45,106
Households
44,430
(948)
43,482
40,564
(970)
39,594
Total
157,739
(2,231)
155,508
150,512
(2,810)
147,701
Accumulated impairment
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central banks
0
0
0
0
(1)
0
0
0
General governments
(18)
(5)
(6)
0
(40)
(10)
(7)
0
Banks
(1)
(1)
(1)
0
(1)
(1)
(1)
0
Other financial corporations
(9)
(8)
(32)
(4)
(11)
(22)
(119)
(17)
Non-financial corporations
(135)
(246)
(775)
(42)
(194)
(266)
(1,108)
(42)
Households
(114)
(203)
(612)
(19)
(106)
(227)
(615)
(22)
hereof mortgage
(17)
(67)
(134)
(11)
(18)
(82)
(156)
(13)
Total
(278)
(463)
(1,426)
(65)
(353)
(527)
(1,850)
(81)
Accumulated impairment
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central Europe
(90)
(189)
(391)
(14)
(111)
(182)
(418)
(12)
hereof Czech Republic
(30)
(56)
(134)
4
(35)
(65)
(120)
4
hereof Hungary
(23)
(70)
(31)
(4)
(25)
(62)
(49)
(4)
hereof Slovakia
(36)
(53)
(155)
(7)
(50)
(45)
(153)
(4)
Southeastern Europe
(88)
(130)
(360)
(41)
(102)
(124)
(371)
(40)
hereof Romania
(40)
(52)
(140)
(11)
(50)
(39)
(148)
(12)
Eastern Europe
(6)
(20)
(172)
0
(9)
(118)
(175)
(2)
hereof Russia
(6)
(20)
(172)
0
(9)
(118)
(175)
(2)
Ukraine
(56)
(23)
(115)
(4)
(97)
(52)
(163)
(5)
Austria and other1
(38)
(102)
(388)
(6)
(34)
(50)
(722)
(22)
Total
(278)
(463)
(1,426)
(65)
(353)
(527)
(1,850)
(81)
1 Austria mainly includes the business of the head office and Raiffeisen Bausparkasse Gesellschaft m.b.H. Other also includes any consolidation effects.
Development of impairments
Development of impairments on loans and bonds in the measurement categories of financial assets \u2013 amortized cost, financial
assets \u2013 fair value through other comprehensive income and other demand deposits at banks:
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
407
529
1,854
81
2,871
Increases due to origination and acquisition
290
63
14
0
367
Decreases due to derecognition
(92)
(81)
(397)
(8)
(579)
Changes due to change in credit risk (net)
(241)
(83)
394
(4)
66
Changes due to modifications without derecognition (net)
0
0
(3)
0
(3)
Decrease due to write-offs
0
(1)
(449)
(4)
(454)
Changes due to model/risk parameters
0
0
0
0
0
Change in consolidated group
0
0
0
0
0
Foreign exchange and other
(21)
37
16
1
33
As at 31/12/2025
342
464
1,430
65
2,301
hereof fair value through other comprehensive income
65
1
4
0
70
hereof other demand deposits at banks
0
0
0
0
0
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
372
978
1,673
107
3,130
Increases due to origination and acquisition
308
127
15
0
450
Decreases due to derecognition
(115)
(268)
(273)
(36)
(692)
Changes due to change in credit risk (net)
(129)
(275)
710
14
320
Changes due to modifications without derecognition (net)
0
0
2
0
2
Decrease due to write-offs
(1)
(2)
(241)
(7)
(251)
Changes due to model/risk parameters
(1)
(1)
0
0
(2)
Change in consolidated group
(2)
(35)
(19)
0
(56)
Foreign exchange and other
(25)
5
(13)
3
(30)
As at 31/12/2024
407
529
1,854
81
2,871
hereof fair value through other comprehensive income
54
3
3
0
59
hereof other demand deposits at banks
0
0
1
0
1
2025
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
231
\u2013
\u2013
231
Banks
4
\u2013
\u2013
4
Other financial corporations
153
\u2013
\u2013
153
Non-financial corporations
73
\u2013
\u2013
73
Debt securities
4,275
(70)
50
4,255
Central banks
26
0
0
26
General governments
3,532
(65)
50
3,517
Banks
573
0
(1)
572
Other financial corporations
8
0
0
8
Non-financial corporations
136
(4)
1
133
Total
4,506
(70)
50
4,486
2024
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
211
\u2013
\u2013
211
Banks
4
\u2013
\u2013
4
Other financial corporations
133
\u2013
\u2013
133
Non-financial corporations
74
\u2013
\u2013
74
Debt securities
3,431
(59)
27
3,398
Central banks
389
0
0
389
General governments
2,231
(55)
32
2,207
Banks
685
(1)
(4)
680
Other financial corporations
0
0
0
0
Non-financial corporations
127
(3)
(1)
122
Total
3,642
(59)
27
3,610
(31) Expected credit losses
Expected credit losses from financial instruments should reflect an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information
that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of
future economic conditions.
General approach
The measurement of impairment for expected credit loss on financial assets measured at amortized cost and fair value
through other comprehensive income is an area that requires the use of models and assumptions about future economic
conditions and payment behavior. Judgments are required in applying the accounting requirements for measuring expected
credit losses, inter alia:
\u00b7 Determining criteria for a significant increase in credit risk
\u00b7 Choosing appropriate models and assumptions for the measurement of expected credit losses
\u00b7 Consideration of risk factors beyond the current models
\u00b7 Establishing the number and relative weightings of forward-looking scenarios
\u00b7 Establishing groups of similar financial assets for the purposes of measuring expected credit losses.
Credit risk is the risk of suffering financial loss should customers, clients or market counterparties fail to fulfil their contractual
obligations or fail to do so on time. Credit risk arises mainly from interbank, commercial and personal loans, and loan
commitments, but can also arise from financial guarantees given, such as, credit guarantees, letters of credit, and
acceptances.
Other credit risks arise from investments in debt securities and from trading activities (trading credit risks), as well as from
settlement balances with market counterparties and reverse repurchase agreements.
Models are applied to estimate the likelihood of defaults occurring, the associated loss ratios and the exposure at default. RBI
measures credit risks using the probability of default (PD), exposure at default (EAD) and loss given default (LGD). In addition to
established risks with predictable patterns, new risks - such as geopolitical uncertainty, energy supply and environmental risks
- are emerging. These risks can\u2019t be captured by existing statistical models due to insufficient historical data. However, to
ensure adequate provisioning levels these risks are incorporated in the ECL calculation via management overlays - which can
be split into:
\u00b7 Overlays: These are adjustments which are added outside the model \u2013 i.e. after the model is operated. (Post Model
Adjustments (PMA) belong to this category).
\u00b7 In-model adjustments: These are adjustments which are performed within the IFRS 9 model. It covers adjustments of
the model input, adjustments of the model parameter or ad-hoc adjustments of the model and model calibration
(whereas altering model parameters (LGD and PD) by including forward looking macroeconomic information is not
considered as management overlay).
ESG factors are not yet explicitly included in ECL modelling. However, they are taken into account in the calculation via overlays.\u00a0
Significant increase in the credit risk
RBI considers a financial instrument to have experienced a significant increase in credit risk when one or more of the following
quantitative, qualitative or backstop criteria have been met:
Quantitative criteria
RBI\u2019s rating systems incorporate all available quantitative and qualitative information relevant for forecasting the credit risk
into the PD. This metric is based primarily on a statistical selection and weighting of all available indicators. In addition, the PD
adjusted in accordance with IFRS 9 requirements takes into account not only historical information and the current economic
environment, but also, in particular, forward-looking information such as the forecast for the development of macroeconomic
conditions. As a consequence, RBI uses the PD as a frame of reference for assessing whether the credit risk of a financial
instrument has risen significantly since the date of its initial recognition. By embedding the review of the relative transfer
criterion within the group-wide processes and procedures of credit risk management framework, the bank ensures that a
significant increase in the credit risk is identified in a reliable and timely manner based on objective criteria. The review to
determine whether the credit default risk as at the financial reporting date has risen significantly since the initial recognition of
the respective financial instrument is performed as at the reporting date. This review compares the observed probability of
default over the residual maturity of the financial instrument (Lifetime PD) against the lifetime PD over the same period as
expected on the date of recognition.
Given the different nature of products between non-retail and retail customers, the methods for assessing potential
significant increases in credit risk also differ slightly.
In order to make the two curves for credit risk of non-retail customers comparable, the PDs are scaled down to annualized PDs.
A significant increase in credit risk is considered to have occurred if the PD increase was at least 250 per cent. For longer
maturities the threshold of 250 per cent is reduced to account for a maturity effect.
For retail exposures, the remaining cumulative PDs are compared as the logit difference (logit is in statistics the natural
logarithm of a probability) between lifetime PD at reporting date and lifetime PD at origination conditional to survival up to the
reporting date. A significant increase in credit risk is considered to have occurred once this logit difference is above a certain
threshold. The threshold levels are calculated separately for each portfolio which is covered by individual rating-based lifetime
PD models. Based on historical data, the thresholds are estimated as a specific quantile of the distribution of the above-
mentioned logit differences on the worsening portfolio (defined by country and product such as mortgage loans, credit cards
and SME loans). That usually translates to a PD increase between 150 and up to 250 per cent, dependent on the default
behavior of the different portfolios.
Qualitative criteria
RBI uses qualitative criteria in addition to quantitative criteria to recognize a significant increase in credit risk for all material
portfolios.
For the corporate customer, sovereign, bank and project finance portfolios, a transfer to Stage 2 takes place if the borrower
meets one or more of the following criteria:
\u00b7 Detection of credit deterioration in the early warning system
\u00b7 Changes in contract terms as a forbearance measure
\u00b7 External risk factors with a potentially significant impact on the client\u2019s repayment ability
The assessment of a significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all corporate customer, sovereign, bank and project finance portfolios held by RBI.
For retail portfolios, a Stage 2 transfer takes place if the borrower meets one or more of the following qualitative criteria:
\u00b7 Forbearance flag active
\u00b7 Default of material exposure (> 20 per cent of total exposure) of the same customer on another product (PI
segment)
\u00b7 Holistic approach \u2013 applicable for cases where new forward-looking information becomes available for a segment
or portion of the portfolio and this information is not yet captured in the rating system. If such cases are identified,
management measures this portfolio with lifetime expected credit losses (as a collective assessment).
The assessment of significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all retail portfolios held by RBI.
Backstop criteria
A backstop is applied, and the financial instrument considered to have experienced a significant increase in credit risk if
contractual payments are more than 30 days overdue. In rare cases, it is possible to override the 30-day rule; however, this
exception is not implemented at RBI.
Low credit risk exemption
In selected cases for sovereign debt securities, RBI makes use of the low credit risk exemption. All securities which are
presented as low credit risk have a rating equivalent to investment grade or better, i.e. minimum S&P BBB-, Moody\u2019s Baa3 or
Fitch BBB-. This exemption does not apply to the lending business.
Definition of default and credit-impaired assets
RBI uses the same definition of default for the purposes of calculating expected credit losses under IFRS 9 as for its CRR capital
reporting (Basel III). This definition also places a defaulted receivable in Stage 3.
Default is assessed by referring to quantitative and qualitative triggers. The condition for default is, firstly, when contractual
payments are more than 90 days past due. Secondly, a loan is considered to be in default if there are significant financial
difficulties and any credit obligation is unlikely to be repaid in full. The definition of default has been applied consistently to
model the probability of default (PD), exposure at default (EAD) and loss given default (LGD) throughout RBI\u2019s expected loss
calculations.
Explanation of inputs, assumptions and estimation techniques
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in
credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking
economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary
by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD),
exposure at default (EAD) and discount factor (D).
Probability of Default (PD)
The probability of default represents the likelihood of a borrower defaulting on its financial obligation either over the next
twelve months or over the remaining lifetime of the obligation. In general, the lifetime probability of default is calculated using
the regulatory twelve-month probability of default, stripped of any conservative adjustments, as a starting point. Thereafter
various statistical methods are used to generate an estimate of how the default profile will develop from the point of initial
recognition throughout the lifetime of the loan or portfolio of loans. The default profile is based on historical observed data.
Different models have been used to estimate the default profile of outstanding lending amounts and these can be grouped
into the following categories:
\u00b7 Corporate customers, project finance and financial institutions: The default profile is generated using a parametric
survival regression (Burr-Type 12 and Weibull) approach. Forward-looking information is incorporated into the
probability of default using an one factor model. The default rate calibration is adjusted for shorter maturities and
early repayments.
\u00b7 Retail lending and mortgage loans: The default profile is generated using parametric survival regression in a
competing risk framework. Forward-looking information is incorporated into the probability of default using satellite
models.
\u00b7 Sovereigns, local and regional governments, insurance companies and collective investment undertakings: The
default profile is generated using a transition matrix approach. Forward-looking information is incorporated into the
probability of default using an one factor model.
In the limited circumstances where some inputs are not fully available, grouping, averaging and benchmarking of inputs are
used for the calculation.
Loss Given Default (LGD)
Loss given default represents RBI\u2019s expectation of the extent of loss on a defaulted exposure. Loss given default is expressed
as a percentage loss per unit of exposure at the time of default.
Different models are used to estimate the loss given default of outstanding lending amounts and these can be grouped into
the following categories:
\u00b7 Corporate customers, project finance, financial institutions, local and regional governments, insurance companies:
The loss given default is generated by discounting cash flows collected during the workout process. Forward-looking
information is incorporated into the loss given default using an one factor model. While real estate collateral is
directly considered in the reduction of the outstanding receivable amount, other collateral types have a reducing
effect already during the modeling in the statistical average of the loss given default.
\u00b7 Retail lending and mortgage loans: The loss given default is generated by stripping the downturn adjustments and
other margins of conservatism form the regulatory loss given default. Forward-looking information is incorporated
into the loss given default using various satellite models.
\u00b7 Sovereigns: The loss given default is found by using market implied sources.
Depending on the type of lending company (bank/leasing) different LGD estimates are applied.
In the limited circumstances where some inputs are not fully available, alternative recovery models, benchmarking of inputs
and expert judgment are used for the calculation.
Exposure at Default (EAD)
Exposure at default is based on the amount RBI expects to be owed at the time of default. The twelve-month and lifetime
EADs are determined based on the expected payment profile, which varies by contract type. For amortizing products and bullet
repayment loans, this is based on the contractual repayments owed by the borrower over a twelve-month or lifetime basis. If
not already taken into account in the PD estimate over the loan term, early (full) repayment/refinance assumptions are also
considered in the calculation.
For revolving products, the exposure at default is determined by taking current drawn balance and adding the expected
utilization of the remaining limit . This additional amount is the product of the remaining limit and credit conversion factor. The
prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs
are not fully available benchmarking of inputs is used for the calculation.
Discount factor (D)
For financial assets and assets off the statement of financial position which are not leasing or POCI, the discount factor used
in the expected credit loss calculation is derived from the effective interest rate or an approximation thereof.
Calculation
For loans in Stage 1 and 2, the expected credit loss is the product of PD, LGD and EAD multiplied by the probability not to
default prior to the considered time period. The latter is expressed by the survivorship function S. This calculates future values
of expected credit losses, which are then discounted back to the reporting date and summed. The calculated values of
expected credit losses are then weighted by forward-looking scenario.
Different models have been used to estimate the provisions in Stage 3, and these can be grouped into the following categories:
\u00b7 Corporate customers, project finance, sovereigns, financial institutions, local and regional governments, insurance
companies and collective investment undertakings: Stage 3 provisions are calculated by workout managers who
discount expected cash flows by the appropriate effective interest rate.
\u00b7 For retail loans, Stage 3 impairments are determined for the majority of Group units by calculating the statistically
derived best estimate of expected loss adjusted for indirect costs.
Shared credit risk characteristics
Stage 1, Stage 2 and Stage 3 provisions for retail customers are measured on a collective basis. For non-retail business in Stage
3, most of the provisions are individually assessed. For expected credit losses modelled on a collective basis, a grouping of
exposures is performed on the basis of shared credit risk characteristics so that the exposures within each group are similar.
Retail exposure characteristics are grouped according to country, customer classification (households and SMEs), product (e.g.
mortgage, personal loans, overdraft facilities or credit cards), PD rating grade and LGD pool. Each combination of the above
characteristics is considered as a group with a uniform expected loss profile.
Non-retail exposure characteristics are assigned to a probability of default according to rating grade and customer segment.
This groups customer types into individual assessment models. For the determination of LGD and EAD parameters, the
portfolio is grouped by country.
Forward-looking information
As a rule, the risk parameters specific to IFRS 9 are estimated not only on historical default information but also particularly on
the current economic environment and forward-looking information. This assessment primarily involves regularly reviewing the
effects which RBI's macroeconomic forecasts will have regarding the amount of the ECL and including these effects in the
determination of the ECL.
The assessment of significant increases in credit risk and the calculation of expected credit losses both incorporate forward-
looking information. RBI has performed historical analysis and identified the key economic variables impacting credit risk and
expected credit losses.
These economic variables and their associated impact on the probability of default and loss given default vary by category.
Forecasts of these economic variables (the base economic scenario) are provided by Raiffeisen Research on a quarterly basis
and provide the best estimate view of the economy over the next three years. Beyond three years, no macroeconomic
adjustment is carried out. That means that after three years, to project the economic variables for the full remaining lifetime
of each instrument, a mean reversion approach has been used, which means that economic variables tend to revert to either a
long-term average rate or a long-term average growth rate until maturity. The impact of these economic variables on the
probability of default and loss given default has been determined by performing statistical regression to understand the
impact changes in these variables have had historically on default rates and on the components of loss given default.
In addition to the base economic scenario, Raiffeisen Research also estimates an optimistic and a pessimistic scenario to
ensure that the non-linearity of the ECL, depending on macroeconomic conditions, is captured.
In both the pessimistic and optimistic scenarios, the methodology was adjusted as a result of the high level of uncertainty. As
with any economic forecast, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty;
therefore, the actual outcomes may be significantly different from those projected. RBI considers these forecasts to represent
its best estimate of the future outcomes and cover any potential non-linearities and asymmetries within RBI\u2019s different
portfolios.
The most significant assumptions used as a starting point for the expected credit loss estimates at year-end are shown below
(source: Raiffeisen Research, November 2025, exclusive Ukraine).
Real GDP
Unemployment
2026
2027
2028
2026
2027
2028
Upside scenario
3.9%
3.6%
3.6%
4.2%
4.2%
4.2%
Croatia
Base
2.6%
2.5%
2.5%
4.9%
4.8%
4.8%
Downside scenario
0.4%
0.6%
0.6%
6.6%
6.2%
6.2%
Upside scenario
1.6%
1.6%
1.6%
5.1%
5.0%
4.7%
Austria
Base
0.8%
1.0%
1.0%
5.4%
5.3%
5.0%
Downside scenario
(0.4)%
0.0%
0.0%
5.7%
5.8%
6.0%
Upside scenario
4.0%
3.6%
3.6%
4.1%
4.1%
4.0%
Poland
Base
3.3%
3.0%
3.0%
5.0%
4.9%
4.8%
Downside scenario
2.2%
2.1%
2.1%
7.2%
6.8%
6.7%
Upside scenario
2.1%
2.0%
2.0%
3.1%
3.2%
3.2%
Russia
Base
0.9%
0.9%
0.9%
3.5%
3.5%
3.5%
Downside scenario
(1.1)%
(0.8)%
(0.8)%
4.3%
4.2%
4.2%
Upside scenario
2.5%
3.5%
3.7%
5.3%
5.0%
4.6%
Romania
Base
1.3%
2.5%
2.7%
5.6%
5.2%
4.8%
Downside scenario
(0.6)%
0.8%
1.0%
6.2%
5.7%
5.3%
Upside scenario
3.7%
3.8%
4.3%
8.1%
7.7%
7.7%
Serbia
Base
2.8%
3.0%
3.5%
9.0%
8.5%
8.5%
Downside scenario
1.2%
1.7%
2.2%
11.0%
10.2%
10.2%
Upside scenario
2.5%
2.6%
2.9%
4.5%
4.6%
4.5%
Slovakia
Base
1.5%
1.7%
2.0%
5.4%
5.4%
5.3%
Downside scenario
(0.2)%
0.2%
0.6%
7.4%
7.2%
7.1%
Upside scenario
2.9%
3.3%
3.3%
4.3%
4.2%
4.1%
Czech Republic
Base
2.0%
2.5%
2.5%
4.6%
4.5%
4.4%
Downside scenario
0.5%
1.2%
1.2%
5.3%
5.1%
5.0%
Upside scenario
3.0%
3.2%
3.8%
4.0%
4.0%
3.8%
Hungary
Base
2.0%
2.4%
3.0%
4.5%
4.4%
4.2%
Downside scenario
0.4%
1.0%
1.6%
5.5%
5.3%
5.1%
Long-term bond rate
Real estate prices
2026
2027
2028
2026
2027
2028
Upside scenario
2.2%
2.3%
2.3%
7.3%
6.5%
6.2%
Croatia
Base
3.2%
3.2%
3.2%
3.0%
2.8%
2.5%
Downside scenario
4.2%
4.0%
4.0%
1.0%
1.1%
0.8%
Upside scenario
2.3%
2.4%
2.4%
4.8%
4.9%
4.9%
Austria
Base
3.2%
3.2%
3.2%
2.5%
3.0%
3.0%
Downside scenario
4.1%
4.0%
3.9%
1.5%
2.1%
2.1%
Upside scenario
3.3%
2.7%
2.7%
5.6%
5.9%
4.1%
Poland
Base
4.6%
3.8%
3.8%
2.3%
3.0%
1.2%
Downside scenario
5.8%
4.8%
4.8%
0.7%
1.7%
0.5%
Upside scenario
11.7%
9.7%
9.4%
22.5%
13.1%
13.1%
Russia
Base
12.8%
10.6%
10.3%
13.0%
5.0%
5.0%
Downside scenario
13.8%
11.5%
11.1%
8.7%
1.3%
1.3%
Upside scenario
5.4%
4.4%
3.7%
6.1%
5.0%
6.8%
Romania
Base
6.5%
5.3%
4.6%
2.8%
2.2%
4.0%
Downside scenario
7.5%
6.2%
5.5%
1.3%
0.9%
2.7%
Upside scenario
4.0%
3.9%
3.8%
9.9%
9.2%
8.7%
Serbia
Base
4.7%
4.5%
4.4%
4.5%
4.5%
4.0%
Downside scenario
5.3%
5.0%
4.9%
2.0%
2.4%
1.9%
Upside scenario
2.1%
2.2%
2.1%
10.3%
8.5%
8.5%
Slovakia
Base
3.1%
3.0%
2.9%
5.0%
4.0%
4.0%
Downside scenario
3.9%
3.7%
3.7%
2.6%
2.0%
2.0%
Upside scenario
3.3%
3.5%
3.5%
12.7%
9.5%
8.5%
Czech Republic
Base
4.2%
4.3%
4.3%
8.6%
6.0%
5.0%
Downside scenario
5.0%
5.0%
5.0%
6.7%
4.4%
3.4%
Upside scenario
5.6%
5.5%
5.2%
11.0%
8.8%
8.8%
Hungary
Base
6.8%
6.5%
6.2%
6.0%
4.5%
4.5%
Downside scenario
7.8%
7.4%
7.1%
3.7%
2.6%
2.6%
Consumer price index
Short-term interest rate
2026
2027
2028
2026
2027
2028
Upside scenario
2.3%
1.7%
1.4%
1.7%
1.7%
1.8%
Croatia
Base
3.0%
2.3%
2.0%
2.1%
2.1%
2.1%
Downside scenario
3.9%
3.1%
2.8%
2.8%
2.7%
2.7%
Upside scenario
2.0%
1.8%
1.7%
1.7%
1.7%
1.8%
Austria
Base
2.5%
2.3%
2.2%
2.1%
2.1%
2.1%
Downside scenario
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Upside scenario
1.9%
1.8%
2.0%
2.8%
2.6%
2.2%
Poland
Base
2.9%
2.7%
2.6%
3.8%
3.4%
3.0%
Downside scenario
4.2%
3.8%
4.0%
5.6%
5.0%
4.6%
Upside scenario
4.1%
3.0%
2.8%
12.4%
8.0%
7.5%
Russia
Base
5.6%
4.2%
4.0%
13.2%
8.7%
8.2%
Downside scenario
7.4%
5.7%
5.5%
14.7%
10.0%
9.5%
Upside scenario
6.1%
2.4%
1.8%
5.0%
3.8%
2.7%
Romania
Base
7.1%
3.3%
2.7%
5.8%
4.5%
3.4%
Downside scenario
8.4%
4.4%
3.8%
7.3%
5.8%
4.7%
Upside scenario
2.6%
2.7%
1.7%
2.8%
2.4%
1.7%
Serbia
Base
3.8%
3.7%
2.8%
4.2%
3.5%
2.8%
Downside scenario
5.3%
4.9%
4.0%
6.7%
5.7%
5.0%
Upside scenario
2.6%
2.5%
1.4%
1.7%
1.7%
1.8%
Slovakia
Base
3.7%
3.4%
2.3%
2.1%
2.1%
2.1%
Downside scenario
5.0%
4.5%
3.4%
2.8%
2.7%
2.7%
Upside scenario
1.4%
1.8%
1.6%
2.9%
3.2%
3.4%
Czech Republic
Base
2.3%
2.6%
2.4%
3.3%
3.5%
3.8%
Downside scenario
3.4%
3.6%
3.4%
4.2%
4.3%
4.5%
Upside scenario
3.2%
3.6%
2.4%
5.3%
4.5%
3.9%
Hungary
Base
4.4%
4.6%
3.4%
6.3%
5.3%
4.7%
Downside scenario
10.8%
8.8%
4.6%
8.0%
6.8%
6.2%
Due to the ongoing war in Ukraine, the optimistic scenario for Ukraine was was excluded from the calculations. Furthermore,
the pessimistic scenario is not based on the mathematical approach published by Raiffeisen Research, but on a narrative
presentation with a probability weighting of 50 per cent. Since historical data for Ukraine are not representative or are partially
unavailable due to current circumstances, a derived real GDP and a derived short-term interest rate were included as
macroeconomic input parameters in the Ukrainian ECL calculation.
Real GDP
Short-term interest rate
2025
2026
2027
2025
2026
2027
Upside scenario
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ukraine
Base
3.0%
4.5%
4.0%
13.3%
10.3%
8.8%
Downside scenario
(14.8)%
(8.2)%
(3.0)%
22.3%
18.3%
17.0%
A large number of macroeconomic variables were analyzed for the model development and the most important ones were
used for the model. The model employed is a regression model with the aim of explaining changes in or the level of the default
rate. The following types of macro variables were considered as drivers of the credit cycle: real GDP growth, unemployment
rate, 3-month money market rate, 10-year government bond yield, 10 year government bond yield spread to Germany, housing
price index, FX rates, and the HICP inflation rate. For each country (or portfolio in case of retail exposure), a relevant set is
determined based on the ability to explain historically observed default rates. Through the cycle, PDs are overlaid with the
results of the macro-economic model to reflect the current and expected state of economy. For corporate customers,
additionally the condition of the credit cycle is also taken into account depending on the industry. While no further adjustment
is made to the effect of the macro models for corporate customers in industries with a neutral outlook, the expected credit risk
is assumed as additionally increased for corporate customers in industries with a poor outlook. For non-retail exposure for LGD,
the macro model is applied on the underlying cure rates, i.e. a positive macro-economic outlook drives up the cure rates and
this reduces the LGD. For retail exposures, the workout LGD is modelled in a similar manner to the default rates either directly
or as well via the components like cure rate, loss given cure as well as loss given non-cure. The long-run average LGDs are
overlaid with the results of the macro models to reflect current and expected state of economy. The weightings assigned to
each scenario at the end of the reporting year-end are as follows: 25 per cent optimistic, 50 per cent base and 25 per cent
pessimistic scenarios.
For corporate customers, the following risks and complications resulting from current economic and political developments are
included in the macroeconomic models. Historically high inflation rates in combination with higher key interest rates led to an
increase in financing cost for companies. This development is incorporated into the models of major parts of the portfolio
through a change in the 3-month money market rate and the yield on government bonds, resulting in an increase in expected
default risk. While high inflation rates may be associated with higher default risk in bivariant analyses, the underlying drivers of
higher default risk are actually higher interest rates as a result of higher inflation and economic growth trending downwards,
which often occur simultaneously. These drivers are directly captured in the economic growth and interest rate models. In
macroeconomic terms, the COVID pandemic and its aftermath were characterized by extremely high volatility, starting with a
strong decline in real GDP followed by a similar rate of positive economic growth. In contrast to comparable recessions after
the great financial crisis, these developments have not been met by a wave of insolvencies and defaults in many countries and
portfolios, which can be attributed to two factors. For one, the COVID-driven recession primarily consisted of a temporary
suspension of economic activity, which did not necessitate significant structural adjustments. Furthermore, massive political
measures were taken to support the economy to avoid long-term consequences stemming from events such as
unemployment and insolvencies. These developments underscore how the relationship between macroeconomic indicators
and credit risk are influenced by circumstances that are difficult to capture by quantitative means. To avoid the
macroeconomic models from implicitly assuming that a sharp decline in GDP growth will always be accompanied by significant
countervailing policy measures \u2014 as observed during the COVID-19 pandemic \u2014 additional parameters have been incorporated
into the models.These adjustments are specifically applied to segments where no significant rise in default risk was seen
during the COVID period, ensuring that the model\u2019s predictions remain accurate without distortion.
The core assumption underlying the application of macroeconomic credit risk models is that the empirical correlations
between macroeconomic indicators and default risk can be extrapolated to future.
Management Overlays
In situations where the existing input parameters, assumptions and modelling do not cover all relevant novel risk factors,
management overlays are a viable solution to ensure adequate provisioning despite a lack of sufficient historical data. This is
generally the case if there are temporary circumstances, or time constraints which prevent the adequate incorporation of
relevant new information into the rating, and if individual loans within a loan portfolio develop differently than originally
expected. In view of the given circumstances, in particular the war in Ukraine and the economic dislocations it has caused, it is
necessary to reflect additional risks in the impairments. All of these adjustments are approved locally by the subsidiaries and
centrally by the Group Risk Committee (GRC). There are portfolio-specific adjustments due to the war and associated
sanctions, which are presented in the category geopolitical risk. Their application period is limited in time, often for the
duration of specific economic crises or until models are adjusted. Their use is reviewed quarterly.
For the central models in the corporate segment, the additional risk is considered by applying in-model adjustments
(parameter adjustments within the model). In-model adjustments can be performed on different model parameters like IFRS 9
PD curves, future exposure profiles, LGD, etc. The criteria for applying in-model adjustments are governed by strict rules and
include amongst others extended requirements for evidence of the novel risk factor, analysis of potential overlap with existing
IFRS 9 parameters and credit risk rating, detailed documentation and strong governance. In case the in-model adjustment
increases the applied PD, this higher PD is also applied for staging decision. The in-model adjustments undergo regular reviews
at least quarterly. The in-model adjustment remains in effect as long as the identified novel risk factor is persistent and not
fully accounted for by existing models.
In the retail segment, in-model adjustments have also been implemented where appropriate. However, post-model
adjustments remain the predominant approach for addressing emerging risks. These overlays are applied on top of the
existing models to calculate expected credit losses. While post-model adjustments are generally considered temporary
measures - typically valid for one to two years - they serve as a safeguard against potential distortions. If the identified risks
persist over a longer horizon, they are addressed through model updates or adjustments to model inputs, including in-model
adjustments, to ensure that the models adequately capture the evolving risk profile
The overlays are shown in the table below and split according to the relevant categories.
2025
Modeled ECL
Non-Retail Overlays
Retail Overlays
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
0
0
0
0
0
0
General governments
80
0
8
0
0
89
Banks
2
0
0
0
0
2
Other financial corporations
19
8
0
0
0
26
Non-financial corporations
215
226
73
10
1
524
Households
247
1
0
79
7
335
Total
563
235
81
89
8
976
2024
Modeled ECL
Other special risk factors
Post-model adjustments
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
1
0
0
0
0
1
General governments
105
0
0
0
0
105
Banks
3
0
0
0
0
4
Other financial corporations
45
0
0
0
0
45
Non-financial corporations
195
169
179
12
4
559
Households
248
0
0
89
13
350
Total
596
169
179
101
17
1,063
In addition to the modeled ECL (before in-model adjustments), overlays in Stage 1 and Stage 2 amounting to \u20ac 413 Million
(previous year: \u20ac 467 Million) were taken into account. Of this amount, \u20ac 89 million (previous year: \u20ac 196 million) related to the
war in Ukraine, and \u20ac 324 million (previous year: \u20ac 270 million) to macroeconomic risk (spill-over effects and other).
An amount of \u20ac 18 million (previous year: \u20ac 18 Million) was recognized in the spill-over effects due to climate risks. Of this
amount, \u20ac 14 million (previous year: \u20ac 9 Million) relates to corporate customers and \u20ac 4 million (previous year: \u20ac 6 Million) to
retail customers.
Non-Retail Overlays
For corporate customers, additional impairments were recognized in the amount of \u20ac 235 million (previous year: \u20ac 169 million)
for macroeconomic effects. These overlays account for risks which are not included in the country-specific branch matrix. They
comprise both global economic policy risks, such as tariffs and counter-tariffs, and expected downgrades of corporate clients
due to circumstances such as higher energy prices, inflation, and supply chain disruptions as well as lower revenues and higher
costs stemming from rising energy costs, particularly from the previous years.
In Ukraine, additional impairments in the amount of \u20ac 81 million (previous year: \u20ac 83 million) were recognized in the form of
management overlays for the impacts of the war. These additional provisions resulted from modeling the sustained
destruction of infrastructure as well as the continued bombardment of the affected infrastructure. In the previous year, these
risks were presented as geopolitical risks, together with the EU and US sanction risks concerning Russian customers, totaling
\u20ac\u00a0205 million for Russia and Ukraine. The overlays for EU and US sanction risks related to selected Russian customers were fully
released during the fiscal year due to the complete repayment of the effected exposure.
For corporate customers RBI considers the possibility of a short-term disorderly scenario where carbon emissions are more
expensive and fossil energy prices are higher to account for climate and environmental risks. While, for a diversified portfolio
like RBI\u00b4s, the effects tend to net out to a large degree, however there is an elevated risk in some sectors. These are sectors
with customers with low environmental scores such, as oil & gas and construction. Higher probabilities of defaults for these
sectors lead to an increase in the expected credit losses.
Retail Overlays
Over the last years retail customers were severely exposed to increasing inflationary pressure, which impacted their ability to
cover their loan obligations. As part of the IFRS 9 framework, there are PD and LGD macro models at country and product
levels, which serve the need to address these high risks stemming from the macroeconomic environment. However, for certain
countries and portfolios where the macroeconomic models either lag behind the key macroeconomic variables (inflation,
interest rates, unemployment, etc.) or are not part of the model, post-model adjustments are implemented for identified high
risk customer groups. The latter involve a qualitative assessment of exposures for the expected significant increase in credit
risk and their subsequent transfer from Stage 1 to Stage 2, as well as, in particular cases increases of the PD and/or LGD
estimates respectively. The criteria for identifying such credit exposures are based on information from the loan application
and historical payment behavior and are subsequently refined using stressed macroeconomic variables. The post-model
adjustments are reversed either after the risks have materialized by transferring the affected receivables to Stage 3 or if the
expected risks do not materialize.
For the Ukrainian retail portfolio, which has been mostly reclassified as Stage 2 since the beginning of the war, the assessment
of provision coverage is based on local expert judgement, which is obtained from regular contact with individual customers by
the debt collection department. Furthermore, structured customer surveys are carried out to keep up to date with the needs
and potential issues that could influence customers\u2019 ability to make payments. For assets and customers located in occupied
regions or territories, which run a high risk of hostilities or occupation, risk parameters were increased to take into account
higher expected future losses due to the above-mentioned surveys.
Sensitivity analysis
To simulate a range for potential changes to estimates and the related change in impairments, the following sensitivity
analyses of the most significant assumptions affecting the expected impairments were performed as follows.
The sensitivity analysis involved a recalculation of the impairments for expected credit losses in the existing models. The risk
factors and post-model adjustments \u2013 except for the Stage 1 simulations \u2013 are fully included in all scenarios and are not
subject to further adjustments. As a result of the complexity of the model, many drivers are not mutually exclusive.
The tables below provide a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 1 and Stage 2 (weighted by 25 per cent optimistic, 50 per cent baseline and 25 per cent pessimistic scenarios),
and then each scenario weighted by 100 per cent on its own. The optimistic and pessimistic scenarios do not reflect extreme
cases in the sample space of the 25 per cent optimistic and pessimistic scenarios, but rather an economically plausible proxy.
This means that these scenarios are at around 25 per cent and 75 per cent respectively on the distribution curve. In general,
IFRS 9 specific estimates of risk parameters take historical default information into account alongside the current economic
environment. The effects of the estimates based on macroeconomic forecasts are shown in the forward-looking component.
This information is provided for illustrative purposes.
2025
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
904
993
(90)
100 % Base
954
993
(39)
100 % Pessimistic
1,080
993
87
Weighted average (25/50/25 %)
976
993
(18)
2024
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
972
1,033
(61)
100 % Base
1,056
1,033
23
100 % Pessimistic
1,169
1,033
135
Weighted average (25/50/25 %)
1,063
1,033
29
Overall, the macroeconomic scenarios are currently better than the long-term average, leading to an decrease of the forward-
looking component of \u20ac 18 million.
The positive scenario, which is presented in the table below, follows the premise that all exposures are classified as Stage 1 and
all macroeconomic and geopolitical risks are not relevant.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on twelve-month expected losses (Stage 1).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 1
514
572
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2 due to staging
461
490
The negative scenario assumes that all exposures are classified as Stage 2. As a result, all macroeconomic and geopolitical
risks are considered in this analysis.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on lifetime expected losses (Stage 2).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 2
2,063
1,721
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2
1,088
658
The table below provides a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 3 and the pessimistic scenario weighted by 100 per cent. The pessimistic scenario does not reflect an extreme
case from the result range of the 25 per cent most pessimistic scenarios, but an economically plausible representative of it.
Accumulated impairment (Stage 3)
in \u20ac million
2025
2024
Pessimistic scenario
1,801
2,193
Weighted average
1,480
1,909
Increase in provisions due to pessimistic scenario
321
284
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
The following table shows the gross carrying amount and impairment of the financial assets \u2013 amortized cost and financial
assets \u2013 fair value through other comprehensive income that have moved in the reporting period from expected twelve-month
losses (Stage 1) to expected lifetime losses (Stages 2 and 3) or vice versa:
2025
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(6,461)
6,461
(55)
342
0.8%
5.3%
Central banks
(60)
60
0
0
0.0%
0.0%
General governments
(139)
139
0
1
0.1%
0.6%
Banks
(38)
38
0
0
0.0%
0.6%
Other financial corporations
(257)
257
(2)
20
0.6%
7.9%
Non-financial corporations
(3,643)
3,643
(36)
158
1.0%
4.3%
Households
(2,323)
2,323
(17)
163
0.7%
7.0%
Movement from lifetime ECL to 12-
month ECL
6,364
(6,364)
22
(258)
0.3%
4.1%
Central banks
0
0
0
0
-
-
General governments
29
(29)
0
(3)
1.2%
10.3%
Banks
295
(295)
0
(1)
0.0%
0.4%
Other financial corporations
589
(589)
1
(13)
0.2%
2.2%
Non-financial corporations
2,205
(2,205)
15
(171)
0.7%
7.7%
Households
3,245
(3,245)
5
(70)
0.2%
2.2%
The increase in expected credit losses arising from the measurement of the loss allowance moving from twelve-month
expected credit losses to lifetime losses was \u20ac 287 million (previous year: \u20ac 333 million). The decrease in expected credit losses
arising from the measurement of the loss allowance moving from lifetime losses to twelve-month expected credit losses was
\u20ac 237 million (previous year: \u20ac 169 million).
2024
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(5,828)
5,828
(55)
388
0.9%
6.7%
Central banks
0
0
0
0
0.0%
0.0%
General governments
(141)
141
(3)
4
2.5%
3.2%
Banks
(32)
32
0
0
0.0%
0.8%
Other financial corporations
(497)
497
(1)
7
0.3%
1.5%
Non-financial corporations
(3,166)
3,166
(30)
207
0.9%
6.5%
Households
(1,992)
1,992
(20)
169
1.0%
8.5%
Movement from lifetime ECL to 12-
month ECL
5,857
(5,857)
20
(189)
0.3%
3.2%
Central banks
29
(29)
0
0
0.0%
0.0%
General governments
74
(74)
0
(1)
0.0%
1.0%
Banks
214
(214)
0
0
0.1%
0.2%
Other financial corporations
461
(461)
1
(10)
0.2%
2.1%
Non-financial corporations
2,023
(2,023)
10
(82)
0.5%
4.1%
Households
3,055
(3,055)
8
(95)
0.3%
3.1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-465": { "value": "
2025
2024
in \u20ac million
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Gross carrying
amount
Accumulated
impairment
Carrying
amount
Debt securities
38,176
(26)
38,150
30,836
(53)
30,783
Central banks
5
0
5
5
0
5
General governments
32,015
(20)
31,995
25,726
(47)
25,678
Banks
3,872
0
3,872
3,455
(1)
3,455
Other financial corporations
1,400
(1)
1,399
967
(1)
966
Non-financial corporations
885
(5)
880
683
(4)
679
Loans and advances
119,563
(2,205)
117,358
119,676
(2,758)
116,919
Central banks
8,431
0
8,431
13,784
(1)
13,783
General governments
3,917
(9)
3,909
3,816
(9)
3,807
Banks
4,251
(2)
4,249
4,274
(2)
4,272
Other financial corporations
10,020
(52)
9,968
10,526
(169)
10,356
Non-financial corporations
48,514
(1,194)
47,320
46,713
(1,607)
45,106
Households
44,430
(948)
43,482
40,564
(970)
39,594
Total
157,739
(2,231)
155,508
150,512
(2,810)
147,701
Accumulated impairment
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central banks
0
0
0
0
(1)
0
0
0
General governments
(18)
(5)
(6)
0
(40)
(10)
(7)
0
Banks
(1)
(1)
(1)
0
(1)
(1)
(1)
0
Other financial corporations
(9)
(8)
(32)
(4)
(11)
(22)
(119)
(17)
Non-financial corporations
(135)
(246)
(775)
(42)
(194)
(266)
(1,108)
(42)
Households
(114)
(203)
(612)
(19)
(106)
(227)
(615)
(22)
hereof mortgage
(17)
(67)
(134)
(11)
(18)
(82)
(156)
(13)
Total
(278)
(463)
(1,426)
(65)
(353)
(527)
(1,850)
(81)
Accumulated impairment
2025
2024
in \u20ac million
Stage 1
Stage 2
Stage 3
POCI
Stage 1
Stage 2
Stage 3
POCI
Central Europe
(90)
(189)
(391)
(14)
(111)
(182)
(418)
(12)
hereof Czech Republic
(30)
(56)
(134)
4
(35)
(65)
(120)
4
hereof Hungary
(23)
(70)
(31)
(4)
(25)
(62)
(49)
(4)
hereof Slovakia
(36)
(53)
(155)
(7)
(50)
(45)
(153)
(4)
Southeastern Europe
(88)
(130)
(360)
(41)
(102)
(124)
(371)
(40)
hereof Romania
(40)
(52)
(140)
(11)
(50)
(39)
(148)
(12)
Eastern Europe
(6)
(20)
(172)
0
(9)
(118)
(175)
(2)
hereof Russia
(6)
(20)
(172)
0
(9)
(118)
(175)
(2)
Ukraine
(56)
(23)
(115)
(4)
(97)
(52)
(163)
(5)
Austria and other1
(38)
(102)
(388)
(6)
(34)
(50)
(722)
(22)
Total
(278)
(463)
(1,426)
(65)
(353)
(527)
(1,850)
(81)
1 Austria mainly includes the business of the head office and Raiffeisen Bausparkasse Gesellschaft m.b.H. Other also includes any consolidation effects.
Development of impairments
Development of impairments on loans and bonds in the measurement categories of financial assets \u2013 amortized cost, financial
assets \u2013 fair value through other comprehensive income and other demand deposits at banks:
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
407
529
1,854
81
2,871
Increases due to origination and acquisition
290
63
14
0
367
Decreases due to derecognition
(92)
(81)
(397)
(8)
(579)
Changes due to change in credit risk (net)
(241)
(83)
394
(4)
66
Changes due to modifications without derecognition (net)
0
0
(3)
0
(3)
Decrease due to write-offs
0
(1)
(449)
(4)
(454)
Changes due to model/risk parameters
0
0
0
0
0
Change in consolidated group
0
0
0
0
0
Foreign exchange and other
(21)
37
16
1
33
As at 31/12/2025
342
464
1,430
65
2,301
hereof fair value through other comprehensive income
65
1
4
0
70
hereof other demand deposits at banks
0
0
0
0
0
Stage 1
Stage 2
Stage 3
POCI
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
372
978
1,673
107
3,130
Increases due to origination and acquisition
308
127
15
0
450
Decreases due to derecognition
(115)
(268)
(273)
(36)
(692)
Changes due to change in credit risk (net)
(129)
(275)
710
14
320
Changes due to modifications without derecognition (net)
0
0
2
0
2
Decrease due to write-offs
(1)
(2)
(241)
(7)
(251)
Changes due to model/risk parameters
(1)
(1)
0
0
(2)
Change in consolidated group
(2)
(35)
(19)
0
(56)
Foreign exchange and other
(25)
5
(13)
3
(30)
As at 31/12/2024
407
529
1,854
81
2,871
hereof fair value through other comprehensive income
54
3
3
0
59
hereof other demand deposits at banks
0
0
1
0
1
2025
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
231
\u2013
\u2013
231
Banks
4
\u2013
\u2013
4
Other financial corporations
153
\u2013
\u2013
153
Non-financial corporations
73
\u2013
\u2013
73
Debt securities
4,275
(70)
50
4,255
Central banks
26
0
0
26
General governments
3,532
(65)
50
3,517
Banks
573
0
(1)
572
Other financial corporations
8
0
0
8
Non-financial corporations
136
(4)
1
133
Total
4,506
(70)
50
4,486
2024
Gross carrying amount
Accumulated
impairment
Cumulative other
comprehensive income
Carrying amount
in \u20ac million
Equity instruments
211
\u2013
\u2013
211
Banks
4
\u2013
\u2013
4
Other financial corporations
133
\u2013
\u2013
133
Non-financial corporations
74
\u2013
\u2013
74
Debt securities
3,431
(59)
27
3,398
Central banks
389
0
0
389
General governments
2,231
(55)
32
2,207
Banks
685
(1)
(4)
680
Other financial corporations
0
0
0
0
Non-financial corporations
127
(3)
(1)
122
Total
3,642
(59)
27
3,610
(31) Expected credit losses
Expected credit losses from financial instruments should reflect an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information
that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of
future economic conditions.
General approach
The measurement of impairment for expected credit loss on financial assets measured at amortized cost and fair value
through other comprehensive income is an area that requires the use of models and assumptions about future economic
conditions and payment behavior. Judgments are required in applying the accounting requirements for measuring expected
credit losses, inter alia:
\u00b7 Determining criteria for a significant increase in credit risk
\u00b7 Choosing appropriate models and assumptions for the measurement of expected credit losses
\u00b7 Consideration of risk factors beyond the current models
\u00b7 Establishing the number and relative weightings of forward-looking scenarios
\u00b7 Establishing groups of similar financial assets for the purposes of measuring expected credit losses.
Credit risk is the risk of suffering financial loss should customers, clients or market counterparties fail to fulfil their contractual
obligations or fail to do so on time. Credit risk arises mainly from interbank, commercial and personal loans, and loan
commitments, but can also arise from financial guarantees given, such as, credit guarantees, letters of credit, and
acceptances.
Other credit risks arise from investments in debt securities and from trading activities (trading credit risks), as well as from
settlement balances with market counterparties and reverse repurchase agreements.
Models are applied to estimate the likelihood of defaults occurring, the associated loss ratios and the exposure at default. RBI
measures credit risks using the probability of default (PD), exposure at default (EAD) and loss given default (LGD). In addition to
established risks with predictable patterns, new risks - such as geopolitical uncertainty, energy supply and environmental risks
- are emerging. These risks can\u2019t be captured by existing statistical models due to insufficient historical data. However, to
ensure adequate provisioning levels these risks are incorporated in the ECL calculation via management overlays - which can
be split into:
\u00b7 Overlays: These are adjustments which are added outside the model \u2013 i.e. after the model is operated. (Post Model
Adjustments (PMA) belong to this category).
\u00b7 In-model adjustments: These are adjustments which are performed within the IFRS 9 model. It covers adjustments of
the model input, adjustments of the model parameter or ad-hoc adjustments of the model and model calibration
(whereas altering model parameters (LGD and PD) by including forward looking macroeconomic information is not
considered as management overlay).
ESG factors are not yet explicitly included in ECL modelling. However, they are taken into account in the calculation via overlays.\u00a0
Significant increase in the credit risk
RBI considers a financial instrument to have experienced a significant increase in credit risk when one or more of the following
quantitative, qualitative or backstop criteria have been met:
Quantitative criteria
RBI\u2019s rating systems incorporate all available quantitative and qualitative information relevant for forecasting the credit risk
into the PD. This metric is based primarily on a statistical selection and weighting of all available indicators. In addition, the PD
adjusted in accordance with IFRS 9 requirements takes into account not only historical information and the current economic
environment, but also, in particular, forward-looking information such as the forecast for the development of macroeconomic
conditions. As a consequence, RBI uses the PD as a frame of reference for assessing whether the credit risk of a financial
instrument has risen significantly since the date of its initial recognition. By embedding the review of the relative transfer
criterion within the group-wide processes and procedures of credit risk management framework, the bank ensures that a
significant increase in the credit risk is identified in a reliable and timely manner based on objective criteria. The review to
determine whether the credit default risk as at the financial reporting date has risen significantly since the initial recognition of
the respective financial instrument is performed as at the reporting date. This review compares the observed probability of
default over the residual maturity of the financial instrument (Lifetime PD) against the lifetime PD over the same period as
expected on the date of recognition.
Given the different nature of products between non-retail and retail customers, the methods for assessing potential
significant increases in credit risk also differ slightly.
In order to make the two curves for credit risk of non-retail customers comparable, the PDs are scaled down to annualized PDs.
A significant increase in credit risk is considered to have occurred if the PD increase was at least 250 per cent. For longer
maturities the threshold of 250 per cent is reduced to account for a maturity effect.
For retail exposures, the remaining cumulative PDs are compared as the logit difference (logit is in statistics the natural
logarithm of a probability) between lifetime PD at reporting date and lifetime PD at origination conditional to survival up to the
reporting date. A significant increase in credit risk is considered to have occurred once this logit difference is above a certain
threshold. The threshold levels are calculated separately for each portfolio which is covered by individual rating-based lifetime
PD models. Based on historical data, the thresholds are estimated as a specific quantile of the distribution of the above-
mentioned logit differences on the worsening portfolio (defined by country and product such as mortgage loans, credit cards
and SME loans). That usually translates to a PD increase between 150 and up to 250 per cent, dependent on the default
behavior of the different portfolios.
Qualitative criteria
RBI uses qualitative criteria in addition to quantitative criteria to recognize a significant increase in credit risk for all material
portfolios.
For the corporate customer, sovereign, bank and project finance portfolios, a transfer to Stage 2 takes place if the borrower
meets one or more of the following criteria:
\u00b7 Detection of credit deterioration in the early warning system
\u00b7 Changes in contract terms as a forbearance measure
\u00b7 External risk factors with a potentially significant impact on the client\u2019s repayment ability
The assessment of a significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all corporate customer, sovereign, bank and project finance portfolios held by RBI.
For retail portfolios, a Stage 2 transfer takes place if the borrower meets one or more of the following qualitative criteria:
\u00b7 Forbearance flag active
\u00b7 Default of material exposure (> 20 per cent of total exposure) of the same customer on another product (PI
segment)
\u00b7 Holistic approach \u2013 applicable for cases where new forward-looking information becomes available for a segment
or portion of the portfolio and this information is not yet captured in the rating system. If such cases are identified,
management measures this portfolio with lifetime expected credit losses (as a collective assessment).
The assessment of significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all retail portfolios held by RBI.
Backstop criteria
A backstop is applied, and the financial instrument considered to have experienced a significant increase in credit risk if
contractual payments are more than 30 days overdue. In rare cases, it is possible to override the 30-day rule; however, this
exception is not implemented at RBI.
Low credit risk exemption
In selected cases for sovereign debt securities, RBI makes use of the low credit risk exemption. All securities which are
presented as low credit risk have a rating equivalent to investment grade or better, i.e. minimum S&P BBB-, Moody\u2019s Baa3 or
Fitch BBB-. This exemption does not apply to the lending business.
Definition of default and credit-impaired assets
RBI uses the same definition of default for the purposes of calculating expected credit losses under IFRS 9 as for its CRR capital
reporting (Basel III). This definition also places a defaulted receivable in Stage 3.
Default is assessed by referring to quantitative and qualitative triggers. The condition for default is, firstly, when contractual
payments are more than 90 days past due. Secondly, a loan is considered to be in default if there are significant financial
difficulties and any credit obligation is unlikely to be repaid in full. The definition of default has been applied consistently to
model the probability of default (PD), exposure at default (EAD) and loss given default (LGD) throughout RBI\u2019s expected loss
calculations.
Explanation of inputs, assumptions and estimation techniques
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in
credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking
economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary
by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD),
exposure at default (EAD) and discount factor (D).
Probability of Default (PD)
The probability of default represents the likelihood of a borrower defaulting on its financial obligation either over the next
twelve months or over the remaining lifetime of the obligation. In general, the lifetime probability of default is calculated using
the regulatory twelve-month probability of default, stripped of any conservative adjustments, as a starting point. Thereafter
various statistical methods are used to generate an estimate of how the default profile will develop from the point of initial
recognition throughout the lifetime of the loan or portfolio of loans. The default profile is based on historical observed data.
Different models have been used to estimate the default profile of outstanding lending amounts and these can be grouped
into the following categories:
\u00b7 Corporate customers, project finance and financial institutions: The default profile is generated using a parametric
survival regression (Burr-Type 12 and Weibull) approach. Forward-looking information is incorporated into the
probability of default using an one factor model. The default rate calibration is adjusted for shorter maturities and
early repayments.
\u00b7 Retail lending and mortgage loans: The default profile is generated using parametric survival regression in a
competing risk framework. Forward-looking information is incorporated into the probability of default using satellite
models.
\u00b7 Sovereigns, local and regional governments, insurance companies and collective investment undertakings: The
default profile is generated using a transition matrix approach. Forward-looking information is incorporated into the
probability of default using an one factor model.
In the limited circumstances where some inputs are not fully available, grouping, averaging and benchmarking of inputs are
used for the calculation.
Loss Given Default (LGD)
Loss given default represents RBI\u2019s expectation of the extent of loss on a defaulted exposure. Loss given default is expressed
as a percentage loss per unit of exposure at the time of default.
Different models are used to estimate the loss given default of outstanding lending amounts and these can be grouped into
the following categories:
\u00b7 Corporate customers, project finance, financial institutions, local and regional governments, insurance companies:
The loss given default is generated by discounting cash flows collected during the workout process. Forward-looking
information is incorporated into the loss given default using an one factor model. While real estate collateral is
directly considered in the reduction of the outstanding receivable amount, other collateral types have a reducing
effect already during the modeling in the statistical average of the loss given default.
\u00b7 Retail lending and mortgage loans: The loss given default is generated by stripping the downturn adjustments and
other margins of conservatism form the regulatory loss given default. Forward-looking information is incorporated
into the loss given default using various satellite models.
\u00b7 Sovereigns: The loss given default is found by using market implied sources.
Depending on the type of lending company (bank/leasing) different LGD estimates are applied.
In the limited circumstances where some inputs are not fully available, alternative recovery models, benchmarking of inputs
and expert judgment are used for the calculation.
Exposure at Default (EAD)
Exposure at default is based on the amount RBI expects to be owed at the time of default. The twelve-month and lifetime
EADs are determined based on the expected payment profile, which varies by contract type. For amortizing products and bullet
repayment loans, this is based on the contractual repayments owed by the borrower over a twelve-month or lifetime basis. If
not already taken into account in the PD estimate over the loan term, early (full) repayment/refinance assumptions are also
considered in the calculation.
For revolving products, the exposure at default is determined by taking current drawn balance and adding the expected
utilization of the remaining limit . This additional amount is the product of the remaining limit and credit conversion factor. The
prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs
are not fully available benchmarking of inputs is used for the calculation.
Discount factor (D)
For financial assets and assets off the statement of financial position which are not leasing or POCI, the discount factor used
in the expected credit loss calculation is derived from the effective interest rate or an approximation thereof.
Calculation
For loans in Stage 1 and 2, the expected credit loss is the product of PD, LGD and EAD multiplied by the probability not to
default prior to the considered time period. The latter is expressed by the survivorship function S. This calculates future values
of expected credit losses, which are then discounted back to the reporting date and summed. The calculated values of
expected credit losses are then weighted by forward-looking scenario.
Different models have been used to estimate the provisions in Stage 3, and these can be grouped into the following categories:
\u00b7 Corporate customers, project finance, sovereigns, financial institutions, local and regional governments, insurance
companies and collective investment undertakings: Stage 3 provisions are calculated by workout managers who
discount expected cash flows by the appropriate effective interest rate.
\u00b7 For retail loans, Stage 3 impairments are determined for the majority of Group units by calculating the statistically
derived best estimate of expected loss adjusted for indirect costs.
Shared credit risk characteristics
Stage 1, Stage 2 and Stage 3 provisions for retail customers are measured on a collective basis. For non-retail business in Stage
3, most of the provisions are individually assessed. For expected credit losses modelled on a collective basis, a grouping of
exposures is performed on the basis of shared credit risk characteristics so that the exposures within each group are similar.
Retail exposure characteristics are grouped according to country, customer classification (households and SMEs), product (e.g.
mortgage, personal loans, overdraft facilities or credit cards), PD rating grade and LGD pool. Each combination of the above
characteristics is considered as a group with a uniform expected loss profile.
Non-retail exposure characteristics are assigned to a probability of default according to rating grade and customer segment.
This groups customer types into individual assessment models. For the determination of LGD and EAD parameters, the
portfolio is grouped by country.
Forward-looking information
As a rule, the risk parameters specific to IFRS 9 are estimated not only on historical default information but also particularly on
the current economic environment and forward-looking information. This assessment primarily involves regularly reviewing the
effects which RBI's macroeconomic forecasts will have regarding the amount of the ECL and including these effects in the
determination of the ECL.
The assessment of significant increases in credit risk and the calculation of expected credit losses both incorporate forward-
looking information. RBI has performed historical analysis and identified the key economic variables impacting credit risk and
expected credit losses.
These economic variables and their associated impact on the probability of default and loss given default vary by category.
Forecasts of these economic variables (the base economic scenario) are provided by Raiffeisen Research on a quarterly basis
and provide the best estimate view of the economy over the next three years. Beyond three years, no macroeconomic
adjustment is carried out. That means that after three years, to project the economic variables for the full remaining lifetime
of each instrument, a mean reversion approach has been used, which means that economic variables tend to revert to either a
long-term average rate or a long-term average growth rate until maturity. The impact of these economic variables on the
probability of default and loss given default has been determined by performing statistical regression to understand the
impact changes in these variables have had historically on default rates and on the components of loss given default.
In addition to the base economic scenario, Raiffeisen Research also estimates an optimistic and a pessimistic scenario to
ensure that the non-linearity of the ECL, depending on macroeconomic conditions, is captured.
In both the pessimistic and optimistic scenarios, the methodology was adjusted as a result of the high level of uncertainty. As
with any economic forecast, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty;
therefore, the actual outcomes may be significantly different from those projected. RBI considers these forecasts to represent
its best estimate of the future outcomes and cover any potential non-linearities and asymmetries within RBI\u2019s different
portfolios.
The most significant assumptions used as a starting point for the expected credit loss estimates at year-end are shown below
(source: Raiffeisen Research, November 2025, exclusive Ukraine).
Real GDP
Unemployment
2026
2027
2028
2026
2027
2028
Upside scenario
3.9%
3.6%
3.6%
4.2%
4.2%
4.2%
Croatia
Base
2.6%
2.5%
2.5%
4.9%
4.8%
4.8%
Downside scenario
0.4%
0.6%
0.6%
6.6%
6.2%
6.2%
Upside scenario
1.6%
1.6%
1.6%
5.1%
5.0%
4.7%
Austria
Base
0.8%
1.0%
1.0%
5.4%
5.3%
5.0%
Downside scenario
(0.4)%
0.0%
0.0%
5.7%
5.8%
6.0%
Upside scenario
4.0%
3.6%
3.6%
4.1%
4.1%
4.0%
Poland
Base
3.3%
3.0%
3.0%
5.0%
4.9%
4.8%
Downside scenario
2.2%
2.1%
2.1%
7.2%
6.8%
6.7%
Upside scenario
2.1%
2.0%
2.0%
3.1%
3.2%
3.2%
Russia
Base
0.9%
0.9%
0.9%
3.5%
3.5%
3.5%
Downside scenario
(1.1)%
(0.8)%
(0.8)%
4.3%
4.2%
4.2%
Upside scenario
2.5%
3.5%
3.7%
5.3%
5.0%
4.6%
Romania
Base
1.3%
2.5%
2.7%
5.6%
5.2%
4.8%
Downside scenario
(0.6)%
0.8%
1.0%
6.2%
5.7%
5.3%
Upside scenario
3.7%
3.8%
4.3%
8.1%
7.7%
7.7%
Serbia
Base
2.8%
3.0%
3.5%
9.0%
8.5%
8.5%
Downside scenario
1.2%
1.7%
2.2%
11.0%
10.2%
10.2%
Upside scenario
2.5%
2.6%
2.9%
4.5%
4.6%
4.5%
Slovakia
Base
1.5%
1.7%
2.0%
5.4%
5.4%
5.3%
Downside scenario
(0.2)%
0.2%
0.6%
7.4%
7.2%
7.1%
Upside scenario
2.9%
3.3%
3.3%
4.3%
4.2%
4.1%
Czech Republic
Base
2.0%
2.5%
2.5%
4.6%
4.5%
4.4%
Downside scenario
0.5%
1.2%
1.2%
5.3%
5.1%
5.0%
Upside scenario
3.0%
3.2%
3.8%
4.0%
4.0%
3.8%
Hungary
Base
2.0%
2.4%
3.0%
4.5%
4.4%
4.2%
Downside scenario
0.4%
1.0%
1.6%
5.5%
5.3%
5.1%
Long-term bond rate
Real estate prices
2026
2027
2028
2026
2027
2028
Upside scenario
2.2%
2.3%
2.3%
7.3%
6.5%
6.2%
Croatia
Base
3.2%
3.2%
3.2%
3.0%
2.8%
2.5%
Downside scenario
4.2%
4.0%
4.0%
1.0%
1.1%
0.8%
Upside scenario
2.3%
2.4%
2.4%
4.8%
4.9%
4.9%
Austria
Base
3.2%
3.2%
3.2%
2.5%
3.0%
3.0%
Downside scenario
4.1%
4.0%
3.9%
1.5%
2.1%
2.1%
Upside scenario
3.3%
2.7%
2.7%
5.6%
5.9%
4.1%
Poland
Base
4.6%
3.8%
3.8%
2.3%
3.0%
1.2%
Downside scenario
5.8%
4.8%
4.8%
0.7%
1.7%
0.5%
Upside scenario
11.7%
9.7%
9.4%
22.5%
13.1%
13.1%
Russia
Base
12.8%
10.6%
10.3%
13.0%
5.0%
5.0%
Downside scenario
13.8%
11.5%
11.1%
8.7%
1.3%
1.3%
Upside scenario
5.4%
4.4%
3.7%
6.1%
5.0%
6.8%
Romania
Base
6.5%
5.3%
4.6%
2.8%
2.2%
4.0%
Downside scenario
7.5%
6.2%
5.5%
1.3%
0.9%
2.7%
Upside scenario
4.0%
3.9%
3.8%
9.9%
9.2%
8.7%
Serbia
Base
4.7%
4.5%
4.4%
4.5%
4.5%
4.0%
Downside scenario
5.3%
5.0%
4.9%
2.0%
2.4%
1.9%
Upside scenario
2.1%
2.2%
2.1%
10.3%
8.5%
8.5%
Slovakia
Base
3.1%
3.0%
2.9%
5.0%
4.0%
4.0%
Downside scenario
3.9%
3.7%
3.7%
2.6%
2.0%
2.0%
Upside scenario
3.3%
3.5%
3.5%
12.7%
9.5%
8.5%
Czech Republic
Base
4.2%
4.3%
4.3%
8.6%
6.0%
5.0%
Downside scenario
5.0%
5.0%
5.0%
6.7%
4.4%
3.4%
Upside scenario
5.6%
5.5%
5.2%
11.0%
8.8%
8.8%
Hungary
Base
6.8%
6.5%
6.2%
6.0%
4.5%
4.5%
Downside scenario
7.8%
7.4%
7.1%
3.7%
2.6%
2.6%
Consumer price index
Short-term interest rate
2026
2027
2028
2026
2027
2028
Upside scenario
2.3%
1.7%
1.4%
1.7%
1.7%
1.8%
Croatia
Base
3.0%
2.3%
2.0%
2.1%
2.1%
2.1%
Downside scenario
3.9%
3.1%
2.8%
2.8%
2.7%
2.7%
Upside scenario
2.0%
1.8%
1.7%
1.7%
1.7%
1.8%
Austria
Base
2.5%
2.3%
2.2%
2.1%
2.1%
2.1%
Downside scenario
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Upside scenario
1.9%
1.8%
2.0%
2.8%
2.6%
2.2%
Poland
Base
2.9%
2.7%
2.6%
3.8%
3.4%
3.0%
Downside scenario
4.2%
3.8%
4.0%
5.6%
5.0%
4.6%
Upside scenario
4.1%
3.0%
2.8%
12.4%
8.0%
7.5%
Russia
Base
5.6%
4.2%
4.0%
13.2%
8.7%
8.2%
Downside scenario
7.4%
5.7%
5.5%
14.7%
10.0%
9.5%
Upside scenario
6.1%
2.4%
1.8%
5.0%
3.8%
2.7%
Romania
Base
7.1%
3.3%
2.7%
5.8%
4.5%
3.4%
Downside scenario
8.4%
4.4%
3.8%
7.3%
5.8%
4.7%
Upside scenario
2.6%
2.7%
1.7%
2.8%
2.4%
1.7%
Serbia
Base
3.8%
3.7%
2.8%
4.2%
3.5%
2.8%
Downside scenario
5.3%
4.9%
4.0%
6.7%
5.7%
5.0%
Upside scenario
2.6%
2.5%
1.4%
1.7%
1.7%
1.8%
Slovakia
Base
3.7%
3.4%
2.3%
2.1%
2.1%
2.1%
Downside scenario
5.0%
4.5%
3.4%
2.8%
2.7%
2.7%
Upside scenario
1.4%
1.8%
1.6%
2.9%
3.2%
3.4%
Czech Republic
Base
2.3%
2.6%
2.4%
3.3%
3.5%
3.8%
Downside scenario
3.4%
3.6%
3.4%
4.2%
4.3%
4.5%
Upside scenario
3.2%
3.6%
2.4%
5.3%
4.5%
3.9%
Hungary
Base
4.4%
4.6%
3.4%
6.3%
5.3%
4.7%
Downside scenario
10.8%
8.8%
4.6%
8.0%
6.8%
6.2%
Due to the ongoing war in Ukraine, the optimistic scenario for Ukraine was was excluded from the calculations. Furthermore,
the pessimistic scenario is not based on the mathematical approach published by Raiffeisen Research, but on a narrative
presentation with a probability weighting of 50 per cent. Since historical data for Ukraine are not representative or are partially
unavailable due to current circumstances, a derived real GDP and a derived short-term interest rate were included as
macroeconomic input parameters in the Ukrainian ECL calculation.
Real GDP
Short-term interest rate
2025
2026
2027
2025
2026
2027
Upside scenario
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ukraine
Base
3.0%
4.5%
4.0%
13.3%
10.3%
8.8%
Downside scenario
(14.8)%
(8.2)%
(3.0)%
22.3%
18.3%
17.0%
A large number of macroeconomic variables were analyzed for the model development and the most important ones were
used for the model. The model employed is a regression model with the aim of explaining changes in or the level of the default
rate. The following types of macro variables were considered as drivers of the credit cycle: real GDP growth, unemployment
rate, 3-month money market rate, 10-year government bond yield, 10 year government bond yield spread to Germany, housing
price index, FX rates, and the HICP inflation rate. For each country (or portfolio in case of retail exposure), a relevant set is
determined based on the ability to explain historically observed default rates. Through the cycle, PDs are overlaid with the
results of the macro-economic model to reflect the current and expected state of economy. For corporate customers,
additionally the condition of the credit cycle is also taken into account depending on the industry. While no further adjustment
is made to the effect of the macro models for corporate customers in industries with a neutral outlook, the expected credit risk
is assumed as additionally increased for corporate customers in industries with a poor outlook. For non-retail exposure for LGD,
the macro model is applied on the underlying cure rates, i.e. a positive macro-economic outlook drives up the cure rates and
this reduces the LGD. For retail exposures, the workout LGD is modelled in a similar manner to the default rates either directly
or as well via the components like cure rate, loss given cure as well as loss given non-cure. The long-run average LGDs are
overlaid with the results of the macro models to reflect current and expected state of economy. The weightings assigned to
each scenario at the end of the reporting year-end are as follows: 25 per cent optimistic, 50 per cent base and 25 per cent
pessimistic scenarios.
For corporate customers, the following risks and complications resulting from current economic and political developments are
included in the macroeconomic models. Historically high inflation rates in combination with higher key interest rates led to an
increase in financing cost for companies. This development is incorporated into the models of major parts of the portfolio
through a change in the 3-month money market rate and the yield on government bonds, resulting in an increase in expected
default risk. While high inflation rates may be associated with higher default risk in bivariant analyses, the underlying drivers of
higher default risk are actually higher interest rates as a result of higher inflation and economic growth trending downwards,
which often occur simultaneously. These drivers are directly captured in the economic growth and interest rate models. In
macroeconomic terms, the COVID pandemic and its aftermath were characterized by extremely high volatility, starting with a
strong decline in real GDP followed by a similar rate of positive economic growth. In contrast to comparable recessions after
the great financial crisis, these developments have not been met by a wave of insolvencies and defaults in many countries and
portfolios, which can be attributed to two factors. For one, the COVID-driven recession primarily consisted of a temporary
suspension of economic activity, which did not necessitate significant structural adjustments. Furthermore, massive political
measures were taken to support the economy to avoid long-term consequences stemming from events such as
unemployment and insolvencies. These developments underscore how the relationship between macroeconomic indicators
and credit risk are influenced by circumstances that are difficult to capture by quantitative means. To avoid the
macroeconomic models from implicitly assuming that a sharp decline in GDP growth will always be accompanied by significant
countervailing policy measures \u2014 as observed during the COVID-19 pandemic \u2014 additional parameters have been incorporated
into the models.These adjustments are specifically applied to segments where no significant rise in default risk was seen
during the COVID period, ensuring that the model\u2019s predictions remain accurate without distortion.
The core assumption underlying the application of macroeconomic credit risk models is that the empirical correlations
between macroeconomic indicators and default risk can be extrapolated to future.
Management Overlays
In situations where the existing input parameters, assumptions and modelling do not cover all relevant novel risk factors,
management overlays are a viable solution to ensure adequate provisioning despite a lack of sufficient historical data. This is
generally the case if there are temporary circumstances, or time constraints which prevent the adequate incorporation of
relevant new information into the rating, and if individual loans within a loan portfolio develop differently than originally
expected. In view of the given circumstances, in particular the war in Ukraine and the economic dislocations it has caused, it is
necessary to reflect additional risks in the impairments. All of these adjustments are approved locally by the subsidiaries and
centrally by the Group Risk Committee (GRC). There are portfolio-specific adjustments due to the war and associated
sanctions, which are presented in the category geopolitical risk. Their application period is limited in time, often for the
duration of specific economic crises or until models are adjusted. Their use is reviewed quarterly.
For the central models in the corporate segment, the additional risk is considered by applying in-model adjustments
(parameter adjustments within the model). In-model adjustments can be performed on different model parameters like IFRS 9
PD curves, future exposure profiles, LGD, etc. The criteria for applying in-model adjustments are governed by strict rules and
include amongst others extended requirements for evidence of the novel risk factor, analysis of potential overlap with existing
IFRS 9 parameters and credit risk rating, detailed documentation and strong governance. In case the in-model adjustment
increases the applied PD, this higher PD is also applied for staging decision. The in-model adjustments undergo regular reviews
at least quarterly. The in-model adjustment remains in effect as long as the identified novel risk factor is persistent and not
fully accounted for by existing models.
In the retail segment, in-model adjustments have also been implemented where appropriate. However, post-model
adjustments remain the predominant approach for addressing emerging risks. These overlays are applied on top of the
existing models to calculate expected credit losses. While post-model adjustments are generally considered temporary
measures - typically valid for one to two years - they serve as a safeguard against potential distortions. If the identified risks
persist over a longer horizon, they are addressed through model updates or adjustments to model inputs, including in-model
adjustments, to ensure that the models adequately capture the evolving risk profile
The overlays are shown in the table below and split according to the relevant categories.
2025
Modeled ECL
Non-Retail Overlays
Retail Overlays
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
0
0
0
0
0
0
General governments
80
0
8
0
0
89
Banks
2
0
0
0
0
2
Other financial corporations
19
8
0
0
0
26
Non-financial corporations
215
226
73
10
1
524
Households
247
1
0
79
7
335
Total
563
235
81
89
8
976
2024
Modeled ECL
Other special risk factors
Post-model adjustments
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
1
0
0
0
0
1
General governments
105
0
0
0
0
105
Banks
3
0
0
0
0
4
Other financial corporations
45
0
0
0
0
45
Non-financial corporations
195
169
179
12
4
559
Households
248
0
0
89
13
350
Total
596
169
179
101
17
1,063
In addition to the modeled ECL (before in-model adjustments), overlays in Stage 1 and Stage 2 amounting to \u20ac 413 Million
(previous year: \u20ac 467 Million) were taken into account. Of this amount, \u20ac 89 million (previous year: \u20ac 196 million) related to the
war in Ukraine, and \u20ac 324 million (previous year: \u20ac 270 million) to macroeconomic risk (spill-over effects and other).
An amount of \u20ac 18 million (previous year: \u20ac 18 Million) was recognized in the spill-over effects due to climate risks. Of this
amount, \u20ac 14 million (previous year: \u20ac 9 Million) relates to corporate customers and \u20ac 4 million (previous year: \u20ac 6 Million) to
retail customers.
Non-Retail Overlays
For corporate customers, additional impairments were recognized in the amount of \u20ac 235 million (previous year: \u20ac 169 million)
for macroeconomic effects. These overlays account for risks which are not included in the country-specific branch matrix. They
comprise both global economic policy risks, such as tariffs and counter-tariffs, and expected downgrades of corporate clients
due to circumstances such as higher energy prices, inflation, and supply chain disruptions as well as lower revenues and higher
costs stemming from rising energy costs, particularly from the previous years.
In Ukraine, additional impairments in the amount of \u20ac 81 million (previous year: \u20ac 83 million) were recognized in the form of
management overlays for the impacts of the war. These additional provisions resulted from modeling the sustained
destruction of infrastructure as well as the continued bombardment of the affected infrastructure. In the previous year, these
risks were presented as geopolitical risks, together with the EU and US sanction risks concerning Russian customers, totaling
\u20ac\u00a0205 million for Russia and Ukraine. The overlays for EU and US sanction risks related to selected Russian customers were fully
released during the fiscal year due to the complete repayment of the effected exposure.
For corporate customers RBI considers the possibility of a short-term disorderly scenario where carbon emissions are more
expensive and fossil energy prices are higher to account for climate and environmental risks. While, for a diversified portfolio
like RBI\u00b4s, the effects tend to net out to a large degree, however there is an elevated risk in some sectors. These are sectors
with customers with low environmental scores such, as oil & gas and construction. Higher probabilities of defaults for these
sectors lead to an increase in the expected credit losses.
Retail Overlays
Over the last years retail customers were severely exposed to increasing inflationary pressure, which impacted their ability to
cover their loan obligations. As part of the IFRS 9 framework, there are PD and LGD macro models at country and product
levels, which serve the need to address these high risks stemming from the macroeconomic environment. However, for certain
countries and portfolios where the macroeconomic models either lag behind the key macroeconomic variables (inflation,
interest rates, unemployment, etc.) or are not part of the model, post-model adjustments are implemented for identified high
risk customer groups. The latter involve a qualitative assessment of exposures for the expected significant increase in credit
risk and their subsequent transfer from Stage 1 to Stage 2, as well as, in particular cases increases of the PD and/or LGD
estimates respectively. The criteria for identifying such credit exposures are based on information from the loan application
and historical payment behavior and are subsequently refined using stressed macroeconomic variables. The post-model
adjustments are reversed either after the risks have materialized by transferring the affected receivables to Stage 3 or if the
expected risks do not materialize.
For the Ukrainian retail portfolio, which has been mostly reclassified as Stage 2 since the beginning of the war, the assessment
of provision coverage is based on local expert judgement, which is obtained from regular contact with individual customers by
the debt collection department. Furthermore, structured customer surveys are carried out to keep up to date with the needs
and potential issues that could influence customers\u2019 ability to make payments. For assets and customers located in occupied
regions or territories, which run a high risk of hostilities or occupation, risk parameters were increased to take into account
higher expected future losses due to the above-mentioned surveys.
Sensitivity analysis
To simulate a range for potential changes to estimates and the related change in impairments, the following sensitivity
analyses of the most significant assumptions affecting the expected impairments were performed as follows.
The sensitivity analysis involved a recalculation of the impairments for expected credit losses in the existing models. The risk
factors and post-model adjustments \u2013 except for the Stage 1 simulations \u2013 are fully included in all scenarios and are not
subject to further adjustments. As a result of the complexity of the model, many drivers are not mutually exclusive.
The tables below provide a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 1 and Stage 2 (weighted by 25 per cent optimistic, 50 per cent baseline and 25 per cent pessimistic scenarios),
and then each scenario weighted by 100 per cent on its own. The optimistic and pessimistic scenarios do not reflect extreme
cases in the sample space of the 25 per cent optimistic and pessimistic scenarios, but rather an economically plausible proxy.
This means that these scenarios are at around 25 per cent and 75 per cent respectively on the distribution curve. In general,
IFRS 9 specific estimates of risk parameters take historical default information into account alongside the current economic
environment. The effects of the estimates based on macroeconomic forecasts are shown in the forward-looking component.
This information is provided for illustrative purposes.
2025
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
904
993
(90)
100 % Base
954
993
(39)
100 % Pessimistic
1,080
993
87
Weighted average (25/50/25 %)
976
993
(18)
2024
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
972
1,033
(61)
100 % Base
1,056
1,033
23
100 % Pessimistic
1,169
1,033
135
Weighted average (25/50/25 %)
1,063
1,033
29
Overall, the macroeconomic scenarios are currently better than the long-term average, leading to an decrease of the forward-
looking component of \u20ac 18 million.
The positive scenario, which is presented in the table below, follows the premise that all exposures are classified as Stage 1 and
all macroeconomic and geopolitical risks are not relevant.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on twelve-month expected losses (Stage 1).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 1
514
572
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2 due to staging
461
490
The negative scenario assumes that all exposures are classified as Stage 2. As a result, all macroeconomic and geopolitical
risks are considered in this analysis.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on lifetime expected losses (Stage 2).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 2
2,063
1,721
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2
1,088
658
The table below provides a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 3 and the pessimistic scenario weighted by 100 per cent. The pessimistic scenario does not reflect an extreme
case from the result range of the 25 per cent most pessimistic scenarios, but an economically plausible representative of it.
Accumulated impairment (Stage 3)
in \u20ac million
2025
2024
Pessimistic scenario
1,801
2,193
Weighted average
1,480
1,909
Increase in provisions due to pessimistic scenario
321
284
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
The following table shows the gross carrying amount and impairment of the financial assets \u2013 amortized cost and financial
assets \u2013 fair value through other comprehensive income that have moved in the reporting period from expected twelve-month
losses (Stage 1) to expected lifetime losses (Stages 2 and 3) or vice versa:
2025
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(6,461)
6,461
(55)
342
0.8%
5.3%
Central banks
(60)
60
0
0
0.0%
0.0%
General governments
(139)
139
0
1
0.1%
0.6%
Banks
(38)
38
0
0
0.0%
0.6%
Other financial corporations
(257)
257
(2)
20
0.6%
7.9%
Non-financial corporations
(3,643)
3,643
(36)
158
1.0%
4.3%
Households
(2,323)
2,323
(17)
163
0.7%
7.0%
Movement from lifetime ECL to 12-
month ECL
6,364
(6,364)
22
(258)
0.3%
4.1%
Central banks
0
0
0
0
-
-
General governments
29
(29)
0
(3)
1.2%
10.3%
Banks
295
(295)
0
(1)
0.0%
0.4%
Other financial corporations
589
(589)
1
(13)
0.2%
2.2%
Non-financial corporations
2,205
(2,205)
15
(171)
0.7%
7.7%
Households
3,245
(3,245)
5
(70)
0.2%
2.2%
The increase in expected credit losses arising from the measurement of the loss allowance moving from twelve-month
expected credit losses to lifetime losses was \u20ac 287 million (previous year: \u20ac 333 million). The decrease in expected credit losses
arising from the measurement of the loss allowance moving from lifetime losses to twelve-month expected credit losses was
\u20ac 237 million (previous year: \u20ac 169 million).
2024
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(5,828)
5,828
(55)
388
0.9%
6.7%
Central banks
0
0
0
0
0.0%
0.0%
General governments
(141)
141
(3)
4
2.5%
3.2%
Banks
(32)
32
0
0
0.0%
0.8%
Other financial corporations
(497)
497
(1)
7
0.3%
1.5%
Non-financial corporations
(3,166)
3,166
(30)
207
0.9%
6.5%
Households
(1,992)
1,992
(20)
169
1.0%
8.5%
Movement from lifetime ECL to 12-
month ECL
5,857
(5,857)
20
(189)
0.3%
3.2%
Central banks
29
(29)
0
0
0.0%
0.0%
General governments
74
(74)
0
(1)
0.0%
1.0%
Banks
214
(214)
0
0
0.1%
0.2%
Other financial corporations
461
(461)
1
(10)
0.2%
2.1%
Non-financial corporations
2,023
(2,023)
10
(82)
0.5%
4.1%
Households
3,055
(3,055)
8
(95)
0.3%
3.1%
(41) Credit risk
Credit risk is the largest risk for the Group\u2019s business. Credit risk means the risk of suffering financial loss should any of the
Group\u2019s customers or counterparties fail to fulfil their contractual obligations to the Group. Credit risk arises mainly from loans
and advances to banks, loans and advances to customers, lending commitments and financial guarantees given. The Group is
also exposed to other credit risks arising from investments in debt securities and other exposures associated with trading
activities, derivatives, settlement agreements and reverse repo transactions.
Limit application process
In the non-retail area, each lending transaction runs through the limit application process before a decision is made. This
process covers \u2013 besides new lending \u2013 increases in existing limits, rollovers, overdrafts, and changes in the risk profile of a
borrower (e.g. with respect to the financial situation of the borrower, the agreed terms and conditions, or the collateral
furnished) compared to the time of the original lending decision. It is also used when setting counterparty limits for trading and
new issuance operations as well as other credit limits, and for equity investments subject to credit risk.
Credit decisions are made within the context of a competence authority hierarchy based on the size and type of the loan.
Approval from the business and the credit risk management divisions is always required when making individual limit decisions
or performing regular rating renewals. If the individual decision-making parties disagree, the potential transaction is decided
upon by the next higher-ranking credit authority.
The whole limit application process is based on defined uniform principles and rules. Account management for multinational
customers doing business with more than one RBI unit simultaneously is supported by the Global Account Management
System, for example. This is made possible by group-wide unique customer identification in the non-retail asset classes.
The limit application process in the retail division is automated to a great degree due to the high number of applications and
relatively low exposure amounts. Limit applications are often assessed and approved in central processing centers based on
credit score cards. This process is facilitated by the respective IT systems.
Credit portfolio management
Credit portfolio management in the Group is, among other aspects, based on the credit portfolio strategy which is in turn
based on the business and risk strategy. The strategy selected is used to limit the exposure amount in different countries,
industries or product types and thus prevents undesired risk concentrations. Additionally, the long-term potentials of different
markets are continuously analyzed. This allows for an early strategic repositioning of future lending activities.
Reconciliation of figures from the IFRS consolidated financial statements to credit
exposure (according to CRR)
The following table shows the reconciliation of the gross carrying amounts of the items on the statement of financial position
to the credit exposure (banking and trading book positions), which is used in portfolio management. It includes both exposures
on and off the statement of financial position before the application of credit-conversion factors, and thus represents the
total credit exposure. It is not reduced by the effects of credit risk mitigation such as guarantees or physical collateral, effects
that are, however, considered in the total assessment of credit risk. The total credit exposure is also used \u2013 if not explicitly
stated otherwise \u2013 for referring to exposures in all subsequent tables in the risk report. The reasons for the differences in the
values used for internal portfolio management and for external financial accounting are the different scopes of consolidation
(regulatory versus accounting rules according to IFRS) and differences in the classification and presentation of exposure
volumes, especially in the case of repo transactions and derivatives, particularly SA-CCR (standardized approach for measuring
counterparty credit risk).
in \u20ac million
2025
2024
Cash, balances at central banks and other demand deposits
32,053
31,532
Financial assets - amortized cost
157,739
150,512
Financial assets - fair value through other comprehensive income
4,275
3,431
Non-trading financial assets - mandatorily fair value through profit/loss
1,344
1,088
Financial assets - designated fair value through profit/loss
208
304
Financial assets - held for trading
6,707
5,492
Hedge accounting
726
780
Current tax assets
124
130
Deferred tax assets
167
216
Other assets
1,176
1,435
Loan commitments given
42,664
37,635
Financial guarantees given
10,034
9,243
Other commitments given
5,609
5,567
Reconciliation difference
(7,406)
(6,450)
Credit exposure
255,421
240,914
Around \u20ac 2.9 billion of the reconciliation difference was attributable to the SA-CCR-Netting.
The detailed credit portfolio analysis shows the breakdown by rating category. Customer rating assessments are performed
separately for different asset classes using internal risk classification models (rating and scoring models), which are validated
by a central organizational unit. The default probabilities assigned to individual rating grades are calculated separately for
each asset class. However, the use of a master scale enables rating grades to be compared even across business segments.
Rating models in the non-retail asset classes \u2013 corporates, banks and sovereigns \u2013 are uniform in all Group units and rank
creditworthiness in 27 grades of the master scale. For retail asset classes, country specific scorecards are developed based on
uniform Group standards. Tools are used to produce and validate ratings (e.g. business valuation tools, rating and default
data-bases).
Credit exposure by asset classes (rating models):
in \u20ac million
2025
2024
Corporate customers
90,764
86,684
Project finance
11,606
9,727
Retail customers
54,639
48,730
Banks
27,014
28,853
Sovereigns
71,398
66,921
Total
255,421
240,914
Credit portfolio \u2013 Corporate customers
The internal rating models for corporate customers take into account qualitative parameters, various ratios from the state-
ment of financial position, and profit ratios covering different aspects of customer creditworthiness for various industries and
countries. In addition, the model for smaller corporates also includes an account behavior component.
The following table shows the credit exposure according to internal corporate rating (large corporates, mid-market and small
corporates). For presentation purposes, the individual grades of the rating scale have been combined into nine main rating
grades.
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
1
Minimal risk
> 0.0000 %
\u2264 0.0300 %
2,609
2.9%
1,920
2.2%
2
Excellent credit standing
> 0.0300 %
\u2264 0.0751 %
6,996
7.7%
8,143
9.4%
3
Very good credit standing
> 0.0751 %
\u2264 0.1878 %
18,841
20.8%
19,345
22.3%
4
Good credit standing
> 0.1878 %
\u2264 0.4694 %
23,835
26.3%
22,781
26.3%
5
Sound credit standing
> 0.4694 %
\u2264 1.1735 %
18,862
20.8%
16,290
18.8%
6
Acceptable credit standing
> 1.1735 %
\u2264 2.9338 %
12,449
13.7%
10,736
12.4%
7
Marginal credit standing
> 2.9338 %
\u2264 7.3344 %
3,359
3.7%
2,846
3.3%
8
Weak credit standing/sub-standard
> 7.3344 %
\u2264 18.3360 %
1,355
1.5%
1,269
1.5%
9
Very weak credit standing/doubtful
> 18.3360 %
< 100 %
1,060
1.2%
1,092
1.3%
10
Default
100 %
100 %
1,328
1.5%
2,208
2.5%
NR
Not rated
70
0.1%
53
0.1%
Total
90,764
100.0%
86,684
100.0%
The credit exposure to corporate customers increased \u20ac\u00a04,080 million to \u20ac\u00a090,764 million compared to year-end 2024. The
largest increases were recorded in Romania (\u20ac\u00a01,183 million), Hungary (\u20ac\u00a0685 million), the Czech Republic (\u20ac\u00a0657 million) and in
Ukraine (\u20ac\u00a0488 million) mainly in rating grades 4, 5 and 6, which were partly offset by decreases in the United Arab Emirates
(\u20ac\u00a0404 million) and Luxembourg (\u20ac\u00a0350 million) mainly in rating grades 2, 3 and 5.
The rise in rating grade 5 resulted also from rating downgrades of individual Czech customers from rating grade 4. The
increase in rating grade 4 was also due to rating downgrades of individual Austrian and British customers from rating grade 3.
In rating grade 2 the decrease resulted mainly from rating downgrades of individual Austrian and Czech customers to rating
grade 3, and from rating upgrades of individual Austrian and Luxembourg customers to rating grade 1.
The five grades rating model for project finance is based on the slotting criteria in accordance with EBA/RTS/2016/02.
in \u20ac million
2025
Share
2024
Share
6.1
Excellent project risk profile \u2013 very low risk
6,498
56.0%
6,068
62.4%
6.2
Good project risk profile \u2013 low risk
4,063
35.0%
2,746
28.2%
6.3
Acceptable project risk profile \u2013 average risk
223
1.9%
440
4.5%
6.4
Poor project risk profile \u2013 high risk
89
0.8%
63
0.6%
6.5
Default
733
6.3%
409
4.2%
NR
Not rated
0
0.0%
0
0.0%
Total
11,606
100.0%
9,727
100.0%
The \u20ac\u00a01,880 million increase in project finance was mainly attributable to increases in Slovakia, the Czech Republic, Romania
and Bulgaria for energy supply and real estate projects. The increase in Germany was mainly due to a reclassification of three
existing defaulted customers (\u20ac\u00a0328 million) from corporate customers to project finance, coordinated with the regulator. In
Romania, the rating downgrade of the country resulted in a rating downgrade in the project finance sector from rating grade
6.1 to rating grade 6.2.
Breakdown by country of risk of the credit exposure to corporate customers and project finance structured by region, taking
into account the guarantor:
in \u20ac million
2025
Share
2024
Share
Central Europe
29,655
29.0%
27,176
28.2%
Western Europe
25,101
24.5%
24,011
24.9%
Austria
18,994
18.6%
19,202
19.9%
Southeastern Europe
18,368
17.9%
16,119
16.7%
Eastern Europe
3,257
3.2%
3,540
3.7%
Ukraine
2,625
2.6%
2,143
2.2%
Asia
2,025
2.0%
2,224
2.3%
Other
2,346
2.3%
1,995
2.1%
Total
102,370
100.0%
96,410
100.0%
The increase in Central Europe was due to higher loans and advances, and bonds in the Czech Republic, Hungary and Slovakia.
The increase in Southeastern Europe resulted mainly from the rise in loans and advances in Romania, Serbia and Croatia. In
Western Europe the increase was due to higher loans and advances in Germany and Switzerland. The decline in Austria
resulted mainly from the decrease in loans and advances, and foreign exchange transactions.
Credit exposure to corporates and project finance by industry of the original customer:
in \u20ac million
2025
Share
2024
Share
Manufacturing
24,998
24.4%
23,422
24.3%
Wholesale and retail trade
20,674
20.2%
19,917
20.7%
Real estate
12,740
12.4%
12,380
12.8%
Financial intermediation
9,341
9.1%
8,584
8.9%
Construction
7,502
7.3%
6,551
6.8%
Electricity, gas, steam and hot water supply
7,366
7.2%
6,729
7.0%
Transport, storage and communication
4,606
4.5%
4,160
4.3%
Freelance/technical services
2,797
2.7%
2,879
3.0%
Other industries
12,345
12.1%
11,788
12.2%
Total
102,370
100.0%
96,410
100.0%
Credit portfolio \u2013 Retail customers
Retail customers are subdivided into private individuals and small and medium-sized entities (SMEs). For retail customers a
two-fold scoring system is used, consisting of the initial and ad-hoc scoring based on customer data and of the behavioral
scoring based on account data.
in \u20ac million
2025
Share
2024
Share
Retail customers \u2013 private individuals
50,942
93.2%
45,422
93.2%
Retail customers \u2013 small and medium-sized entities
3,697
6.8%
3,308
6.8%
Total
54,639
100.0%
48,730
100.0%
Credit exposure to retail customers by internal rating:
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
0.5
Minimal risk
> 0.00 %
\u2264 0.17 %
6,098
11.2%
8,747
18.0%
1.0
Excellent credit standing
> 0.17 %
\u2264 0.35 %
11,014
20.2%
8,052
16.5%
1.5
Very good credit standing
> 0.35 %
\u2264 0.69 %
10,860
19.9%
8,335
17.1%
2.0
Good credit standing
> 0.69 %
\u2264 1.37 %
9,823
18.0%
7,429
15.2%
2.5
Sound credit standing
> 1.37 %
\u2264 2.70 %
6,678
12.2%
4,941
10.1%
3.0
Acceptable credit standing
> 2.70 %
\u2264 5.26 %
3,419
6.3%
2,883
5.9%
3.5
Marginal credit standing
> 5.26 %
\u2264 10.00 %
1,678
3.1%
1,358
2.8%
4.0
Weak credit standing/sub-standard
> 10.00 %
\u2264 18.18 %
986
1.8%
691
1.4%
4.5
Very weak credit standing/doubtful
> 18.18 %
< 100 %
963
1.8%
825
1.7%
5.0
Default
100 %
100 %
1,184
2.2%
1,180
2.4%
NR
Not rated
1,936
3.5%
4,288
8.8%
Total
54,639
100.0%
48,730
100.0%
Due to the rating model update from Point in Time (PIT) to Through the Cycle (TTC) for mortgage loans in the Czech Republic in
May 2025, there was a shift of the affected portfolio from rating grade 0.5 to lower rating grades. The not rated credit
exposure includes, among others, credit card transactions in Austria, leasing companies and retail customers in Croatia and
Kosovo. These customers either do not have an internal rating, or are part of portfolios under permanent partial use or
portfolios for which PD model are in implementation process. In case of leasing units, creditworthiness is assessed based on
scorecard models. The decline in not rated customers was mainly due to the fact that most of the credit card business in
Austria and the portfolio acquired in Serbia received a rating in the first quarter of 2025.
Credit exposure to retail customers by segments:
2025
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Retail customers \u2013 private individuals
25,338
11,935
2,614
414
10,641
Retail customers \u2013 small and medium-sized entities
2,177
1,349
4
103
64
Total
27,515
13,283
2,618
517
10,706
hereof non-performing exposure
540
387
145
19
106
2024
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Retail customers \u2013 private individuals
22,107
10,837
2,696
394
9,388
Retail customers \u2013 small and medium-sized entities
1,944
1,257
5
102
1
Total
24,051
12,093
2,701
497
9,389
hereof non-performing exposure
541
413
127
30
70
Credit exposure to retail customers increased by \u20ac\u00a05,909 million compared to year-end 2024. The largest increase of \u20ac\u00a03,464
million in Central Europe resulted from higher consumer and mortgage loans, and facility financing in the Czech Republic and
Slovakia. The increase in Southeastern Europe of \u20ac\u00a01,190 million resulted from increased consumer and mortgage loans in
Croatia, Serbia and Romania. The segment Group Corporates & Markets recorded a rise of \u20ac\u00a01,317 million, mainly due to
increase in credit card business in the head office. In Russia, the retail customer portfolio was further reduced, which was partly
offset by the appreciation of the Russian ruble (plus 22 per cent).
Retail credit exposure by products:
in \u20ac million
2025
Share
2024
Share
Mortgage loans
30,721
56.2%
27,774
57.0%
Personal loans
12,029
22.0%
11,040
22.7%
Credit cards
6,794
12.4%
5,386
11.1%
SME financing
3,084
5.6%
2,456
5.0%
Overdraft
1,442
2.6%
1,322
2.7%
Car loans
569
1.0%
753
1.5%
Total
54,639
100.0%
48,730
100.0%
2025
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Mortgage loans
17,866
4,149
1,173
45
7,488
Personal loans
5,247
5,814
481
102
384
Credit cards
2,056
1,554
807
257
2,120
SME financing
1,479
1,101
69
80
355
Overdraft
622
341
88
33
359
Car loans
243
325
0
0
0
Total
27,515
13,283
2,618
517
10,706
2024
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Mortgage loans
15,932
3,599
1,041
41
7,161
Personal loans
4,449
5,291
691
84
524
Credit cards
1,625
1,541
788
258
1,174
SME financing
1,039
1,010
71
75
260
Overdraft
542
362
110
39
269
Car loans
462
290
1
0
0
Total
24,051
12,093
2,701
497
9,389
Credit portfolio \u2013 Banks
The following table shows the credit exposure by internal rating for banks (excluding central banks). Due to the small number
of customers (or observable defaults), the default probabilities of individual rating grades in this asset class are calculated
based on a combination of internal and external data. The shifts within the individual rating categories partly resulted from
the regular recalibration of the rating models for credit institutions.
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
1
Minimal risk
> 0.0000 %
\u2264 0.0300 %
5,420
20.1%
4,455
15.4%
2
Excellent credit standing
> 0.0300 %
\u2264 0.0751 %
3,570
13.2%
3,562
12.3%
3
Very good credit standing
> 0.0751 %
\u2264 0.1878 %
13,057
48.3%
17,181
59.5%
4
Good credit standing
> 0.1878 %
\u2264 0.4694 %
4,175
15.5%
2,852
9.9%
5
Sound credit standing
> 0.4694 %
\u2264 1.1735 %
341
1.3%
237
0.8%
6
Acceptable credit standing
> 1.1735 %
\u2264 2.9338 %
130
0.5%
57
0.2%
7
Marginal credit standing
> 2.9338 %
\u2264 7.3344 %
124
0.5%
62
0.2%
8
Weak credit standing/sub-standard
> 7.3344 %
\u2264 18.3360 %
102
0.4%
244
0.8%
9
Very weak credit standing/doubtful
> 18.3360 %
< 100 %
85
0.3%
201
0.7%
10
Default
100 %
100 %
1
0.0%
1
0.0%
NR
Not rated
11
0.0%
2
0.0%
Total
27,014
100.0%
28,853
100.0%
Credit exposure to banks decreased primarily due to declined repo transactions (\u20ac\u00a03,147 million), mainly in France in rating
grade 3, which was partly offset by increases in Germany. In contrast, there were increases in loans and advances (\u20ac\u00a0641
million) in Austria, Germany and the US as well as with international institutions, which were partly offset by decreases in
Russia. Furthermore, bonds increased (\u20ac\u00a0424 million), mainly among international institutions in rating grade 1.
Credit exposure to banks (excluding central banks) by regions:
in \u20ac million
2025
Share
2024
Share
Western Europe
12,933
47.9%
15,709
54.4%
Austria
4,203
15.6%
4,365
15.1%
Asia
2,779
10.3%
1,832
6.4%
Central Europe
1,096
4.1%
1,066
3.7%
Southeastern Europe
585
2.2%
510
1.8%
Eastern Europe
314
1.2%
583
2.0%
Ukraine
10
0.0%
5
0.0%
Other
5,093
18.9%
4,783
16.6%
Total
27,014
100.0%
28,853
100.0%
Credit exposure to banks (excluding central banks) by products:
in \u20ac million
2025
Share
2024
Share
Repo
8,603
31.8%
11,750
40.7%
Loans and advances
8,261
30.6%
7,568
26.2%
Bonds
6,359
23.5%
5,935
20.6%
Money market
2,579
9.5%
2,623
9.1%
Derivatives
618
2.3%
534
1.9%
Other
593
2.2%
444
1.5%
Total
27,014
100.0%
28,853
100.0%
Credit portfolio \u2013 Sovereigns
Another asset class is formed by central governments, central banks, and regional municipalities as well as other public sector
entities. The credit exposure to sovereigns includes local and regional governments.
Credit exposure to sovereigns (including central banks) by internal rating:
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
1
Minimal risk
> 0.0000 %
\u2264 0.0300 %
12,405
17.4%
11,238
16.8%
2
Excellent credit standing
> 0.0300 %
\u2264 0.0751 %
22,699
31.8%
22,720
34.0%
3
Very good credit standing
> 0.0751 %
\u2264 0.1878 %
12,992
18.2%
12,635
18.9%
4
Good credit standing
> 0.1878 %
\u2264 0.4694 %
9,706
13.6%
8,637
12.9%
5
Sound credit standing
> 0.4694 %
\u2264 1.1735 %
2,785
3.9%
2,843
4.2%
6
Acceptable credit standing
> 1.1735 %
\u2264 2.9338 %
620
0.9%
7,353
11.0%
7
Marginal credit standing
> 2.9338 %
\u2264 7.3344 %
8,741
12.2%
5
0.0%
8
Weak credit standing/sub-standard
> 7.3344 %
\u2264 18.3360 %
0
0.0%
0
0.0%
9
Very weak credit standing/doubtful
> 18.3360 %
< 100 %
1,442
2.0%
1,477
2.2%
10
Default
100 %
100 %
8
0.0%
9
0.0%
NR
Not rated
0
0.0%
4
0.0%
Total
71,398
100.0%
66,921
100.0%
Credit exposure to sovereigns increased mainly due to increased bond portfolios (\u20ac\u00a08,268 million) in Austria, Central and
Southeastern Europe, and Western Europe. The increase in loans and advances to sovereigns was primarily due to increased
deposits at the Austrian, Czech and Slovak national banks. Money market transactions declined by \u20ac\u00a06,391 million, mainly in
Austria and Romania partly due to bond purchases, and were partly offset by a currency-related increase in Russia.
The increase in rating grade 7 was due to the rating downgrade of Russia from rating grade 6. The rise in rating grade 1
resulted from higher repo transactions and loans and advances in the Czech Republic, and bonds in Germany and the
Netherlands. The increase in rating grade 4 was due to a higher bond portfolio in Hungary, Bulgaria and Italy.
Credit exposure to sovereigns (including central banks) by product:
in \u20ac million
2025
Share
2024
Share
Bonds
37,480
52.5%
29,212
43.7%
Loans and advances
15,656
21.9%
13,117
19.6%
Money market
10,116
14.2%
16,507
24.7%
Repo
8,039
11.3%
7,832
11.7%
Derivatives
59
0.1%
80
0.1%
Other
48
0.1%
173
0.3%
Total
71,398
100.0%
66,921
100.0%
Non-investment grade credit exposure to sovereigns (rating grade 5 and below):
in \u20ac million
2025
Share
2024
Share
Russia
8,797
64.7%
6,855
58.6%
Serbia
1,808
13.3%
2,098
17.9%
Ukraine
1,343
9.9%
1,355
11.6%
Bosnia and Herzegovina
610
4.5%
608
5.2%
Albania
553
4.1%
494
4.2%
Other
484
3.6%
282
2.4%
Total
13,596
100.0%
11,691
100.0%
The exposure mainly includes deposits of Group units at local central banks in Central, Eastern, and Southeastern Europe,
which serve to fulfil the respective minimum reserve requirements and act as a vehicle for short-term investment of excess
liquidity and are therefore inextricably linked with business activity in these countries, and Russian and Ukrainian government
bonds. The increase in Russia resulted from the appreciation of the Russian ruble.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-468": { "value": "
(15) Financial liabilities - amortized cost
Liabilities are predominantly recognized at amortized cost. For differences between the amount paid and face value, the
effective interest method is applied, and the amounts are shown in net interest income. This category mainly includes
customer deposits and securities issues for refinancing purposes.
Issued subordinated capital and supplementary capital are shown either in financial liabilities \u2013 amortized cost or financial
liabilities \u2013 designated fair value through profit/loss. Securitized and non-securitized assets are subordinated if, in the event of
liquidation or bankruptcy, they can only be met after the claims of the other \u2013 not subordinated \u2013 creditors have been
satisfied. Supplementary capital is defined according to Article 63 of the regulation (EU) No 575/2013 (CRR). Corresponding
instruments have an original maturity of at least five years, are of subordinate nature and are, among others, not allowed to
contain an incentive to early redeem, a right of the investor to accelerate repayment or credit standing linked features that
amend the level of dividend and/or interest payments of the issuer.
in \u20ac million
2025
2024
Deposits from banks
20,660
22,999
Current accounts/overnight deposits
12,668
12,680
Deposits with agreed maturity
6,542
7,310
Repurchase agreements
1,450
3,009
Deposits from customers
127,551
117,693
Current accounts/overnight deposits
88,481
80,467
Deposits with agreed maturity
37,629
35,703
Repurchase agreements
1,441
1,524
Debt securities issued
21,088
21,002
Covered bonds
6,169
4,912
Hybrid contracts
732
514
Other debt securities issued
14,188
15,576
hereof convertible compound financial instruments
814
2,360
hereof non-convertible
13,374
13,215
Other financial liabilities
1,288
1,622
Total
170,588
163,316
hereof subordinated financial liabilities
2,110
2,261
hereof lease liabilities
363
364
The position deposits from banks - deposits with agreed maturity decreased mainly in head office by \u20ac 762 million. Repurchase
agreements also decreased by \u20ac 1,609 million, primarily driven by head office.
Current accounts/overnight deposits from customers increased especially in Czech Republic (increase: \u20ac 5,020 million). Main
contributor were deposits from households. Deposits with agreed maturity increased by \u20ac 858 million in Hungary and by \u20ac 604
million in Slovakia.
Covered bonds increased in Slovakia (increase: \u20ac 1,052 million) due to new own issuances. In contrast, other debt securities
issued decreased in head office by \u20ac 912 million due to maturity of various issuances and in Slovakia by \u20ac 313 million due to
cancellation of a bond prior maturity.
Other financial liabilities\u00a0 increased mainly in Russia due to suspense and transit items (increase: \u20ac 310 million).
Deposits from banks and customers by asset classes:
in \u20ac million
2025
2024
Central banks
419
391
General governments
3,755
3,104
Banks
20,241
22,607
Other financial corporations
11,978
11,403
Non-financial corporations
46,163
43,833
Households
65,656
59,353
Total
148,212
140,692
Liabilities against households increased mainly in Czech Republic (increase: \u20ac 3,708 million), Slovakia (increase: \u20ac 739 million) and
Romania (increase: \u20ac 598 million).
Principal debt securities issued:
Issuer
ISIN
Type
Currency
Nominal value
in \u20ac million
Coupon
Due
Call redemption
date
RBI AG
XS2579606927
Senior public placements
EUR
1,000
4.8%
26/01/2026
26/01/2026
RBI AG
AT000B015714
Senior private placements
EUR
800
3.9%
17/04/2029
No
RBI AG
XS2055627538
Senior public placements
EUR
750
0.4%
25/09/2026
No
TBSK
SK4000026043
senior public placements
EUR
600
2.8%
09/10/2028
No
TBSK
SK4000027389
senior public placements
EUR
600
2.8%
27/05/2030
No
RBI AG
XS2596528716
Senior public placements
EUR
500
3.9%
16/03/2026
No
RBI AG
XS2537097409
Senior public placements
EUR
500
2.9%
28/09/2026
No
RBI AG
XS2481491160
Senior public placements
EUR
500
1.5%
24/05/2027
No
RBI AG
XS2626022656
Senior public placements
EUR
500
3.4%
27/09/2027
No
RBI AG
XS2435783613
Senior public placements
EUR
500
0.1%
26/01/2028
No
RBI AG
XS2547936984
Senior public placements
EUR
500
5.8%
27/01/2028
No
RBI AG
XS2682093526
Senior public placements
EUR
500
6.0%
15/09/2028
15/09/2027
RBI AG
XS2765027193
Senior public placements
EUR
500
4.6%
21/08/2029
21/08/2028
RBI AG
XS2086861437
Senior public placements
EUR
500
0.1%
03/12/2029
No
RBI AG
XS2893858352
Senior public placements
EUR
500
3.9%
03/01/2030
03/01/2029
RBI AG
XS2826609971
Senior public placements
EUR
500
4.5%
31/05/2030
31/05/2029
RBI AG
XS3166786619
Senior public placements
EUR
500
3.5%
27/08/2031
27/08/2030
TBSK
SK4000027918
senior public placements
EUR
500
2.9%
11/09/2031
No
RBI AG
XS3004031822
Senior public placements
EUR
500
3.5%
18/02/2032
18/02/2031
RBI AG
XS2189786226
Subordinated
EUR
500
2.9%
18/06/2032
18/06/2027
RBI AG
XS2534786590
Subordinated
EUR
500
7.4%
20/12/2032
20/09/2027
RBI AG
XS2353473692
Subordinated
EUR
500
1.4%
17/06/2033
17/03/2028
RBI AG
XS3227928911
Senior public placements
EUR
500
3.6%
13/11/2033
13/11/2032
RBI AG
XS2904849879
Subordinated
EUR
500
5.3%
02/01/2035
02/10/2029
In the reporting period, expenses for subordinated liabilities amounted to \u20ac 91 million (previous year: \u20ac 77 million).
Development of subordinated financial liabilities in the measurement categories of amortized cost and designated at fair
value through profit/loss:
in \u20ac million
Carrying amount as at 1/1/2024
2,167
Change in carrying amount
94
hereof cash
44
hereof effect of exchange rate changes
(1)
hereof changes of fair value
51
Carrying amount as at 31/12/2024
2,261
Change in carrying amount
(151)
hereof cash
(194)
hereof effect of exchange rate changes
5
hereof changes of fair value
38
Carrying amount as at 31/12/2025
2,110
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-469": { "value": "
in \u20ac million
2025
2024
Deposits from banks
20,660
22,999
Current accounts/overnight deposits
12,668
12,680
Deposits with agreed maturity
6,542
7,310
Repurchase agreements
1,450
3,009
Deposits from customers
127,551
117,693
Current accounts/overnight deposits
88,481
80,467
Deposits with agreed maturity
37,629
35,703
Repurchase agreements
1,441
1,524
Debt securities issued
21,088
21,002
Covered bonds
6,169
4,912
Hybrid contracts
732
514
Other debt securities issued
14,188
15,576
hereof convertible compound financial instruments
814
2,360
hereof non-convertible
13,374
13,215
Other financial liabilities
1,288
1,622
Total
170,588
163,316
hereof subordinated financial liabilities
2,110
2,261
hereof lease liabilities
363
364
Development of subordinated financial liabilities in the measurement categories of amortized cost and designated at fair
value through profit/loss:
in \u20ac million
Carrying amount as at 1/1/2024
2,167
Change in carrying amount
94
hereof cash
44
hereof effect of exchange rate changes
(1)
hereof changes of fair value
51
Carrying amount as at 31/12/2024
2,261
Change in carrying amount
(151)
hereof cash
(194)
hereof effect of exchange rate changes
5
hereof changes of fair value
38
Carrying amount as at 31/12/2025
2,110
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-470": { "value": "
Development of subordinated financial liabilities in the measurement categories of amortized cost and designated at fair
value through profit/loss:
in \u20ac million
Carrying amount as at 1/1/2024
2,167
Change in carrying amount
94
hereof cash
44
hereof effect of exchange rate changes
(1)
hereof changes of fair value
51
Carrying amount as at 31/12/2024
2,261
Change in carrying amount
(151)
hereof cash
(194)
hereof effect of exchange rate changes
5
hereof changes of fair value
38
Carrying amount as at 31/12/2025
2,110
The carrying amount of the goodwill as well as the gross amounts of and the accumulated impairment on the goodwill
developed for the cash generating units as follows:
2025
in \u20ac million
AKCENTA
RBRS
RBCZ
RKAG
Other
Total
As at 1/1
8
2
0
27
1
38
Additions
0
0
0
0
0
0
Merger
0
0
0
0
0
0
Impairment
0
0
0
0
0
0
Exchange rate changes
0
0
0
0
0
0
As at 31/12
9
2
0
27
1
38
Gross amount
9
10
63
54
306
442
Accumulated impairment\u00b9
0
(8)
(63)
(27)
(305)
(404)
1 Calculated with average exchange rates
AKCENTA: Akcenta CZ a.s., Prague (CZ)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
RBCZ: Raiffeisenbank a.s., Prague (CZ)
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
2024
in \u20ac million
AKCENTA
RBRS
RBCZ
RKAG
Other
Total
As at 1/1
9
2
0
27
1
38
Additions
0
0
0
0
0
0
Merger
0
0
0
0
0
0
Impairment
0
0
0
0
0
0
Exchange rate changes
0
0
0
0
0
0
As at 31/12
8
2
0
27
1
38
Gross amount
8
10
61
54
291
425
Accumulated impairment\u00b9
0
(8)
(61)
(27)
(290)
(387)
1 Calculated with average exchange rates
AKCENTA: Akcenta CZ a.s., Prague (CZ)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
RBCZ: Raiffeisenbank a.s., Prague (CZ)
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2025
216
8
27
250
Change in consolidated group
0
0
0
0
Insurance service result
(1)
0
1
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(10)
0
1
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
(27)
0
0
(27)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
226
8
28
261
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2024
246
7
28
280
Change in consolidated group
(54)
0
(2)
(56)
Insurance service result
(3)
1
1
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
3
1
1
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
(26)
0
0
(26)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
216
8
27
250
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2025
250
0
0
250
Change in consolidated group
0
0
0
0
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
6
Insurance service result
(27)
0
27
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(36)
0
27
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
0
0
(27)
(27)
Total cash flows
47
0
(27)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
261
0
0
261
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2024
279
2
0
280
Change in consolidated group
(54)
(2)
0
(56)
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
5
Insurance service result
(27)
0
26
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
(21)
0
26
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
0
0
(26)
(26)
Total cash flows
46
0
(26)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
250
0
0
250
The following table contains financial information of the significant individual subsidiaries (including controlling interests) in
which non-controlling interests exist.
2025
in \u20ac million
Raiffeisen Bank JSC,
Kiev (UA)
Raiffeisenbank a.s.,
Prague (CZ)
Tatra banka a.s.,
Bratislava (SK)
Valida Pension AG,
Vienna (AT)
Operating income
479
828
715
41
Profit/loss after tax
229
393
240
19
Other comprehensive income
(79)
80
1
0
Total comprehensive income
150
474
241
19
Current assets
3,747
15,525
6,356
90
Non-current assets
1,255
18,420
16,490
262
Short-term liabilities
4,195
29,624
18,258
12
Long-term liabilities
34
1,997
2,938
121
Net assets
773
2,323
1,651
218
Net cash from operating activities
140
2,178
802
16
Net cash from investing activities
(69)
(1,409)
(786)
7
Net cash from financing activities
(2)
(358)
(207)
0
Effect of exchange rate changes
(157)
(92)
0
0
Net increase in cash and cash equivalents
(88)
319
(192)
23
Dividends paid to non-controlling interests during the year 1
0
88
39
0
1 Included in net cash from financing activities
2024
in \u20ac million
Raiffeisen Bank JSC,
Kiev (UA)
Raiffeisenbank a.s.,
Prague (CZ)
Tatra banka a.s.,
Bratislava (SK)
Valida Pension AG,
Vienna (AT)
Operating income
477
690
660
39
Profit/loss after tax
97
289
216
15
Other comprehensive income
14
(30)
1
0
Total comprehensive income
111
259
218
15
Current assets
3,711
13,517
6,012
60
Non-current assets
1,275
15,935
14,637
275
Short-term liabilities
4,318
24,894
16,061
10
Long-term liabilities
44
2,351
2,984
126
Net assets
623
2,208
1,604
200
Net cash from operating activities
391
1,338
(1,532)
(44)
Net cash from investing activities
379
(1,251)
(729)
(10)
Net cash from financing activities
(2)
(146)
(189)
(3)
Effect of exchange rate changes
12
45
(3)
0
Net increase in cash and cash equivalents
780
(14)
(2,453)
(58)
Dividends paid to non-controlling interests during the year 1
0
55
33
0
1 Included in net cash from financing activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-471": { "value": "
(18) Non-trading financial assets - mandatorily fair value through profit/loss
In RBI, a financial asset is mandatorily measured at fair value if the financial asset is managed neither at amortized cost nor at
fair value through other comprehensive income, and if there is no intention to trade and the asset was not voluntarily
designated at fair value. Essentially, this concerns securities and loans which do not pass the contractual cash flow
characteristics analysis and portfolios of financial assets which are not held for trading, which are managed at fair value and
whose performance is assessed.
in \u20ac million
2025
2024
Equity instruments
4
6
Other financial corporations
4
6
Non-financial corporations
0
0
Debt securities
410
399
General governments
198
178
Banks
12
22
Other financial corporations
196
193
Non-financial corporations
4
7
Loans and advances
934
689
General governments
1
1
Banks
2
2
Other financial corporations
18
24
Non-financial corporations
277
187
Households
636
476
Total
1,347
1,094
(19) Financial assets and liabilities \u2013 designated fair value through profit/
loss
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets - designated fair value through profit/loss
in \u20ac million
2025
2024
Debt securities
208
304
General governments
193
281
Banks
9
15
Non-financial corporations
6
8
Total
208
304
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-472": { "value": "
(19) Financial assets and liabilities \u2013 designated fair value through profit/
loss
This category comprises mainly all those financial assets that are irrevocably designated as financial instruments at fair value
(so-called fair value option) upon initial recognition in the statement of financial position. An entity may use this designation
only when doing so eliminates or significantly reduces incongruities in measurement or recognition. These arise if the
measurement of financial assets or liabilities or the recognition of resulting gains or losses has a different basis.
Financial liabilities are also designated as financial instruments at fair value to avoid valuation discrepancies with related
derivatives. The fair value of financial obligations under the fair value option in this category reflects all market risk factors,
including those related to the credit risk of the issuer.
The financial liabilities are mostly structured bonds. The fair value of these financial liabilities is calculated by discounting the
contractual cash flows with a credit risk-adjusted yield curve, which reflects the level at which the Group could issue similar
financial instruments at the reporting date. The market risk parameters are determined based on similar financial instruments.
Valuation results for liabilities that are designated as a financial instrument at fair value are recognized in net trading income
and fair value result.
Interest income is shown in net interest income; valuation results and proceeds from disposals are shown in net trading income
and fair value result. For financial liabilities designated at fair value through profit or loss, changes in fair value attributable to
a change in own credit risk is not reported in the income statement but in other comprehensive income.
Financial assets - designated fair value through profit/loss
in \u20ac million
2025
2024
Debt securities
208
304
General governments
193
281
Banks
9
15
Non-financial corporations
6
8
Total
208
304
Financial liabilities \u2013 designated fair value through profit/loss
in \u20ac million
2025
2024
Deposits from banks
16
17
Deposits with agreed maturity
16
17
Deposits from customers
24
24
Deposits with agreed maturity
24
24
Debt securities issued
1,020
1,067
Hybrid contracts
0
0
Other debt securities issued
1,020
1,067
hereof non-convertible
1,020
1,067
Total
1,061
1,108
hereof subordinated financial liabilities
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-474": { "value": "
(20) Financial assets \u2013 held for trading
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
in \u20ac million
2025
2024
Derivatives
3,377
3,405
Interest rate contracts
2,286
2,318
Equity contracts
590
382
Foreign exchange rate and gold contracts
440
646
Credit contracts
27
29
Commodities
0
0
Other
35
31
Equity instruments
523
453
Banks
88
54
Other financial corporations
137
141
Non-financial corporations
299
258
Debt securities
3,330
2,087
Central banks
5
4
General governments
2,827
1,679
Banks
411
315
Other financial corporations
9
16
Non-financial corporations
78
73
Loans and advances
0
0
Total
7,230
5,945
Within the item financial assets \u2013 held for trading, the securities pledged as collateral, which the recipient is entitled to sell or
pledge, amounted to \u20ac\u00a064 million (previous year: \u20ac\u00a0462 million). The increase in debt securities was mainly due to the purchase
of government bonds at head office.
Derivative financial instruments
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
2025
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
199,602
3,203
(2,701)
Interest rate contracts
141,690
2,149
(2,195)
Equity contracts
4,858
590
(142)
Foreign exchange rate and gold contracts
48,265
402
(317)
Credit contracts
1,626
27
(41)
Commodities
25
0
(1)
Other
3,139
35
(5)
Banking book
18,142
175
(85)
Interest rate contracts
13,136
137
(56)
Foreign exchange rate and gold contracts
5,006
37
(28)
Total
217,744
3,377
(2,785)
OTC products
215,803
3,369
(2,759)
Products traded on stock exchange
1,941
8
(26)
2024
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
195,720
3,219
(2,824)
Interest rate contracts
141,742
2,170
(2,199)
Equity contracts
3,966
382
(121)
Foreign exchange rate and gold contracts
47,415
608
(469)
Credit contracts
1,126
27
(30)
Commodities
21
0
0
Other
1,450
31
(6)
Banking book
12,607
186
(208)
Interest rate contracts
7,181
148
(66)
Foreign exchange rate and gold contracts
5,365
37
(130)
Credit contracts
61
1
(12)
Total
208,327
3,405
(3,032)
OTC products
206,383
3,388
(3,004)
Products traded on stock exchange
1,944
17
(28)
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-473": { "value": "
(20) Financial assets \u2013 held for trading
Financial assets and liabilities \u2013 held for trading are acquired or incurred principally for the purpose of generating profit from
short-term fluctuations in market prices. Securities and derivative financial instruments held for trading are recognized at fair
value. If securities are listed, the fair value is based on stock exchange prices. Where such prices are not available, internal
prices based on present value calculations for originated financial instruments and futures or option pricing models for options
are applied. Present value calculations are based on an interest rate curve which consists of money market rates, future rates,
and swap rates.
Positive fair values are shown under financial assets \u2013 held for trading. Negative fair values are shown under financial liabilities
\u2013 held for trading. Changes in fair value are shown in net trading income. Derivatives held for hedging purposes pursuant to
IAS\u00a039 are shown in the statement of financial position under the item hedge accounting. In addition, any liabilities from the
short-selling of securities are shown in financial liabilities \u2013 held for trading.
Capital guaranteed products (guarantee funds and pension plans) are shown as sold put options on the respective funds to be
guaranteed. The Group has provided capital guarantee obligations as part of the government-funded state-subsidized
pension plans according to \u00a7 108h (1) item 3 EStG (Austrian Income Tax Act). The bank guarantees that the retirement annuity,
available for the payment amount is not less than the sum of the amounts paid by the taxpayer plus credits for such taxable
premiums within the meaning of \u00a7 108g EStG.
Interest income is shown in net interest income, valuation results and proceeds from disposals are shown in net trading income
and fair value result.
in \u20ac million
2025
2024
Derivatives
3,377
3,405
Interest rate contracts
2,286
2,318
Equity contracts
590
382
Foreign exchange rate and gold contracts
440
646
Credit contracts
27
29
Commodities
0
0
Other
35
31
Equity instruments
523
453
Banks
88
54
Other financial corporations
137
141
Non-financial corporations
299
258
Debt securities
3,330
2,087
Central banks
5
4
General governments
2,827
1,679
Banks
411
315
Other financial corporations
9
16
Non-financial corporations
78
73
Loans and advances
0
0
Total
7,230
5,945
Within the item financial assets \u2013 held for trading, the securities pledged as collateral, which the recipient is entitled to sell or
pledge, amounted to \u20ac\u00a064 million (previous year: \u20ac\u00a0462 million). The increase in debt securities was mainly due to the purchase
of government bonds at head office.
Derivative financial instruments
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
2025
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
199,602
3,203
(2,701)
Interest rate contracts
141,690
2,149
(2,195)
Equity contracts
4,858
590
(142)
Foreign exchange rate and gold contracts
48,265
402
(317)
Credit contracts
1,626
27
(41)
Commodities
25
0
(1)
Other
3,139
35
(5)
Banking book
18,142
175
(85)
Interest rate contracts
13,136
137
(56)
Foreign exchange rate and gold contracts
5,006
37
(28)
Total
217,744
3,377
(2,785)
OTC products
215,803
3,369
(2,759)
Products traded on stock exchange
1,941
8
(26)
2024
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
195,720
3,219
(2,824)
Interest rate contracts
141,742
2,170
(2,199)
Equity contracts
3,966
382
(121)
Foreign exchange rate and gold contracts
47,415
608
(469)
Credit contracts
1,126
27
(30)
Commodities
21
0
0
Other
1,450
31
(6)
Banking book
12,607
186
(208)
Interest rate contracts
7,181
148
(66)
Foreign exchange rate and gold contracts
5,365
37
(130)
Credit contracts
61
1
(12)
Total
208,327
3,405
(3,032)
OTC products
206,383
3,388
(3,004)
Products traded on stock exchange
1,944
17
(28)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-476": { "value": "
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-475": { "value": "
Within the operating activity, RBI carries out transactions with derivative financial instruments for trading and hedging
purposes. RBI uses derivatives including swaps, standardized forward contracts, futures, credit derivatives, options, and similar
contracts. RBI uses derivatives to meet client requirements concerning their risk management, to manage and hedge risks and
to generate profit in proprietary trading. Derivatives are recognized at the time of the transaction at fair value and
subsequently revalued to fair value. The resulting valuation gain or loss is recognized in net trading income and fair value result
unless the derivative is designated as a hedging instrument for hedge accounting purposes and the hedge is effective. Here
the timing of the recognition of the gain or loss on the hedging instrument depends on the type of hedging relationship.
Derivatives which are used for hedging against market risk (excluding trading assets/liabilities) for a non-homogeneous
portfolio do not meet the conditions for IAS 39 hedge accounting. These are recognized as follows: the dirty price is booked
under the item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading in the statement of financial position.
The change in value of these derivatives based on the clean price, is shown in net trading income and fair value result and
interest is shown in net interest income.
Credit derivatives, the value of which is dependent on future specified credit (non-)events are shown at fair value under the
item financial assets \u2013 held for trading or financial liabilities \u2013 held for trading. Changes in valuation are recognized under net
trading income and fair value result.
(22) Hedge accounting and fair value adjustments of the hedged items in
portfolio hedge
IFRS 9 granted the accounting policy choice to continue the application of the provisions given in IAS 39 until the IASB finishes
its existing project of replacing the portfolio hedge accounting rules in IAS 39. RBI opted to use this policy choice and i still
applying the hedge accounting rules according to IAS in the version endorsed by the EU (EU carve-out). Notwithstanding that,
the changes in the disclosures in the notes pursuant to IFRS 7 are taken into account.
If hedging instruments, mainly derivatives, are held for the purpose of risk management and if the respective transactions
meet specific criteria, RBI designates them into hedge accounting relationships. This can occur in the way of fair value hedges,
cash flow hedges or net investment hedges. At the beginning of the hedging relationship, the relationship between underlying
and hedging instrument, including the risk management objectives, is documented. Furthermore, it is necessary to regularly
document from the beginning and during the lifetime of the hedging relationship that the fair value or cash flow hedge is
highly effective in respect of the offset of valuation changes between hedging instrument and hedged item.
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-477": { "value": "
2025
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
199,602
3,203
(2,701)
Interest rate contracts
141,690
2,149
(2,195)
Equity contracts
4,858
590
(142)
Foreign exchange rate and gold contracts
48,265
402
(317)
Credit contracts
1,626
27
(41)
Commodities
25
0
(1)
Other
3,139
35
(5)
Banking book
18,142
175
(85)
Interest rate contracts
13,136
137
(56)
Foreign exchange rate and gold contracts
5,006
37
(28)
Total
217,744
3,377
(2,785)
OTC products
215,803
3,369
(2,759)
Products traded on stock exchange
1,941
8
(26)
2024
Nominal amount
Fair value
in \u20ac million
Assets
Equity and liabilities
Trading book
195,720
3,219
(2,824)
Interest rate contracts
141,742
2,170
(2,199)
Equity contracts
3,966
382
(121)
Foreign exchange rate and gold contracts
47,415
608
(469)
Credit contracts
1,126
27
(30)
Commodities
21
0
0
Other
1,450
31
(6)
Banking book
12,607
186
(208)
Interest rate contracts
7,181
148
(66)
Foreign exchange rate and gold contracts
5,365
37
(130)
Credit contracts
61
1
(12)
Total
208,327
3,405
(3,032)
OTC products
206,383
3,388
(3,004)
Products traded on stock exchange
1,944
17
(28)
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
Hedging instruments
Breakdown of hedging instruments by type of hedge accounting at the level of nominal amounts, both in total and by
contractual termination, and at the level of the carrying amounts.
2025
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
82,271
1,721
7,576
45,694
27,281
1,095
923
Cash flow hedge
4,698
254
1,173
2,525
746
122
70
Fair value hedge
77,573
1,467
6,403
43,168
26,535
973
853
Foreign exchange contracts
1,371
450
720
124
77
3
19
Cash flow hedge
246
0
45
124
77
3
2
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
1,125
450
675
0
0
0
17
Total
83,642
2,171
8,296
45,817
27,358
1,098
942
2024
Nominal amount
Maturity
Carrying amount
in \u20ac million
Up to 3
months
More than 3 months,
up to 1 year
1 year, up to 5
years
More than 5
years
Assets
Liabilities
Interest rate contracts
71,608
1,726
8,194
38,996
22,692
1,004
1,301
Cash flow hedge
4,890
184
892
2,935
879
94
177
Fair value hedge
66,718
1,542
7,302
36,060
21,814
910
1,124
Foreign exchange contracts
2,135
1,175
878
48
34
11
7
Cash flow hedge
130
0
48
48
34
1
6
Fair value hedge
0
0
0
0
0
0
0
Net investment hedge
2,005
1,175
830
0
0
9
1
Total
73,743
2,901
9,072
39,043
22,726
1,014
1,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-478": { "value": "
(21) Financial liabilities - held for trading
in \u20ac million
2025
2024
Derivatives
2,785
3,032
Interest rate contracts
2,251
2,265
Equity contracts
142
121
Foreign exchange rate and gold contracts
346
598
Credit contracts
41
42
Commodities
1
0
Other
5
6
Short positions
1,310
992
Equity instruments
0
11
Debt securities
1,310
981
Debt securities issued
6,986
5,279
Hybrid contracts
6,986
5,279
Other financial liabilities
1
1
Total
11,082
9,304
In the item derivatives was a reduction, which is due to valuation effects and exchange rate fluctuations, particularly in
interest rate and foreign currency derivatives at head office. However, there was an increase in the securitized liabilities item,
which is due to the increase in hybrid contracts.
Details on valuation principles are shown under (20) Financial assets \u2013 held for trading.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-479": { "value": "
(22) Hedge accounting and fair value adjustments of the hedged items in
portfolio hedge
IFRS 9 granted the accounting policy choice to continue the application of the provisions given in IAS 39 until the IASB finishes
its existing project of replacing the portfolio hedge accounting rules in IAS 39. RBI opted to use this policy choice and i still
applying the hedge accounting rules according to IAS in the version endorsed by the EU (EU carve-out). Notwithstanding that,
the changes in the disclosures in the notes pursuant to IFRS 7 are taken into account.
If hedging instruments, mainly derivatives, are held for the purpose of risk management and if the respective transactions
meet specific criteria, RBI designates them into hedge accounting relationships. This can occur in the way of fair value hedges,
cash flow hedges or net investment hedges. At the beginning of the hedging relationship, the relationship between underlying
and hedging instrument, including the risk management objectives, is documented. Furthermore, it is necessary to regularly
document from the beginning and during the lifetime of the hedging relationship that the fair value or cash flow hedge is
highly effective in respect of the offset of valuation changes between hedging instrument and hedged item.
Hedge accounting \u2013 additional information
Depending on the risk to be hedged, fair value and cash flow hedge accounting are used. The aim is to reduce the interest rate
risk and volatility in the income statement. Both types may be modeled at the micro level and in portfolios. Net investment
hedges are mainly applied to hedge the net investment risk against fluctuations in the Romanian leu, the Czech koruna, the
Hungarian forint and the Serbian dinar.
In fair value hedges and cash flow hedges, various financial instruments are designated as hedged items in hedges. These
instruments consist mainly of loans and advances on the asset side and deposits on the liability side. Other items included in
hedge accounting relationships are debt securities and securitized liabilities. Most of the hedging instruments are interest rate
and foreign exchange contracts.
More information on RBI\u2019s risk management strategy is provided in the risk report under (42) Market risk.
The effects of hedges on the statement of comprehensive income are included in (5) Net trading income, fair value result and
net gains/losses from hedge accounting, while those on the statement of changes in equity are included in the development of
the cumulative other comprehensive income in (29) Equity and non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-480": { "value": "
In accordance with IFRS 13, RBI uses the following fair value hierarchy to determine and report the fair value for financial
instruments. The allocation of certain financial instruments to the level categories requires regular assessment, especially if
the valuation is based on both observable and unobservable inputs. The classification of an instrument may change over time,
even after considering changes in market liquidity and thus price transparency.
Quotation on an active market (Level I)
Financial instruments whose fair values are measured based on quoted market prices are allocated to Level I of the fair value
hierarchy. This category includes particularly equity instruments traded on the stock exchange, debt instruments traded on the
interbank market and derivatives traded on the stock exchange. The valuation is mainly based on external data sources (stock
exchange prices or broker quotes in liquid market segments). In an active market, transactions involving assets and liabilities
are traded in sufficient frequency and volumes that price information is continuously available. Indicators for active markets
are the number, the frequency of update or the quality of quotations (e.g. banks or stock exchanges). Moreover, narrow bid/ask
spreads and quotations from market participants within a certain corridor are also indicators of an active liquid market.
Financial instruments whose fair value measurements are based on quoted market prices mainly consist of quoted securities, a
small proportion of derivatives and liquid bonds traded on over-the-counter markets (OTC).
Measurement techniques based on observable market data (Level II)
When quoted prices are not available on an active market, the financial instrument is then classified as Level II if the fair value
can be determined using recognized measurement models which utilize observable prices or parameters (particularly present
value calculations or option price models). The observable market data mainly consist of yield curves, credit spreads and
volatilities. RBI generally uses measurement models that undergo internal review by the Market Risk Committee to ensure
appropriate measurement parameters. The measurement techniques based on observable market data concern most of the
OTC derivatives and non-quoted debt instruments.
Measurement techniques not based on observable market data (Level III)
If the fair value measurement can be made neither based on sufficiently regular market prices (Level I) nor on measurement
models that are based entirely on observable market prices (Level II), individual input parameters that are not observable in the
market are estimated using appropriate assumptions. If unobservable parameters have a significant impact on the
measurement of the underlying financial instrument, it is assigned to Level III of the fair value hierarchy. These regularly
unobservable measurement parameters include credit spreads derived from internal estimates.
These input parameters may include data which is calculated in terms of approximated values from historical data among
other factors (fair value hierarchy Level III). The utilization of these models requires assumptions and estimates of the
Management. The scope of the assumptions and estimates depends on the price transparency of the financial instrument, its
market, and the complexity of the instrument.
For financial instruments valued at amortized cost (this comprises loans and advances, deposits, other short-term borrowings,
and long-term liabilities), the Group discloses the fair value. In principle, there is low or no trading activity for these instruments,
therefore a significant degree of assessment by the Management is necessary for determining the fair value.
Fair value of financial instruments measured at fair value
The loan portfolio is included in the central calculation of fair value. Fair value is calculated monthly and is based on the
discounted cash flow method. The expected cash flows are discounted using an appropriate discount rate (e.g. risk-free
interest rate plus premium). The method applied to calculate the discount rate depends on the segment (i.e. retail and non-
retail).
In addition, the fair value of the embedded options is calculated for the loan portfolio, and the method applied is based on the
customer segment (i.e. retail and non-retail). The measurement of the embedded options in the retail segment is based on
behavioral modeling (e.g. linear regression/moving twelve-month average of prepayment rates). The measurement of
embedded options in loans in the non-retail segment assumes that the customer will behave in an entirely rational manner.
The embedded options in non-retail loans such as prepayment, disbursement and replenishment are replicated with swaptions
and measured using the trinomial tree Hull-White structural model. The Black model, which is based on the log-normal
distribution of yields, is generally used to measure interest rate options (caps and floors). As there is a volatile interest rate
environment, the shifted log-normal Black model is used to measure interest rate options. It is based on a displaced diffusion
model (log-normal distribution with a shift in interest rates).
For bonds, tradable market prices are mostly used. If no quotes are available, a discounted cash flow model is used to value
the securities. The yield curve and an adequate credit spread are used as measurement parameters. The credit spread is
determined through comparable financial instruments available on the market. Credit default spreads were used to measure a
small part of the portfolio. In addition, consideration is given to third party external measurements, which are indicative in all
cases. The positions are assigned to levels at the end of the reporting period.
In RBI, well-known conventional market valuation techniques are used to measure OTC derivatives. For example, interest rate
swaps, cross currency swaps and forward rate agreements are measured using the customary discounted cash flow model for
these products. OTC options, such as foreign exchange options or caps and floors, are based on valuation models which are in
line with market standards. In the case of the examples listed, such models would be the Garman-Kohlhagen model, Black-
Scholes 1972 and Black 1976. Monte Carlo simulations are used to measure complex options.
Credit value adjustments (CVA) and debit value adjustments (DVA) are also necessary to determine fair value to reflect
counterparty default risk associated with OTC derivative transactions, especially for contractual partners for whom a credit
support annex does not provide protection. This amount represents the respective estimated market value of a security
measure which is required to hedge against counterparty credit risk in the Group\u2019s OTC derivative portfolios.
The CVA depends on the expected future exposure (expected positive exposure) and the probability of default of the
contractual partner. The expected positive exposure is calculated by simulating a large number of scenarios for future points
in time, taking into account all available risk factors (e.g. currency and yield curves). OTC derivatives are measured at market
values taking into account these scenarios at the respective future points in time and are aggregated at counterparty level in
order to then ascertain the expected positive exposure for all points in time. Counterparties with CSA contracts (credit support
annex contracts) are taken into account in the calculation. The expected exposures are not calculated directly from simulated
market values, but from a future expected change in market values based on a margin period of risk of ten days. In order to
determining the probability of default for each counterparty, where direct credit default swap (CDS) quotations are available,
the Group calculates the market-based probability of default and, implicitly, the loss given default (LGD) for the respective
counterparty. The probability of default for counterparties which are not actively traded on the market is calculated by
assigning a counterparty\u2019s internal rating to a sector and rating specific CDS curve.
The DVA is determined by the expected negative exposure and by RBI's credit quality and represents the value adjustment for
own probability of default. The method of calculation is analogous to that of the CVA. No funding value adjustment (FVA) was
considered to measure OTC derivatives. RBI is observing market developments and will develop a method to calculate the FVA
where appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-481": { "value": "
(24) Investments in subsidiaries and associates
in \u20ac million
2025
2024
Investments in affiliated companies
222
206
Investments in associates valued at equity
721
665
Total
944
871
Number of subsidiaries not included
247
262
Investments in associates valued at equity:
in \u20ac million
Share in %
Carrying amount
2025
Carrying amount
2024
card complete Service Bank AG, Vienna (AT)
25.0%
-
2
EMCOM Beteiligungs GmbH, Vienna (AT)
33.6%
7
7
Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT)
33.1%
150
161
Notartreuhandbank AG, Vienna (AT)
26.0%
18
16
Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
8.1%
71
64
\u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
31.3%
15
16
Posojilnica Bank eGen, Klagenfurt (AT)
49.8%
26
20
Prva stavebna sporitelna a.s., Bratislava (SK)
32.5%
63
51
Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
47.6%
12
10
Raiffeisen-Leasing Management GmbH, Vienna (AT)
50.0%
9
8
UNIQA Insurance Group AG, Vienna (AT)
10.9%
352
309
Total
721
665
The carrying amount of investments in associates values at equity increased from \u20ac 665 million to \u20ac 721 million. The increase is
primarily due UNIQA Insurance Group AG.
In the current reporting period, the sale of the card complete Service Bank AG took place. The decrease in book value at
Leipnik-Lundenburger Invest Beteiligungs AG is attributable to negative economic developments of the at equity valued
investments in Leipnik-Lundenburger Invest Beteiligungs AG. The increase of the carrying amounts of UNIQA Insurance Group
AG, Posojilnica Bank eGen and Prva stavebna sporitelna a.s. is primarily due to higher earning contributions in the reporting
period 2025.
Significant influence over UNIQA Insurance Group AG exists due to a syndicate agreement with the other core shareholders
that governs the right to appoint members of the Supervisory Board, among other things. Significant influence over
Oesterreichische Kontrollbank Aktiengesellschaft exists due to two permanent positions on the Supervisory Board.Financial
information on associates valued at equity as at 30 September 2025:
in \u20ac million
EMCOM
LLI1
NTB
OeKB1
OEHT
Assets
20
1,210
2,153
35,693
1,235
Operating income
0
57
12
77
11
Profit/loss after tax from continuing operations
0
(55)
9
63
8
Profit/loss after tax from discontinued operations
0
0
0
0
0
Other comprehensive income
0
(10)
0
3
0
Total comprehensive income
0
(65)
9
66
8
Attributable to non-controlling interests
0
3
0
1
0
Attributable to investee's shareholders
0
(68)
9
65
8
Current assets
20
378
454
6,553
20
Non-current assets
0
832
1,699
29,140
1,215
Short-term liabilities
0
(391)
(1,853)
(9,392)
0
Long-term liabilities
0
(313)
(232)
(25,355)
(1,179)
Net assets
20
507
68
946
57
Attributable to non-controlling interests
0
7
0
18
0
Attributable to investee's shareholders
20
499
68
928
57
Group's interest in net assets of investee as at 1/1
7
184
16
74
16
Change in share/first time inclusion
0
0
0
0
0
Total comprehensive income attributable to the Group
1
(15)
3
6
3
hereof income statement
1
(19)
3
6
3
hereof other comprehensive income
0
4
0
0
0
Dividends received
(1)
(4)
(2)
(5)
(2)
Share in the capital increase
0
0
0
0
0
Group's interest in net assets of investee as at 30/9
7
165
18
75
18
Valulation
0
(15)
0
(4)
(3)
Carrying amount
7
150
18
71
15
1 Consolidated financial statements: Profit and equity is after deduction of non-controlling interests.
EMCOM: EMCOM Beteiligungs GmbH, Vienna (AT)
LLI: Leipnik-Lundenburger Invest Beteiligungs Aktiengesellschaft, Vienna (AT)
NTB: Notartreuhandbank AG, Vienna (AT)
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
OEHT: \u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
in \u20ac million
POSO
PSS
RIZ
R-Leasing
UNIQA1
Assets
397
2,921
341
59
28,763
Operating income
3
60
5
1
484
Profit/loss after tax from continuing operations
13
15
4
1
333
Profit/loss after tax from discontinued operations
0
0
0
0
0
Other comprehensive income
0
0
0
4
163
Total comprehensive income
13
15
4
5
496
Attributable to non-controlling interests
0
0
0
0
(1)
Attributable to investee's shareholders
11
15
4
4
498
Current assets
115
136
184
55
1,403
Non-current assets
281
2,785
157
4
27,360
Short-term liabilities
(278)
(654)
(155)
(28)
(1,194)
Long-term liabilities
(48)
(1,935)
(98)
0
(24,238)
Net assets
71
332
88
31
3,331
Attributable to non-controlling interests
0
0
0
0
114
Attributable to investee's shareholders
71
332
88
31
3,217
Group's interest in net assets of investee as at 1/1
30
105
42
16
309
Change in share/first time inclusion
0
0
0
0
0
Total comprehensive income attributable to the Group
5
5
1
1
62
hereof income statement
6
5
1
1
46
hereof other comprehensive income
0
0
0
0
16
Dividends received
0
(2)
(2)
(2)
(19)
Share in the capital increase
0
0
0
0
0
Group's interest in net assets of investee as at 30/9
35
108
42
15
352
Valulation
(9)
(45)
(30)
(7)
0
Carrying amount
26
63
12
9
352
1 Consolidated financial statements: Profit and equity is after deduction of non-controlling interests.
POSO: Posojilnica Bank eGen, Klagenfurt (AT)
PSS: Prva stavebna sporitelna a.s., Bratislava (SK)
RIZ: Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
R-Leasing: Raiffeisen-Leasing Management GmbH, Vienna (AT)
UNIQA: UNIQA Insurance Group AG, Vienna (AT)
Impairment test for companies valued at equity
At the end of each reporting period an assessment is made whether there is any indication that the carrying amount of an
equity investment is higher than its recoverable amount. IAS 36 has a list of external and internal indicators of impairment. If
there is an indication that a company valued at equity may be impaired, then the asset's recoverable amount is calculated. The
following key assumptions have been made for the impairment test.
2025
2024
Cash generating units
LLI
OeKB
UNIQA
LLI
OeKB
UNIQA
Average discount interest rate (after tax)
6.7%
8.5%
8.4%
6.7%
8.9%
9.0%
Planning period
5 years
3 years
5 years
5 years
3 years
5 years
LLI: Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT) - average discount rate WACC
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT) - average discount rate CoE
UNIQA: UNIQA Insurance Group AG, Vienna (AT) - average discount rate CoE
The results showed a reversal of impairment for the majority of the investment portfolio based on the most recent impairment
tests. In this process, the ongoing replacement of low-interest assets had a positive impact on the earnings situation of the
bank holdings.
Summary of significant planning assumptions and description of the management approach to identify the values:
Cash generating units
Brief description
Key assumptions
Management approach
Leipnik-Lundenburger Invest
Beteiligungs AG (LLI)
In the two core areas of milling and
vending (hot and cold) beverages and
food from vending machines, the LLI
companies are market leaders in
Austria and in some EU countries
(Eastern Europe and Germany).
In addition to the two core areas, the at
equity valued investments prove to be
value drivers within LLI.
The planning assumptions approved by
the supervisory board reflect the
expected developments in raw material
prices and costs, which are also
reflected in the sales prices.
Planning includes actions to address
current and expected market
developments. In addition to cost
savings and a suitable pricing strategy,
these include further specializations,
optimization through digitalization and
the development of new products.
Oesterreichische Kontrollbank
Aktiengesellschaft (OeKB)
The OeKB fulfills two essential functions
for the Austrian export industry and the
capital market. As the export credit
agency of the Republic of Austria, it
provides state-guaranteed liabilities
and refinances export-related
investments and foreign transactions
through the export financing process.
Furthermore, the OeKB supports the
capital market through specialized
securities services, the settlement of
federal bond auctions, and via its
subsidiaries in the areas of custody and
clearing. Its main subsidiaries are
\u00d6sterreichische Hotel- und
Tourismusbank (OEHT) and
Oesterreichische Entwicklungsbank
(OeEB).
The planning assumptions take into
account the development of volumes in
export finance and have been adopted
in the valuation approach. They show
stable growth of loan volume over the
following years.
The management approach reflects the
current external conditions. The interest
rate level as well as catch-up effects
from previously postponed investments
due to the inflationary environment of
recent years have been taken into
account in the planning assumptions.
The existing mandates of the Republic
of Austria provide a stable foundation
for OeKB's business activities, which are
complemented by additional services.
UNIQA Insurance Group AG (UNIQA)
UNIQA Insurance Group AG is one of the
leading insurance groups in its core
markets of Austria and CEE. The group
is represented in 14 countries and
serves more than 17 million customers.
The brands UNIQA and Raiffeisen
Versicherung are two strong insurance
brands in Austria and are well
positioned in the CEE markets.
By taking appropriate countermeasures,
UNIQA intends to continue to pursue its
long-term profitability targets despite
the increasing cost pressure. In
summary, despite the volatile
environment, it is assumed that the
long-term strategic orientation will be
maintained and, accordingly, that long-
term returns will remain stable.
The management approach was
essentially adopted as the valuation
approach. It is based on the
continuation of the established
strategic direction. Accordingly,
ensuring a solid return on equity as well
as a strong solvency position is
fundamental. This forms the basis for
sustainable dividend growth and a
stable dividend yield.
Sensitivity analysis
In order to examine how a change in parameters essential for determining the cost of capital affects the value of equity, these
parameters were varied in the course of the sensitivity analysis carried out. Changes in the valuation of these companies may
therefore result in an adjustment to the carrying amount. In the event of a downside scenario (increase in the cost of capital by
50 basis points) the value in use of Leipnik-Lundenburger Invest Beteiligungs AG, Raiffeisen Leasing Management GmbH, Prva
stavebna sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft, \u00d6sterreichische Hotel und Tourismusbank GmbH,
Posojilnica Bank eGen would decrease by less than 10 per cent, and that of Raiffeisen Informatik GmbH & Co KG by around 17
per cent, thus leading to a further reduction in the carrying amount. UNIQA Insurance Group AG,\u00a0 Notartreuhandbank AG and
EMCOM Beteiligungs GmbH are excluded from this scenario, a further decline in value would not lead to a reduction in the
carrying amount here as the value in use would still be higher than the proportionate equity
Associated companies
An associated company is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of an entity in which shares are held. No control or joint management
of decision-making processes exists. As a rule, significant influence is assumed if the Group holds 20 to 50 per cent of the
voting rights. When judging whether the Group has the ability to exert a significant influence on another entity, the existence
and the effect of potential voting rights which are actually exercisable, or convertible are taken into account. Further
parameters for judging significant influence are, for example, the representation in executive committees and supervisory
boards (Supervisory Board in Austrian Joint Stock companies) of the entity and material business transactions with the entity.
Investments in material associated companies are valued at equity and shown in the statement of financial position under the
item investments in subsidiaries and associates under the sub-item investments in associates valued at equity.
The acquisition cost of these investments including goodwill is determined at the time of their initial consolidation, applying by
analogy the same rules as for subsidiaries (offsetting acquisition costs against proportional fair net asset value). If associated
companies are material, appropriate adjustments are made to the equity carrying amount, in accordance with developments
in the company\u2019s equity. Profit or losses of companies valued at equity are netted and recognized in the item current income
from investments in associates. Losses attributable to companies accounted for using the equity method are only recognized
up to the level of the equity carrying amount. Losses in excess of this amount are not recognized since there is no obligation to
offset excess losses. Furthermore, any amounts recognized by the associate through other comprehensive income will be
recognized in the other comprehensive income statement of RBI. This is especially relevant for valuation effects seen from
financial assets at fair value through other comprehensive income (FVOCI). At each reporting date, the Group reviews to what
extent there is objective evidence for impairment of an equity participation in an associated company. If there is objective
evidence of impairment, an impairment test is carried out, in which the recoverable value of the participation \u2013 this is higher of
the value in use and the fair value less selling costs \u2013 is compared to the carrying amount. An impairment made in previous
periods is reversed only if the assumptions underlying the determination of the recoverable value have been changed since
recognition of the last impairment. In this case the carrying amount is written up to the higher recoverable value.
Associated companies valued at equity
Company, domicile (country)
Subscribed capital
in local currency
Share
Type1
EMCOM Beteiligungs GmbH, Vienna (AT)
37,000
EUR
33.6%
BA
LEIPNIK-LUNDENBURGER INVEST Beteiligungs Aktiengesellschaft, Vienna (AT)
32,624,283
EUR
33.1%
OT
NOTARTREUHANDBANK AG, Vienna (AT)
8,030,000
EUR
26.0%
FI
Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT)
130,000,000
EUR
8.1%
BA
\u00d6sterreichische Hotel- und Tourismusbank Gesellschaft m.b.H., Vienna (AT)
11,627,653
EUR
31.3%
BA
Posojilnica Bank eGen, Klagenfurt (AT)
74,345,115
EUR
49.8%
BA
Prva stavebna sporitelna a.s., Bratislava (SK)
66,500,000
EUR
32.5%
BA
Raiffeisen Informatik GmbH & Co KG, Vienna (AT)
1,460,000
EUR
47.6%
BR
Raiffeisen-Leasing Management GmbH, Vienna (AT)
300,000
EUR
50.0%
OT
UNIQA Insurance Group AG, Vienna (AT)
309,000,000
EUR
10.9%
VV
1 Company type: BA Bank, BR Company rendering banking-related ancillary services, FH Financial holding, FI Financial institution, OT Other companies, VV Insurance, SC Securities firms
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-483": { "value": "
Impairment test for companies valued at equity
At the end of each reporting period an assessment is made whether there is any indication that the carrying amount of an
equity investment is higher than its recoverable amount. IAS 36 has a list of external and internal indicators of impairment. If
there is an indication that a company valued at equity may be impaired, then the asset's recoverable amount is calculated. The
following key assumptions have been made for the impairment test.
2025
2024
Cash generating units
LLI
OeKB
UNIQA
LLI
OeKB
UNIQA
Average discount interest rate (after tax)
6.7%
8.5%
8.4%
6.7%
8.9%
9.0%
Planning period
5 years
3 years
5 years
5 years
3 years
5 years
LLI: Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT) - average discount rate WACC
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT) - average discount rate CoE
UNIQA: UNIQA Insurance Group AG, Vienna (AT) - average discount rate CoE
The results showed a reversal of impairment for the majority of the investment portfolio based on the most recent impairment
tests. In this process, the ongoing replacement of low-interest assets had a positive impact on the earnings situation of the
bank holdings.
Summary of significant planning assumptions and description of the management approach to identify the values:
Cash generating units
Brief description
Key assumptions
Management approach
Leipnik-Lundenburger Invest
Beteiligungs AG (LLI)
In the two core areas of milling and
vending (hot and cold) beverages and
food from vending machines, the LLI
companies are market leaders in
Austria and in some EU countries
(Eastern Europe and Germany).
In addition to the two core areas, the at
equity valued investments prove to be
value drivers within LLI.
The planning assumptions approved by
the supervisory board reflect the
expected developments in raw material
prices and costs, which are also
reflected in the sales prices.
Planning includes actions to address
current and expected market
developments. In addition to cost
savings and a suitable pricing strategy,
these include further specializations,
optimization through digitalization and
the development of new products.
Oesterreichische Kontrollbank
Aktiengesellschaft (OeKB)
The OeKB fulfills two essential functions
for the Austrian export industry and the
capital market. As the export credit
agency of the Republic of Austria, it
provides state-guaranteed liabilities
and refinances export-related
investments and foreign transactions
through the export financing process.
Furthermore, the OeKB supports the
capital market through specialized
securities services, the settlement of
federal bond auctions, and via its
subsidiaries in the areas of custody and
clearing. Its main subsidiaries are
\u00d6sterreichische Hotel- und
Tourismusbank (OEHT) and
Oesterreichische Entwicklungsbank
(OeEB).
The planning assumptions take into
account the development of volumes in
export finance and have been adopted
in the valuation approach. They show
stable growth of loan volume over the
following years.
The management approach reflects the
current external conditions. The interest
rate level as well as catch-up effects
from previously postponed investments
due to the inflationary environment of
recent years have been taken into
account in the planning assumptions.
The existing mandates of the Republic
of Austria provide a stable foundation
for OeKB's business activities, which are
complemented by additional services.
UNIQA Insurance Group AG (UNIQA)
UNIQA Insurance Group AG is one of the
leading insurance groups in its core
markets of Austria and CEE. The group
is represented in 14 countries and
serves more than 17 million customers.
The brands UNIQA and Raiffeisen
Versicherung are two strong insurance
brands in Austria and are well
positioned in the CEE markets.
By taking appropriate countermeasures,
UNIQA intends to continue to pursue its
long-term profitability targets despite
the increasing cost pressure. In
summary, despite the volatile
environment, it is assumed that the
long-term strategic orientation will be
maintained and, accordingly, that long-
term returns will remain stable.
The management approach was
essentially adopted as the valuation
approach. It is based on the
continuation of the established
strategic direction. Accordingly,
ensuring a solid return on equity as well
as a strong solvency position is
fundamental. This forms the basis for
sustainable dividend growth and a
stable dividend yield.
Sensitivity analysis
In order to examine how a change in parameters essential for determining the cost of capital affects the value of equity, these
parameters were varied in the course of the sensitivity analysis carried out. Changes in the valuation of these companies may
therefore result in an adjustment to the carrying amount. In the event of a downside scenario (increase in the cost of capital by
50 basis points) the value in use of Leipnik-Lundenburger Invest Beteiligungs AG, Raiffeisen Leasing Management GmbH, Prva
stavebna sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft, \u00d6sterreichische Hotel und Tourismusbank GmbH,
Posojilnica Bank eGen would decrease by less than 10 per cent, and that of Raiffeisen Informatik GmbH & Co KG by around 17
per cent, thus leading to a further reduction in the carrying amount. UNIQA Insurance Group AG,\u00a0 Notartreuhandbank AG and
EMCOM Beteiligungs GmbH are excluded from this scenario, a further decline in value would not lead to a reduction in the
carrying amount here as the value in use would still be higher than the proportionate equity
Any anticipated permanent impairment is reported in the income statement and shown under the item impairment on non-
financial assets. In case that the reason for the impairment no longer exists, a write-up will take place up to a maximum of the
amount of the amortized cost of the asset.
Impairments that are expected to be permanent are recognized in profit or loss and shown in the item impairment
on non-financial assets. If the reasons for the impairment cease to exist, a write-up is made up to the amortized acquisition
costs.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
(31) Expected credit losses
Expected credit losses from financial instruments should reflect an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information
that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of
future economic conditions.
General approach
The measurement of impairment for expected credit loss on financial assets measured at amortized cost and fair value
through other comprehensive income is an area that requires the use of models and assumptions about future economic
conditions and payment behavior. Judgments are required in applying the accounting requirements for measuring expected
credit losses, inter alia:
\u00b7 Determining criteria for a significant increase in credit risk
\u00b7 Choosing appropriate models and assumptions for the measurement of expected credit losses
\u00b7 Consideration of risk factors beyond the current models
\u00b7 Establishing the number and relative weightings of forward-looking scenarios
\u00b7 Establishing groups of similar financial assets for the purposes of measuring expected credit losses.
Credit risk is the risk of suffering financial loss should customers, clients or market counterparties fail to fulfil their contractual
obligations or fail to do so on time. Credit risk arises mainly from interbank, commercial and personal loans, and loan
commitments, but can also arise from financial guarantees given, such as, credit guarantees, letters of credit, and
acceptances.
Other credit risks arise from investments in debt securities and from trading activities (trading credit risks), as well as from
settlement balances with market counterparties and reverse repurchase agreements.
Models are applied to estimate the likelihood of defaults occurring, the associated loss ratios and the exposure at default. RBI
measures credit risks using the probability of default (PD), exposure at default (EAD) and loss given default (LGD). In addition to
established risks with predictable patterns, new risks - such as geopolitical uncertainty, energy supply and environmental risks
- are emerging. These risks can\u2019t be captured by existing statistical models due to insufficient historical data. However, to
ensure adequate provisioning levels these risks are incorporated in the ECL calculation via management overlays - which can
be split into:
\u00b7 Overlays: These are adjustments which are added outside the model \u2013 i.e. after the model is operated. (Post Model
Adjustments (PMA) belong to this category).
\u00b7 In-model adjustments: These are adjustments which are performed within the IFRS 9 model. It covers adjustments of
the model input, adjustments of the model parameter or ad-hoc adjustments of the model and model calibration
(whereas altering model parameters (LGD and PD) by including forward looking macroeconomic information is not
considered as management overlay).
ESG factors are not yet explicitly included in ECL modelling. However, they are taken into account in the calculation via overlays.\u00a0
Significant increase in the credit risk
RBI considers a financial instrument to have experienced a significant increase in credit risk when one or more of the following
quantitative, qualitative or backstop criteria have been met:
Quantitative criteria
RBI\u2019s rating systems incorporate all available quantitative and qualitative information relevant for forecasting the credit risk
into the PD. This metric is based primarily on a statistical selection and weighting of all available indicators. In addition, the PD
adjusted in accordance with IFRS 9 requirements takes into account not only historical information and the current economic
environment, but also, in particular, forward-looking information such as the forecast for the development of macroeconomic
conditions. As a consequence, RBI uses the PD as a frame of reference for assessing whether the credit risk of a financial
instrument has risen significantly since the date of its initial recognition. By embedding the review of the relative transfer
criterion within the group-wide processes and procedures of credit risk management framework, the bank ensures that a
significant increase in the credit risk is identified in a reliable and timely manner based on objective criteria. The review to
determine whether the credit default risk as at the financial reporting date has risen significantly since the initial recognition of
the respective financial instrument is performed as at the reporting date. This review compares the observed probability of
default over the residual maturity of the financial instrument (Lifetime PD) against the lifetime PD over the same period as
expected on the date of recognition.
Given the different nature of products between non-retail and retail customers, the methods for assessing potential
significant increases in credit risk also differ slightly.
In order to make the two curves for credit risk of non-retail customers comparable, the PDs are scaled down to annualized PDs.
A significant increase in credit risk is considered to have occurred if the PD increase was at least 250 per cent. For longer
maturities the threshold of 250 per cent is reduced to account for a maturity effect.
For retail exposures, the remaining cumulative PDs are compared as the logit difference (logit is in statistics the natural
logarithm of a probability) between lifetime PD at reporting date and lifetime PD at origination conditional to survival up to the
reporting date. A significant increase in credit risk is considered to have occurred once this logit difference is above a certain
threshold. The threshold levels are calculated separately for each portfolio which is covered by individual rating-based lifetime
PD models. Based on historical data, the thresholds are estimated as a specific quantile of the distribution of the above-
mentioned logit differences on the worsening portfolio (defined by country and product such as mortgage loans, credit cards
and SME loans). That usually translates to a PD increase between 150 and up to 250 per cent, dependent on the default
behavior of the different portfolios.
Qualitative criteria
RBI uses qualitative criteria in addition to quantitative criteria to recognize a significant increase in credit risk for all material
portfolios.
For the corporate customer, sovereign, bank and project finance portfolios, a transfer to Stage 2 takes place if the borrower
meets one or more of the following criteria:
\u00b7 Detection of credit deterioration in the early warning system
\u00b7 Changes in contract terms as a forbearance measure
\u00b7 External risk factors with a potentially significant impact on the client\u2019s repayment ability
The assessment of a significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all corporate customer, sovereign, bank and project finance portfolios held by RBI.
For retail portfolios, a Stage 2 transfer takes place if the borrower meets one or more of the following qualitative criteria:
\u00b7 Forbearance flag active
\u00b7 Default of material exposure (> 20 per cent of total exposure) of the same customer on another product (PI
segment)
\u00b7 Holistic approach \u2013 applicable for cases where new forward-looking information becomes available for a segment
or portion of the portfolio and this information is not yet captured in the rating system. If such cases are identified,
management measures this portfolio with lifetime expected credit losses (as a collective assessment).
The assessment of significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all retail portfolios held by RBI.
Backstop criteria
A backstop is applied, and the financial instrument considered to have experienced a significant increase in credit risk if
contractual payments are more than 30 days overdue. In rare cases, it is possible to override the 30-day rule; however, this
exception is not implemented at RBI.
Low credit risk exemption
In selected cases for sovereign debt securities, RBI makes use of the low credit risk exemption. All securities which are
presented as low credit risk have a rating equivalent to investment grade or better, i.e. minimum S&P BBB-, Moody\u2019s Baa3 or
Fitch BBB-. This exemption does not apply to the lending business.
Definition of default and credit-impaired assets
RBI uses the same definition of default for the purposes of calculating expected credit losses under IFRS 9 as for its CRR capital
reporting (Basel III). This definition also places a defaulted receivable in Stage 3.
Default is assessed by referring to quantitative and qualitative triggers. The condition for default is, firstly, when contractual
payments are more than 90 days past due. Secondly, a loan is considered to be in default if there are significant financial
difficulties and any credit obligation is unlikely to be repaid in full. The definition of default has been applied consistently to
model the probability of default (PD), exposure at default (EAD) and loss given default (LGD) throughout RBI\u2019s expected loss
calculations.
Explanation of inputs, assumptions and estimation techniques
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in
credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking
economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary
by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD),
exposure at default (EAD) and discount factor (D).
Probability of Default (PD)
The probability of default represents the likelihood of a borrower defaulting on its financial obligation either over the next
twelve months or over the remaining lifetime of the obligation. In general, the lifetime probability of default is calculated using
the regulatory twelve-month probability of default, stripped of any conservative adjustments, as a starting point. Thereafter
various statistical methods are used to generate an estimate of how the default profile will develop from the point of initial
recognition throughout the lifetime of the loan or portfolio of loans. The default profile is based on historical observed data.
Different models have been used to estimate the default profile of outstanding lending amounts and these can be grouped
into the following categories:
\u00b7 Corporate customers, project finance and financial institutions: The default profile is generated using a parametric
survival regression (Burr-Type 12 and Weibull) approach. Forward-looking information is incorporated into the
probability of default using an one factor model. The default rate calibration is adjusted for shorter maturities and
early repayments.
\u00b7 Retail lending and mortgage loans: The default profile is generated using parametric survival regression in a
competing risk framework. Forward-looking information is incorporated into the probability of default using satellite
models.
\u00b7 Sovereigns, local and regional governments, insurance companies and collective investment undertakings: The
default profile is generated using a transition matrix approach. Forward-looking information is incorporated into the
probability of default using an one factor model.
In the limited circumstances where some inputs are not fully available, grouping, averaging and benchmarking of inputs are
used for the calculation.
Loss Given Default (LGD)
Loss given default represents RBI\u2019s expectation of the extent of loss on a defaulted exposure. Loss given default is expressed
as a percentage loss per unit of exposure at the time of default.
Different models are used to estimate the loss given default of outstanding lending amounts and these can be grouped into
the following categories:
\u00b7 Corporate customers, project finance, financial institutions, local and regional governments, insurance companies:
The loss given default is generated by discounting cash flows collected during the workout process. Forward-looking
information is incorporated into the loss given default using an one factor model. While real estate collateral is
directly considered in the reduction of the outstanding receivable amount, other collateral types have a reducing
effect already during the modeling in the statistical average of the loss given default.
\u00b7 Retail lending and mortgage loans: The loss given default is generated by stripping the downturn adjustments and
other margins of conservatism form the regulatory loss given default. Forward-looking information is incorporated
into the loss given default using various satellite models.
\u00b7 Sovereigns: The loss given default is found by using market implied sources.
Depending on the type of lending company (bank/leasing) different LGD estimates are applied.
In the limited circumstances where some inputs are not fully available, alternative recovery models, benchmarking of inputs
and expert judgment are used for the calculation.
Exposure at Default (EAD)
Exposure at default is based on the amount RBI expects to be owed at the time of default. The twelve-month and lifetime
EADs are determined based on the expected payment profile, which varies by contract type. For amortizing products and bullet
repayment loans, this is based on the contractual repayments owed by the borrower over a twelve-month or lifetime basis. If
not already taken into account in the PD estimate over the loan term, early (full) repayment/refinance assumptions are also
considered in the calculation.
For revolving products, the exposure at default is determined by taking current drawn balance and adding the expected
utilization of the remaining limit . This additional amount is the product of the remaining limit and credit conversion factor. The
prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs
are not fully available benchmarking of inputs is used for the calculation.
Discount factor (D)
For financial assets and assets off the statement of financial position which are not leasing or POCI, the discount factor used
in the expected credit loss calculation is derived from the effective interest rate or an approximation thereof.
Calculation
For loans in Stage 1 and 2, the expected credit loss is the product of PD, LGD and EAD multiplied by the probability not to
default prior to the considered time period. The latter is expressed by the survivorship function S. This calculates future values
of expected credit losses, which are then discounted back to the reporting date and summed. The calculated values of
expected credit losses are then weighted by forward-looking scenario.
Different models have been used to estimate the provisions in Stage 3, and these can be grouped into the following categories:
\u00b7 Corporate customers, project finance, sovereigns, financial institutions, local and regional governments, insurance
companies and collective investment undertakings: Stage 3 provisions are calculated by workout managers who
discount expected cash flows by the appropriate effective interest rate.
\u00b7 For retail loans, Stage 3 impairments are determined for the majority of Group units by calculating the statistically
derived best estimate of expected loss adjusted for indirect costs.
Shared credit risk characteristics
Stage 1, Stage 2 and Stage 3 provisions for retail customers are measured on a collective basis. For non-retail business in Stage
3, most of the provisions are individually assessed. For expected credit losses modelled on a collective basis, a grouping of
exposures is performed on the basis of shared credit risk characteristics so that the exposures within each group are similar.
Retail exposure characteristics are grouped according to country, customer classification (households and SMEs), product (e.g.
mortgage, personal loans, overdraft facilities or credit cards), PD rating grade and LGD pool. Each combination of the above
characteristics is considered as a group with a uniform expected loss profile.
Non-retail exposure characteristics are assigned to a probability of default according to rating grade and customer segment.
This groups customer types into individual assessment models. For the determination of LGD and EAD parameters, the
portfolio is grouped by country.
Forward-looking information
As a rule, the risk parameters specific to IFRS 9 are estimated not only on historical default information but also particularly on
the current economic environment and forward-looking information. This assessment primarily involves regularly reviewing the
effects which RBI's macroeconomic forecasts will have regarding the amount of the ECL and including these effects in the
determination of the ECL.
The assessment of significant increases in credit risk and the calculation of expected credit losses both incorporate forward-
looking information. RBI has performed historical analysis and identified the key economic variables impacting credit risk and
expected credit losses.
These economic variables and their associated impact on the probability of default and loss given default vary by category.
Forecasts of these economic variables (the base economic scenario) are provided by Raiffeisen Research on a quarterly basis
and provide the best estimate view of the economy over the next three years. Beyond three years, no macroeconomic
adjustment is carried out. That means that after three years, to project the economic variables for the full remaining lifetime
of each instrument, a mean reversion approach has been used, which means that economic variables tend to revert to either a
long-term average rate or a long-term average growth rate until maturity. The impact of these economic variables on the
probability of default and loss given default has been determined by performing statistical regression to understand the
impact changes in these variables have had historically on default rates and on the components of loss given default.
In addition to the base economic scenario, Raiffeisen Research also estimates an optimistic and a pessimistic scenario to
ensure that the non-linearity of the ECL, depending on macroeconomic conditions, is captured.
In both the pessimistic and optimistic scenarios, the methodology was adjusted as a result of the high level of uncertainty. As
with any economic forecast, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty;
therefore, the actual outcomes may be significantly different from those projected. RBI considers these forecasts to represent
its best estimate of the future outcomes and cover any potential non-linearities and asymmetries within RBI\u2019s different
portfolios.
The most significant assumptions used as a starting point for the expected credit loss estimates at year-end are shown below
(source: Raiffeisen Research, November 2025, exclusive Ukraine).
Real GDP
Unemployment
2026
2027
2028
2026
2027
2028
Upside scenario
3.9%
3.6%
3.6%
4.2%
4.2%
4.2%
Croatia
Base
2.6%
2.5%
2.5%
4.9%
4.8%
4.8%
Downside scenario
0.4%
0.6%
0.6%
6.6%
6.2%
6.2%
Upside scenario
1.6%
1.6%
1.6%
5.1%
5.0%
4.7%
Austria
Base
0.8%
1.0%
1.0%
5.4%
5.3%
5.0%
Downside scenario
(0.4)%
0.0%
0.0%
5.7%
5.8%
6.0%
Upside scenario
4.0%
3.6%
3.6%
4.1%
4.1%
4.0%
Poland
Base
3.3%
3.0%
3.0%
5.0%
4.9%
4.8%
Downside scenario
2.2%
2.1%
2.1%
7.2%
6.8%
6.7%
Upside scenario
2.1%
2.0%
2.0%
3.1%
3.2%
3.2%
Russia
Base
0.9%
0.9%
0.9%
3.5%
3.5%
3.5%
Downside scenario
(1.1)%
(0.8)%
(0.8)%
4.3%
4.2%
4.2%
Upside scenario
2.5%
3.5%
3.7%
5.3%
5.0%
4.6%
Romania
Base
1.3%
2.5%
2.7%
5.6%
5.2%
4.8%
Downside scenario
(0.6)%
0.8%
1.0%
6.2%
5.7%
5.3%
Upside scenario
3.7%
3.8%
4.3%
8.1%
7.7%
7.7%
Serbia
Base
2.8%
3.0%
3.5%
9.0%
8.5%
8.5%
Downside scenario
1.2%
1.7%
2.2%
11.0%
10.2%
10.2%
Upside scenario
2.5%
2.6%
2.9%
4.5%
4.6%
4.5%
Slovakia
Base
1.5%
1.7%
2.0%
5.4%
5.4%
5.3%
Downside scenario
(0.2)%
0.2%
0.6%
7.4%
7.2%
7.1%
Upside scenario
2.9%
3.3%
3.3%
4.3%
4.2%
4.1%
Czech Republic
Base
2.0%
2.5%
2.5%
4.6%
4.5%
4.4%
Downside scenario
0.5%
1.2%
1.2%
5.3%
5.1%
5.0%
Upside scenario
3.0%
3.2%
3.8%
4.0%
4.0%
3.8%
Hungary
Base
2.0%
2.4%
3.0%
4.5%
4.4%
4.2%
Downside scenario
0.4%
1.0%
1.6%
5.5%
5.3%
5.1%
Long-term bond rate
Real estate prices
2026
2027
2028
2026
2027
2028
Upside scenario
2.2%
2.3%
2.3%
7.3%
6.5%
6.2%
Croatia
Base
3.2%
3.2%
3.2%
3.0%
2.8%
2.5%
Downside scenario
4.2%
4.0%
4.0%
1.0%
1.1%
0.8%
Upside scenario
2.3%
2.4%
2.4%
4.8%
4.9%
4.9%
Austria
Base
3.2%
3.2%
3.2%
2.5%
3.0%
3.0%
Downside scenario
4.1%
4.0%
3.9%
1.5%
2.1%
2.1%
Upside scenario
3.3%
2.7%
2.7%
5.6%
5.9%
4.1%
Poland
Base
4.6%
3.8%
3.8%
2.3%
3.0%
1.2%
Downside scenario
5.8%
4.8%
4.8%
0.7%
1.7%
0.5%
Upside scenario
11.7%
9.7%
9.4%
22.5%
13.1%
13.1%
Russia
Base
12.8%
10.6%
10.3%
13.0%
5.0%
5.0%
Downside scenario
13.8%
11.5%
11.1%
8.7%
1.3%
1.3%
Upside scenario
5.4%
4.4%
3.7%
6.1%
5.0%
6.8%
Romania
Base
6.5%
5.3%
4.6%
2.8%
2.2%
4.0%
Downside scenario
7.5%
6.2%
5.5%
1.3%
0.9%
2.7%
Upside scenario
4.0%
3.9%
3.8%
9.9%
9.2%
8.7%
Serbia
Base
4.7%
4.5%
4.4%
4.5%
4.5%
4.0%
Downside scenario
5.3%
5.0%
4.9%
2.0%
2.4%
1.9%
Upside scenario
2.1%
2.2%
2.1%
10.3%
8.5%
8.5%
Slovakia
Base
3.1%
3.0%
2.9%
5.0%
4.0%
4.0%
Downside scenario
3.9%
3.7%
3.7%
2.6%
2.0%
2.0%
Upside scenario
3.3%
3.5%
3.5%
12.7%
9.5%
8.5%
Czech Republic
Base
4.2%
4.3%
4.3%
8.6%
6.0%
5.0%
Downside scenario
5.0%
5.0%
5.0%
6.7%
4.4%
3.4%
Upside scenario
5.6%
5.5%
5.2%
11.0%
8.8%
8.8%
Hungary
Base
6.8%
6.5%
6.2%
6.0%
4.5%
4.5%
Downside scenario
7.8%
7.4%
7.1%
3.7%
2.6%
2.6%
Consumer price index
Short-term interest rate
2026
2027
2028
2026
2027
2028
Upside scenario
2.3%
1.7%
1.4%
1.7%
1.7%
1.8%
Croatia
Base
3.0%
2.3%
2.0%
2.1%
2.1%
2.1%
Downside scenario
3.9%
3.1%
2.8%
2.8%
2.7%
2.7%
Upside scenario
2.0%
1.8%
1.7%
1.7%
1.7%
1.8%
Austria
Base
2.5%
2.3%
2.2%
2.1%
2.1%
2.1%
Downside scenario
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Upside scenario
1.9%
1.8%
2.0%
2.8%
2.6%
2.2%
Poland
Base
2.9%
2.7%
2.6%
3.8%
3.4%
3.0%
Downside scenario
4.2%
3.8%
4.0%
5.6%
5.0%
4.6%
Upside scenario
4.1%
3.0%
2.8%
12.4%
8.0%
7.5%
Russia
Base
5.6%
4.2%
4.0%
13.2%
8.7%
8.2%
Downside scenario
7.4%
5.7%
5.5%
14.7%
10.0%
9.5%
Upside scenario
6.1%
2.4%
1.8%
5.0%
3.8%
2.7%
Romania
Base
7.1%
3.3%
2.7%
5.8%
4.5%
3.4%
Downside scenario
8.4%
4.4%
3.8%
7.3%
5.8%
4.7%
Upside scenario
2.6%
2.7%
1.7%
2.8%
2.4%
1.7%
Serbia
Base
3.8%
3.7%
2.8%
4.2%
3.5%
2.8%
Downside scenario
5.3%
4.9%
4.0%
6.7%
5.7%
5.0%
Upside scenario
2.6%
2.5%
1.4%
1.7%
1.7%
1.8%
Slovakia
Base
3.7%
3.4%
2.3%
2.1%
2.1%
2.1%
Downside scenario
5.0%
4.5%
3.4%
2.8%
2.7%
2.7%
Upside scenario
1.4%
1.8%
1.6%
2.9%
3.2%
3.4%
Czech Republic
Base
2.3%
2.6%
2.4%
3.3%
3.5%
3.8%
Downside scenario
3.4%
3.6%
3.4%
4.2%
4.3%
4.5%
Upside scenario
3.2%
3.6%
2.4%
5.3%
4.5%
3.9%
Hungary
Base
4.4%
4.6%
3.4%
6.3%
5.3%
4.7%
Downside scenario
10.8%
8.8%
4.6%
8.0%
6.8%
6.2%
Due to the ongoing war in Ukraine, the optimistic scenario for Ukraine was was excluded from the calculations. Furthermore,
the pessimistic scenario is not based on the mathematical approach published by Raiffeisen Research, but on a narrative
presentation with a probability weighting of 50 per cent. Since historical data for Ukraine are not representative or are partially
unavailable due to current circumstances, a derived real GDP and a derived short-term interest rate were included as
macroeconomic input parameters in the Ukrainian ECL calculation.
Real GDP
Short-term interest rate
2025
2026
2027
2025
2026
2027
Upside scenario
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ukraine
Base
3.0%
4.5%
4.0%
13.3%
10.3%
8.8%
Downside scenario
(14.8)%
(8.2)%
(3.0)%
22.3%
18.3%
17.0%
A large number of macroeconomic variables were analyzed for the model development and the most important ones were
used for the model. The model employed is a regression model with the aim of explaining changes in or the level of the default
rate. The following types of macro variables were considered as drivers of the credit cycle: real GDP growth, unemployment
rate, 3-month money market rate, 10-year government bond yield, 10 year government bond yield spread to Germany, housing
price index, FX rates, and the HICP inflation rate. For each country (or portfolio in case of retail exposure), a relevant set is
determined based on the ability to explain historically observed default rates. Through the cycle, PDs are overlaid with the
results of the macro-economic model to reflect the current and expected state of economy. For corporate customers,
additionally the condition of the credit cycle is also taken into account depending on the industry. While no further adjustment
is made to the effect of the macro models for corporate customers in industries with a neutral outlook, the expected credit risk
is assumed as additionally increased for corporate customers in industries with a poor outlook. For non-retail exposure for LGD,
the macro model is applied on the underlying cure rates, i.e. a positive macro-economic outlook drives up the cure rates and
this reduces the LGD. For retail exposures, the workout LGD is modelled in a similar manner to the default rates either directly
or as well via the components like cure rate, loss given cure as well as loss given non-cure. The long-run average LGDs are
overlaid with the results of the macro models to reflect current and expected state of economy. The weightings assigned to
each scenario at the end of the reporting year-end are as follows: 25 per cent optimistic, 50 per cent base and 25 per cent
pessimistic scenarios.
For corporate customers, the following risks and complications resulting from current economic and political developments are
included in the macroeconomic models. Historically high inflation rates in combination with higher key interest rates led to an
increase in financing cost for companies. This development is incorporated into the models of major parts of the portfolio
through a change in the 3-month money market rate and the yield on government bonds, resulting in an increase in expected
default risk. While high inflation rates may be associated with higher default risk in bivariant analyses, the underlying drivers of
higher default risk are actually higher interest rates as a result of higher inflation and economic growth trending downwards,
which often occur simultaneously. These drivers are directly captured in the economic growth and interest rate models. In
macroeconomic terms, the COVID pandemic and its aftermath were characterized by extremely high volatility, starting with a
strong decline in real GDP followed by a similar rate of positive economic growth. In contrast to comparable recessions after
the great financial crisis, these developments have not been met by a wave of insolvencies and defaults in many countries and
portfolios, which can be attributed to two factors. For one, the COVID-driven recession primarily consisted of a temporary
suspension of economic activity, which did not necessitate significant structural adjustments. Furthermore, massive political
measures were taken to support the economy to avoid long-term consequences stemming from events such as
unemployment and insolvencies. These developments underscore how the relationship between macroeconomic indicators
and credit risk are influenced by circumstances that are difficult to capture by quantitative means. To avoid the
macroeconomic models from implicitly assuming that a sharp decline in GDP growth will always be accompanied by significant
countervailing policy measures \u2014 as observed during the COVID-19 pandemic \u2014 additional parameters have been incorporated
into the models.These adjustments are specifically applied to segments where no significant rise in default risk was seen
during the COVID period, ensuring that the model\u2019s predictions remain accurate without distortion.
The core assumption underlying the application of macroeconomic credit risk models is that the empirical correlations
between macroeconomic indicators and default risk can be extrapolated to future.
Management Overlays
In situations where the existing input parameters, assumptions and modelling do not cover all relevant novel risk factors,
management overlays are a viable solution to ensure adequate provisioning despite a lack of sufficient historical data. This is
generally the case if there are temporary circumstances, or time constraints which prevent the adequate incorporation of
relevant new information into the rating, and if individual loans within a loan portfolio develop differently than originally
expected. In view of the given circumstances, in particular the war in Ukraine and the economic dislocations it has caused, it is
necessary to reflect additional risks in the impairments. All of these adjustments are approved locally by the subsidiaries and
centrally by the Group Risk Committee (GRC). There are portfolio-specific adjustments due to the war and associated
sanctions, which are presented in the category geopolitical risk. Their application period is limited in time, often for the
duration of specific economic crises or until models are adjusted. Their use is reviewed quarterly.
For the central models in the corporate segment, the additional risk is considered by applying in-model adjustments
(parameter adjustments within the model). In-model adjustments can be performed on different model parameters like IFRS 9
PD curves, future exposure profiles, LGD, etc. The criteria for applying in-model adjustments are governed by strict rules and
include amongst others extended requirements for evidence of the novel risk factor, analysis of potential overlap with existing
IFRS 9 parameters and credit risk rating, detailed documentation and strong governance. In case the in-model adjustment
increases the applied PD, this higher PD is also applied for staging decision. The in-model adjustments undergo regular reviews
at least quarterly. The in-model adjustment remains in effect as long as the identified novel risk factor is persistent and not
fully accounted for by existing models.
In the retail segment, in-model adjustments have also been implemented where appropriate. However, post-model
adjustments remain the predominant approach for addressing emerging risks. These overlays are applied on top of the
existing models to calculate expected credit losses. While post-model adjustments are generally considered temporary
measures - typically valid for one to two years - they serve as a safeguard against potential distortions. If the identified risks
persist over a longer horizon, they are addressed through model updates or adjustments to model inputs, including in-model
adjustments, to ensure that the models adequately capture the evolving risk profile
The overlays are shown in the table below and split according to the relevant categories.
2025
Modeled ECL
Non-Retail Overlays
Retail Overlays
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
0
0
0
0
0
0
General governments
80
0
8
0
0
89
Banks
2
0
0
0
0
2
Other financial corporations
19
8
0
0
0
26
Non-financial corporations
215
226
73
10
1
524
Households
247
1
0
79
7
335
Total
563
235
81
89
8
976
2024
Modeled ECL
Other special risk factors
Post-model adjustments
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
1
0
0
0
0
1
General governments
105
0
0
0
0
105
Banks
3
0
0
0
0
4
Other financial corporations
45
0
0
0
0
45
Non-financial corporations
195
169
179
12
4
559
Households
248
0
0
89
13
350
Total
596
169
179
101
17
1,063
In addition to the modeled ECL (before in-model adjustments), overlays in Stage 1 and Stage 2 amounting to \u20ac 413 Million
(previous year: \u20ac 467 Million) were taken into account. Of this amount, \u20ac 89 million (previous year: \u20ac 196 million) related to the
war in Ukraine, and \u20ac 324 million (previous year: \u20ac 270 million) to macroeconomic risk (spill-over effects and other).
An amount of \u20ac 18 million (previous year: \u20ac 18 Million) was recognized in the spill-over effects due to climate risks. Of this
amount, \u20ac 14 million (previous year: \u20ac 9 Million) relates to corporate customers and \u20ac 4 million (previous year: \u20ac 6 Million) to
retail customers.
Non-Retail Overlays
For corporate customers, additional impairments were recognized in the amount of \u20ac 235 million (previous year: \u20ac 169 million)
for macroeconomic effects. These overlays account for risks which are not included in the country-specific branch matrix. They
comprise both global economic policy risks, such as tariffs and counter-tariffs, and expected downgrades of corporate clients
due to circumstances such as higher energy prices, inflation, and supply chain disruptions as well as lower revenues and higher
costs stemming from rising energy costs, particularly from the previous years.
In Ukraine, additional impairments in the amount of \u20ac 81 million (previous year: \u20ac 83 million) were recognized in the form of
management overlays for the impacts of the war. These additional provisions resulted from modeling the sustained
destruction of infrastructure as well as the continued bombardment of the affected infrastructure. In the previous year, these
risks were presented as geopolitical risks, together with the EU and US sanction risks concerning Russian customers, totaling
\u20ac\u00a0205 million for Russia and Ukraine. The overlays for EU and US sanction risks related to selected Russian customers were fully
released during the fiscal year due to the complete repayment of the effected exposure.
For corporate customers RBI considers the possibility of a short-term disorderly scenario where carbon emissions are more
expensive and fossil energy prices are higher to account for climate and environmental risks. While, for a diversified portfolio
like RBI\u00b4s, the effects tend to net out to a large degree, however there is an elevated risk in some sectors. These are sectors
with customers with low environmental scores such, as oil & gas and construction. Higher probabilities of defaults for these
sectors lead to an increase in the expected credit losses.
Retail Overlays
Over the last years retail customers were severely exposed to increasing inflationary pressure, which impacted their ability to
cover their loan obligations. As part of the IFRS 9 framework, there are PD and LGD macro models at country and product
levels, which serve the need to address these high risks stemming from the macroeconomic environment. However, for certain
countries and portfolios where the macroeconomic models either lag behind the key macroeconomic variables (inflation,
interest rates, unemployment, etc.) or are not part of the model, post-model adjustments are implemented for identified high
risk customer groups. The latter involve a qualitative assessment of exposures for the expected significant increase in credit
risk and their subsequent transfer from Stage 1 to Stage 2, as well as, in particular cases increases of the PD and/or LGD
estimates respectively. The criteria for identifying such credit exposures are based on information from the loan application
and historical payment behavior and are subsequently refined using stressed macroeconomic variables. The post-model
adjustments are reversed either after the risks have materialized by transferring the affected receivables to Stage 3 or if the
expected risks do not materialize.
For the Ukrainian retail portfolio, which has been mostly reclassified as Stage 2 since the beginning of the war, the assessment
of provision coverage is based on local expert judgement, which is obtained from regular contact with individual customers by
the debt collection department. Furthermore, structured customer surveys are carried out to keep up to date with the needs
and potential issues that could influence customers\u2019 ability to make payments. For assets and customers located in occupied
regions or territories, which run a high risk of hostilities or occupation, risk parameters were increased to take into account
higher expected future losses due to the above-mentioned surveys.
Sensitivity analysis
To simulate a range for potential changes to estimates and the related change in impairments, the following sensitivity
analyses of the most significant assumptions affecting the expected impairments were performed as follows.
The sensitivity analysis involved a recalculation of the impairments for expected credit losses in the existing models. The risk
factors and post-model adjustments \u2013 except for the Stage 1 simulations \u2013 are fully included in all scenarios and are not
subject to further adjustments. As a result of the complexity of the model, many drivers are not mutually exclusive.
The tables below provide a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 1 and Stage 2 (weighted by 25 per cent optimistic, 50 per cent baseline and 25 per cent pessimistic scenarios),
and then each scenario weighted by 100 per cent on its own. The optimistic and pessimistic scenarios do not reflect extreme
cases in the sample space of the 25 per cent optimistic and pessimistic scenarios, but rather an economically plausible proxy.
This means that these scenarios are at around 25 per cent and 75 per cent respectively on the distribution curve. In general,
IFRS 9 specific estimates of risk parameters take historical default information into account alongside the current economic
environment. The effects of the estimates based on macroeconomic forecasts are shown in the forward-looking component.
This information is provided for illustrative purposes.
2025
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
904
993
(90)
100 % Base
954
993
(39)
100 % Pessimistic
1,080
993
87
Weighted average (25/50/25 %)
976
993
(18)
2024
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
972
1,033
(61)
100 % Base
1,056
1,033
23
100 % Pessimistic
1,169
1,033
135
Weighted average (25/50/25 %)
1,063
1,033
29
Overall, the macroeconomic scenarios are currently better than the long-term average, leading to an decrease of the forward-
looking component of \u20ac 18 million.
The positive scenario, which is presented in the table below, follows the premise that all exposures are classified as Stage 1 and
all macroeconomic and geopolitical risks are not relevant.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on twelve-month expected losses (Stage 1).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 1
514
572
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2 due to staging
461
490
The negative scenario assumes that all exposures are classified as Stage 2. As a result, all macroeconomic and geopolitical
risks are considered in this analysis.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on lifetime expected losses (Stage 2).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 2
2,063
1,721
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2
1,088
658
The table below provides a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 3 and the pessimistic scenario weighted by 100 per cent. The pessimistic scenario does not reflect an extreme
case from the result range of the 25 per cent most pessimistic scenarios, but an economically plausible representative of it.
Accumulated impairment (Stage 3)
in \u20ac million
2025
2024
Pessimistic scenario
1,801
2,193
Weighted average
1,480
1,909
Increase in provisions due to pessimistic scenario
321
284
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
The following table shows the gross carrying amount and impairment of the financial assets \u2013 amortized cost and financial
assets \u2013 fair value through other comprehensive income that have moved in the reporting period from expected twelve-month
losses (Stage 1) to expected lifetime losses (Stages 2 and 3) or vice versa:
2025
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(6,461)
6,461
(55)
342
0.8%
5.3%
Central banks
(60)
60
0
0
0.0%
0.0%
General governments
(139)
139
0
1
0.1%
0.6%
Banks
(38)
38
0
0
0.0%
0.6%
Other financial corporations
(257)
257
(2)
20
0.6%
7.9%
Non-financial corporations
(3,643)
3,643
(36)
158
1.0%
4.3%
Households
(2,323)
2,323
(17)
163
0.7%
7.0%
Movement from lifetime ECL to 12-
month ECL
6,364
(6,364)
22
(258)
0.3%
4.1%
Central banks
0
0
0
0
-
-
General governments
29
(29)
0
(3)
1.2%
10.3%
Banks
295
(295)
0
(1)
0.0%
0.4%
Other financial corporations
589
(589)
1
(13)
0.2%
2.2%
Non-financial corporations
2,205
(2,205)
15
(171)
0.7%
7.7%
Households
3,245
(3,245)
5
(70)
0.2%
2.2%
The increase in expected credit losses arising from the measurement of the loss allowance moving from twelve-month
expected credit losses to lifetime losses was \u20ac 287 million (previous year: \u20ac 333 million). The decrease in expected credit losses
arising from the measurement of the loss allowance moving from lifetime losses to twelve-month expected credit losses was
\u20ac 237 million (previous year: \u20ac 169 million).
2024
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(5,828)
5,828
(55)
388
0.9%
6.7%
Central banks
0
0
0
0
0.0%
0.0%
General governments
(141)
141
(3)
4
2.5%
3.2%
Banks
(32)
32
0
0
0.0%
0.8%
Other financial corporations
(497)
497
(1)
7
0.3%
1.5%
Non-financial corporations
(3,166)
3,166
(30)
207
0.9%
6.5%
Households
(1,992)
1,992
(20)
169
1.0%
8.5%
Movement from lifetime ECL to 12-
month ECL
5,857
(5,857)
20
(189)
0.3%
3.2%
Central banks
29
(29)
0
0
0.0%
0.0%
General governments
74
(74)
0
(1)
0.0%
1.0%
Banks
214
(214)
0
0
0.1%
0.2%
Other financial corporations
461
(461)
1
(10)
0.2%
2.1%
Non-financial corporations
2,023
(2,023)
10
(82)
0.5%
4.1%
Households
3,055
(3,055)
8
(95)
0.3%
3.1%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-482": { "value": "
Impairment test for companies valued at equity
At the end of each reporting period an assessment is made whether there is any indication that the carrying amount of an
equity investment is higher than its recoverable amount. IAS 36 has a list of external and internal indicators of impairment. If
there is an indication that a company valued at equity may be impaired, then the asset's recoverable amount is calculated. The
following key assumptions have been made for the impairment test.
2025
2024
Cash generating units
LLI
OeKB
UNIQA
LLI
OeKB
UNIQA
Average discount interest rate (after tax)
6.7%
8.5%
8.4%
6.7%
8.9%
9.0%
Planning period
5 years
3 years
5 years
5 years
3 years
5 years
LLI: Leipnik-Lundenburger Invest Beteiligungs AG, Vienna (AT) - average discount rate WACC
OeKB: Oesterreichische Kontrollbank Aktiengesellschaft, Vienna (AT) - average discount rate CoE
UNIQA: UNIQA Insurance Group AG, Vienna (AT) - average discount rate CoE
The results showed a reversal of impairment for the majority of the investment portfolio based on the most recent impairment
tests. In this process, the ongoing replacement of low-interest assets had a positive impact on the earnings situation of the
bank holdings.
Summary of significant planning assumptions and description of the management approach to identify the values:
Cash generating units
Brief description
Key assumptions
Management approach
Leipnik-Lundenburger Invest
Beteiligungs AG (LLI)
In the two core areas of milling and
vending (hot and cold) beverages and
food from vending machines, the LLI
companies are market leaders in
Austria and in some EU countries
(Eastern Europe and Germany).
In addition to the two core areas, the at
equity valued investments prove to be
value drivers within LLI.
The planning assumptions approved by
the supervisory board reflect the
expected developments in raw material
prices and costs, which are also
reflected in the sales prices.
Planning includes actions to address
current and expected market
developments. In addition to cost
savings and a suitable pricing strategy,
these include further specializations,
optimization through digitalization and
the development of new products.
Oesterreichische Kontrollbank
Aktiengesellschaft (OeKB)
The OeKB fulfills two essential functions
for the Austrian export industry and the
capital market. As the export credit
agency of the Republic of Austria, it
provides state-guaranteed liabilities
and refinances export-related
investments and foreign transactions
through the export financing process.
Furthermore, the OeKB supports the
capital market through specialized
securities services, the settlement of
federal bond auctions, and via its
subsidiaries in the areas of custody and
clearing. Its main subsidiaries are
\u00d6sterreichische Hotel- und
Tourismusbank (OEHT) and
Oesterreichische Entwicklungsbank
(OeEB).
The planning assumptions take into
account the development of volumes in
export finance and have been adopted
in the valuation approach. They show
stable growth of loan volume over the
following years.
The management approach reflects the
current external conditions. The interest
rate level as well as catch-up effects
from previously postponed investments
due to the inflationary environment of
recent years have been taken into
account in the planning assumptions.
The existing mandates of the Republic
of Austria provide a stable foundation
for OeKB's business activities, which are
complemented by additional services.
UNIQA Insurance Group AG (UNIQA)
UNIQA Insurance Group AG is one of the
leading insurance groups in its core
markets of Austria and CEE. The group
is represented in 14 countries and
serves more than 17 million customers.
The brands UNIQA and Raiffeisen
Versicherung are two strong insurance
brands in Austria and are well
positioned in the CEE markets.
By taking appropriate countermeasures,
UNIQA intends to continue to pursue its
long-term profitability targets despite
the increasing cost pressure. In
summary, despite the volatile
environment, it is assumed that the
long-term strategic orientation will be
maintained and, accordingly, that long-
term returns will remain stable.
The management approach was
essentially adopted as the valuation
approach. It is based on the
continuation of the established
strategic direction. Accordingly,
ensuring a solid return on equity as well
as a strong solvency position is
fundamental. This forms the basis for
sustainable dividend growth and a
stable dividend yield.
Sensitivity analysis
In order to examine how a change in parameters essential for determining the cost of capital affects the value of equity, these
parameters were varied in the course of the sensitivity analysis carried out. Changes in the valuation of these companies may
therefore result in an adjustment to the carrying amount. In the event of a downside scenario (increase in the cost of capital by
50 basis points) the value in use of Leipnik-Lundenburger Invest Beteiligungs AG, Raiffeisen Leasing Management GmbH, Prva
stavebna sporitelna a.s, Oesterreichische Kontrollbank Aktiengesellschaft, \u00d6sterreichische Hotel und Tourismusbank GmbH,
Posojilnica Bank eGen would decrease by less than 10 per cent, and that of Raiffeisen Informatik GmbH & Co KG by around 17
per cent, thus leading to a further reduction in the carrying amount. UNIQA Insurance Group AG,\u00a0 Notartreuhandbank AG and
EMCOM Beteiligungs GmbH are excluded from this scenario, a further decline in value would not lead to a reduction in the
carrying amount here as the value in use would still be higher than the proportionate equity
Any anticipated permanent impairment is reported in the income statement and shown under the item impairment on non-
financial assets. In case that the reason for the impairment no longer exists, a write-up will take place up to a maximum of the
amount of the amortized cost of the asset.
Impairments that are expected to be permanent are recognized in profit or loss and shown in the item impairment
on non-financial assets. If the reasons for the impairment cease to exist, a write-up is made up to the amortized acquisition
costs.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-484": { "value": "
(25) Tangible and intangible fixed assets
Tangible fixed assets
Land and buildings as well as office furniture and equipment reported under tangible fixed assets are measured at cost of
acquisition or conversion less depreciation. Depreciation is recorded under the item general administrative expenses. The
straight-line method is used for depreciation and is based on the following useful life figures:
Useful life
Years
Buildings
25 \u2013 50
Office furniture and equipment
5 \u2013 10
Hardware
3 \u2013 7
Right-of-use assets
2 \u2013 35
Land is not subject to depreciation.
Expected useful lives, residual values and depreciation methods are reviewed annually. Any necessary future change of
estimates is taken into account.
Any anticipated permanent impairment is reported in the income statement and shown under the item impairment on non-
financial assets. In case that the reason for the impairment no longer exists, a write-up will take place up to a maximum of the
amount of the amortized cost of the asset.
A tangible fixed asset is derecognized on disposal or when no future economic benefit can be expected from the continued use
of the asset. The resulting gain or loss from the sale or retirement of any asset is determined as the difference between the
proceeds and the carrying amount of the asset and is recognized in other net operating income.
Investment property
This is property that is held to earn rental income and/or for capital appreciation. Investment property is reported at
amortized cost using the cost model permitted by IAS 40 and is shown under tangible fixed assets because of minor
importance. Straight line depreciation is based on the useful life. The normal useful life of investment property is identical to
that of buildings recognized under tangible fixed assets. Depreciation is recorded under the item general administrative
expenses. Impairments that are expected to be permanent are recognized in profit or loss and shown in the item impairment
on non-financial assets. If the reasons for the impairment cease to exist, a write-up is made up to the amortized acquisition
costs.
Investment property is derecognized on disposal or when it is no longer to be used and no future economic benefit can be
expected from disposal. The resulting gain or loss from the disposal is determined as the difference between the net proceeds
from the disposal and the carrying amount of the asset and is recognized in other net operating income in the reporting period
in which the asset was sold.
Presentation of tangible and intangible assets
in \u20ac million
2025
2024
Tangible fixed assets
1,729
1,683
Land and buildings used by the group for own purpose
484
470
Office furniture, equipment and other tangible fixed assets
370
335
Investment property
336
385
Other leased assets (operating lease)
161
121
Right-of-use assets
378
372
Intangible fixed assets
1,108
1,003
Software
1,011
890
Goodwill
38
38
Brand
1
1
Customer relationships
7
9
Core deposits intangibles
38
44
Other intangible fixed assets
13
21
Total
2,837
2,686
Fair value of investment property
507
540
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2025
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2025
Tangible fixed assets
3,441
(32)
77
384
(212)
0
3,657
Land and buildings used by the group for own
purpose
938
9
24
35
(14)
(5)
987
Office furniture, equipment and other tangible
fixed assets
973
0
35
171
(121)
0
1,058
Investment property
555
(50)
(3)
12
(6)
4
512
Other leased assets (operating lease)
236
0
4
84
(35)
0
288
Right-of-use assets
740
8
18
83
(35)
0
813
Intangible fixed assets
3,248
(2)
83
375
(121)
0
3,583
Software
2,679
(1)
61
365
(107)
0
2,998
Goodwill
425
0
18
0
0
0
442
Brand
3
0
0
0
0
0
3
Customer relationships
23
0
1
0
0
0
23
Core deposits intangibles
67
0
2
0
0
0
70
Other intangible fixed assets
52
(1)
0
10
(14)
0
48
Total
6,689
(34)
160
759
(333)
0
7,241
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2025
Tangible fixed assets
(1,929)
5
(243)
1,729
Land and buildings used by the group for own purpose
(502)
4
(33)
484
Office furniture, equipment and other tangible fixed assets
(688)
0
(99)
370
Investment property
(176)
0
(10)
336
Other leased assets (operating lease)
(127)
0
(22)
161
Right-of-use assets
(435)
0
(79)
378
Intangible fixed assets
(2,476)
1
(270)
1,108
Software
(1,987)
1
(256)
1,011
Goodwill
(404)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(17)
0
(3)
7
Core deposits intangibles
(32)
0
(7)
38
Other intangible fixed assets
(35)
0
(4)
13
Total
(4,404)
6
(513)
2,836
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2024
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2024
Tangible fixed assets
3,402
(34)
(74)
374
(225)
(2)
3,441
Land and buildings used by the group for own
purpose
934
21
(21)
32
(27)
(2)
938
Office furniture, equipment and other tangible
fixed assets
1,004
(43)
(36)
180
(133)
0
973
Investment property
571
(33)
(1)
21
(5)
1
555
Other leased assets (operating lease)
220
0
(2)
51
(33)
0
236
Right-of-use assets
674
20
(16)
89
(26)
(2)
740
Intangible fixed assets
3,114
(51)
(73)
351
(93)
0
3,248
Software
2,525
(48)
(58)
339
(80)
0
2,679
Goodwill
438
0
(13)
0
0
0
425
Brand
3
0
0
0
0
0
3
Customer relationships
26
0
0
0
(3)
0
23
Core deposits intangibles
68
0
(1)
0
0
0
67
Other intangible fixed assets
54
(3)
0
12
(10)
0
52
Total
6,516
(85)
(147)
725
(319)
(2)
6,689
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2024
Tangible fixed assets
(1,758)
0
(230)
1,683
Land and buildings used by the group for own purpose
(469)
0
(25)
470
Office furniture, equipment and other tangible fixed assets
(637)
0
(97)
335
Investment property
(169)
0
(12)
385
Other leased assets (operating lease)
(115)
0
(18)
121
Right-of-use assets
(367)
0
(79)
372
Intangible fixed assets
(2,246)
4
(245)
1,003
Software
(1,788)
2
(231)
890
Goodwill
(387)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(13)
0
(3)
9
Core deposits intangibles
(24)
0
(7)
44
Other intangible fixed assets
(32)
1
(3)
21
Total
(4,003)
4
(476)
2,686
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-485": { "value": "
Tangible fixed assets
Land and buildings as well as office furniture and equipment reported under tangible fixed assets are measured at cost of
acquisition or conversion less depreciation. Depreciation is recorded under the item general administrative expenses. The
straight-line method is used for depreciation and is based on the following useful life figures:
Useful life
Years
Buildings
25 \u2013 50
Office furniture and equipment
5 \u2013 10
Hardware
3 \u2013 7
Right-of-use assets
2 \u2013 35
Land is not subject to depreciation.
Expected useful lives, residual values and depreciation methods are reviewed annually. Any necessary future change of
estimates is taken into account.
Any anticipated permanent impairment is reported in the income statement and shown under the item impairment on non-
financial assets. In case that the reason for the impairment no longer exists, a write-up will take place up to a maximum of the
amount of the amortized cost of the asset.
A tangible fixed asset is derecognized on disposal or when no future economic benefit can be expected from the continued use
of the asset. The resulting gain or loss from the sale or retirement of any asset is determined as the difference between the
proceeds and the carrying amount of the asset and is recognized in other net operating income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-486": { "value": "
Land and buildings as well as office furniture and equipment reported under tangible fixed assets are measured at cost of
acquisition or conversion less depreciation. Depreciation is recorded under the item general administrative expenses. The
straight-line method is used for depreciation and is based on the following useful life figures:
Useful life
Years
Buildings
25 \u2013 50
Office furniture and equipment
5 \u2013 10
Hardware
3 \u2013 7
Right-of-use assets
2 \u2013 35
Land is not subject to depreciation.
Expected useful lives, residual values and depreciation methods are reviewed annually. Any necessary future change of
estimates is taken into account.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-488": { "value": "
Investment property
This is property that is held to earn rental income and/or for capital appreciation. Investment property is reported at
amortized cost using the cost model permitted by IAS 40 and is shown under tangible fixed assets because of minor
importance. Straight line depreciation is based on the useful life. The normal useful life of investment property is identical to
that of buildings recognized under tangible fixed assets. Depreciation is recorded under the item general administrative
expenses. Impairments that are expected to be permanent are recognized in profit or loss and shown in the item impairment
on non-financial assets. If the reasons for the impairment cease to exist, a write-up is made up to the amortized acquisition
costs.
Investment property is derecognized on disposal or when it is no longer to be used and no future economic benefit can be
expected from disposal. The resulting gain or loss from the disposal is determined as the difference between the net proceeds
from the disposal and the carrying amount of the asset and is recognized in other net operating income in the reporting period
in which the asset was sold.
Presentation of tangible and intangible assets
in \u20ac million
2025
2024
Tangible fixed assets
1,729
1,683
Land and buildings used by the group for own purpose
484
470
Office furniture, equipment and other tangible fixed assets
370
335
Investment property
336
385
Other leased assets (operating lease)
161
121
Right-of-use assets
378
372
Intangible fixed assets
1,108
1,003
Software
1,011
890
Goodwill
38
38
Brand
1
1
Customer relationships
7
9
Core deposits intangibles
38
44
Other intangible fixed assets
13
21
Total
2,837
2,686
Fair value of investment property
507
540
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2025
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2025
Tangible fixed assets
3,441
(32)
77
384
(212)
0
3,657
Land and buildings used by the group for own
purpose
938
9
24
35
(14)
(5)
987
Office furniture, equipment and other tangible
fixed assets
973
0
35
171
(121)
0
1,058
Investment property
555
(50)
(3)
12
(6)
4
512
Other leased assets (operating lease)
236
0
4
84
(35)
0
288
Right-of-use assets
740
8
18
83
(35)
0
813
Intangible fixed assets
3,248
(2)
83
375
(121)
0
3,583
Software
2,679
(1)
61
365
(107)
0
2,998
Goodwill
425
0
18
0
0
0
442
Brand
3
0
0
0
0
0
3
Customer relationships
23
0
1
0
0
0
23
Core deposits intangibles
67
0
2
0
0
0
70
Other intangible fixed assets
52
(1)
0
10
(14)
0
48
Total
6,689
(34)
160
759
(333)
0
7,241
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2025
Tangible fixed assets
(1,929)
5
(243)
1,729
Land and buildings used by the group for own purpose
(502)
4
(33)
484
Office furniture, equipment and other tangible fixed assets
(688)
0
(99)
370
Investment property
(176)
0
(10)
336
Other leased assets (operating lease)
(127)
0
(22)
161
Right-of-use assets
(435)
0
(79)
378
Intangible fixed assets
(2,476)
1
(270)
1,108
Software
(1,987)
1
(256)
1,011
Goodwill
(404)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(17)
0
(3)
7
Core deposits intangibles
(32)
0
(7)
38
Other intangible fixed assets
(35)
0
(4)
13
Total
(4,404)
6
(513)
2,836
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2024
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2024
Tangible fixed assets
3,402
(34)
(74)
374
(225)
(2)
3,441
Land and buildings used by the group for own
purpose
934
21
(21)
32
(27)
(2)
938
Office furniture, equipment and other tangible
fixed assets
1,004
(43)
(36)
180
(133)
0
973
Investment property
571
(33)
(1)
21
(5)
1
555
Other leased assets (operating lease)
220
0
(2)
51
(33)
0
236
Right-of-use assets
674
20
(16)
89
(26)
(2)
740
Intangible fixed assets
3,114
(51)
(73)
351
(93)
0
3,248
Software
2,525
(48)
(58)
339
(80)
0
2,679
Goodwill
438
0
(13)
0
0
0
425
Brand
3
0
0
0
0
0
3
Customer relationships
26
0
0
0
(3)
0
23
Core deposits intangibles
68
0
(1)
0
0
0
67
Other intangible fixed assets
54
(3)
0
12
(10)
0
52
Total
6,516
(85)
(147)
725
(319)
(2)
6,689
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2024
Tangible fixed assets
(1,758)
0
(230)
1,683
Land and buildings used by the group for own purpose
(469)
0
(25)
470
Office furniture, equipment and other tangible fixed assets
(637)
0
(97)
335
Investment property
(169)
0
(12)
385
Other leased assets (operating lease)
(115)
0
(18)
121
Right-of-use assets
(367)
0
(79)
372
Intangible fixed assets
(2,246)
4
(245)
1,003
Software
(1,788)
2
(231)
890
Goodwill
(387)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(13)
0
(3)
9
Core deposits intangibles
(24)
0
(7)
44
Other intangible fixed assets
(32)
1
(3)
21
Total
(4,003)
4
(476)
2,686
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-487": { "value": "
Investment property
This is property that is held to earn rental income and/or for capital appreciation. Investment property is reported at
amortized cost using the cost model permitted by IAS 40 and is shown under tangible fixed assets because of minor
importance. Straight line depreciation is based on the useful life. The normal useful life of investment property is identical to
that of buildings recognized under tangible fixed assets. Depreciation is recorded under the item general administrative
expenses. Impairments that are expected to be permanent are recognized in profit or loss and shown in the item impairment
on non-financial assets. If the reasons for the impairment cease to exist, a write-up is made up to the amortized acquisition
costs.
Investment property is derecognized on disposal or when it is no longer to be used and no future economic benefit can be
expected from disposal. The resulting gain or loss from the disposal is determined as the difference between the net proceeds
from the disposal and the carrying amount of the asset and is recognized in other net operating income in the reporting period
in which the asset was sold.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-492": { "value": "
Intangible fixed assets
Acquired intangible fixed assets
In RBI, separately acquired intangible fixed assets, i.e. those with a definite useful life not acquired in a business combination,
are capitalized at acquisition cost less accumulated amortization and impairment. Amortization is accrued in a straight line
over the expected useful life and reported as an expense in the income statement. The expected useful life and the
depreciation method are reviewed at each reporting date and any possible changes in measurement taken into account
prospectively. Separately acquired intangible fixed assets with an indefinite useful life are capitalized at acquisition cost less
accumulated impairment. The normal useful life of software is between four and six years. The normal useful life for large
software projects may extend over a longer period.
Internally developed intangible fixed assets \u2013 research and development costs
Internally developed intangible assets comprise exclusively software and are capitalized if it is probable that the future
economic benefits attributable to the asset will accrue to RBI and the cost of the asset can be measured reliably. Expenses for
research are recognized as an expense when they are incurred.
An internally developed intangible fixed asset resulting from development activities or from the development stage of an
internal project is capitalized when the following evidence is provided:
\u00b7 The final completion of the intangible fixed asset is technically feasible so that it will be available for use or sale.
\u00b7 It is intended to finally complete the intangible fixed asset and to use or to sell it.
\u00b7 The ability exists to use or to sell the intangible fixed asset. The intangible fixed asset is likely to generate future
economic benefit.
\u00b7 The availability of adequate technical, financial, and other resources required to complete development and to use
or sell the intangible fixed asset is assured.
\u00b7 The ability exists to reliably determine the expenditure incurred during the development of the intangible fixed asset.
The amount at which an internally developed intangible fixed asset is initially capitalized is the sum of all expenses incurred
beginning from the day on which the aforementioned conditions are initially met. If an internally developed intangible fixed
asset cannot be capitalized, or if there is not yet an intangible fixed asset, the development costs are reported in the income
statement for the reporting period in which they are incurred.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
Group companies use brands to differentiate their services from the competition. According to IFRS 3, brands of acquired
companies are recognized separately under the item intangible fixed assets. Brands have an indeterminable useful life and are
therefore not subject to scheduled amortization. Brands are to be tested annually for impairment and additionally whenever
indications of impairment arise.
Core deposits acquired as part of a business combination are reported separately under intangible fixed assets in accordance
with IFRS 3. The core deposits were based on a useful life of ten years. The core deposits represent the present value of the
cost savings obtained by subtracting the costs of the core deposits from the costs for an equivalent amount of funds from an
alternative market source. The intangible value of the core deposits stems from the fact that the core deposits are a cost-
effective stable funding source. The core deposits were measured using the discounted cash flow (DCF) method in which the
forecast cost savings are discounted using the cost of equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-491": { "value": "
Intangible fixed assets
Acquired intangible fixed assets
In RBI, separately acquired intangible fixed assets, i.e. those with a definite useful life not acquired in a business combination,
are capitalized at acquisition cost less accumulated amortization and impairment. Amortization is accrued in a straight line
over the expected useful life and reported as an expense in the income statement. The expected useful life and the
depreciation method are reviewed at each reporting date and any possible changes in measurement taken into account
prospectively. Separately acquired intangible fixed assets with an indefinite useful life are capitalized at acquisition cost less
accumulated impairment. The normal useful life of software is between four and six years. The normal useful life for large
software projects may extend over a longer period.
Internally developed intangible fixed assets \u2013 research and development costs
Internally developed intangible assets comprise exclusively software and are capitalized if it is probable that the future
economic benefits attributable to the asset will accrue to RBI and the cost of the asset can be measured reliably. Expenses for
research are recognized as an expense when they are incurred.
An internally developed intangible fixed asset resulting from development activities or from the development stage of an
internal project is capitalized when the following evidence is provided:
\u00b7 The final completion of the intangible fixed asset is technically feasible so that it will be available for use or sale.
\u00b7 It is intended to finally complete the intangible fixed asset and to use or to sell it.
\u00b7 The ability exists to use or to sell the intangible fixed asset. The intangible fixed asset is likely to generate future
economic benefit.
\u00b7 The availability of adequate technical, financial, and other resources required to complete development and to use
or sell the intangible fixed asset is assured.
\u00b7 The ability exists to reliably determine the expenditure incurred during the development of the intangible fixed asset.
The amount at which an internally developed intangible fixed asset is initially capitalized is the sum of all expenses incurred
beginning from the day on which the aforementioned conditions are initially met. If an internally developed intangible fixed
asset cannot be capitalized, or if there is not yet an intangible fixed asset, the development costs are reported in the income
statement for the reporting period in which they are incurred.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
Group companies use brands to differentiate their services from the competition. According to IFRS 3, brands of acquired
companies are recognized separately under the item intangible fixed assets. Brands have an indeterminable useful life and are
therefore not subject to scheduled amortization. Brands are to be tested annually for impairment and additionally whenever
indications of impairment arise.
Core deposits acquired as part of a business combination are reported separately under intangible fixed assets in accordance
with IFRS 3. The core deposits were based on a useful life of ten years. The core deposits represent the present value of the
cost savings obtained by subtracting the costs of the core deposits from the costs for an equivalent amount of funds from an
alternative market source. The intangible value of the core deposits stems from the fact that the core deposits are a cost-
effective stable funding source. The core deposits were measured using the discounted cash flow (DCF) method in which the
forecast cost savings are discounted using the cost of equity.
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-490": { "value": "
Intangible fixed assets
Acquired intangible fixed assets
In RBI, separately acquired intangible fixed assets, i.e. those with a definite useful life not acquired in a business combination,
are capitalized at acquisition cost less accumulated amortization and impairment. Amortization is accrued in a straight line
over the expected useful life and reported as an expense in the income statement. The expected useful life and the
depreciation method are reviewed at each reporting date and any possible changes in measurement taken into account
prospectively. Separately acquired intangible fixed assets with an indefinite useful life are capitalized at acquisition cost less
accumulated impairment. The normal useful life of software is between four and six years. The normal useful life for large
software projects may extend over a longer period.
Internally developed intangible fixed assets \u2013 research and development costs
Internally developed intangible assets comprise exclusively software and are capitalized if it is probable that the future
economic benefits attributable to the asset will accrue to RBI and the cost of the asset can be measured reliably. Expenses for
research are recognized as an expense when they are incurred.
An internally developed intangible fixed asset resulting from development activities or from the development stage of an
internal project is capitalized when the following evidence is provided:
\u00b7 The final completion of the intangible fixed asset is technically feasible so that it will be available for use or sale.
\u00b7 It is intended to finally complete the intangible fixed asset and to use or to sell it.
\u00b7 The ability exists to use or to sell the intangible fixed asset. The intangible fixed asset is likely to generate future
economic benefit.
\u00b7 The availability of adequate technical, financial, and other resources required to complete development and to use
or sell the intangible fixed asset is assured.
\u00b7 The ability exists to reliably determine the expenditure incurred during the development of the intangible fixed asset.
The amount at which an internally developed intangible fixed asset is initially capitalized is the sum of all expenses incurred
beginning from the day on which the aforementioned conditions are initially met. If an internally developed intangible fixed
asset cannot be capitalized, or if there is not yet an intangible fixed asset, the development costs are reported in the income
statement for the reporting period in which they are incurred.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
Group companies use brands to differentiate their services from the competition. According to IFRS 3, brands of acquired
companies are recognized separately under the item intangible fixed assets. Brands have an indeterminable useful life and are
therefore not subject to scheduled amortization. Brands are to be tested annually for impairment and additionally whenever
indications of impairment arise.
Core deposits acquired as part of a business combination are reported separately under intangible fixed assets in accordance
with IFRS 3. The core deposits were based on a useful life of ten years. The core deposits represent the present value of the
cost savings obtained by subtracting the costs of the core deposits from the costs for an equivalent amount of funds from an
alternative market source. The intangible value of the core deposits stems from the fact that the core deposits are a cost-
effective stable funding source. The core deposits were measured using the discounted cash flow (DCF) method in which the
forecast cost savings are discounted using the cost of equity.
Presentation of tangible and intangible assets
in \u20ac million
2025
2024
Tangible fixed assets
1,729
1,683
Land and buildings used by the group for own purpose
484
470
Office furniture, equipment and other tangible fixed assets
370
335
Investment property
336
385
Other leased assets (operating lease)
161
121
Right-of-use assets
378
372
Intangible fixed assets
1,108
1,003
Software
1,011
890
Goodwill
38
38
Brand
1
1
Customer relationships
7
9
Core deposits intangibles
38
44
Other intangible fixed assets
13
21
Total
2,837
2,686
Fair value of investment property
507
540
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2025
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2025
Tangible fixed assets
3,441
(32)
77
384
(212)
0
3,657
Land and buildings used by the group for own
purpose
938
9
24
35
(14)
(5)
987
Office furniture, equipment and other tangible
fixed assets
973
0
35
171
(121)
0
1,058
Investment property
555
(50)
(3)
12
(6)
4
512
Other leased assets (operating lease)
236
0
4
84
(35)
0
288
Right-of-use assets
740
8
18
83
(35)
0
813
Intangible fixed assets
3,248
(2)
83
375
(121)
0
3,583
Software
2,679
(1)
61
365
(107)
0
2,998
Goodwill
425
0
18
0
0
0
442
Brand
3
0
0
0
0
0
3
Customer relationships
23
0
1
0
0
0
23
Core deposits intangibles
67
0
2
0
0
0
70
Other intangible fixed assets
52
(1)
0
10
(14)
0
48
Total
6,689
(34)
160
759
(333)
0
7,241
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2025
Tangible fixed assets
(1,929)
5
(243)
1,729
Land and buildings used by the group for own purpose
(502)
4
(33)
484
Office furniture, equipment and other tangible fixed assets
(688)
0
(99)
370
Investment property
(176)
0
(10)
336
Other leased assets (operating lease)
(127)
0
(22)
161
Right-of-use assets
(435)
0
(79)
378
Intangible fixed assets
(2,476)
1
(270)
1,108
Software
(1,987)
1
(256)
1,011
Goodwill
(404)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(17)
0
(3)
7
Core deposits intangibles
(32)
0
(7)
38
Other intangible fixed assets
(35)
0
(4)
13
Total
(4,404)
6
(513)
2,836
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2024
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2024
Tangible fixed assets
3,402
(34)
(74)
374
(225)
(2)
3,441
Land and buildings used by the group for own
purpose
934
21
(21)
32
(27)
(2)
938
Office furniture, equipment and other tangible
fixed assets
1,004
(43)
(36)
180
(133)
0
973
Investment property
571
(33)
(1)
21
(5)
1
555
Other leased assets (operating lease)
220
0
(2)
51
(33)
0
236
Right-of-use assets
674
20
(16)
89
(26)
(2)
740
Intangible fixed assets
3,114
(51)
(73)
351
(93)
0
3,248
Software
2,525
(48)
(58)
339
(80)
0
2,679
Goodwill
438
0
(13)
0
0
0
425
Brand
3
0
0
0
0
0
3
Customer relationships
26
0
0
0
(3)
0
23
Core deposits intangibles
68
0
(1)
0
0
0
67
Other intangible fixed assets
54
(3)
0
12
(10)
0
52
Total
6,516
(85)
(147)
725
(319)
(2)
6,689
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2024
Tangible fixed assets
(1,758)
0
(230)
1,683
Land and buildings used by the group for own purpose
(469)
0
(25)
470
Office furniture, equipment and other tangible fixed assets
(637)
0
(97)
335
Investment property
(169)
0
(12)
385
Other leased assets (operating lease)
(115)
0
(18)
121
Right-of-use assets
(367)
0
(79)
372
Intangible fixed assets
(2,246)
4
(245)
1,003
Software
(1,788)
2
(231)
890
Goodwill
(387)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(13)
0
(3)
9
Core deposits intangibles
(24)
0
(7)
44
Other intangible fixed assets
(32)
1
(3)
21
Total
(4,003)
4
(476)
2,686
Software
in \u20ac million
2025
2024
Acquired software
644
608
Internally developed software
367
282
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Intangible fixed assets
Acquired intangible fixed assets
In RBI, separately acquired intangible fixed assets, i.e. those with a definite useful life not acquired in a business combination,
are capitalized at acquisition cost less accumulated amortization and impairment. Amortization is accrued in a straight line
over the expected useful life and reported as an expense in the income statement. The expected useful life and the
depreciation method are reviewed at each reporting date and any possible changes in measurement taken into account
prospectively. Separately acquired intangible fixed assets with an indefinite useful life are capitalized at acquisition cost less
accumulated impairment. The normal useful life of software is between four and six years. The normal useful life for large
software projects may extend over a longer period.
Internally developed intangible fixed assets \u2013 research and development costs
Internally developed intangible assets comprise exclusively software and are capitalized if it is probable that the future
economic benefits attributable to the asset will accrue to RBI and the cost of the asset can be measured reliably. Expenses for
research are recognized as an expense when they are incurred.
An internally developed intangible fixed asset resulting from development activities or from the development stage of an
internal project is capitalized when the following evidence is provided:
\u00b7 The final completion of the intangible fixed asset is technically feasible so that it will be available for use or sale.
\u00b7 It is intended to finally complete the intangible fixed asset and to use or to sell it.
\u00b7 The ability exists to use or to sell the intangible fixed asset. The intangible fixed asset is likely to generate future
economic benefit.
\u00b7 The availability of adequate technical, financial, and other resources required to complete development and to use
or sell the intangible fixed asset is assured.
\u00b7 The ability exists to reliably determine the expenditure incurred during the development of the intangible fixed asset.
The amount at which an internally developed intangible fixed asset is initially capitalized is the sum of all expenses incurred
beginning from the day on which the aforementioned conditions are initially met. If an internally developed intangible fixed
asset cannot be capitalized, or if there is not yet an intangible fixed asset, the development costs are reported in the income
statement for the reporting period in which they are incurred.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
Intangible fixed assets acquired in a business combination
In RBI, intangible fixed assets acquired in a business combination are reported separately from goodwill and are measured at
fair value at the time of acquisition. Goodwill and other intangible fixed assets without definite useful lives are tested for
impairment at each reporting date. Impairment tests are also performed whenever certain events (trigger events) occur during
the year. Whenever circumstances indicate that the expected benefit no longer exists, impairment must be recognized
pursuant to IAS 36. Intangible fixed assets with a definite useful life are amortized over the period during which the intangible
fixed asset can be used.
Group companies use brands to differentiate their services from the competition. According to IFRS 3, brands of acquired
companies are recognized separately under the item intangible fixed assets. Brands have an indeterminable useful life and are
therefore not subject to scheduled amortization. Brands are to be tested annually for impairment and additionally whenever
indications of impairment arise.
Core deposits acquired as part of a business combination are reported separately under intangible fixed assets in accordance
with IFRS 3. The core deposits were based on a useful life of ten years. The core deposits represent the present value of the
cost savings obtained by subtracting the costs of the core deposits from the costs for an equivalent amount of funds from an
alternative market source. The intangible value of the core deposits stems from the fact that the core deposits are a cost-
effective stable funding source. The core deposits were measured using the discounted cash flow (DCF) method in which the
forecast cost savings are discounted using the cost of equity.
Presentation of tangible and intangible assets
in \u20ac million
2025
2024
Tangible fixed assets
1,729
1,683
Land and buildings used by the group for own purpose
484
470
Office furniture, equipment and other tangible fixed assets
370
335
Investment property
336
385
Other leased assets (operating lease)
161
121
Right-of-use assets
378
372
Intangible fixed assets
1,108
1,003
Software
1,011
890
Goodwill
38
38
Brand
1
1
Customer relationships
7
9
Core deposits intangibles
38
44
Other intangible fixed assets
13
21
Total
2,837
2,686
Fair value of investment property
507
540
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2025
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2025
Tangible fixed assets
3,441
(32)
77
384
(212)
0
3,657
Land and buildings used by the group for own
purpose
938
9
24
35
(14)
(5)
987
Office furniture, equipment and other tangible
fixed assets
973
0
35
171
(121)
0
1,058
Investment property
555
(50)
(3)
12
(6)
4
512
Other leased assets (operating lease)
236
0
4
84
(35)
0
288
Right-of-use assets
740
8
18
83
(35)
0
813
Intangible fixed assets
3,248
(2)
83
375
(121)
0
3,583
Software
2,679
(1)
61
365
(107)
0
2,998
Goodwill
425
0
18
0
0
0
442
Brand
3
0
0
0
0
0
3
Customer relationships
23
0
1
0
0
0
23
Core deposits intangibles
67
0
2
0
0
0
70
Other intangible fixed assets
52
(1)
0
10
(14)
0
48
Total
6,689
(34)
160
759
(333)
0
7,241
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2025
Tangible fixed assets
(1,929)
5
(243)
1,729
Land and buildings used by the group for own purpose
(502)
4
(33)
484
Office furniture, equipment and other tangible fixed assets
(688)
0
(99)
370
Investment property
(176)
0
(10)
336
Other leased assets (operating lease)
(127)
0
(22)
161
Right-of-use assets
(435)
0
(79)
378
Intangible fixed assets
(2,476)
1
(270)
1,108
Software
(1,987)
1
(256)
1,011
Goodwill
(404)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(17)
0
(3)
7
Core deposits intangibles
(32)
0
(7)
38
Other intangible fixed assets
(35)
0
(4)
13
Total
(4,404)
6
(513)
2,836
Cost of acquisition or conversion
in \u20ac million
As at 1/1/2024
Change in
consolidated
group
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2024
Tangible fixed assets
3,402
(34)
(74)
374
(225)
(2)
3,441
Land and buildings used by the group for own
purpose
934
21
(21)
32
(27)
(2)
938
Office furniture, equipment and other tangible
fixed assets
1,004
(43)
(36)
180
(133)
0
973
Investment property
571
(33)
(1)
21
(5)
1
555
Other leased assets (operating lease)
220
0
(2)
51
(33)
0
236
Right-of-use assets
674
20
(16)
89
(26)
(2)
740
Intangible fixed assets
3,114
(51)
(73)
351
(93)
0
3,248
Software
2,525
(48)
(58)
339
(80)
0
2,679
Goodwill
438
0
(13)
0
0
0
425
Brand
3
0
0
0
0
0
3
Customer relationships
26
0
0
0
(3)
0
23
Core deposits intangibles
68
0
(1)
0
0
0
67
Other intangible fixed assets
54
(3)
0
12
(10)
0
52
Total
6,516
(85)
(147)
725
(319)
(2)
6,689
Write-ups, amortization, depreciation, impairment
Carrying amount
in \u20ac million
Cumulative
hereof write-
ups
hereof depreciation/
impairment
As at 31/12/2024
Tangible fixed assets
(1,758)
0
(230)
1,683
Land and buildings used by the group for own purpose
(469)
0
(25)
470
Office furniture, equipment and other tangible fixed assets
(637)
0
(97)
335
Investment property
(169)
0
(12)
385
Other leased assets (operating lease)
(115)
0
(18)
121
Right-of-use assets
(367)
0
(79)
372
Intangible fixed assets
(2,246)
4
(245)
1,003
Software
(1,788)
2
(231)
890
Goodwill
(387)
0
0
38
Brand
(2)
0
0
1
Customer relationships
(13)
0
(3)
9
Core deposits intangibles
(24)
0
(7)
44
Other intangible fixed assets
(32)
1
(3)
21
Total
(4,003)
4
(476)
2,686
Software
in \u20ac million
2025
2024
Acquired software
644
608
Internally developed software
367
282
Goodwill
The carrying amount of the goodwill as well as the gross amounts of and the accumulated impairment on the goodwill
developed for the cash generating units as follows:
2025
in \u20ac million
AKCENTA
RBRS
RBCZ
RKAG
Other
Total
As at 1/1
8
2
0
27
1
38
Additions
0
0
0
0
0
0
Merger
0
0
0
0
0
0
Impairment
0
0
0
0
0
0
Exchange rate changes
0
0
0
0
0
0
As at 31/12
9
2
0
27
1
38
Gross amount
9
10
63
54
306
442
Accumulated impairment\u00b9
0
(8)
(63)
(27)
(305)
(404)
1 Calculated with average exchange rates
AKCENTA: Akcenta CZ a.s., Prague (CZ)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
RBCZ: Raiffeisenbank a.s., Prague (CZ)
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
2024
in \u20ac million
AKCENTA
RBRS
RBCZ
RKAG
Other
Total
As at 1/1
9
2
0
27
1
38
Additions
0
0
0
0
0
0
Merger
0
0
0
0
0
0
Impairment
0
0
0
0
0
0
Exchange rate changes
0
0
0
0
0
0
As at 31/12
8
2
0
27
1
38
Gross amount
8
10
61
54
291
425
Accumulated impairment\u00b9
0
(8)
(61)
(27)
(290)
(387)
1 Calculated with average exchange rates
AKCENTA: Akcenta CZ a.s., Prague (CZ)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
RBCZ: Raiffeisenbank a.s., Prague (CZ)
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
Key assumptions
2025
2024
Cash generating units
RKAG
RBRS
AKCENTA
RKAG
RBRS
AKCENTA
Average discount interest rate (after tax)
9.7%
14.0%
10.3%
10.2%
15.4%
11.1%
Growth rates in phase I and II (5 years) p.a.\u00b9
3.7%
5.5%
n/a
3.5%
4.2%
n/a
Growth rates in phase III (terminal value) p.a.
2.0%
3.5%
2.0%
2.0%
3.5%
2.0%
1 Growth rates are based on the future development of the dividend distribution, adjusted for irregular dividend distributions due to the economic environment.
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
Cash generating units
Key assumptions
Management approach
Risk estimation
RKAG
RKAG is one of Austria's leading fund/
asset management companies, that
has been operating internationally for
many years and is a well-known
participant in various European
countries. The development is expected
to remain stable. Administrative
expenses remain stable, with the
exception of slight increase in the IT
area.
The assumptions of planning are based
on internal and external sources.
Macroeconomic assumptions of the
research department were compared
with data from external sources and
the five-year plan and are presented to
the company's managers. The budget
was approved by the Supervisory Board.
The main risk of the yields lies in the
development of the funds volume,
which in turn depends on the market
and its development. Other influencing
factors include future sales capacities,
customer asset allocation and the level
of achievable margins.
RBRS
Serbia is one of the focus countries for
the Group.The market is expected to
grow by 6.9 per cent (corporate)
respectively 5.8 per cent (retail) in 2026.
Margins are projected to decline slightly
due to interest rate expectations, while
profits remain stable.
The assumptions are based on both
internal and external sources.
Macroeconomic assumptions of the
research department were compared
with data from external sources and
the five-year plan, presented to the
Management Board and approved by
the Supervisory Board.
Reference interest rates are expected
to decline from 5.4 per cent in 2026 to
4.6\u00a0per cent in 2027. As a result, net
interest income will also decline in the
future. The earnings risk mainly relates
to the interest rate and margin
development of the RBRS portfolio.
AKCENTA
The Payment Service Providers (PSP)
market in Central and Eastern Europe
has grown significantly due to rising e-
commerce, demand for digital
payments, and government efforts to
promote cashless transactions.
Technological advances like mobile
payments and digital wallets also boost
this growth. The market is becoming
more competitive, with local and
international PSPs expanding and
traditional banks lowering fees and FX
margins to compete. In this context,
Akcenta launched its Strategy 2027,
continuing digital transformation with a
new IT core system and focusing on
faster, more transparent, and simpler
services.
Akcenta offers competitive rates and
lower fees than traditional institutions.
It helps SMEs benefit from favorable
currency exchanges and provides tools
like forward contracts, options, and
hedging to reduce currency risks.
Akcenta guides SMEs through Forex
complexities for effective international
transaction management. Its value is in
cost-effective, convenient foreign
exchange solutions, letting SMEs focus
on core operations.
As a result of its sound, sustainable
financial performance as well as profit
generating capacity, Akcenta boasts a
solid financial base, substantially
exceeding the regulatory capital
requirements. Akcenta adheres to strict
compliance and regulatory standards to
ensure the security and integrity of its
operations. This includes implementing
measures to prevent money laundering,
fraud, and other financial risks.
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
Sensitivity analysis
A sensitivity analysis was carried out based on the above-mentioned assumptions to evaluate the stability of the results of the
impairment test for goodwill. From several options for this analysis, one relevant parameter was selected, namely the cost of
equity. The following overview demonstrates to what extent an increase in the cost of equity could occur without the value in
use of cash generating units declining below the respective carrying amount (equity capital plus goodwill).
2025
2024
Maximum sensitivity
RKAG
RBRS
AKCENTA
RKAG
RBRS
AKCENTA
Increase in discount interest rate
22.2 PP
12.3 PP
0.99 PP
22.8 PP
7.1 PP
1.19 PP
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-494": { "value": "
Internally developed intangible fixed assets \u2013 research and development costs
Internally developed intangible assets comprise exclusively software and are capitalized if it is probable that the future
economic benefits attributable to the asset will accrue to RBI and the cost of the asset can be measured reliably. Expenses for
research are recognized as an expense when they are incurred.
An internally developed intangible fixed asset resulting from development activities or from the development stage of an
internal project is capitalized when the following evidence is provided:
\u00b7 The final completion of the intangible fixed asset is technically feasible so that it will be available for use or sale.
\u00b7 It is intended to finally complete the intangible fixed asset and to use or to sell it.
\u00b7 The ability exists to use or to sell the intangible fixed asset. The intangible fixed asset is likely to generate future
economic benefit.
\u00b7 The availability of adequate technical, financial, and other resources required to complete development and to use
or sell the intangible fixed asset is assured.
\u00b7 The ability exists to reliably determine the expenditure incurred during the development of the intangible fixed asset.
The amount at which an internally developed intangible fixed asset is initially capitalized is the sum of all expenses incurred
beginning from the day on which the aforementioned conditions are initially met. If an internally developed intangible fixed
asset cannot be capitalized, or if there is not yet an intangible fixed asset, the development costs are reported in the income
statement for the reporting period in which they are incurred.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-493": { "value": "
Internally developed intangible fixed assets \u2013 research and development costs
Internally developed intangible assets comprise exclusively software and are capitalized if it is probable that the future
economic benefits attributable to the asset will accrue to RBI and the cost of the asset can be measured reliably. Expenses for
research are recognized as an expense when they are incurred.
An internally developed intangible fixed asset resulting from development activities or from the development stage of an
internal project is capitalized when the following evidence is provided:
\u00b7 The final completion of the intangible fixed asset is technically feasible so that it will be available for use or sale.
\u00b7 It is intended to finally complete the intangible fixed asset and to use or to sell it.
\u00b7 The ability exists to use or to sell the intangible fixed asset. The intangible fixed asset is likely to generate future
economic benefit.
\u00b7 The availability of adequate technical, financial, and other resources required to complete development and to use
or sell the intangible fixed asset is assured.
\u00b7 The ability exists to reliably determine the expenditure incurred during the development of the intangible fixed asset.
The amount at which an internally developed intangible fixed asset is initially capitalized is the sum of all expenses incurred
beginning from the day on which the aforementioned conditions are initially met. If an internally developed intangible fixed
asset cannot be capitalized, or if there is not yet an intangible fixed asset, the development costs are reported in the income
statement for the reporting period in which they are incurred.
Capitalized development costs are generally amortized in the Group in a straight line over a useful life of five years. The normal
useful life of software is between four and six years. The normal useful life for large software projects may extend over a
longer period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-495": { "value": "
Goodwill
The carrying amount of the goodwill as well as the gross amounts of and the accumulated impairment on the goodwill
developed for the cash generating units as follows:
2025
in \u20ac million
AKCENTA
RBRS
RBCZ
RKAG
Other
Total
As at 1/1
8
2
0
27
1
38
Additions
0
0
0
0
0
0
Merger
0
0
0
0
0
0
Impairment
0
0
0
0
0
0
Exchange rate changes
0
0
0
0
0
0
As at 31/12
9
2
0
27
1
38
Gross amount
9
10
63
54
306
442
Accumulated impairment\u00b9
0
(8)
(63)
(27)
(305)
(404)
1 Calculated with average exchange rates
AKCENTA: Akcenta CZ a.s., Prague (CZ)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
RBCZ: Raiffeisenbank a.s., Prague (CZ)
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
2024
in \u20ac million
AKCENTA
RBRS
RBCZ
RKAG
Other
Total
As at 1/1
9
2
0
27
1
38
Additions
0
0
0
0
0
0
Merger
0
0
0
0
0
0
Impairment
0
0
0
0
0
0
Exchange rate changes
0
0
0
0
0
0
As at 31/12
8
2
0
27
1
38
Gross amount
8
10
61
54
291
425
Accumulated impairment\u00b9
0
(8)
(61)
(27)
(290)
(387)
1 Calculated with average exchange rates
AKCENTA: Akcenta CZ a.s., Prague (CZ)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
RBCZ: Raiffeisenbank a.s., Prague (CZ)
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
Key assumptions
2025
2024
Cash generating units
RKAG
RBRS
AKCENTA
RKAG
RBRS
AKCENTA
Average discount interest rate (after tax)
9.7%
14.0%
10.3%
10.2%
15.4%
11.1%
Growth rates in phase I and II (5 years) p.a.\u00b9
3.7%
5.5%
n/a
3.5%
4.2%
n/a
Growth rates in phase III (terminal value) p.a.
2.0%
3.5%
2.0%
2.0%
3.5%
2.0%
1 Growth rates are based on the future development of the dividend distribution, adjusted for irregular dividend distributions due to the economic environment.
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
Cash generating units
Key assumptions
Management approach
Risk estimation
RKAG
RKAG is one of Austria's leading fund/
asset management companies, that
has been operating internationally for
many years and is a well-known
participant in various European
countries. The development is expected
to remain stable. Administrative
expenses remain stable, with the
exception of slight increase in the IT
area.
The assumptions of planning are based
on internal and external sources.
Macroeconomic assumptions of the
research department were compared
with data from external sources and
the five-year plan and are presented to
the company's managers. The budget
was approved by the Supervisory Board.
The main risk of the yields lies in the
development of the funds volume,
which in turn depends on the market
and its development. Other influencing
factors include future sales capacities,
customer asset allocation and the level
of achievable margins.
RBRS
Serbia is one of the focus countries for
the Group.The market is expected to
grow by 6.9 per cent (corporate)
respectively 5.8 per cent (retail) in 2026.
Margins are projected to decline slightly
due to interest rate expectations, while
profits remain stable.
The assumptions are based on both
internal and external sources.
Macroeconomic assumptions of the
research department were compared
with data from external sources and
the five-year plan, presented to the
Management Board and approved by
the Supervisory Board.
Reference interest rates are expected
to decline from 5.4 per cent in 2026 to
4.6\u00a0per cent in 2027. As a result, net
interest income will also decline in the
future. The earnings risk mainly relates
to the interest rate and margin
development of the RBRS portfolio.
AKCENTA
The Payment Service Providers (PSP)
market in Central and Eastern Europe
has grown significantly due to rising e-
commerce, demand for digital
payments, and government efforts to
promote cashless transactions.
Technological advances like mobile
payments and digital wallets also boost
this growth. The market is becoming
more competitive, with local and
international PSPs expanding and
traditional banks lowering fees and FX
margins to compete. In this context,
Akcenta launched its Strategy 2027,
continuing digital transformation with a
new IT core system and focusing on
faster, more transparent, and simpler
services.
Akcenta offers competitive rates and
lower fees than traditional institutions.
It helps SMEs benefit from favorable
currency exchanges and provides tools
like forward contracts, options, and
hedging to reduce currency risks.
Akcenta guides SMEs through Forex
complexities for effective international
transaction management. Its value is in
cost-effective, convenient foreign
exchange solutions, letting SMEs focus
on core operations.
As a result of its sound, sustainable
financial performance as well as profit
generating capacity, Akcenta boasts a
solid financial base, substantially
exceeding the regulatory capital
requirements. Akcenta adheres to strict
compliance and regulatory standards to
ensure the security and integrity of its
operations. This includes implementing
measures to prevent money laundering,
fraud, and other financial risks.
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
Sensitivity analysis
A sensitivity analysis was carried out based on the above-mentioned assumptions to evaluate the stability of the results of the
impairment test for goodwill. From several options for this analysis, one relevant parameter was selected, namely the cost of
equity. The following overview demonstrates to what extent an increase in the cost of equity could occur without the value in
use of cash generating units declining below the respective carrying amount (equity capital plus goodwill).
2025
2024
Maximum sensitivity
RKAG
RBRS
AKCENTA
RKAG
RBRS
AKCENTA
Increase in discount interest rate
22.2 PP
12.3 PP
0.99 PP
22.8 PP
7.1 PP
1.19 PP
RKAG: Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Vienna (AT)
RBRS: Raiffeisen banka a.d., Belgrade (RS)
AKCENTA: Akcenta CZ a.s., Prague (CZ)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-497": { "value": "
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-496": { "value": "
Impairment test for goodwill
On each reporting date, goodwill is examined with a view to its future economic utility on the basis of cash generating units
(CGU's). A cash generating unit is defined by the management and represents the smallest identifiable group of assets of a
company that generates cash inflows from operations. Within RBI, all segments according to segment reporting are
determined as cash generating units. Legal entities within the segments form their own CGU for the purpose of impairment
testing of goodwill. The carrying amount of the relevant entity (including any assigned goodwill) is compared with its
recoverable amount. This is, as a general principle, defined as the higher of the fair value less selling costs and the amount
resulting from its value in use. The value in use is based on expected potential dividends discounted using a rate of interest
reflecting the risk involved. The estimation of the future results requires an assessment of previous as well as future
performance. The latter must consider the likely development of the relevant markets and the overall macroeconomic
environment.
Impairment tests for goodwill based on cash-generating units use a multi-year plan drawn up by the relevant management
team and approved by the bodies responsible. This covers the CGU's medium-term prospects for success taking into account
its business strategy, overall macroeconomic conditions (gross domestic product, inflation expectations, etc.) and the specific
market circumstances. The data is then used to capture the terminal value based on a going concern concept. Discounting of
the earnings relevant for the measurement, i.e. potential dividends, is undertaken using risk-adapted and country-specific
equity capital cost rates determined by means of the capital asset pricing model. The individual interest rate parameters (risk-
free interest rate, inflation difference, market risk premium, country-specific risks, and beta factors) were defined by using
external information sources. The entire planning horizon is divided into three phases with phase I covering the management
planning period of three years. Detailed planning, including macroeconomic planning data, is extrapolated in phase II, which
lasts another two years. The terminal value is then calculated in phase III based on the assumption of a going concern. In line
with IAS 36, impairment tests for goodwill are carried out during the year if a reason for impairment occurs.
Business combinations
The acquisition of business operations is recognized according to the acquisition method. The consideration transferred in a
business combination is measured at fair value. This is calculated as the aggregate of the acquisition-date fair values of all
assets transferred, liabilities assumed from former owners of the acquired business combination and equity instruments
issued by the Group in exchange for control of the business combination. Transaction costs related to business combinations
are recognized in the income statement when incurred.
Goodwill is measured as the excess of the aggregate of the value of the consideration transferred, the amount of any non-
controlling interest and the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any),
and the net of the acquisition-date amounts of the fair values of identifiable assets acquired and the liabilities assumed. In the
case that the difference is negative after further review, the resulting gain is recognized immediately in the income statement.
Non-controlling interests which confer ownership rights and grant the right to the owner to receive a proportionate share of
the net assets of the entity in the event of liquidation, are measured either at fair value or at the non-controlling interest\u2019s
proportionate share of net assets of the acquiree at the acquisition date. This accounting policy option can be newly made for
every business combination. Other components of non-controlling interests are measured at fair value or with measurement
values derived from other standards.
If the consideration transferred includes a contingent consideration, this is measured at the acquisition-date fair value. If the
contingent consideration is classified as equity, it is not re-measured on the following reporting dates. Its settlement is
recognized within equity. A contingent consideration classified as assets or liabilities is measured on the following reporting
dates at fair value and a resulting profit or loss is recognized in the income statement.
Adjustments to the measurement or additional recognition of further assets and liabilities to reflect information about facts
and circumstances which already existed at the time of acquisition are corrected retrospectively within the measurement
period and posted accordingly against goodwill. The measurement period may not exceed one year from the date of
acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-502": { "value": "
(26) Other assets
in \u20ac million
2025
2024
Prepayments and other deferrals
395
340
Merchandise inventory and suspense accounts for services rendered not yet charged out
168
201
Non-current assets and disposal groups classified as held for sale
4
9
Other assets
781
1,095
Total
1,348
1,645
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-501": { "value": "
(26) Other assets
in \u20ac million
2025
2024
Prepayments and other deferrals
395
340
Merchandise inventory and suspense accounts for services rendered not yet charged out
168
201
Non-current assets and disposal groups classified as held for sale
4
9
Other assets
781
1,095
Total
1,348
1,645
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-500": { "value": "
(26) Other assets
in \u20ac million
2025
2024
Prepayments and other deferrals
395
340
Merchandise inventory and suspense accounts for services rendered not yet charged out
168
201
Non-current assets and disposal groups classified as held for sale
4
9
Other assets
781
1,095
Total
1,348
1,645
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-499": { "value": "
(26) Other assets
in \u20ac million
2025
2024
Prepayments and other deferrals
395
340
Merchandise inventory and suspense accounts for services rendered not yet charged out
168
201
Non-current assets and disposal groups classified as held for sale
4
9
Other assets
781
1,095
Total
1,348
1,645
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-498": { "value": "
(26) Other assets
in \u20ac million
2025
2024
Prepayments and other deferrals
395
340
Merchandise inventory and suspense accounts for services rendered not yet charged out
168
201
Non-current assets and disposal groups classified as held for sale
4
9
Other assets
781
1,095
Total
1,348
1,645
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-505": { "value": "
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-504": { "value": "
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-503": { "value": "
Non-current assets and disposal groups classified as held for sale
Non-current assets and disposal groups are classified as held for sale when the related carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is only considered met if the sale is
highly probable and the asset (or disposal groups) is immediately available for sale and management has adopted a plan to
sell the asset (or disposal group). Moreover, the sale transaction must be highly probable of being recognized as a completed
sale within twelve months of the classification.
Non-current assets and disposal groups classified as held for sale are valued at the lower amount of their original carrying
amount or fair value less costs to sell and are reported under the item non-current assets and disposal groups classified as
held for sale. Income from non-current assets held for sale and discontinued operations is reported in the other result. If the
impairment expense of the discontinued operations exceeds the carrying amount of the assets which fall under the scope of
IFRS 5, there is no special provision in the IFRS on how to deal with this difference. Based on internal accounting policy this
difference would be recognized in the item provisions for onerous contracts in the statement of financial position.
In the case that the Management Board has adopted a plan for the sale, and aforementioned conditions are met, all assets
and liabilities of the subsidiary will be recognized as held for sale. This applies irrespective of whether the Group retains a non-
controlling interest in the former subsidiary after the sale or not. Results from discontinued business operations are reported
separately in the income statement as gains/losses from discontinued operations.
The item non-current assets and disposal groups classified as held for sale includes three properties in Croatia. In the previous
year, one property in Serbia was reported under this item.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-506": { "value": "
Provisions are recognized when the Group has a present obligation from a past event, where it is likely that it will be obliged to
settle, and a reliable estimate of the amount is possible. The level of provisions is the best possible estimate of expected
outflow of economic benefits at the reporting date while taking into account the risks and uncertainties underlying the
commitment to fulfill the obligation. If a provision is formed based on cash flows estimated to fulfill an obligation, the cash
flows must be discounted if the interest effect is material.
Allocation of provisions is booked through different line items in the income statement depending on the nature of the
provision. Allocation of loan loss provisions for contingent liabilities is recorded in the income statement under the item
impairment losses on financial assets. Restructuring provisioning and other employee benefits are allocated in general
administrative expenses. Provision allocations that are not assigned to general administrative expenses are as a matter of
principle booked against other net operating income.
Pension obligations and other termination benefits
All defined benefit plans relating to so-called social capital (provisions for pensions, provisions for severance payments and
provisions for service anniversary bonuses) are measured using the Projected Unit Credit Method in accordance with IAS 19 \u2013
Employee Benefits. The biometrical basis for the calculation of provisions for pensions, severance payments and service
anniversary bonuses for Austrian companies is provided by AV\u00d6 2018-P-Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
(Computational Framework for Pension Insurance), using the relevant parameters for salaried employees. In other countries,
comparable actuarial parameters are used for calculation. The following significant personnel provisions were created in the
2025 financial year:
\u00b7 Defined benefit pension plans in Austria and other countries
\u00b7 Other post-employment benefits in Austria and other countries
These defined benefit plans and other post-employment benefits expose the Group to actuarial risks, such as longevity risk,
currency risk, interest rate risk and market (investment) risk.
A liability and expense is recognized for termination benefits when RBI can no longer withdraw the offer of those benefits.
Where the benefits are not expected to be settled within 12 months of the reporting date they are discounted.
Funding
For pensions there are different plans: unfunded, partly funded and fully funded. The partly and fully funded plans are all
invested by Valida Pension AG. Valida Pension AG is a pension fund and is subject in particular to the provisions of the Pension
Act and Company Pension Act.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-508": { "value": "
Pension obligations and other termination benefits
All defined benefit plans relating to so-called social capital (provisions for pensions, provisions for severance payments and
provisions for service anniversary bonuses) are measured using the Projected Unit Credit Method in accordance with IAS 19 \u2013
Employee Benefits. The biometrical basis for the calculation of provisions for pensions, severance payments and service
anniversary bonuses for Austrian companies is provided by AV\u00d6 2018-P-Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
(Computational Framework for Pension Insurance), using the relevant parameters for salaried employees. In other countries,
comparable actuarial parameters are used for calculation. The following significant personnel provisions were created in the
2025 financial year:
\u00b7 Defined benefit pension plans in Austria and other countries
\u00b7 Other post-employment benefits in Austria and other countries
These defined benefit plans and other post-employment benefits expose the Group to actuarial risks, such as longevity risk,
currency risk, interest rate risk and market (investment) risk.
A liability and expense is recognized for termination benefits when RBI can no longer withdraw the offer of those benefits.
Where the benefits are not expected to be settled within 12 months of the reporting date they are discounted.
Funding
For pensions there are different plans: unfunded, partly funded and fully funded. The partly and fully funded plans are all
invested by Valida Pension AG. Valida Pension AG is a pension fund and is subject in particular to the provisions of the Pension
Act and Company Pension Act.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-507": { "value": "
Pension obligations and other termination benefits
All defined benefit plans relating to so-called social capital (provisions for pensions, provisions for severance payments and
provisions for service anniversary bonuses) are measured using the Projected Unit Credit Method in accordance with IAS 19 \u2013
Employee Benefits. The biometrical basis for the calculation of provisions for pensions, severance payments and service
anniversary bonuses for Austrian companies is provided by AV\u00d6 2018-P-Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
(Computational Framework for Pension Insurance), using the relevant parameters for salaried employees. In other countries,
comparable actuarial parameters are used for calculation. The following significant personnel provisions were created in the
2025 financial year:
\u00b7 Defined benefit pension plans in Austria and other countries
\u00b7 Other post-employment benefits in Austria and other countries
These defined benefit plans and other post-employment benefits expose the Group to actuarial risks, such as longevity risk,
currency risk, interest rate risk and market (investment) risk.
A liability and expense is recognized for termination benefits when RBI can no longer withdraw the offer of those benefits.
Where the benefits are not expected to be settled within 12 months of the reporting date they are discounted.
Funding
For pensions there are different plans: unfunded, partly funded and fully funded. The partly and fully funded plans are all
invested by Valida Pension AG. Valida Pension AG is a pension fund and is subject in particular to the provisions of the Pension
Act and Company Pension Act.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-511": { "value": "
(28) Other liabilities
in \u20ac million
2025
2024
Provisions for overdue vacations
73
74
Liabilities from insurance activities
261
250
Deferred income and accrued expenses
547
571
Sundry liabilities
713
767
Total
1,594
1,663
Insurance business
RBI\u2019s insurance business consists of pension insurance products in Croatia. Due to the existence of insurance risk and
investment risk in these products, it is necessary to apply IFRS 17 for the accounting of the resulting liabilities. All assets related
to the provision of pension products are accounted for under IFRS 9. The following table shows an analysis of the change in
insurance contract liabilities:
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2025
216
8
27
250
Change in consolidated group
0
0
0
0
Insurance service result
(1)
0
1
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(10)
0
1
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
(27)
0
0
(27)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
226
8
28
261
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2024
246
7
28
280
Change in consolidated group
(54)
0
(2)
(56)
Insurance service result
(3)
1
1
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
3
1
1
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
(26)
0
0
(26)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
216
8
27
250
This table presents the development of the liability from the beginning of the period considering the net cash flows and P&L
effects. From the IFRS 17 view, the total liability is split into three parts. The first part contains mainly the best estimate of the
reserve for future liabilities, i.e. the present value of future annuities and future expenses. On top of that an additional risk
adjustment is added, which represents the non-financial components of the reserve (e.g. longevity, mortality, expense
assumption). The reserve plus risk adjustment are the liability (cash outflow) towards third persons. The contractual service
margin is the expected future profit.
Analysis of the development of liabilities for remaining coverage and for incurred claims:
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2025
250
0
0
250
Change in consolidated group
0
0
0
0
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
6
Insurance service result
(27)
0
27
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(36)
0
27
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
0
0
(27)
(27)
Total cash flows
47
0
(27)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
261
0
0
261
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2024
279
2
0
280
Change in consolidated group
(54)
(2)
0
(56)
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
5
Insurance service result
(27)
0
26
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
(21)
0
26
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
0
0
(26)
(26)
Total cash flows
46
0
(26)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
250
0
0
250
Liabilities for remaining coverage relate to future payouts and liabilities for incurred claims relate to past claims. The onerous
contract component occurs when pricing is too low due to market development and the contracts becoming onerous.
Insurance revenue consists mainly of revenue for coverage provided in the period and revenue from release of risk adjustment
in the period. Insurance service expenses consist of claims and other insurance service expenses as well as changes in cash
flows and risk adjustments that relate to coverage provided in the period and in the past. The insurance finance expenses
relate to the unwinding of discount rates and the change in discount rates.
Fulfillment cash flows
Fulfillment cash flows comprise estimates of future cash flows, an adjustment to reflect the time value of money and the
financial risks related to the future cash flows (discounting) and a risk adjustment for non-financial risk. The time value of
money and financial risks consist of the risk-free rate which is derived from the Eurozone issuance curve with a credit risk
adjustment. On top of the risk-free rate the illiquidity premium is added. The illiquidity premium is derived from alternative
investments with the illiquidity characteristic of the portfolio again with the appropriate credit adjustment.
The following table provides information on the yield curves used to discount estimated future cash flows:
1 year
5 years
10 years
20 years
30 years
Croatia
3.4%
3.8%
4.4%
4.9%
5.1%
The risk adjustment for non-financial risk is the compensation required for bearing the uncertainty about the amount and
timing of the cash flows that arises from non-financial risks in insurance contracts. The risk margin is calculated based on a
cost of capital approach.
The mortality tables used are composed out of the official ones from the Croatian Bureau of Statistics. The calculation of the
probability of termination and of the expected expenses is based on historical data. Forecasted investment income is
calculated based on companies\u2019 current investment portfolio.
Risks in the insurance business
RBI\u2019s insurance business comprises pension insurance, where interest rate and future expense risk are the main risks.
\u00b7 Interest rate risk \u2013 the risk of change of the market observable rates
\u00b7 Mortality risk \u2013 the risk of loss or adverse changes of insurance obligations\u2019 value because of mortality rate changes
\u00b7 Longevity risk \u2013 the risk that future expenses for pension payments will increase due to decrease of mortality rates
\u00b7 Future cost risk \u2013 the risk of increase of future expenses has an impact on the contractual service margin.
RBI does not use reinsurance contracts to mitigate the risk but mitigates the risk by portfolio mix.
Sensitivity to the above risks is very low due to the absorbing effect of the contractual service margin and no onerous
contracts, therefore, it is not shown here.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-510": { "value": "
(28) Other liabilities
in \u20ac million
2025
2024
Provisions for overdue vacations
73
74
Liabilities from insurance activities
261
250
Deferred income and accrued expenses
547
571
Sundry liabilities
713
767
Total
1,594
1,663
Insurance business
RBI\u2019s insurance business consists of pension insurance products in Croatia. Due to the existence of insurance risk and
investment risk in these products, it is necessary to apply IFRS 17 for the accounting of the resulting liabilities. All assets related
to the provision of pension products are accounted for under IFRS 9. The following table shows an analysis of the change in
insurance contract liabilities:
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2025
216
8
27
250
Change in consolidated group
0
0
0
0
Insurance service result
(1)
0
1
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(10)
0
1
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
(27)
0
0
(27)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
226
8
28
261
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2024
246
7
28
280
Change in consolidated group
(54)
0
(2)
(56)
Insurance service result
(3)
1
1
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
3
1
1
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
(26)
0
0
(26)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
216
8
27
250
This table presents the development of the liability from the beginning of the period considering the net cash flows and P&L
effects. From the IFRS 17 view, the total liability is split into three parts. The first part contains mainly the best estimate of the
reserve for future liabilities, i.e. the present value of future annuities and future expenses. On top of that an additional risk
adjustment is added, which represents the non-financial components of the reserve (e.g. longevity, mortality, expense
assumption). The reserve plus risk adjustment are the liability (cash outflow) towards third persons. The contractual service
margin is the expected future profit.
Analysis of the development of liabilities for remaining coverage and for incurred claims:
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2025
250
0
0
250
Change in consolidated group
0
0
0
0
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
6
Insurance service result
(27)
0
27
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(36)
0
27
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
0
0
(27)
(27)
Total cash flows
47
0
(27)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
261
0
0
261
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2024
279
2
0
280
Change in consolidated group
(54)
(2)
0
(56)
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
5
Insurance service result
(27)
0
26
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
(21)
0
26
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
0
0
(26)
(26)
Total cash flows
46
0
(26)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
250
0
0
250
Liabilities for remaining coverage relate to future payouts and liabilities for incurred claims relate to past claims. The onerous
contract component occurs when pricing is too low due to market development and the contracts becoming onerous.
Insurance revenue consists mainly of revenue for coverage provided in the period and revenue from release of risk adjustment
in the period. Insurance service expenses consist of claims and other insurance service expenses as well as changes in cash
flows and risk adjustments that relate to coverage provided in the period and in the past. The insurance finance expenses
relate to the unwinding of discount rates and the change in discount rates.
Fulfillment cash flows
Fulfillment cash flows comprise estimates of future cash flows, an adjustment to reflect the time value of money and the
financial risks related to the future cash flows (discounting) and a risk adjustment for non-financial risk. The time value of
money and financial risks consist of the risk-free rate which is derived from the Eurozone issuance curve with a credit risk
adjustment. On top of the risk-free rate the illiquidity premium is added. The illiquidity premium is derived from alternative
investments with the illiquidity characteristic of the portfolio again with the appropriate credit adjustment.
The following table provides information on the yield curves used to discount estimated future cash flows:
1 year
5 years
10 years
20 years
30 years
Croatia
3.4%
3.8%
4.4%
4.9%
5.1%
The risk adjustment for non-financial risk is the compensation required for bearing the uncertainty about the amount and
timing of the cash flows that arises from non-financial risks in insurance contracts. The risk margin is calculated based on a
cost of capital approach.
The mortality tables used are composed out of the official ones from the Croatian Bureau of Statistics. The calculation of the
probability of termination and of the expected expenses is based on historical data. Forecasted investment income is
calculated based on companies\u2019 current investment portfolio.
Risks in the insurance business
RBI\u2019s insurance business comprises pension insurance, where interest rate and future expense risk are the main risks.
\u00b7 Interest rate risk \u2013 the risk of change of the market observable rates
\u00b7 Mortality risk \u2013 the risk of loss or adverse changes of insurance obligations\u2019 value because of mortality rate changes
\u00b7 Longevity risk \u2013 the risk that future expenses for pension payments will increase due to decrease of mortality rates
\u00b7 Future cost risk \u2013 the risk of increase of future expenses has an impact on the contractual service margin.
RBI does not use reinsurance contracts to mitigate the risk but mitigates the risk by portfolio mix.
Sensitivity to the above risks is very low due to the absorbing effect of the contractual service margin and no onerous
contracts, therefore, it is not shown here.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-509": { "value": "
(28) Other liabilities
in \u20ac million
2025
2024
Provisions for overdue vacations
73
74
Liabilities from insurance activities
261
250
Deferred income and accrued expenses
547
571
Sundry liabilities
713
767
Total
1,594
1,663
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-513": { "value": "
Insurance business
RBI\u2019s insurance business consists of pension insurance products in Croatia. Due to the existence of insurance risk and
investment risk in these products, it is necessary to apply IFRS 17 for the accounting of the resulting liabilities. All assets related
to the provision of pension products are accounted for under IFRS 9. The following table shows an analysis of the change in
insurance contract liabilities:
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2025
216
8
27
250
Change in consolidated group
0
0
0
0
Insurance service result
(1)
0
1
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(10)
0
1
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
(27)
0
0
(27)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
226
8
28
261
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2024
246
7
28
280
Change in consolidated group
(54)
0
(2)
(56)
Insurance service result
(3)
1
1
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
3
1
1
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
(26)
0
0
(26)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
216
8
27
250
This table presents the development of the liability from the beginning of the period considering the net cash flows and P&L
effects. From the IFRS 17 view, the total liability is split into three parts. The first part contains mainly the best estimate of the
reserve for future liabilities, i.e. the present value of future annuities and future expenses. On top of that an additional risk
adjustment is added, which represents the non-financial components of the reserve (e.g. longevity, mortality, expense
assumption). The reserve plus risk adjustment are the liability (cash outflow) towards third persons. The contractual service
margin is the expected future profit.
Analysis of the development of liabilities for remaining coverage and for incurred claims:
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2025
250
0
0
250
Change in consolidated group
0
0
0
0
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
6
Insurance service result
(27)
0
27
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(36)
0
27
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
0
0
(27)
(27)
Total cash flows
47
0
(27)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
261
0
0
261
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2024
279
2
0
280
Change in consolidated group
(54)
(2)
0
(56)
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
5
Insurance service result
(27)
0
26
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
(21)
0
26
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
0
0
(26)
(26)
Total cash flows
46
0
(26)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
250
0
0
250
Liabilities for remaining coverage relate to future payouts and liabilities for incurred claims relate to past claims. The onerous
contract component occurs when pricing is too low due to market development and the contracts becoming onerous.
Insurance revenue consists mainly of revenue for coverage provided in the period and revenue from release of risk adjustment
in the period. Insurance service expenses consist of claims and other insurance service expenses as well as changes in cash
flows and risk adjustments that relate to coverage provided in the period and in the past. The insurance finance expenses
relate to the unwinding of discount rates and the change in discount rates.
Fulfillment cash flows
Fulfillment cash flows comprise estimates of future cash flows, an adjustment to reflect the time value of money and the
financial risks related to the future cash flows (discounting) and a risk adjustment for non-financial risk. The time value of
money and financial risks consist of the risk-free rate which is derived from the Eurozone issuance curve with a credit risk
adjustment. On top of the risk-free rate the illiquidity premium is added. The illiquidity premium is derived from alternative
investments with the illiquidity characteristic of the portfolio again with the appropriate credit adjustment.
The following table provides information on the yield curves used to discount estimated future cash flows:
1 year
5 years
10 years
20 years
30 years
Croatia
3.4%
3.8%
4.4%
4.9%
5.1%
The risk adjustment for non-financial risk is the compensation required for bearing the uncertainty about the amount and
timing of the cash flows that arises from non-financial risks in insurance contracts. The risk margin is calculated based on a
cost of capital approach.
The mortality tables used are composed out of the official ones from the Croatian Bureau of Statistics. The calculation of the
probability of termination and of the expected expenses is based on historical data. Forecasted investment income is
calculated based on companies\u2019 current investment portfolio.
Risks in the insurance business
RBI\u2019s insurance business comprises pension insurance, where interest rate and future expense risk are the main risks.
\u00b7 Interest rate risk \u2013 the risk of change of the market observable rates
\u00b7 Mortality risk \u2013 the risk of loss or adverse changes of insurance obligations\u2019 value because of mortality rate changes
\u00b7 Longevity risk \u2013 the risk that future expenses for pension payments will increase due to decrease of mortality rates
\u00b7 Future cost risk \u2013 the risk of increase of future expenses has an impact on the contractual service margin.
RBI does not use reinsurance contracts to mitigate the risk but mitigates the risk by portfolio mix.
Sensitivity to the above risks is very low due to the absorbing effect of the contractual service margin and no onerous
contracts, therefore, it is not shown here.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-512": { "value": "
Insurance business
RBI\u2019s insurance business consists of pension insurance products in Croatia. Due to the existence of insurance risk and
investment risk in these products, it is necessary to apply IFRS 17 for the accounting of the resulting liabilities. All assets related
to the provision of pension products are accounted for under IFRS 9. The following table shows an analysis of the change in
insurance contract liabilities:
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2025
216
8
27
250
Change in consolidated group
0
0
0
0
Insurance service result
(1)
0
1
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(10)
0
1
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
(27)
0
0
(27)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
226
8
28
261
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2024
246
7
28
280
Change in consolidated group
(54)
0
(2)
(56)
Insurance service result
(3)
1
1
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
3
1
1
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
(26)
0
0
(26)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
216
8
27
250
This table presents the development of the liability from the beginning of the period considering the net cash flows and P&L
effects. From the IFRS 17 view, the total liability is split into three parts. The first part contains mainly the best estimate of the
reserve for future liabilities, i.e. the present value of future annuities and future expenses. On top of that an additional risk
adjustment is added, which represents the non-financial components of the reserve (e.g. longevity, mortality, expense
assumption). The reserve plus risk adjustment are the liability (cash outflow) towards third persons. The contractual service
margin is the expected future profit.
Analysis of the development of liabilities for remaining coverage and for incurred claims:
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2025
250
0
0
250
Change in consolidated group
0
0
0
0
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
6
Insurance service result
(27)
0
27
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(36)
0
27
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
0
0
(27)
(27)
Total cash flows
47
0
(27)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
261
0
0
261
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2024
279
2
0
280
Change in consolidated group
(54)
(2)
0
(56)
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
5
Insurance service result
(27)
0
26
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
(21)
0
26
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
0
0
(26)
(26)
Total cash flows
46
0
(26)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
250
0
0
250
Liabilities for remaining coverage relate to future payouts and liabilities for incurred claims relate to past claims. The onerous
contract component occurs when pricing is too low due to market development and the contracts becoming onerous.
Insurance revenue consists mainly of revenue for coverage provided in the period and revenue from release of risk adjustment
in the period. Insurance service expenses consist of claims and other insurance service expenses as well as changes in cash
flows and risk adjustments that relate to coverage provided in the period and in the past. The insurance finance expenses
relate to the unwinding of discount rates and the change in discount rates.
Fulfillment cash flows
Fulfillment cash flows comprise estimates of future cash flows, an adjustment to reflect the time value of money and the
financial risks related to the future cash flows (discounting) and a risk adjustment for non-financial risk. The time value of
money and financial risks consist of the risk-free rate which is derived from the Eurozone issuance curve with a credit risk
adjustment. On top of the risk-free rate the illiquidity premium is added. The illiquidity premium is derived from alternative
investments with the illiquidity characteristic of the portfolio again with the appropriate credit adjustment.
The following table provides information on the yield curves used to discount estimated future cash flows:
1 year
5 years
10 years
20 years
30 years
Croatia
3.4%
3.8%
4.4%
4.9%
5.1%
The risk adjustment for non-financial risk is the compensation required for bearing the uncertainty about the amount and
timing of the cash flows that arises from non-financial risks in insurance contracts. The risk margin is calculated based on a
cost of capital approach.
The mortality tables used are composed out of the official ones from the Croatian Bureau of Statistics. The calculation of the
probability of termination and of the expected expenses is based on historical data. Forecasted investment income is
calculated based on companies\u2019 current investment portfolio.
Risks in the insurance business
RBI\u2019s insurance business comprises pension insurance, where interest rate and future expense risk are the main risks.
\u00b7 Interest rate risk \u2013 the risk of change of the market observable rates
\u00b7 Mortality risk \u2013 the risk of loss or adverse changes of insurance obligations\u2019 value because of mortality rate changes
\u00b7 Longevity risk \u2013 the risk that future expenses for pension payments will increase due to decrease of mortality rates
\u00b7 Future cost risk \u2013 the risk of increase of future expenses has an impact on the contractual service margin.
RBI does not use reinsurance contracts to mitigate the risk but mitigates the risk by portfolio mix.
Sensitivity to the above risks is very low due to the absorbing effect of the contractual service margin and no onerous
contracts, therefore, it is not shown here.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "value": "
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2025
216
8
27
250
Change in consolidated group
0
0
0
0
Insurance service result
(1)
0
1
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(10)
0
1
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
(27)
0
0
(27)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
226
8
28
261
in \u20ac million
Estimates of the
present value of the
future cash flows
Risk adjustment
Contractual service
margin
Liability
As at 1/1/2024
246
7
28
280
Change in consolidated group
(54)
0
(2)
(56)
Insurance service result
(3)
1
1
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
3
1
1
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
(26)
0
0
(26)
Total cash flows
20
0
0
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
216
8
27
250
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2025
250
0
0
250
Change in consolidated group
0
0
0
0
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
6
Insurance service result
(27)
0
27
0
Insurance finance expenses
(9)
0
0
(9)
Total changes in the profit and loss
(36)
0
27
(9)
Premiums received
47
0
0
47
Claims, benefits and other expenses paid
0
0
(27)
(27)
Total cash flows
47
0
(27)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2025
261
0
0
261
in \u20ac million
Liabilities for remaining coverage
Liabilities for
incurred claims
Total
Excluding onerous
contracts component
Onerous contracts
component
As at 1/1/2024
279
2
0
280
Change in consolidated group
(54)
(2)
0
(56)
Insurance revenue
(6)
0
0
(6)
Insurance service expenses
0
0
5
5
Insurance service result
(27)
0
26
(1)
Insurance finance expenses
6
0
0
6
Total changes in the profit and loss
(21)
0
26
5
Premiums received
46
0
0
46
Claims, benefits and other expenses paid
0
0
(26)
(26)
Total cash flows
46
0
(26)
20
Effect of exchange rate changes
0
0
0
0
As at 31/12/2024
250
0
0
250
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
RBI does not use reinsurance contracts to mitigate the risk but mitigates the risk by portfolio mix.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "
(29) Equity and non-controlling interests
RBI applies IAS 32 to decide whether to classify as financial liability or equity. Financial instruments issued are classified as
liabilities if the contractual agreement results in RBI being committed to either deliver cash or another financial asset or a
variable number of equity shares to the holder of the instrument. If this is not the case the instrument is classified as an equity
instrument and the proceeds, net of transaction costs, are recognized in equity.
in \u20ac million
2025
2024
Consolidated equity
19,452
17,299
Subscribed capital
1,001
1,002
Capital reserves
4,986
4,990
Retained earnings
17,127
16,213
hereof consolidated profit/loss
1,371
1,157
Cumulative other comprehensive income
(3,661)
(4,905)
Non-controlling interests
1,386
1,260
Additional tier 1
1,625
1,781
Total
22,463
20,340
The development of equity is shown in chapter statement of changes in equity.
The list of all companies which were included in the scope of consolidation for the first time can be found in chapter
consolidated group.
The consolidated return on equity amounted to 6.9 per cent in the financial year (previous year: 9.4 per cent). This decreased
primarily due to the lower consolidated result, which was caused by the negative impact of the two Rasperia proceedings, and
the 10 per cent increase in the average equity base. The return on total assets calculated in accordance with \u00a7 64 (1) 19 BWG
was 0.65 per cent (previous year: 0.58 per cent).
Subscribed capital
As at 31 December 2025, the company\u2019s share capital amounted to \u20ac 1,003,265,844.05 and was divided into 328,939,621 voting
common bearer shares. As at 31 December 2025, 698,767 (31 December 2024: 525,274) of those were own shares, and
consequently 328,240,854 shares were outstanding at the reporting date.
Own shares
At the reporting date, own shares of RBI AG are deducted directly from equity. Gains and losses on own shares have no impact
on the income statement.
The Annual General Meeting held on 4 April 2024 authorized the Management Board pursuant to \u00a7 65 (1) 8, \u00a7 65 (1a) and \u00a7 65 (1b)
of the AktG to purchase own shares and to retire them if appropriate without requiring any further prior resolutions to be
passed by the Annual General Meeting, though with the approval of the purchase by the Supervisory Board can also be
effected off-exchange under the exclusion of the shareholders\u2019 pro rata tender right. Own shares, whether already purchased
or to be purchased, may not collectively exceed 10 per cent of the company\u2019s share capital. The authorization to purchase own
shares expires 30 months after the date of the Annual General Meeting resolution, i.e. until 4 October 2026. The acquisition
price for repurchasing the shares may be no lower than \u20ac 3.05 per share and no higher than 10 per cent above the average
unweighted closing price over the 10 trading days prior to exercising this authorization. The authorization may be exercised in
full or in part or also in several partial amounts, for one or more purposes \u2013 with the exception of securities trading \u2013 by the
company, by a subsidiary (\u00a7 189a (7) of the UGB) or by third parties for the account of the company or a subsidiary.
The Management Board was further authorized, pursuant to \u00a7 65 (1b) of the AktG, to decide, with the approval of the
Supervisory Board, on the sale of own shares by means other than the stock exchange or a public tender, to the full or partial
exclusion of shareholders\u2019 subscription rights, and to stipulate the terms of sale. Shareholders\u2019 subscription rights may only be
excluded if the own shares are used to pay for a contribution in kind, to acquire enterprises, businesses, operations or stakes in
one or several companies in Austria or abroad. Furthermore, shareholders\u2019 subscription rights may be excluded in the event
that convertible bonds are issued in future, in order that (own) shares may be issued to such convertible bond creditors that
have exercised their right of conversion into or subscription to shares in the company, and also in the event of a conversion
obligation stipulated in the convertible bonds\u2019 issuance conditions in order to fulfil this conversion obligation. This authorization
may be exercised in whole, in part or in several partial amounts for one or more purposes by the company, a subsidiary (\u00a7 189a
7 UGB) or by third parties for the account of the company or a subsidiary and remains in force for five years from the date of
this resolution, i.e. until 4 April 2029.
Since then, no treasury shares have been acquired under this authorization of April 2024.
The Annual General Meeting of 4 April 2024 also authorized the Management Board, under the provisions of \u00a7 65 (1) 7 of the
AktG, to purchase own shares for the purpose of securities trading, which may also be conducted off-market, during a period
of 30 months from the date of the resolution (i.e. until 4 October 2026), provided that the trading portfolio of shares purchased
for this purpose does not at the end of any given day exceed 5 per cent of the company's respective share capital. The
consideration for each share to be acquired must not be less than half the closing price at the Vienna Stock Exchange on the
last day of trading preceding the acquisition and must not exceed twice the closing price at the Vienna Stock Exchange on the
last day of trading preceding the acquisition. This authorization may be exercised in full or in part or also in several partial
amounts by the company, by a subsidiary (\u00a7 189a (7) UGB) or by third parties acting for the account of the company or a
subsidiary.
Since then, no own shares have been purchased for the purpose of securities trading on the basis of the authorization of April
2024.
Authorized capital
Pursuant to \u00a7 169 of the Austrian Stock Corporation Act (AktG), the Management Board has been authorized since the Annual
General Meeting of 4 April 2024 to increase the share capital with the approval of the Supervisory Board \u2013 in one or more
tranches \u2013 by up to \u20ac 501,632,920.50 through the issuance of up to 164,469,810 new voting common bearer shares in exchange
for contributions in cash and/or in kind (including by way of the right of indirect subscription by a bank pursuant to \u00a7 153 (6) of
the AktG) by 16 May 2029 at the latest and to fix the offering price and terms of the issue with the approval of the Supervisory
Board. The Management Board is further authorized to exclude shareholders\u2019 subscription rights with the approval of the
Supervisory Board (i) if the capital increase is carried out in exchange for contributions in kind, or (ii) if the capital increase is
carried out in exchange for contributions in cash and the shares issued under the exclusion of subscription rights do not exceed
10 per cent of the company\u2019s share capital (exclusion of subscription rights). The (i) utilization of authorized capital with
exclusion of the statutory subscription right in the event of a capital increase in return for a contribution in cash, and the (ii)
implementation of the conditional capital resolved upon in the Annual General Meeting on 26 March 2025 in order to grant
conversion or subscription rights to convertible bond creditors may not exceed 10 per cent in total of the share capital of the
company. The utilization of the authorized capital in the form of a capital increase in return for a contribution in kind is not
covered by this restriction.
Since then, this authorization from April 2024 has not been utilized.
Dividend
The Annual General Meeting decided on 26 March 2025, the distribution of a dividend of \u20ac 1.10 for each share that was entitled
to a dividend for the 2024 financial year. This corresponds to a total distribution amount of \u20ac 360,681,550.
Dividend proposal
The Management Board will purpose to the Annual General Meeting on 9 April 2026, the distribution of a dividend of \u20ac 1.60 per
share. This would result in a maximum amount of approximately \u20ac 525 million based on the issued shares.
Number of shares outstanding
Number of shares
2025
2024
Number of shares issued as at 1/1
328,939,621
328,939,621
New shares issued
0
0
Number of shares issued as at 31/12
328,939,621
328,939,621
Own shares as at 1/1
525,274
573,938
Purchase of own shares
173,493
0
Sale of own shares
0
-48,664
Less own shares as at 31/12
698,767
525,274
Number of shares outstanding as at 31/12
328,240,854
328,414,347
Additional tier 1 capital
On 5 July 2017, RBI AG issued perpetual additional tier 1 capital (AT1) with a nominal value of \u20ac 650,000 thousand. The interest
rate was until 14 December 2022 6.125 per cent p.a. and was reset thereafter at 8.659 per cent. On 27 November 2024, a partial
conversion was executed, reducing the nominal value by \u20ac475,800 thousand. On 15 June 2025, the remaining outstanding
nominal amount of \u20ac 174,200 thousand was repaid.
RBI placed another issue of perpetual additional tier 1 capital (AT1) with a volume of \u20ac 500,000 thousand on 24 January 2018.
The discretionary coupon on this issue is 4.5 per cent p.a. until mid-June 2025, after which it was reset to 6.089 per cent p.a.. On
22 September 2025, a total nominal amount of \u20ac 197,400 thousand was repurchased, and on 15 December 2025, the remaining
outstanding nominal amount of \u20ac 302,600 thousand was repaid.
With value date 29 July 2020, RBI placed another perpetual additional tier 1 capital (AT1) instrument in the amount of \u20ac 500,000
thousand. The discretionary coupon on this issue is 6 per cent p.a. until December 2026, after which point it will be reset.
With value date 25 November 2024, RBI placed another issue of additional Tier 1 capital (AT1) with unlimited maturity in the
amount of \u20ac 650,000 thousand. The discretionary coupon for this issue is 7.375 per cent p.a. until June 2030, after which it will
be reset.
With value date 17 September 2025, RBI placed another issue of additional Tier 1 capital (AT1) with unlimited maturity in the
amount of \u20ac 500,000 thousand. The discretionary coupon for this issue is 6.375 per cent p.a. until December 2031, after which it
will be reset.
Due to the terms of issuance, the additional Tier 1 capital is classified as equity according to IAS 32. The shares held in treasury
with a nominal amount of \u20ac\u00a023,000 thousand were also deducted from capital. The nominal value per unit for all tranches is
\u20ac\u00a0200 thousand.
Number of AT1 securities
2025
2024
Number of AT1 securities issued as at 1/1
9,121
8,250
New AT1 securities issued
2,500
3,250
Redemption AT1 securities
(3,371)
(2,379)
Number of AT1 securities issued as at 31/12
8,250
9,121
Own AT1 securities as at 1/1
83
141
Purchase of own AT1 securities
524
378
Sale of own AT1 securities
(492)
(436)
Less own AT1 securities as at 31/12
115
83
Number of AT1 securities outstanding as at 31/12
8,135
9,038
Development of cumulative other comprehensive income of Group equity (without
non-controlling interests)
Other comprehensive income comprises all income and expenses directly recognized in equity in accordance with IFRS
standards. Income and expenses recognized directly in equity that are reclassified in the income statement are reported
separately from income and expenses recognized directly in equity that are not reclassified in the income statement. Currency
differences resulting from the translation of equity in subsidiaries held in foreign currency, changes resulting from the hedging
of net investments in a foreign entity (Net Investment Hedge), the effective part of a cash flow hedge, changes resulting from
valuation of financial assets (debt instruments) of the category FVOCI, proportionate other comprehensive income from
associates valued at equity as well as deferred taxes on the mentioned items are presented as income and expenses directly
recognized in equity and are reclassified to the income statement. Revaluations of defined benefit plans, valuation changes of
financial assets (equity instruments) of the category FVOCI, valuation changes on account of the change in the own default risk
of financial liabilities at fair value, proportionate other comprehensive income from associates as well as deferred taxes on the
mentioned items are presented as income and expenses directly recognized in equity and are not reclassified to the income
statement.
in \u20ac million
Remeasurements
reserve acc. to IAS 19
Exchange
differences
Net investment
hedge
Cash flow hedge
As at 1/1/2024
(9)
(4,629)
175
(73)
Unrealized net gains/losses of the period
(1)
0
0
0
Items that may be reclassified subsequently to profit or loss
0
(915)
39
(103)
Net gains/losses reclassified to income statement
0
570
(49)
0
Reclassification of the valuation reserve of financial assets
0
0
0
0
As at 1/1/2025
(10)
(4,974)
165
(176)
Unrealized net gains/losses of the period
21
0
0
0
Items that may be reclassified subsequently to profit or loss
0
1,103
(15)
163
Net gains/losses reclassified to income statement
0
0
0
0
Reclassification of the valuation reserve of financial assets
0
0
0
0
As at 31/12/2025
11
(3,871)
151
(13)
Deferred taxes
(1)
0
0
5
As at 31/12/2025 net
11
(3,871)
151
(8)
in \u20ac million
At Fair Value OCI
Fair Value Option
At equity
Total
As at 1/1/2024
52
12
(130)
(4,602)
Unrealized net gains/losses of the period
22
(11)
(3)
8
Items that may be reclassified subsequently to profit or loss
55
0
59
(864)
Net gains/losses reclassified to income statement
0
0
0
521
Reclassification of the valuation reserve of financial assets
4
0
0
4
As at 1/1/2025
134
0
(74)
(4,933)
Unrealized net gains/losses of the period
13
(6)
5
33
Items that may be reclassified subsequently to profit or loss
25
0
2
1,278
Net gains/losses reclassified to income statement
0
0
0
0
Reclassification of the valuation reserve of financial assets
(5)
0
(12)
(17)
As at 31/12/2025
167
(5)
(78)
(3,638)
Deferred taxes
(32)
1
3
(23)
As at 31/12/2025 net
135
(4)
(75)
(3,661)
Development of deferred taxes included in other comprehensive income:
in \u20ac million
1/1/2024
Development
31/12/2024
Development
31/12/2025
Remeasurements reserve acc. to IAS 19
3
0
3
(4)
(1)
Exchange differences
0
0
0
0
0
Net investment hedge
0
0
0
0
0
Cash flow hedge
21
27
47
(42)
5
At fair value OCI
(4)
(20)
(25)
(7)
(32)
Fair value option
(3)
3
0
1
1
At equity
4
(2)
2
1
3
Deferred taxes total
22
7
28
(51)
(23)
The changes in fair value of designated liabilities resulting from changes in RBI's own default risk amounted to minus \u20ac 6 million
in the reporting period (previous year: minus \u20ac 11 million). The difference between the current fair value of these designated
liabilities and the contractually agreed payment amount for the date of final maturity amounted to \u20ac 103 million (previous
year: \u20ac 189 million). There were no significant transfers within equity or derecognition of liabilities measured at fair value in the
reporting period.
Non-controlling interests
The following table contains financial information on the Group's subsidiaries in which there are significant non-controlling
interests. The amounts shown relate to non-controlling interests that were not eliminated. The position Other mainly includes
indirect non-controlling interests in leasing companies in the Czech Republic and Slovakia.
2025
in \u20ac million
Share of voting rights
and equity of non-
controlling interests
Net assets of
non-controlling
interests
Profit/loss of
non-controlling
interests
Other comprehensive
income of non-
controlling interests
Total comprehensive
income of non-
controlling interests
Raiffeisen Bank JSC, Kiev (UA)
31.8%
246
73
(25)
48
Raiffeisenbank a.s., Prague (CZ)
25.0%
581
98
20
118
Tatra banka a.s., Bratislava (SK)
21.2%
350
51
0
51
Valida Pension AG, Vienna (AT)
42.6%
93
8
0
8
Other
n/a
116
20
2
23
Total
1,386
250
(2)
248
2024
in \u20ac million
Share of voting rights
and equity of non-
controlling interests
Net assets of
non-controlling
interests
Profit/loss of
non-controlling
interests
Other comprehensive
income of non-
controlling interests
Total comprehensive
income of non-
controlling interests
Raiffeisen Bank JSC, Kiev (UA)
31.8%
198
31
4
35
Raiffeisenbank a.s., Prague (CZ)
25.0%
552
72
(8)
65
Tatra banka a.s., Bratislava (SK)
21.2%
340
46
0
46
Priorbank JSC, Minsk (BY)
12.3%
0
18
(5)
12
Valida Pension AG, Vienna (AT)
42.6%
85
6
0
6
Other
n/a
84
28
(1)
27
Total
1,260
201
(9)
192
The following table contains financial information of the significant individual subsidiaries (including controlling interests) in
which non-controlling interests exist.
2025
in \u20ac million
Raiffeisen Bank JSC,
Kiev (UA)
Raiffeisenbank a.s.,
Prague (CZ)
Tatra banka a.s.,
Bratislava (SK)
Valida Pension AG,
Vienna (AT)
Operating income
479
828
715
41
Profit/loss after tax
229
393
240
19
Other comprehensive income
(79)
80
1
0
Total comprehensive income
150
474
241
19
Current assets
3,747
15,525
6,356
90
Non-current assets
1,255
18,420
16,490
262
Short-term liabilities
4,195
29,624
18,258
12
Long-term liabilities
34
1,997
2,938
121
Net assets
773
2,323
1,651
218
Net cash from operating activities
140
2,178
802
16
Net cash from investing activities
(69)
(1,409)
(786)
7
Net cash from financing activities
(2)
(358)
(207)
0
Effect of exchange rate changes
(157)
(92)
0
0
Net increase in cash and cash equivalents
(88)
319
(192)
23
Dividends paid to non-controlling interests during the year 1
0
88
39
0
1 Included in net cash from financing activities
2024
in \u20ac million
Raiffeisen Bank JSC,
Kiev (UA)
Raiffeisenbank a.s.,
Prague (CZ)
Tatra banka a.s.,
Bratislava (SK)
Valida Pension AG,
Vienna (AT)
Operating income
477
690
660
39
Profit/loss after tax
97
289
216
15
Other comprehensive income
14
(30)
1
0
Total comprehensive income
111
259
218
15
Current assets
3,711
13,517
6,012
60
Non-current assets
1,275
15,935
14,637
275
Short-term liabilities
4,318
24,894
16,061
10
Long-term liabilities
44
2,351
2,984
126
Net assets
623
2,208
1,604
200
Net cash from operating activities
391
1,338
(1,532)
(44)
Net cash from investing activities
379
(1,251)
(729)
(10)
Net cash from financing activities
(2)
(146)
(189)
(3)
Effect of exchange rate changes
12
45
(3)
0
Net increase in cash and cash equivalents
780
(14)
(2,453)
(58)
Dividends paid to non-controlling interests during the year 1
0
55
33
0
1 Included in net cash from financing activities
Significant restrictions
For Raiffeisenbank a.s., Prague, a syndicate contract exists between RBI AG and the joint shareholder. The syndicate contract
regulates especially purchase options between direct and indirect shareholders. The syndicate contract expires automatically
if control over the company changes \u2013 also in the case of a takeover bid.
The European Bank for Reconstruction and Development (EBRD) participated in the capital increase of Raiffeisen Bank JSC, Kiev,
which took place in December 2015. Within the course of this transaction, RBI agreed with EBRD that, if the EBRD makes a
corresponding request to RBI, RBI would offer EBRD either shares of RBI in exchange for its stake in Raiffeisen Bank JSC, Kiev,
through a so-called share swap (or put option) according to the value ratios, or a corresponding payment in USD or another
currency. The execution of this transaction is subject to approvals from regulatory authorities, the Annual General Meeting and
other committees.
(60) Capital management and total capital according to CRR/CRD IV and
Austrian Banking Act (BWG)
RBI is subject to the own funds requirements pursuant to Article 92 CRR and the combined capital buffer requirement pursuant
to the Austrian Banking Act (\"BWG\"), which comprises a capital conservation buffer (Section 22 BWG), a systemic risk buffer
(Section 23e BWG), a capital buffer for systemically important institutions (Section 23d BWG) and a countercyclical capital
buffer (Section 23a BWG). Since 1 July 2025, RBI is also required to comply with the newly introduced sectoral systemic risk
buffer for risk-weighted assets in the commercial real estate sector in Austria (Section 23d (7) BWG). A breach of these
requirements could lead to restrictions on dividend distributions and coupon payments.
The Financial Market Stability Board (FMSG), which is responsible for this in Austria, has recommended that the Austrian
Financial Market Authority (FMA) impose a systemic risk buffer (SyRP) and a capital buffer for systemically important banks (O-
SII buffer) for RBI. Since 1 January 2025, the SyRP has been 1 per cent at consolidated level and 0.5 per cent at unconsolidated
level, while the O-SII buffer is 1.75 per cent at both, consolidated and at unconsolidated level. The capital conservation buffer is
2.5 per cent. The new sectoral systemic risk buffer for risk-weighted assets in the commercial real estate sector in Austria,
which was introduced on 1 July 2025, will be 1 per cent and must be met on a consolidated and individual level. In its
Recommendation FMSG/6/2025 of 12 December 2025, the FMSG recommends that the FMA gradually increase this buffer rate
in two stages, namely to 2 per cent with effect from 1 July 2026 and to 3.5 per cent with effect from 1 July 2027. The
countercyclical capital buffer, on the other hand, was set at 0 per cent in Austria, but amounts to 0.73 per cent based on the
buffer rates set for banks in other EU member states and the corresponding weighted average calculation of RBI's business.
In addition, effective January 1, 2025, the ECB requires RBI to hold additional capital (Pillar 2 Capital Requirement, P2R) of 2.79
per cent on the basis of the annual Supervisory Review and Evaluation Process (SREP) in order to cover risks that are not
sufficiently covered by Pillar 1. These requirements have applied at consolidated level. The ECB also expects compliance with
the Pillar 2 Guidance (P2G) of 1.25 per cent. With effect from 1 January 2026, a newly calibrated P2R of 2.78 per cent and an
adjusted P2G of 1 per cent will apply to RBI.
The capital requirements were complied with on an ongoing basis and as at 31 December 2025, the CET 1 ratio (including
combined capital buffer requirements) was 12.06 per cent; taking into account the P2G, the ratio was 13.31 per cent. Regulatory
changes are monitored and taken into account in planning.
The entry into force of Regulation (EU) 2024/1623 (CRR III) on 1 January 2025, led to significant changes in the calculation of risk-
weighted assets and capital requirements, particularly through the introduction of the output floor and revised standards for
credit and operational risk. These regulatory changes form the basis for shifts within the individual risk positions, including the
discontinuation or redefinition of individual categories. As a result, full comparability with historical figures is no longer entirely
possible.
Total capital
The following consolidated figures have been calculated in accordance with the provisions of the Capital Requirements
Regulation (CRR) and other statutory provisions such as the Implementing Technical Standards (ITS) of the European Banking
Authority (EBA).
in \u20ac million
2025
2024
Capital instruments and the related share premium accounts
5,987
5,991
Retained earnings
15,743
15,124
Accumulated other comprehensive income (and other reserves)
(4,184)
(5,418)
Minority interests (amount allowed in consolidated CET1)
745
706
Independently reviewed interim profits net of any foreseeable charge or dividend
736
704
Common equity tier 1 (CET1) capital before regulatory adjustments
19,027
17,107
Additional value adjustments (negative amount)
(55)
(60)
Deductions for new net provisioning
0
0
Intangible assets (net of related tax liability) (negative amount)
(679)
(623)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of
related tax liability where the conditions in Article 38 (3) are met) (negative amount)
(8)
(7)
Fair value reserves related to gains or losses on cash flow hedges
8
128
Negative amounts resulting from the calculation of expected loss amounts
(35)
0
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing
4
0
Direct and indirect holdings by an institution of own CET1 instruments (negative amount)
(20)
(20)
Exposure amount of the following items which qualify for a risk weight of 1250%, where the institution opts for the
deduction alternative
(26)
(56)
hereof: securitization positions (negative amount)
(26)
(56)
Other regulatory adjustments
(123)
(135)
Total regulatory adjustments to common equity tier 1 (CET1)
(934)
(773)
Common equity tier 1 (CET1) capital
18,093
16,334
Capital instruments and the related share premium accounts
1,669
1,829
Qualifying tier 1 capital included in consolidated AT1 capital (including minority interests not included in row 5) issued
by subsidiaries and held by third parties
48
48
Additional Tier 1 (AT1) capital before regulatory adjustments
1,717
1,877
Total regulatory adjustments to Additional Tier 1 (AT1) capital
(33)
(33)
Additional tier 1 (AT1) capital
1,684
1,844
Tier 1 capital (T1 = CET1 + AT1)
19,776
18,178
Capital instruments and the related share premium accounts
2,167
2,276
Qualifying own funds instruments included in consolidated T2 capital (including minority interests and AT1
instruments not included in rows 5 or 34) issued by subsidiaries and held by third parties
38
53
Credit risk adjustments
0
125
Tier 2 (T2) capital before regulatory adjustments
2,204
2,454
Total regulatory adjustments to Tier 2 (T2) capital
(30)
(60)
Tier 2 (T2) capital
2,174
2,394
Total capital (TC = T1 + T2)
21,951
20,572
Total risk-weighted assets (RWA)
100,924
95,600
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "value": "
(29) Equity and non-controlling interests
RBI applies IAS 32 to decide whether to classify as financial liability or equity. Financial instruments issued are classified as
liabilities if the contractual agreement results in RBI being committed to either deliver cash or another financial asset or a
variable number of equity shares to the holder of the instrument. If this is not the case the instrument is classified as an equity
instrument and the proceeds, net of transaction costs, are recognized in equity.
in \u20ac million
2025
2024
Consolidated equity
19,452
17,299
Subscribed capital
1,001
1,002
Capital reserves
4,986
4,990
Retained earnings
17,127
16,213
hereof consolidated profit/loss
1,371
1,157
Cumulative other comprehensive income
(3,661)
(4,905)
Non-controlling interests
1,386
1,260
Additional tier 1
1,625
1,781
Total
22,463
20,340
The development of equity is shown in chapter statement of changes in equity.
The list of all companies which were included in the scope of consolidation for the first time can be found in chapter
consolidated group.
The consolidated return on equity amounted to 6.9 per cent in the financial year (previous year: 9.4 per cent). This decreased
primarily due to the lower consolidated result, which was caused by the negative impact of the two Rasperia proceedings, and
the 10 per cent increase in the average equity base. The return on total assets calculated in accordance with \u00a7 64 (1) 19 BWG
was 0.65 per cent (previous year: 0.58 per cent).
Subscribed capital
As at 31 December 2025, the company\u2019s share capital amounted to \u20ac 1,003,265,844.05 and was divided into 328,939,621 voting
common bearer shares. As at 31 December 2025, 698,767 (31 December 2024: 525,274) of those were own shares, and
consequently 328,240,854 shares were outstanding at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "
(29) Equity and non-controlling interests
RBI applies IAS 32 to decide whether to classify as financial liability or equity. Financial instruments issued are classified as
liabilities if the contractual agreement results in RBI being committed to either deliver cash or another financial asset or a
variable number of equity shares to the holder of the instrument. If this is not the case the instrument is classified as an equity
instrument and the proceeds, net of transaction costs, are recognized in equity.
in \u20ac million
2025
2024
Consolidated equity
19,452
17,299
Subscribed capital
1,001
1,002
Capital reserves
4,986
4,990
Retained earnings
17,127
16,213
hereof consolidated profit/loss
1,371
1,157
Cumulative other comprehensive income
(3,661)
(4,905)
Non-controlling interests
1,386
1,260
Additional tier 1
1,625
1,781
Total
22,463
20,340
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-519": { "value": "
Own shares
At the reporting date, own shares of RBI AG are deducted directly from equity. Gains and losses on own shares have no impact
on the income statement.
The Annual General Meeting held on 4 April 2024 authorized the Management Board pursuant to \u00a7 65 (1) 8, \u00a7 65 (1a) and \u00a7 65 (1b)
of the AktG to purchase own shares and to retire them if appropriate without requiring any further prior resolutions to be
passed by the Annual General Meeting, though with the approval of the purchase by the Supervisory Board can also be
effected off-exchange under the exclusion of the shareholders\u2019 pro rata tender right. Own shares, whether already purchased
or to be purchased, may not collectively exceed 10 per cent of the company\u2019s share capital. The authorization to purchase own
shares expires 30 months after the date of the Annual General Meeting resolution, i.e. until 4 October 2026. The acquisition
price for repurchasing the shares may be no lower than \u20ac 3.05 per share and no higher than 10 per cent above the average
unweighted closing price over the 10 trading days prior to exercising this authorization. The authorization may be exercised in
full or in part or also in several partial amounts, for one or more purposes \u2013 with the exception of securities trading \u2013 by the
company, by a subsidiary (\u00a7 189a (7) of the UGB) or by third parties for the account of the company or a subsidiary.
The Management Board was further authorized, pursuant to \u00a7 65 (1b) of the AktG, to decide, with the approval of the
Supervisory Board, on the sale of own shares by means other than the stock exchange or a public tender, to the full or partial
exclusion of shareholders\u2019 subscription rights, and to stipulate the terms of sale. Shareholders\u2019 subscription rights may only be
excluded if the own shares are used to pay for a contribution in kind, to acquire enterprises, businesses, operations or stakes in
one or several companies in Austria or abroad. Furthermore, shareholders\u2019 subscription rights may be excluded in the event
that convertible bonds are issued in future, in order that (own) shares may be issued to such convertible bond creditors that
have exercised their right of conversion into or subscription to shares in the company, and also in the event of a conversion
obligation stipulated in the convertible bonds\u2019 issuance conditions in order to fulfil this conversion obligation. This authorization
may be exercised in whole, in part or in several partial amounts for one or more purposes by the company, a subsidiary (\u00a7 189a
7 UGB) or by third parties for the account of the company or a subsidiary and remains in force for five years from the date of
this resolution, i.e. until 4 April 2029.
Since then, no treasury shares have been acquired under this authorization of April 2024.
The Annual General Meeting of 4 April 2024 also authorized the Management Board, under the provisions of \u00a7 65 (1) 7 of the
AktG, to purchase own shares for the purpose of securities trading, which may also be conducted off-market, during a period
of 30 months from the date of the resolution (i.e. until 4 October 2026), provided that the trading portfolio of shares purchased
for this purpose does not at the end of any given day exceed 5 per cent of the company's respective share capital. The
consideration for each share to be acquired must not be less than half the closing price at the Vienna Stock Exchange on the
last day of trading preceding the acquisition and must not exceed twice the closing price at the Vienna Stock Exchange on the
last day of trading preceding the acquisition. This authorization may be exercised in full or in part or also in several partial
amounts by the company, by a subsidiary (\u00a7 189a (7) UGB) or by third parties acting for the account of the company or a
subsidiary.
Since then, no own shares have been purchased for the purpose of securities trading on the basis of the authorization of April
2024.
Number of shares outstanding
Number of shares
2025
2024
Number of shares issued as at 1/1
328,939,621
328,939,621
New shares issued
0
0
Number of shares issued as at 31/12
328,939,621
328,939,621
Own shares as at 1/1
525,274
573,938
Purchase of own shares
173,493
0
Sale of own shares
0
-48,664
Less own shares as at 31/12
698,767
525,274
Number of shares outstanding as at 31/12
328,240,854
328,414,347
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-520": { "value": "
Own shares
At the reporting date, own shares of RBI AG are deducted directly from equity. Gains and losses on own shares have no impact
on the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-521": { "value": "1.10", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-522": { "value": "1.60", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-523": { "value": "525000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-524": { "value": "
Non-controlling interests
The following table contains financial information on the Group's subsidiaries in which there are significant non-controlling
interests. The amounts shown relate to non-controlling interests that were not eliminated. The position Other mainly includes
indirect non-controlling interests in leasing companies in the Czech Republic and Slovakia.
2025
in \u20ac million
Share of voting rights
and equity of non-
controlling interests
Net assets of
non-controlling
interests
Profit/loss of
non-controlling
interests
Other comprehensive
income of non-
controlling interests
Total comprehensive
income of non-
controlling interests
Raiffeisen Bank JSC, Kiev (UA)
31.8%
246
73
(25)
48
Raiffeisenbank a.s., Prague (CZ)
25.0%
581
98
20
118
Tatra banka a.s., Bratislava (SK)
21.2%
350
51
0
51
Valida Pension AG, Vienna (AT)
42.6%
93
8
0
8
Other
n/a
116
20
2
23
Total
1,386
250
(2)
248
2024
in \u20ac million
Share of voting rights
and equity of non-
controlling interests
Net assets of
non-controlling
interests
Profit/loss of
non-controlling
interests
Other comprehensive
income of non-
controlling interests
Total comprehensive
income of non-
controlling interests
Raiffeisen Bank JSC, Kiev (UA)
31.8%
198
31
4
35
Raiffeisenbank a.s., Prague (CZ)
25.0%
552
72
(8)
65
Tatra banka a.s., Bratislava (SK)
21.2%
340
46
0
46
Priorbank JSC, Minsk (BY)
12.3%
0
18
(5)
12
Valida Pension AG, Vienna (AT)
42.6%
85
6
0
6
Other
n/a
84
28
(1)
27
Total
1,260
201
(9)
192
The following table contains financial information of the significant individual subsidiaries (including controlling interests) in
which non-controlling interests exist.
2025
in \u20ac million
Raiffeisen Bank JSC,
Kiev (UA)
Raiffeisenbank a.s.,
Prague (CZ)
Tatra banka a.s.,
Bratislava (SK)
Valida Pension AG,
Vienna (AT)
Operating income
479
828
715
41
Profit/loss after tax
229
393
240
19
Other comprehensive income
(79)
80
1
0
Total comprehensive income
150
474
241
19
Current assets
3,747
15,525
6,356
90
Non-current assets
1,255
18,420
16,490
262
Short-term liabilities
4,195
29,624
18,258
12
Long-term liabilities
34
1,997
2,938
121
Net assets
773
2,323
1,651
218
Net cash from operating activities
140
2,178
802
16
Net cash from investing activities
(69)
(1,409)
(786)
7
Net cash from financing activities
(2)
(358)
(207)
0
Effect of exchange rate changes
(157)
(92)
0
0
Net increase in cash and cash equivalents
(88)
319
(192)
23
Dividends paid to non-controlling interests during the year 1
0
88
39
0
1 Included in net cash from financing activities
2024
in \u20ac million
Raiffeisen Bank JSC,
Kiev (UA)
Raiffeisenbank a.s.,
Prague (CZ)
Tatra banka a.s.,
Bratislava (SK)
Valida Pension AG,
Vienna (AT)
Operating income
477
690
660
39
Profit/loss after tax
97
289
216
15
Other comprehensive income
14
(30)
1
0
Total comprehensive income
111
259
218
15
Current assets
3,711
13,517
6,012
60
Non-current assets
1,275
15,935
14,637
275
Short-term liabilities
4,318
24,894
16,061
10
Long-term liabilities
44
2,351
2,984
126
Net assets
623
2,208
1,604
200
Net cash from operating activities
391
1,338
(1,532)
(44)
Net cash from investing activities
379
(1,251)
(729)
(10)
Net cash from financing activities
(2)
(146)
(189)
(3)
Effect of exchange rate changes
12
45
(3)
0
Net increase in cash and cash equivalents
780
(14)
(2,453)
(58)
Dividends paid to non-controlling interests during the year 1
0
55
33
0
1 Included in net cash from financing activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
(30) Loan commitments, financial guarantees and other commitments
Financial guarantees
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.
Contingent liabilities and commitments
This item mainly includes contingent liabilities from undrawn loan commitments. Loan commitments must be reported when a
credit risk may occur. These include commitments to provide loans, to purchase securities or to provide guarantees and
acceptances. Loan loss provisions for loan commitments are reported under provisions for liabilities and charges. Often, loan
commitments are only partially drawn and thus comprise a drawn and an undrawn commitment. If it is not possible to
separately identify the expected credit losses applicable to a drawn commitment and those to an undrawn commitment,
these are shown together with the impairments of the financial asset, in accordance with IFRS 7. The total expected credit
losses are shown as a provision if they exceed the gross carrying amount of the financial asset. Major contingent liabilities
from legal disputes are shown under (45) Pending legal issues.
in \u20ac million
2025
2024
Loan commitments given
42,664
37,635
Financial guarantees given
10,034
9,243
Other commitments given
5,609
5,567
Total
58,307
52,445
Provisions for off-balance sheet items according to IFRS 9
(219)
(182)
In addition to the provisions for off-balance sheet risks according to IFRS 9 presented, provisions of less than one million were
recognized for other commitments given in accordance with IAS 37 (previous year: \u20ac\u00a01 million).
Nominal value and provisions for off-balance sheet liabilities from commitments and financial guarantees according to IFRS 9
shown by counterparties and stages \u2013 in accordance with \u00a7 51 (13) of the Austrian Banking Act (BWG):
2025
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.0%
-
-
General governments
535
54
0
0
0
0
0.1%
0.5%
95.1%
Banks
2,637
136
0
0
0
0
0.0%
0.1%
-
Other financial corporations
7,063
531
4
(4)
(5)
0
0.1%
0.9%
0.1%
Non-financial corporations
34,466
4,888
128
(56)
(86)
(36)
0.2%
1.8%
28.2%
Households
6,959
887
20
(11)
(6)
(14)
0.2%
0.7%
69.6%
Total
51,660
6,496
151
(72)
(97)
(50)
0.1%
1.5%
33.0%
2024
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.1%
-
-
General governments
475
8
18
0
0
(1)
0.0%
3.3%
5.1%
Banks
2,112
166
0
0
0
0
0.0%
0.0%
-
Other financial corporations
6,366
422
2
(3)
(3)
0
0.1%
0.8%
0.0%
Non-financial corporations
32,640
3,721
179
(56)
(46)
(43)
0.2%
1.2%
24.2%
Households
5,507
813
16
(10)
(7)
(12)
0.2%
0.8%
71.0%
Total
47,099
5,130
215
(70)
(56)
(56)
0.1%
1.1%
26.0%
Development of provisions for loan commitments, financial guarantees and other
commitments given:
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
70
56
56
182
Increases due to origination and acquisition
80
11
9
100
Decreases due to derecognition
(30)
(17)
(12)
(60)
Changes due to change in credit risk (net)
(43)
43
(5)
(4)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
0
0
0
0
Foreign exchange and other
(5)
4
1
0
As at 31/12/2025
72
97
50
219
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
58
96
49
204
Increases due to origination and acquisition
67
23
6
96
Decreases due to derecognition
(28)
(23)
(8)
(59)
Changes due to change in credit risk (net)
(36)
(38)
11
(62)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
9
(2)
0
7
Foreign exchange and other
(1)
0
(2)
(3)
As at 31/12/2024
70
56
56
182
Nominal values of off-balance sheet commitments by rating categories and stages:
2025
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
837
218
0
1,055
Strong
17,625
1,167
0
18,792
Good
25,035
2,349
0
27,384
Satisfactory
7,083
2,231
0
9,315
Substandard
397
325
0
722
Credit impaired
0
0
150
150
Not rated
683
205
1
889
Nominal amount
51,660
6,496
151
58,307
Provisions for off-balance sheet items according to IFRS 9
(72)
(97)
(50)
(219)
Nominal amount after provisions
51,589
6,399
101
58,088
2024
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
862
244
0
1,106
Strong
17,492
873
0
18,365
Good
21,426
1,984
0
23,410
Satisfactory
4,912
1,659
0
6,572
Substandard
109
266
0
375
Credit impaired
0
0
214
214
Not rated
2,298
103
1
2,402
Nominal amount
47,099
5,130
215
52,445
Provisions for off-balance sheet items according to IFRS 9
(70)
(56)
(56)
(182)
Nominal amount after provisions
47,030
5,074
159
52,263
The category not rated includes off-balance sheet commitments for some retail customers for whom no ratings are available.
The rating is therefore based on qualitative factors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-526": { "value": "
(30) Loan commitments, financial guarantees and other commitments
Financial guarantees
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.
Contingent liabilities and commitments
This item mainly includes contingent liabilities from undrawn loan commitments. Loan commitments must be reported when a
credit risk may occur. These include commitments to provide loans, to purchase securities or to provide guarantees and
acceptances. Loan loss provisions for loan commitments are reported under provisions for liabilities and charges. Often, loan
commitments are only partially drawn and thus comprise a drawn and an undrawn commitment. If it is not possible to
separately identify the expected credit losses applicable to a drawn commitment and those to an undrawn commitment,
these are shown together with the impairments of the financial asset, in accordance with IFRS 7. The total expected credit
losses are shown as a provision if they exceed the gross carrying amount of the financial asset. Major contingent liabilities
from legal disputes are shown under (45) Pending legal issues.
in \u20ac million
2025
2024
Loan commitments given
42,664
37,635
Financial guarantees given
10,034
9,243
Other commitments given
5,609
5,567
Total
58,307
52,445
Provisions for off-balance sheet items according to IFRS 9
(219)
(182)
In addition to the provisions for off-balance sheet risks according to IFRS 9 presented, provisions of less than one million were
recognized for other commitments given in accordance with IAS 37 (previous year: \u20ac\u00a01 million).
Nominal value and provisions for off-balance sheet liabilities from commitments and financial guarantees according to IFRS 9
shown by counterparties and stages \u2013 in accordance with \u00a7 51 (13) of the Austrian Banking Act (BWG):
2025
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.0%
-
-
General governments
535
54
0
0
0
0
0.1%
0.5%
95.1%
Banks
2,637
136
0
0
0
0
0.0%
0.1%
-
Other financial corporations
7,063
531
4
(4)
(5)
0
0.1%
0.9%
0.1%
Non-financial corporations
34,466
4,888
128
(56)
(86)
(36)
0.2%
1.8%
28.2%
Households
6,959
887
20
(11)
(6)
(14)
0.2%
0.7%
69.6%
Total
51,660
6,496
151
(72)
(97)
(50)
0.1%
1.5%
33.0%
2024
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.1%
-
-
General governments
475
8
18
0
0
(1)
0.0%
3.3%
5.1%
Banks
2,112
166
0
0
0
0
0.0%
0.0%
-
Other financial corporations
6,366
422
2
(3)
(3)
0
0.1%
0.8%
0.0%
Non-financial corporations
32,640
3,721
179
(56)
(46)
(43)
0.2%
1.2%
24.2%
Households
5,507
813
16
(10)
(7)
(12)
0.2%
0.8%
71.0%
Total
47,099
5,130
215
(70)
(56)
(56)
0.1%
1.1%
26.0%
Development of provisions for loan commitments, financial guarantees and other
commitments given:
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
70
56
56
182
Increases due to origination and acquisition
80
11
9
100
Decreases due to derecognition
(30)
(17)
(12)
(60)
Changes due to change in credit risk (net)
(43)
43
(5)
(4)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
0
0
0
0
Foreign exchange and other
(5)
4
1
0
As at 31/12/2025
72
97
50
219
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
58
96
49
204
Increases due to origination and acquisition
67
23
6
96
Decreases due to derecognition
(28)
(23)
(8)
(59)
Changes due to change in credit risk (net)
(36)
(38)
11
(62)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
9
(2)
0
7
Foreign exchange and other
(1)
0
(2)
(3)
As at 31/12/2024
70
56
56
182
Nominal values of off-balance sheet commitments by rating categories and stages:
2025
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
837
218
0
1,055
Strong
17,625
1,167
0
18,792
Good
25,035
2,349
0
27,384
Satisfactory
7,083
2,231
0
9,315
Substandard
397
325
0
722
Credit impaired
0
0
150
150
Not rated
683
205
1
889
Nominal amount
51,660
6,496
151
58,307
Provisions for off-balance sheet items according to IFRS 9
(72)
(97)
(50)
(219)
Nominal amount after provisions
51,589
6,399
101
58,088
2024
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
862
244
0
1,106
Strong
17,492
873
0
18,365
Good
21,426
1,984
0
23,410
Satisfactory
4,912
1,659
0
6,572
Substandard
109
266
0
375
Credit impaired
0
0
214
214
Not rated
2,298
103
1
2,402
Nominal amount
47,099
5,130
215
52,445
Provisions for off-balance sheet items according to IFRS 9
(70)
(56)
(56)
(182)
Nominal amount after provisions
47,030
5,074
159
52,263
The category not rated includes off-balance sheet commitments for some retail customers for whom no ratings are available.
The rating is therefore based on qualitative factors.
(45) Pending legal issues
RBI is involved in various legal, administrative or arbitration proceedings before various courts and authorities mainly arising in
the ordinary course of business and involving contractual, labor, and other matters.
A provision is only recognized if there is a legal or constructive obligation because of a past event, payment is likely, and the
amount can be reliably estimated. A contingent liability that arises from a past event is disclosed unless payment is highly
unlikely. A contingent asset that arises from a past event is reported if there is high probability of occurrence. In no instance in
the description that follows is an amount stated in which, in accordance with IAS 37, this would be severely detrimental. In
some cases, provisions are measured on a portfolio basis because this results in the obligation being estimated with greater
reliability. RBI has grouped its provisions, contingent assets, and contingent liabilities under the headings of consumer
protection, banking business, regulatory enforcement, and tax litigation.
Rasperia
In August 2024, a Russian company, Rasperia Trading Limited (Rasperia) filed an action against the Austrian company STRABAG
SE (STRABAG) and several major shareholders of STRABAG (STRABAG Shareholders) as well as against RBI\u2019s Russian subsidiary
AO Raiffeisenbank with the Arbitration Court of the Kaliningrad Region. Rasperia, holding 28,500,000 ordinary shares and one
registered share in STRABAG, alleges that it was deprived of its shareholder\u2019s rights, in particular by not being allowed to
participate in shareholder meetings or nominate members of the supervisory board of STRABAG, it is not paid dividends for the
past years and the dilution of its share in STRABAG without its consent and compensation in 2023. According to Rasperia, the
forfeiture of all its shareholder\u2019s rights resulted in the infliction of losses in the amount of approximately \u20ac 1.983 billion,
composed of the market value of Rasperia\u2019s share in STRABAG as well as unpaid dividends and interest on both amounts.
AO Raiffeisenbank is mentioned in the claim as related to the other defendants, although not accused of any wrongdoing. RBI
is not a party to these proceedings.
Rasperia has separated the claims against STRABAG and the STRABAG Shareholders from the claims against AO
Raiffeisenbank:
(i) The claim against STRABAG and the STRABAG Shareholders is for damages in the amount of approximately \u20ac 1.983 billion
plus interest up to the date of execution of the judgment, as amended from time to time (Claimed Amount).
(ii) The claim against AO Raiffeisenbank is intended to ensure enforcement in Russia of the judgment rendered under item (i)
above and therefore comprises the foreclosure on AO Raiffeisenbank funds (in particular with regard to its retained earnings)
for the compensation of the Claimed Amount awarded to Rasperia and, in return, the recognition of AO Raiffeisenbank
ownership of the 28,500,000 STRABAG ordinary shares and one registered share held by Rasperia from the date of execution of
the judgment against AO Raiffeisenbank.
In the preliminary court hearing on 16 October 2024, the Claimed Amount was increased from approximately \u20ac 1.983 billion to
approximately \u20ac 2.043 billion.
On 20 January 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 2.044 billion to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets.
In its verdict, the Russian court has also acceded to Rasperia's request according to which the ownership rights for the shares
of STRABAG held by Rasperia are to be transferred to AO Raiffeisenbank. However, Russian verdicts have no binding effect in
Austria and the transfer of shares is therefore not enforceable. Furthermore, Rasperia's STRABAG shares are subject to an
asset freeze under EU sanctions which also currently prevents their transfer.
On 21 February, AO Raiffeisenbank filed an appeal against the verdict with suspensive effect. On 24 April 2025, the Russian
appeal court in St. Petersburg confirmed the first-instance verdict from the Arbitration Court of the Kaliningrad Region. As a
consequence of this verdict from the Russian appeal court in St. Petersburg, AO Raiffeisenbank is required to pay the damages
of \u20ac 2.044 billion, awarded by the Arbitration court of Kaliningrad Region. On 25 April 2025 AO Raiffeisenbank appealed the
second-instance verdict in the next instance, the Court of Cassation in St. Petersburg. The appeal to the Court of Cassation
was accompanied by a request to suspend the enforcement of the second-instance judgment, which has however already
been dismissed by the Court of Cassation. In a court hearing held on 4 August 2025, the Court of Cassation in St. Petersburg
denied AO Raiffeisenbank\u2019s cassation appeal against the verdict. AO Raiffeisenbank abstained from filing an extraordinary
appeal to the Supreme Court of the Russian Federation to minimize any further financial risk.
On 30 April 2025, Rasperia requested the Russian Central Bank (CBR) to enforce the judgement by debiting a correspondent
account of AO Raiffeisenbank at the CBR with the RUB equivalent of \u20ac 1.870 billion (this corresponds to the damages awarded
to Rasperia by the Arbitration Court of the Kaliningrad Region, excluding interest of approximately \u20ac 174 million). In accordance
with this request, on 30 April an amount of RUB 174.221 billion was deducted or seized from a CBR correspondent account of AO
Raiffeisenbank by the CBR in favor of Rasperia. The interest awarded to Rasperia by the Arbitration Court of the Kaliningrad
Region had not been part of Rasperia's enforcement request to the CBR at that point in time but was the subject of a second
enforcement request on 26 May 2025. Consequently, on 27 May 2025, an amount of approximately RUB 21.599 billion
(corresponding to an amount of approximately \u20ac 239 million including additional interest accrued meanwhile) was deducted or
seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia; yet, in its second enforcement
request, Rasperia omitted one day of the interest period. Finally, on 15 July 2025, upon Rasperia\u2019s third enforcement request, an
amount of approximately RUB 36.7 million (corresponding to approximately \u20ac 400,000), which represents the remaining amount
of interest, was deducted or seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia.
RBI Group maintains a high degree of confidence in the judicial enforcement of its damage claim against Rasperia in Austria
and the enforceability thereof against Rasperia\u2019s assets in Austria. The judicial enforcement of the damage claim against
Rasperia can be carried out in full compliance with EU sanction law, to mitigate damages by seeking enforcement against
Rasperia's assets in Austria. The legal bases for such recourse litigation are rooted, inter alia, in EU sanctions (Article 11a of
Council Regulation (EU) 269/2014 and Article 11b of Council Regulation (EU) 833/2014), which specifically target cases like a
recourse litigation against Rasperia. Accordingly, a positive outcome of the recourse litigation is still considered by
management to be highly likely.
On 12 August 2025, AO Raiffeisenbank was served with a further lawsuit of Rasperia against STRABAG and the STRABAG
Shareholders as well as AO Raiffeisenbank which had been filed with the Arbitration Court of the Kaliningrad Region. Rasperia
claims from STRABAG and the STRABAG Shareholders the ruble equivalent of approximately \u20ac 339 million comprising inter alia
damages for the non-receipt by Rasperia of the monetary compensation related to the reduction of the authorized capital of
STRABAG implemented in 2024, for unpaid dividends of STRABAG for 2024 as well as interest on the various amounts which will
continue to accrue until the date of full payment. Rasperia again included AO Raiffeisenbank in its claim to ensure full
enforcement of the judgment against AO Raiffeisenbank\u2019s funds in Russia. RBI is not a party to these proceedings. On 18
December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Application for an anti-suit injunction
On 9 June 2025, Rasperia filed an application for an anti-suit injunction (ASI) before the Arbitral Court of the Kaliningrad Region,
targeting the STRABAG Shareholders\u00a0 and AO Raiffeisenbank. According to the ASI application, Rasperia seeks (A) to prevent the
continuation of arbitration proceedings in Amsterdam initiated by the STRABAG Shareholders against Rasperia (Amsterdam
Arbitration) and (B) to prohibit the filing of damage claims before foreign courts related to the Kaliningrad proceedings which
resulted in the Russian verdict dated 20 January 2025. Rasperia requests a RUB equivalent of \u20ac 1.09 billion penalty to be
enforced against AO Raiffeisenbank for non-compliance with the ASI in relation to the Amsterdam Arbitration (see item (A)
above), claiming AO Raiffeisenbank is controlled by one of the STRABAG Shareholders. On July 2, 2025, Rasperia amended its ASI
application to include RBI as a respondent and seeks to prohibit RBI from initiating foreign proceedings for damages related to
the Kaliningrad proceedings (see item (B) above). In July and September 2025, all STRABAG Shareholders discontinued the
Amsterdam Arbitration and withdrew their claims with prejudice. In turn, and in preparation for an oral hearing on 13 October
2025, Rasperia withdrew its ASI request related to the Amsterdam Arbitration and the \u20ac 1.09 billion penalty (see item (A) above).
The Arbitral Court of the Kaliningrad Region adjourned the hearing on Rasperia\u2019s second ASI request (see item (B) above) until
25 February 2026.
Assessment of legal risks
An affirmative judgment in Austrian civil proceedings would, in turn, allow enforcement against Rasperia's shares of STRABAG
as well as any related dividends or payments related to capital measures that have been withheld due to sanctions.The
probability of success in the administrative proceedings to unfreeze Rasperia's assets as well as in the enforcement
proceedings against its shares including withheld payments related to capital measures are expected to be highly likely.
While litigation always bears risks, in the external legal assessment no substantial obstacles were identified why RBI should not
prevail. Remaining uncertainties in connection with a recourse litigation initiated against Rasperia in Austria may include the
following:
\u00b7 Untested EU sanctions framework: The relevant EU sanctions framework is practically untested.
\u00b7 Time-bar on dividends: No case law is available on the legal consequences of the statute of limitation stipulated in
STRABAG's articles of association for dividends.
\u00b7 Unfreezing of Rasperia\u2019s assets: In the context of EU sanctions law, a minor degree of legal uncertainty remains, as
an authority could argue that it should not issue a positive decision even if the requirements are met. However, this
risk is expected to be very low.
From a U.S. sanctions perspective, it should be noted that the United States maintains two broad categories of sanctions:
\u201cprimary sanctions\u201d and \u201csecondary sanctions. Primary sanctions apply to activities with a U.S. nexus, involving U.S. persons or
connections to U.S. territory, and can require OFAC licenses for transactions otherwise prohibited. Secondary sanctions target
non-U.S. individuals and entities engaging in specified activities with sanctioned parties, aiming to discourage such conduct
without requiring a U.S. nexus, and can lead to various sanctions. Since there is no U.S. nexus there would be no U.S. primary
sanctions jurisdiction over the judgment in Russia or the potential recourse litigation in Austria. Secondary sanctions, on the
other hand, are to be considered because Rasperia is subject to U.S. sanctions. As in the past RBI AG continues to transparently
brief OFAC and the U.S. Treasury on material developments in the Russian litigation and the recourse litigation in Austria as
well. Accordingly a potential U.S. sanction risk to RBI AG and AO Raiffeisenbank stemming from the Russian verdict against AO
Raiffeisenbank and from potential RBI AG/AO Raiffeisenbank recourse litigation in Austria, but also for potential buyers and
involved parties in the context of the execution of the assets of a sanctioned company, is expected to be low.
Accounting policy information and critical accounting judgement
Due to changed circumstances related to Rasperia's application for an anti-suit injunction, management's assessment of the
expected cash inflow from enforcing claims against Rasperia has changed. The revised assessment as of June 30, 2025,
considers Rasperia's application for the anti-suit injunction against RBI Group and the associated risks of asset outflow within
the RBI Group, the chances of averting this, and the resulting delay in RBI's lawsuit against Rasperia in Austria. Consequently,
management concluded that the criteria for recognizing an asset under IFRS were no longer met.
On 18 December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Financial Impact
In the fiscal year 2025, the damages awarded to Rasperia amounting to \u20ac 2,109 million (including interest) were withdrawn
from AO Raiffeisenbank's correspondent account by the CBR, and the provision formed at the end of 2024 amounting to \u20ac 840
million was utilized. Due to the revised management assessment, from the expected proceeds from the enforcement of RBI\u2019s
claims against the Austrian assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. Despite the
changed accounting treatment, the legal assessment remains unchanged, and the management maintains a high degree of
confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia\u2019s assets in Austria.
For the damages claimed by Rasperia, against STRABAG and the STRABAG shareholders for the non-receipt of financial
compensation related to the capital reduction carried out in 2024 as well as for unpaid dividends and the interest accruing on
them until full payment, a provision of \u20ac 339 million was recognized.
Preliminary injunction (Temporary transfer ban)
Related to the above mentioned legal proceedings initiated by Rasperia against, among others, AO Raiffeisenbank, a Russian
court had on 5 September 2024 issued a preliminary injunction, by which shares of AO Raiffeisenbank were subject to a
temporary transfer ban with immediate effect. The purpose of the transfer ban was to keep the current state unchanged until
Rasperia's claims are settled. As a result of this court decision RBI could not transfer its shares in AO Raiffeisenbank which
complicated the efforts of RBI to sell a controlling stake in AO Raiffeisenbank. As AO Raiffeisenbank\u2019s motion to cancel the
preliminary injunction was rejected, AO Raiffeisenbank filed an appeal to the Arbitration Court of Appeal in St. Petersburg on 27
September 2024. On 5 December 2024, the Arbitration Court of Appeal confirmed the preliminary injunction. AO Raiffeisenbank
filed an appeal to the Court of Cassation in St. Petersburg in January 2025 which was dismissed on 24 March 2025. The transfer
ban on AO Raiffeisenbank shares, which was imposed as a measure to secure payment of damages, was expected to be lifted
upon the disbursement of the full amount of damages including interest as awarded to Rasperia by the Arbitration Court of
the Kaliningrad Region. Accordingly, following the deduction or seizure of the full of amount of damages including interest
awarded to Rasperia by the Russian verdict dated 20 January 2025, AO Raiffeisenbank filed a motion with the competent
Russian court to lift the transfer ban on 23 July 2025. In a court hearing held on 4 August 2025, the Court of Cassation in St.
Petersburg granted AO Raiffeisenbank\u2019s motion to cancel the preliminary injunction and lifted the transfer ban over the shares
in AO Raiffeisenbank.
Consumer protection
RBI faces customer lawsuits in connection with consumer protection matters. Most claims relate to terms of contract that are
alleged to breach consumer protection or other laws. The legal risk associated with such claims is heightened by the danger of
politically motivated legislation that increases the degree of unpredictability.
Croatia
In Croatia, following litigation initiated by a Croatian consumer association against Raiffeisenbank Austria, d.d., Zagreb (RBHR),
and other Croatian banks, two contractual clauses used in consumer loan agreements between 2003/2004 and 2008 were
declared null and void: an interest change clause and a CHF index clause. The decision on the interest adjustment clause
cannot be challenged any more. The decision on the nullity of the CHF index clause which was confirmed by the Croatian
Supreme Court also passed control of the Croatian Constitutional Court. RBHR is exploring the possibility to challenge this
decision, and submitted an application before the European Court for Human Rights in August 2021. The issue of CHF-indexed
loans which were converted under the Croatian Conversion Act into EUR-indexed loans was pending before the Court of Justice
of the European Union (CJEU) for preliminary ruling. In May 2022, CJEU published a preliminary ruling but like the Croatian
Supreme Court in a sample dispute, CJEU did not answer whether consumers of converted loans are entitled to any additional
compensation (besides the positive effects of the conversion performed under provisions of the Croatian Consumers Credit Act
2015). Therefore, the issue whether consumers are entitled to additional compensation (notwithstanding conversion) remained
for domestic courts to judge, primarily for the Croatian Supreme Court. Based on the decisions already rendered on the nullity
of the interest change clause and/or the CHF index clause, a number of borrowers have already raised claims against RBHR. In
its session in December 2022, the Croatian Supreme Court adopted the view that consumers are entitled to additional
compensation only in the amount of penalty interest on overpayments (if any) made until the conversion of CHF-indexed loans
into EUR-indexed loans in 2015. However, in April 2023, the President of the Supreme Court informed the public that the
adopted legal position did not pass the control by the Registrar for Judicial Practice of the Supreme Court who has the
authority to reverse any decision in case he considers that it does not comply with the law. In the meantime (July 2024), the
CJEU ruled in joined cases C-554/21, C-622/21 and C-727/21 that such a legal practice (that a judge/registrar of case law who
did not participate in the decision-making process can stop a final decision of another judge or council of the Supreme Court) is
contrary to EU law. The harmonisation of the CJEU judgment and the case law of the Supreme Court is still pending. The
question of whether the consumers from converted CHF-indexed loans are entitled to additional compensation or not has not
been resolved yet. A possible solution (whether consumers are entitled to additional compensation or not) is expected to be
given in the individual rulings of the Croatian Supreme Court. Only such specific rulings may then be challenged before the
Constitutional Court. Given current legal uncertainties relating to the statute of limitations, the validity of the CHF index
clause/conversion performed, the calculation of the additional compensation, the further course of action, the final outcome of
the request for preliminary ruling and the number of borrowers raising such claims, a final quantification of the financial
impact and the possible damage is not possible at this point of time. In this connection, a provision of \u20ac 51 million (previous
year: \u20ac 58 million) was recognized.
Poland
In Poland, a significant number of civil lawsuits are pending in relation to certain contractual stipulations connected with
consumer mortgage loans denominated in or indexed to foreign currencies. As at 31 December 2025, the total amount in
dispute was approximately PLN 8,926 million (\u20ac 2,115 million). The number of such lawsuits continues to increase.
In this context, a Polish court requested the Court of Justice of the European Union (CJEU) to clarify whether certain clauses in
these agreements breach European law and are unfair. The CJEU\u2019s preliminary ruling (C-260/18) in October 2019 does not
answer whether the loan agreements are invalid in whole or part but merely gives interpretative guidance on the principles
according to which the national courts must decide in each individual case. According to this, a loan agreement without unfair
terms should remain valid provided that it is in conformity with national law. If a loan agreement cannot remain valid without
the unfair term, the entire contract would have to be annulled. If the annulment of the entire contract triggers material
negative consequences for the borrower, the Polish courts can replace the unfair term by a valid term in accordance with
national law. The consequences of the contract being annulled must be carefully examined so that the borrower can consider
all potential negative consequences of annulment.
In another proceeding involving RBI, the District Court for Warszawa-Wola in Warsaw requested the CJEU to issue a preliminary
ruling concerning the way in which the contractual provisions concerning the rules for determining the buying and selling rates
for foreign currency are to be formulated in the case of consumer mortgage loans indexed to a foreign currency. In the
judgement of 18 November 2021 in case C-212/20, the CJEU considered that the content of a clause of a loan agreement that
sets the buying and selling prices of a foreign currency to which the loan is indexed must enable a reasonably well informed
and reasonably observant consumer, based on clear and intelligible criteria, to understand the way in which the foreign
currency exchange rate used to calculate the amount of the repayment installments is set. Based on information specified in
such a provision, the consumer must be able to determine on his or her own, at any time, the exchange rate applied by the
entrepreneur. In the justification the CJEU specified that a provision that does not enable the consumer to determine the
exchange rate himself or herself is unfair. Moreover, the CJEU indicated in said judgement that the national court, when the
considered term of a consumer contract is unfair, is not allowed to interpret that term in order to remedy its unfairness, even if
that interpretation would correspond to the common intention of the parties to that contract. Only if the invalidity of the
unfair term were to require the national court to annul the contract in its entirety, thereby exposing the consumer to
particularly unfavorable consequences, so that the consumer would thus be penalized, the national court might replace that
term with a supplementary provision of national law. The CJEU therefore did not entirely preclude national courts hearing such
cases from supplementing the contract with supplementary provisions of national law, but gaps may not be filled solely with
national provisions of a general nature and such remedy may be applied only in strictly limited cases as specified by the CJEU.
The assessment of an unfair nature of contractual provisions as well as the decision concerning supplementation of the
contract after removal of unfair contractual clauses, however, still falls within the competence of the national court hearing
the case. The CJEU did not determine at all whether, in the consequence of the above-mentioned actions, the entire foreign
currency contract is to be annulled.
On 15 June 2023, the CJEU announced its judgment in case C-520/21 on the consequences of the annulment of a mortgage loan
agreement vitiated by unfair terms. The consumer mortgage loan agreement indexed to CHF had been annulled on the ground
that the conversion clauses determining the rate of exchange into PLN for purposes of the monthly installments were
considered to be unfair and that the loan agreement could not continue in existence after removal of the unfair terms. The
CJEU observed that EU law does not expressly govern the consequences of the annulment of a consumer contract which are to
be determined by domestic legislation in the individual EU member states. Such domestic legislation has to be compatible with
EU law and its objectives, in particular to restore the situation which the consumer would have been in had the annulled
contract not existed as well as not to undermine the deterrent effect sought by EU law. According to the CJEU, EU law does not
preclude consumers from seeking compensation from the bank going beyond the reimbursement of the monthly installments
paid and the expenses paid in respect of the performance of the mortgage loan agreement together with the payment of
penalty interest at the statutory rate from the date on which notice is served. Nevertheless, it is a matter for the national
courts to determine whether upholding such claims on the part of the consumers is in accordance with the principle of
proportionality. By contrast, EU law precludes the bank from being able to claim from the consumer compensation going
beyond reimbursement of the capital paid in respect of the performance of the mortgage loan agreement together with the
payment of penalty interest at the statutory rate from the date on which notice is served.
Further specifications on the consequences of the annulment of a consumer mortgage loan agreement vitiated by unfair
terms was provided by the CJEU in its judgments in cases C-756/22 of 11 December 2023, C-488/23 of 12 January 2024 and
C-424/22 of 8 May 2024. None of these proceedings involved RBI directly. In all three cases, the CJEU considered that the
interpretation of EU law requested by the referring courts can be clearly derived from the previous CJEU\u2019s judgments, in
particular from judgement in case C-520/21 of 15 June 2023 comprehensively described in the paragraph above. In the case
C-756/22 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms without which it
cannot continue to be in force, the bank is not allowed to demand the consumer to pay amounts other than the capital paid in
performance of that contract and statutory penalty interest from the time of the demand for payment. In the case C-488/23
the CJEU stated that EU law precludes banks from being able to claim from the consumer \u2013 in addition to the reimbursement
of the capital sums paid in performance of the contract and statutory penalty interest from the date of the demand for
payment - compensation consisting of a judicial adjustment of the benefit of the capital sum paid in the event of a material
change in the purchasing power of the currency in question after that capital was paid to the consumer concerned. In the case
C-424/22 of 8 May 2024 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms and
the bank is therefore obliged to make restitutory payments to a consumer, the bank is not entitled to apply the right of
retention. This means that the bank is not allowed to withhold such payment until the debtor has repaid all sums that he or
she had received from the bank under the loan agreement.
Which impact the above mentioned CJEU judgments will have on the decisions made by Polish courts in individual civil cases
cannot be assessed finally due to the complexity and variability of case-specific factors, as well as the potential differing
contexts and legal nuances involved in each case.
On 25 April 2024, the full Civil Chamber of the Polish Supreme Court (the SC) adopted a resolution concerning legal issues
concerning loans indexed to or denominated in a foreign currency. In line with CJEU judgments, the SC ruled that if a
contractual term referring to an indexation mechanism is considered unlawful and is not binding, it cannot be replaced by
another method of determining the foreign exchange rate resulting from provisions of law or established customs and the
loan agreement shall not be binding in the remaining scope. The decision whether a contractual term is unfair is up to the
court hearing the case concerning an individual loan agreement. If a loan agreement is not binding due to its unlawful terms,
each party has a separate claim for the return of undue payments: the bank for the return of capital and the borrower for the
return of payments. The SC found no justification for mutual settlement of the parties\u2019 claims by the court during the hearing
of the case. The limitation period of the bank\u2019s claim for reimbursement of amounts paid under the loan shall, as a rule,
commence on the day following the day on which the borrower challenged the binding force of the loan agreement against
the bank. Thus, the start of the limitation period depends on the consumer's action and should therefore be analyzed
individually in relation to each contract. This decision modified a previous decision of the SC which provided that the limitation
period of the bank\u2019s claim would start after the consumer is informed about the potential consequences of declaring the loan
agreement invalid and the consumer consents to such a declaration of invalidity. The SC also excluded the possibility for any
party to claim interest or any other remuneration for the use of its funds in the period between the undue payment and the
delay in reimbursing the payment. Despite the fact the resolution was adopted to resolve the arising interpretation issues
connected with disputes concerning loans in Swiss francs, the conclusions arising from it are applicable to loans in other
currencies, including loans in euro, as well.
The above resolution of the SC, combined with the earlier CJEU ruling, means that banks operating in Poland and holding
foreign currency loan portfolios, including RBI, shall not be able to claim any additional remuneration and/or valorization in
connection with such annulled agreements as set out above. Banks shall be limited then only to the possibility to claim the
return of the capital made available to the customer when the loan was originated. This does not affect the possibility of
demanding payment of penalty interest, provided that the conditions for which the bank may demand such interest are met.
As regards the banks\u2019 claim of the return of capital, the guidance provided by the resolution of the SC and the current practice
may be affected by the CJEU judgment dated 19 June 2025 set out below.
On 19 June 2025, the CJEU issued another judgment in case C-396/24, ruling that Directive 93/13/EEC on unfair terms in
consumer contracts prevents banks from demanding full repayment of the disbursed nominal amount of a loan when such
loan agreements are considered null and void, without considering prior repayments made by the consumer (set-off theory).
This ruling may influence the current judicial practice of Polish courts, which, pursuant to the resolution of the Polish Supreme
Court from 25 April 2024 (described in detail above), applies the \"two claims\" theory. Under this theory, banks may claim full
repayment of amounts paid under a contract declared void, irrespective of the repayments made and the remaining balance
owed. This theory has also served as the basis for banks suing former borrowers to secure capital repayment. Furthermore, the
judgment prohibits the immediate enforceability of rulings favouring banks unless adequate consumer protections are in place.
The potential impact on Polish jurisprudence remains uncertain, with possible outcomes ranging from the adoption of a set-off
theory to the continuation of existing legal frameworks, as the judicial interpretation of this CJEU ruling may vary.
On 27 November 2025, the CJEU delivered a judgment in case C-746/24 which precludes national procedural rules that impose
disproportionately higher court costs on consumers defending against bank-initiated restitution claims for capital compared
to costs incurred in consumer-led actions for contract annulment. It was held that such a disparity in legal expenses
undermines the deterrent effect of Council Directive 93/13/EEC and may discourage consumers from exercising their rights
under the protective framework for unfair contract terms. The Polish civil procedural law provides for a limitation of the
maximum amount of court fees for claims initiated by consumers in cases related to banking activity. Conversely, a bank
initiating legal proceedings against a consumer cannot benefit from such preferential treatment and is required to bear court
fees in accordance with general rules, which results in significantly higher initial costs for the financial institution. Irrespective
of the CJEU's ruling, Polish courts retain the authority to invoke specific domestic procedural regulations to determine the final
allocation of costs, whereby courts are permitted to deviate from general cost-sharing principles based on the principle of
equity or the specific conduct of the parties. Consequently, the ultimate impact of the judgment on RBI\u2019s litigation expenses
depends on the discretionary assessment by national courts in individual cases. RBI continues to monitor the judicial trends and
may adjust its legal risk provisions and procedural strategies to mitigate potential adverse financial effects arising from this
jurisprudence.
Polish common courts have referred further multiple questions to the CJEU regarding interpretation of the Directive 93/13/EEC
on unfair terms in consumer contracts in relation to foreign exchange loan agreements. The issues include i.a. the legality of
requiring consumers to pay legal costs, the interruption of limitation periods for the banks\u2019 claims, treatment of time-barred
claims, banks' set-off rights, reimbursement of insurance costs, and the validity of contractual annexes. These inquiries seek to
clarify how national laws align with EU consumer protection standards.
A significant Inflow of lawsuits has been observed since the beginning of 2020 mainly as a result of the CJEU ruling in case
C-260/18 and of intensified marketing activity by law firms acting on behalf of borrowers. In the fiscal year 2025, RBI\u2019s Polish
branch recorded 4,334 new lawsuits (previous year: nearly 6,150 lawsuits) with an average of around 361 new lawsuits per
month in 2025 (of which CHF lawsuits 268 and 93 lawsuits for Euro loans). The inflow could continue to decrease as a result of
the increasing number of settlements being reached between RBI\u2019s Polish branch and borrowers as well as the fact that a
significant portion of the loan portfolio is already subject to ongoing litigation, which naturally limits the potential inflow of
new claims.
Furthermore, Polish courts have approached the CJEU with further requests for a preliminary ruling in other civil proceedings
which could lead to further CJEU\u2019s clarifications that could influence how court cases concerning foreign currency loans are
decided by national Polish courts.
The impact assessment in relation to affected FX-indexed or FX-denominated loan agreements may also be influenced by the
outcome of an ongoing administrative court proceeding resulting from the RBI Polish Branch\u2019s appeal against the decision of
the President of the Office of Competition and Consumer Protection (UOKiK).The contested decision stated that RBI\u2019s Polish
branch was engaged in practices violating the collective consumer interests and resulted in an administrative fine on RBI\u2019s
Polish branch and an obligation to provide borrowers information on the violation in case the administrative decision becomes
final. In June 2025, the Court of Competition and Consumer Protection (SOKIK) fully dismissed RBI's appeal against the decision.
In August 2025, RBI lodged\u00a0 an\u00a0 appeal against this judgment to the Court of Appeal in Warsaw.
Moreover, the Polish Financial Ombudsman, acting on behalf of two borrowers, has initiated a civil proceeding against RBI
alleging employment of unfair commercial practices towards consumers in respect of a case in which RBI \u2013 following the
annulment of a loan agreement \u2013 claimed the full loan amount originally disbursed without taking into account repayments
made in the meantime as well as amounts due for the use of capital by the borrowers based on the principle of unjust
enrichment, and has demanded that RBI discontinue such practices. In May 2023, the claim of the Financial Ombudsman was
dismissed by the court of first instance. The Financial Ombudsman lodged an appeal against this judgment, which was served
on RBI and duly responded to.\u00a0
RBI is also plaintiff in a number of ongoing civil lawsuits related to mortgage loans denominated in or indexed to Swiss Franc
and Euro which are already terminated. As of 31 December 2025, the total amount in dispute is in the region of approximately
PLN 298.5 million (\u20ac 71 million). The claims of RBI are for principal and interest which had not been paid due to legal objections.
The lawsuits are raised on contractual grounds or on the basis of unjust enrichment.
In addition, RBI has initiated a number of lawsuits based on counterclaims for the reimbursement of capital against borrowers
in case the borrower challenges the validity of the foreign currency mortgage loan against RBI. The filing of the lawsuits aims
at securing RBI\u2019s claims and should prevent that they become time-barred. As of 31 December 2025, the total amount in
dispute in these proceedings amounted to PLN\u00a0 2.662 million (\u20ac631 million). A further bunch of proceedings is expected to be
initiated until the end of 2025. In the coming years, the decision to file such lawsuits will depend on the ultimate impact of the
CJEU judgment in case C-746/24 described above, the development of national jurisprudence and potential legislative
initiatives.
Polish legislation topics
At the end of September 2025, the Polish Government adopted a draft law, introducing special procedures for civil cases
involving loans denominated in or indexed to Swiss francs (CHF). In early October 2025, the draft was submitted to the Sejm
(the lower house of the Polish Parliament) to begin the legislative process. The primary objective of the draft law is to
accelerate litigations related to CHF loans, reduce the burden on the courts, and strengthen consumer protection, in line with
the case law of the Court of Justice of the European Union. As drafted, the law would apply to civil cases between consumers
and banks concerning loans denominated in or indexed to CHF, including loans converted by annex into CHF-denominated or
CHF-indexed agreements. Loans denominated in or indexed to other currencies (notably EUR) would fall outside the scope of
the law. Overall, the proposed framework significantly strengthens the legal position of consumers in litigation against banks.
Upon service of the consumer\u2019s lawsuit or counterclaim on the bank, loan repayments are automatically suspended by
operation of law until the relevant court proceedings are finally concluded. The suspension of the borrower\u2019s repayment
obligations shall not constitute a default or improper performance under the loan agreement and shall not be reported to any
loan or debt registries. Moreover, any entries recorded in such registries prior to service of the statement of claim or
counterclaim on the bank must be deleted. For cases in which the consumer\u2019s lawsuit or counterclaim was served on the bank
before the act enters into force, the suspension of repayment obligations shall take effect from the act\u2019s effective date.
Consequently, from that date, repayments under all affected loan agreements will be automatically suspended by law,
potentially leading to a further reduction in cash inflows from the CHF loan portfolio. Notwithstanding the above, the bank
remains obliged to accept payments if the total amount repaid by the borrower remains below the total loan disbursed.
Importantly, consumers are not required to submit individual requests for suspension of repayments, and courts will no longer
need to issue or review rulings granting such interim measures or related appeals.
The procedural measures proposed in the draft aim to streamline case handling. Under the draft, cases may be heard in closed
sessions notwithstanding a party\u2019s request for a public hearing, parties may submit testimony in writing, and witness
examination may be conducted remotely, even if a party objects to such methods. In addition, a simplified procedure\u00a0 to
terminate proceedings following the voluntary withdrawal of claims or appeals was introduced at court. To facilitate
settlement and mutual reconciliation, the proposal allows the defendant to raise a set\u2011off defence up until the close of the
hearing before the court of second instance, or\u2014if the case is heard in a closed session\u2014until the verdict of the
second\u2011instance court is announced. Similarly, a counterclaim may be filed up to the conclusion of the hearing before the court
of first instance, or\u2014if the case is heard in a closed session\u2014until the first\u2011instance court judgment is announced. The draft\u00a0 bill
further incentivizes amicable dispute resolution by providing that, if a claim, appeal, or cassation appeal is withdrawn within
six months from the act\u2019s effective date, half of the court fee will be refunded. The draft act also provides for limitations on
the Supreme Court\u2019s ability to hear cassation appeals in cases concerning CHF-related loans.
The act is scheduled to enter into force 14 days after its publication in the official journal of laws. The compressed vacatio legis
underscores the urgency of the measure and may pose significant challenges for the banking sector in implementing its
provisions. In addition to financial effects (reduced inflows from repayments of disputed loans), the proposed provisions may
accelerate the resolution of proceedings before the courts, thereby accelerating the outflow of funds from banks due to the
need to settle final judgments. They may also encourage consumers who have not yet brought claims against banks to initiate
litigation.
Financial Impact
RBI has recognized a provision for filed and expected lawsuits in Poland regarding Swiss Franc and Euro loans, including default
interest that will be payable to customers. As lawsuits have been filed by a number of customers, the provision is based on a
statistical approach that takes into account both statistical data, where relevant, and expert opinions. The term provision,
used here, includes provisions according to IFRS 9, where the gross carrying amount is reduced by the provision amount due to
revision of expected cash flows, as well as provisions according to IAS 37.
RBI has around 17,2 thousand CHF loans to customers outstanding with a total volume of around \u20ac 1.3 billion and a further 10.1
thousand CHF loans have been repaid. These also include loans that are not expected to be the subject of litigation.
Furthermore, RBI has around 8.7 thousand Euro denominated loans to customers outstanding with a total volume of nearly \u20ac
360 million and a roughly 9.3 thousand loans have been repaid.
The resulting provision amounted to \u20ac 1,956 million (previous year: \u20ac 2.071 million), of which \u20ac 1,774 million for CHF loans and \u20ac
182 million for Euro loans. The total amount of the provision in Poland represents RBI\u2019s best estimate of the future outflow of
economic benefits. In calculating the provision for lawsuits filed in Poland, it is nevertheless necessary to form an opinion on
matters that are inherently uncertain, such as regulatory announcements, the number of future lawsuits, the extent to which
these will be upheld and the impact of legal decisions that may be relevant to the lawsuits received.
Thus a number of risks and uncertainties remain. Consequently the actual costs could differ from RBI\u2019s estimates and the
underlying assumptions. This could result in the need for an additional provision. The main measurable uncertainties
associated with the calculation of the provision relate to a potential reduction in the discount period, a decrease in discount
rates, an increase in the number of total expected lawsuits for outstanding and repaid loans as well as the success rate of out-
of-court settlements.
Sensitivity analysis
The sensitivity analysis refined during the reporting year for potential changes in the actual parameters over the next 12
months, while holding all other parameters constant, is shown in the following two tables, separated by CHF and EUR loans:
CHF-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
1,774
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
11
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
7
Decrease in discount rate (IFRS 9 carrying amount adjustment)
1.1%
- 0.3 PP
0.8%
5
Increase in propensity to litigate active loans
95%
+ 1.0 PP
96%
12
Increase in average loss coverage on outstanding loans
145%
+ 1.0 PP
146%
6
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
11
Increase in propensity to litigate repaid loans
43%
+ 1.0 PP
44%
3
Reduction of number of expected future settlements
2,497
- 10.0%
2,247
6
Increase of settlement offer for customers (in % of loss in case of
annulment)
79%
+ 5.0 PP
84%
11
EUR-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
182
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
8
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
0
Decrease in discount rate (IFRS 9 carrying amount adjustment)
6.0%
- 0.3 PP
5.7%
1
Increase in propensity to litigate active loans
52%
+ 1.0 PP
53%
2
Increase in average loss coverage on outstanding loans
93%
+ 1.0 PP
94%
1
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
1
Increase in propensity to litigate repaid loans
15%
+ 1.0 PP
16%
2
The assumptions are based on internal statistics as well as on market observations. The increase in provision is linear for each
change, with the exception of the discount rate changes which are logarithmic increases. Furthermore, the model does not
take into account changes related to unexpected developments in jurisprudence.
For the fiscal year 2025, the sensitivity analysis was slightly expanded. Firstly, a distinction was made between IFRS 9 carrying
amount adjustment and IAS 37 provision regarding the sensitivity of the discounting period, due to the different discounting
periods. Secondly, the CHF portfolio was supplemented with new sensitivities related to settlement offers, as these were
numerically more significant in 2025. These new sensitivities were not determined for the 2024 comparison period.
CHF-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
1,965
Reduction in discounting period in years
3,5 years
- 1,0 year
2,5 years
27
Decrease in discount rate (IFRS 9 provision)
2.3%
-0,3 PP
2.0%
8
Increase in propensity to litigate active loans
91.5%
+1,0 PP
92.5%
12
Increase in average loss coverage on outstanding loans
117%
+1,0 PP
118%
10
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
9
Increase in propensity to litigate repaid loans
53%
+1,0 PP
54%
4
EUR-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
106
Reduction in discounting period
3,5 years
- 1,0 year
2,5 years
7
Decrease in discount rate (IFRS 9 provision)
7.2%
-0,3 PP
6.9%
1
Increase in propensity to litigate active loans
32.9%
+1,0 PP
33.9%
2
Increase in average loss coverage on outstanding loans
83%
+1,0 PP
84%
2
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
1
Increase in propensity to litigate repaid loans
35%
+1,0 PP
36%
1
Settlement program
Already in 2023 an out-of- court settlement program based on the proposal by the Chairman of the Polish Financial Supervisory
Authority (KNF) have been launched. The major goal of the settlement program is to limit the expected losses resulting from
the current negative jurisprudence that in most case cancels the mortgage contract. Due to a tepid response to this program,
an improved model was developed in 2024 to enhance acceptance. Instead of recalculating the issued loan contract with
adjusted parameters, the revised settlement program focuses on the repayment amount to customers in the event of
annulment, minus a percentage deduction. In both scenarios, a settlement is achieved. Both cases lead to a write-off of a
portion of the loan balance depending on the individually negotiated settlement offer. The settlements are offered through a
mediation proceeding conducted by the Polish Financial Supervisory Authority.
As at 31/12/2025 RBI made 21,630 individual settlement proposals, out of which 4,541 customers already agreed and in addition
855 customers have signed agreements to enter a mediation process. The bank included in the provisioning calculation the
estimated number of settlements to be signed with customers reflecting the adjusted level of future losses in these settlement
cases. The consideration of settlements in the provision calculation is affected by factors such as the repayment amount and
the development of the ruling practice and the duration of proceedings.
Romania
In May 2023, the Romanian consumer protection authority (ANPC)\u00a0 has disputed the way installments in connection with
consumer loans are computed and claims that repayment schedules with fixed installments, which are composed of a bigger
portion of interest and a lower portion of principal in the early stages of the repayment, are detrimental to consumers and
therefore should be composed of an equal portion of capital and interest. It issued an order to stop such practice but a number
of banks, including RBI\u2019s\u00a0 Romanian network bank Raiffeisen Bank S.A., Bucharest, have obtained a suspension in court of the
application of such ANPC measure. As the meaning of the order is not clear, it is not possible to determine at this point of time
whether there will be any negative financial impact on Raiffeisen Bank S.A., Bucharest and, if yes, the potential damage
involved. However, in case of a mandatory change of repayment schedules, the impact could be significant. In May 2023,
Raiffeisen Bank SA, Bucharest has disputed in court the validity of the \u201cfindings\u201d of the ANPC and the court has decided that
the ANPC measure is to be put on hold until there is a final court decision in the dispute against the findings. In June 2025,
Raiffeisen Bank SA, Bucharest won the dispute against the findings. Since this decision is final, the trial regarding the ANPC
order has been resumed.
In June 2024, Raiffeisen Bank SA, Bucharest received another ANPC report which basically also concerns the entire Romanian
banking market and is based on an ANPC investigation on how banks comply with the obligation to provide customers with
sufficient information. Based on the allegation of\u00a0 \u201cdeceiving practice\u201d applied by banks, the report requires the banks to take
the following measures: (i) In case of consumer loans with variable interest rates, ANPC is of the opinion that banks should have
applied an interest rate composed of a public index (like ROBOR, EURIBOR, etc.) plus a margin rather than a type of \u201cmarket
interest rate\u201d (not linked to a public index). Thus, variable interest rates being \u201cmarket interest rates\u201d would have to be re-
calculated, also retroactively, by deducting the public index valid at the beginning of the first variable interest period from the
initial variable interest rate. The difference would then be applied as a margin over the public index applicable for the
respective variable interest period and the result would constitute the interest rate for such period. Since installments are
composed of payments of interest and principal, all components are subject to re-calculation as if the index plus margin had
been applied from the beginning. (ii) In case of CHF loans, the outstanding principal amounts as well as installments would
have to be re-calculated by converting the CHF exposure into Euro at the exchange rate valid at the date of the respective
credit agreements and by calculating the installments as if the loans had been granted in Euro while still applying the CHF
interest rate. Both measures seem to apply to current loans as well as loans that were repaid in the last six months prior to the
date of the ANPC report (7 June 2024). Raiffeisen Bank SA, Bucharest is of the opinion that it has acted in compliance with legal
requirements and has filed a dispute against the ANPC report. Both measures decided by ANPC are put on hold until there is a
final court decision on the merits of the case.\u00a0 Should the court dismiss the dispute, this would result in repayments to
customers, as a result of the application of the two previously mentioned recalculation measures. In December 2025, Raiffeisen
Bank SA, Bucharest has won the dispute against the ANPC report on the merits.\u00a0 ANPC may challenge this court ruling.
Banking business
RBI and its subsidiaries provide services for corporate customers that increase litigation risk at the operating level. The most
important cases are as follows:
Following the insolvency of Alpine Holding GmbH (Alpine) in 2013, a number of lawsuits were filed by retail investors in Austria
against RBI and another credit institution in connection with a bond which had been issued by Alpine in 2012 in an aggregate
principal amount of \u20ac 100 million. The claims asserted against RBI originally amounted to approximately \u20ac 10 million. In total,
claims of approximately \u20ac 8 million had been filed in court by investors either directly or indirectly through a 'class action' of the
Austrian Federal Chamber for Workers and Employees (Bundeskammer f\u00fcr Arbeiter und Angestellte). Owing to the termination
of some of the proceedings and claim reductions in other proceedings, the value in dispute of the pending court proceedings
against RBI decreased to approximately \u20ac 6.3 million. Among other things, it is claimed that the banks acted as joint lead
managers of the bond issue and were or at least should have been aware of financial problems of Alpine at the time of the
issue. Thus, they should have known that Alpine was not in a position to redeem the bonds as set forth in the terms and
conditions of the bonds. It is alleged that the capital market prospectus in relation to the bond issue was misleading and
incomplete and that the joint lead managers including RBI, were aware of that fact. In December 2023, in several joint
proceedings the court of first instance issued a partial judgment and dismissed the claims of the investors based on
prospectus liability in the amount of in total approximately \u20ac 5.9 million regarding RBI related claims. The judgment of the court
of first instance was confirmed by the court of second instance. The plaintiffs filed an appeal against this decision with the
Austrian Supreme Court (Oberster Gerichtshof) in September 2024. The amount of RBI related claims subject to these appellate
proceedings was reduced from \u20ac 5.9 million to \u20ac 5.7 million. The OGH rejected the plaintiff's appeal in this class action with its
decision of 23 July 2025. Furthermore, RBI was able to settle a number of other proceedings and receive partial reimbursement
of its legal costs. Following the proceedings settled by the appeal decision of the OGH, the number of all other pending
proceedings has fallen to just two (with a total value in dispute of around \u20ac 0.5 million).
In the first quarter of 2021, RBI learned about a claim already filed against it in Jakarta by an Indonesian company in November
2020. The amount of the alleged claim is approximately USD 129 million (\u20ac 110 million) in material damages and USD 200 million
(\u20ac 170 million) in immaterial damages. The claim was served upon RBI in May 2022. On 27 June 2023, the South Jakarta District
Court (Pengadilan Negeri Jakarta Selatan), held that RBI has committed an unlawful act against the Indonesian company and
ordered RBI to pay damages in the amount of USD 119 million (\u20ac 101 million). In view of the facts of the case and the legal
situation, RBI filed an appeal against the judgment with the High Court of Jakarta (Pengadilan Tinggi Jakarta). In March 2024
the High Court of Jakarta ruled in favour of RBI and rejected the claim due to lack of Indonesian jurisdiction. In June 2024, the
plaintiff filed an appeal to the Supreme Court of Indonesia (Mahkamah Agung Republik Indonesia) which was opposed by RBI.
While the South Jakarta District Court's website indicates the dismissal of the appeal, the delivery of this decision by the
Supreme Court of Indonesia to RBI is still pending.
RBI is involved in a dispute with a Cayman Islands Company (Cayman Islands Company) and other parties (including several
subsidiaries of and a director of the Cayman Islands Company) centered on non-payment of guarantees given by the former
parent company of the Cayman Islands Company (Parent Company). In August 2019, RBI began proceedings against the
Cayman Islands Company (and other parties) in the Grand Court of the Cayman Islands, Financial Services Division (the Cayman
Islands Court). In those proceedings, RBI alleges in general terms that through a series of fraudulent transfers (the Fraudulent
Scheme) the Parent Company was stripped of its assets, to frustrate the enforcement of RBI's guarantees. In September 2019,
RBI obtained an order against the Cayman Islands Company, restricting its ability to deal with its assets (the Freezing Order),
pending determination of the proceedings before the Cayman Islands Court. In November 2019, the Cayman Islands Company
filed its defense and counterclaim to the proceedings before the Cayman Islands Court, including a \u20ac 203 million counterclaim
against RBI. The Cayman Islands Company's purported counterclaim is founded on documents that the Cayman Islands
Company has, to date, refused to provide. Further defendant parties were added to the proceedings before the Cayman
Islands Court in 2020. In December 2021, the Cayman Islands Court of Appeal refused attempts by the Cayman Islands
Company and other parties to challenge the Freezing Order and the jurisdiction of the Cayman Islands Court. Those attempts
were rejected with costs ordered in RBI's favor. In 2023, RBI amended its claim, added a director of the Cayman Islands
Company (Director) as a party to the proceedings before the Cayman Islands Court, and increased its claim for damages from
approximately \u20ac 44 million to approximately \u20ac 106 million plus interest and costs. An application by the Director to challenge
jurisdiction and his joinder to the proceedings before the Cayman Islands Court was heard in February 2025 and refused in April
2025, with costs awarded in RBI's favour. The Director\u2019s defense was filed in August 2025. Following a case management
conference in September 2025, a trial has been ordered to commence on the first available date after 2 April 2027.\u00a0 Also in
September 2025, a new party (a subsidiary of the Cayman Islands Company) was added to the proceedings. That party gave
undertakings to the Cayman Islands Court in materially the same form as the Freezing Order and both the Cayman Islands
Company and the new party were ordered to give disclosure of all of their assets with a value above \u20ac 3 million, with the
provision of further information to come from the Cayman Islands Company's auditors, to aid in the policing of the Freezing
Order.\u00a0 Other related proceedings have been brought against RBI by parties within the Cayman Islands Company\u2019s group,
including in Malta and\u00a0 British Columbia (Canada).\u00a0 Those proceedings are being defended by RBI.\u00a0 They are for declaratory
relief only, and no damages are claimed.
In February 2025, RBI\u2019s subsidiary Kathrein Privatbank Aktiengesellschaft (\u201eKathrein\u201c) was served with a claim for damages in
the amount of \u20ac 50 million as well as an action for declaratory judgment of its liability (valued \u20ac 1 million) filed against it with
the Commercial Court, Vienna, in connection with malversations by a former employee of Kathrein. Although Kathrein had
already compensated the plaintiff for the amount originally subject to the malversation, Kathrein could not reach an out-of-
court settlement with the plaintiff regarding the amount of the relating hypothetical loss of profit. Nevertheless, further out-
of-court settlement negotiations are conducted in parallel to the court proceedings. The claimed amount is significantly higher
than the amount determined by calculation of Kathrein, which is also supported by an external legal assessment. Following
Kathrein\u2019s legal assessment, an adequate provision was recognized.
At the end of June 2025, a Russian corporate customer of AO Raiffeisenbank filed a claim for damages in the amount of
approximately \u20ac 337.5 million against AO Raiffeisenbank in the Arbitration Court of Moscow. The plaintiff claimed that it had
incurred losses resulting from the failure to sell shares in a German subsidiary operating a production facility in Germany. The
plaintiff alleged that AO Raiffeisenbank, having provided advisory services in respect of the potential sale, was responsible for
such failure. On 2 December 2025, the claimant withdrew its claim against AO Raiffeisenbank and the proceedings were
terminated by the Arbitration Court of Moscow without payment obligations of AO Raiffeisenbank towards the Russian
claimant.
Regulatory enforcement
RBI and its subsidiaries are subject to numerous national and international regulatory authorities.
In March 2018, an administrative fine of \u20ac 2.7 million (which was calculated by reference to the annual consolidated turnover of
RBI and constitutes 0.06 per cent of the last available annual consolidated turnover) was imposed on RBI by FMA in the course
of administrative proceedings based on alleged non-compliance with formal documentation requirements relating to the
know-your-customer principle (Initial FMA Decision). According to the interpretation of the Austrian Financial Market Authority
(FMA), RBI had failed to comply with these administrative obligations in a few individual cases. FMA did not allege that any
money laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. RBI took
the view that it had duly complied with all due diligence obligations regarding know-your-customer requirements and
appealed against the Initial FMA Decision in its entirety. The Federal Administrative Court (Bundesverwaltungsgericht \u2013 BVwG)
confirmed the Initial FMA Decision (First Appellate Decision) and \u2013 again- RBI appealed against this decision in its entirety. In
December 2019, the Austrian Supreme Administrative Court (Verwaltungsgerichtshof\u2013 VwGH) revoked the First Appellate
Decision and referred the case back to the BVwG. In the retrial on 6 May 2021, the BVwG again confirmed the Initial FMA
Decision in general but reduced the administrative fine down to \u20ac 824 thousand and allowed another (second) appeal before
the VwGH (Second Appellate Decision). Such appeal was filed by RBI. In July 2023, the VwGH revoked the Second Appellate
Decision and, again, referred the case back to the BVwG. In the retrial on 25 April 2024, the BVwG again confirmed the Initial
FMA Decision in general but reduced the administrative fine down to \u20ac 2 million (from the amount of \u20ac 2.7 million imposed by -
the Initial FMA Decision) and allowed another (third) appeal before the VwGH (Third Appellate Decision). Such appeal was filed
by RBI on 7 June 2024. A provision of an appropriate amount has been recognized.
In September 2018, two administrative fines totaling PLN 55 million (\u20ac 13 million) were imposed on Raiffeisen Bank Polska S.A.
(RBPL), the former Polish subsidiary of RBI in the course of administrative proceedings based on alleged non-performance of
duties as the depositary and liquidator of certain investment funds. RBPL as custodian of investment funds assumed the role
of liquidator of certain funds in February 2018. According to the interpretation of the Polish Financial Supervision Authority \u2013
which is known by its Polish abbreviation, KNF \u2013 RBPL failed to comply with certain obligations in its function as depository
bank and liquidator of the funds. In the course of the transactions related to the sale of the core banking operations of RBPL to
Bank BGZ BNP Paribas S.A., the responsibility for said administrative proceedings and related fines was assumed by RBI. RBI
filed appeals against these fines in their entirety. In September 2019, in relation to the PLN 5 million (\u20ac 1 million) fine regarding
RBPL\u2019s duties as depositary bank, the Voivodship Administrative Court considered RBI\u2019s appeal and overturned the KNF decision
in its entirety. However, the KNF filed an appeal in cassation against the judgement. In relation to the PLN 50 million (\u20ac 12
million) fine regarding RBPL\u2019s function as liquidator, the Voivodship Administrative Court decided to dismiss the appeal and
uphold the KNF decision in its entirety. RBI has raised appeal in cassation to the Supreme Administrative Court because it takes
the view that RBPL has duly complied with all its duties. In April 2023, the Supreme Administrative Court decided to refer the
case regarding the PLN 5 million (\u20ac 1 million) fine back to the Voivodship Administrative Court for reconsideration. Furthermore,
the Supreme Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 50 million (\u20ac 12 million) fine
which is now final. However in October 2023 RBI filed a complaint to the European Court of Human Rights over this verdict. In
October 2023, the Voivodship Administrative Court dismissed RBI\u2019s appeal and upheld the KNF decision imposing the PLN 5
million (\u20ac 1 million) penalty on RBI in relation to the alleged violations of RBI's duties as depositary of certain investment funds. A
cassation appeal against this judgment to the Supreme Administrative court was submitted. In February 2025, the Supreme
Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 5 million (\u20ac 1 million) fine which is now final.
In July 2025, RBI also filed a complaint to the European Court of Human Rights over this verdict. Both fines, i.e. the PLN 5 million
(\u20ac 1 million) fine and the PLN 50 million (\u20ac 12 million) fine, have already been paid.
In this context, several individual lawsuits and four class actions, aggregating claims of holders of certificates in the above-
mentioned investment funds, were filed against RBI, whereby the total amount in dispute as at 31 December 2025 equals
approximately PLN\u00a0 81 million (\u20ac 19 million). Additionally, RBI was informed that two modifications of a statement of claim had
been submitted to the court which could result in an increase of the total amount in dispute by approximately PLN 93 million (\u20ac
22 million). However, the first of such modifications for an amount of approximately PLN 91 million (\u20ac 22 million) has not yet
been served upon RBI. The plaintiffs of the class actions demand the confirmation of RBI\u2019s responsibility for the alleged
improper performance of RBPL (in respect of which RBI is the legal successor) as custodian bank. Such confirmation would
secure and facilitate their financial claims in further lawsuits. Due to RBI\u2019s legal assessment, no provision has been recognized.
Additionally, RBI received a number of claim notices from BNP in connection with certain bank operations in respect of which
BNP is the legal successor to RBPL. Said claim notices primarily relate to administrative proceedings conducted by the KNF
(Polish Financial Supervision Authority) in connection with alleged failures of RBPL/BNP in acting as a depository of investment
funds and could lead to cash penalties. Furthermore, claims in this context have been raised by investors to BNP, and as a
mitigating measure RBI supports BNP in this regard. The financial impact can not be estimated at this time.
In January 2023, RBI was informed by FMA that an administrative proceeding has been started based on the alleged non-
compliance with certain legal requirements regarding the know-your-customer principle in connection with three customers of
RBI\u2019s correspondent banking business. The transactions relevant for the administrative proceedings had been processed by RBI
between 2017 and 2020. According to the interpretation of FMA, RBI had not sufficiently convinced itself that these banks had
appropriate due diligence procedures in place regarding customers of their own correspondent banking business. Thus, in the
view of FMA, RBI failed to fully comply with its administrative obligations in this regard. FMA did not state that any money
laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. In June 2024,
FMA terminated the administrative proceeding in relation to one bank without a fine, but imposed a fine of \u20ac 2.07 million
against RBI in relation to the other two banks. In July 2024 RBI filed an appeal to the Federal Administrative court
(Bundesverwaltungsgericht - BVwG) and, thus the fine is not yet final or legally binding. The BVwG meanwhile has requested
the CJEU to issue a preliminary ruling concerning the involvement and treatment of natural persons acting for a legal entity as
prerequisite for fining said legal entity. The proceeding before the CJEU is currently on-going.
In January 2023, RBI received a Request for Information (RFI) from the Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury. OFAC administers and enforces economic and trade sanctions based on US foreign policy and
national security goals. A breach of US sanctions may, among others, result in fines, the freezing of accounts or the termination
of business relationships with US correspondent banks. The questions raised by OFAC in the RFI seek to clarify payments
business and related processes maintained by RBI with respect to US correspondent banks in light of the developments related
to Russia and Ukraine. RBI has also been cooperating with the U.S. Department of Justice ( DOJ) since March 2023 in connection
with a DOJ inquiry into RBI's compliance with sanctions against Russia. A breach of U.S. criminal law related to sanctions may,
among others, result in fines or the appointment of a monitor. As a matter of principle, RBI maintains policies and procedures
that are designed to ensure compliance with applicable embargoes and financial sanctions and is cooperating fully with OFAC
and DOJ in relation to their requests to the extent permitted by applicable laws and regulations.
(46) Other agreements
Institutional protection scheme (Raiffeisen-IPS)
Raiffeisen Bank International AG and its Austrian bank subsidiaries, the regional Raiffeisen banks and the local Raiffeisen
banks, are part of the agreement on an institutional protection scheme (Raiffeisen-IPS) as well as the Austrian Raiffeisen-
Sicherungseinrichtung eGen (\u00d6RS), as a statutory protection scheme.
In the agreement on the Raiffeisen-IPS, the member institutions agree to ensure one another\u2019s security and in particular, join
forces to ensure liquidity and solvency when required. The Raiffeisen-IPS was recognized by the relevant supervisory authorities
(ECB and FMA) as an institutional protection scheme according to Article 113 (7) CRR (Capital Requirements Regulation of the
European Union) and its related rights and obligations of the participating member institutions. This allows, among other
things, for receivables to be risk-weighted at zero per cent between Raiffeisen-IPS members. The Raiffeisen-IPS is subject to
joint regulatory supervision and capital requirements must also be met on a consolidated basis.
The Raiffeisen-IPS was recognized together with \u00d6RS by the Austrian Financial Market Authority (FMA) as a statutory deposit
guarantee and investor protection scheme according to the Austrian Deposit Guarantee and Investor Protection Act
Einlagensicherungs- und Anlegerentsch\u00e4digungsgesetz (ESAEG).
\u00d6RS is mandated to operate the reporting and early risk assessment systems for the Raiffeisen-IPS. \u00d6RS acts as trustee and
manages the liquid assets for the Raiffeisen-IPS.
The Raiffeisen-IPS is controlled by a joint risk council, comprising representatives of RBI AG, the regional Raiffeisen banks and
the Raiffeisen banks. Tasks that could be solved on a regional level were delegated to the regional risk councils, each
comprising representatives of the respective regional Raiffeisen banks and Raiffeisen banks, by the joint risk council.
Raiffeisen Customer Guarantee Scheme (RK\u00d6)
RBI AG is a member of Raiffeisen-Kundengarantiegemeinschaft Austria (Raiffeisen Customer Guarantee Scheme Austria (RK\u00d6).
The members of this association have a contractual obligation to guarantee jointly the punctual fulfillment of the entirety of
an insolvent association member\u2019s commitments arising from customer deposits and its own issues up to the limit of the sum
of the individual capacities of the remaining association members. The individual capacity of an association member is
measured on the basis of its freely available reserves subject to the pertinent provisions of the Austrian Banking Act (BWG).
In view of the change in the legal and regulatory framework and implementation of an institutional protection scheme, the
RK\u00d6 and its respective member institutions decided in 2019 to discontinue the scheme for new transactions. Accordingly, the
supplementary protection by RK\u00d6 may only be granted to protected transactions entered into before 1 October 2019. The
rights of customers with regard to statutory deposit insurance are not affected and remain fully in place.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-525": { "value": "
(30) Loan commitments, financial guarantees and other commitments
Financial guarantees
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.
Contingent liabilities and commitments
This item mainly includes contingent liabilities from undrawn loan commitments. Loan commitments must be reported when a
credit risk may occur. These include commitments to provide loans, to purchase securities or to provide guarantees and
acceptances. Loan loss provisions for loan commitments are reported under provisions for liabilities and charges. Often, loan
commitments are only partially drawn and thus comprise a drawn and an undrawn commitment. If it is not possible to
separately identify the expected credit losses applicable to a drawn commitment and those to an undrawn commitment,
these are shown together with the impairments of the financial asset, in accordance with IFRS 7. The total expected credit
losses are shown as a provision if they exceed the gross carrying amount of the financial asset. Major contingent liabilities
from legal disputes are shown under (45) Pending legal issues.
in \u20ac million
2025
2024
Loan commitments given
42,664
37,635
Financial guarantees given
10,034
9,243
Other commitments given
5,609
5,567
Total
58,307
52,445
Provisions for off-balance sheet items according to IFRS 9
(219)
(182)
In addition to the provisions for off-balance sheet risks according to IFRS 9 presented, provisions of less than one million were
recognized for other commitments given in accordance with IAS 37 (previous year: \u20ac\u00a01 million).
Nominal value and provisions for off-balance sheet liabilities from commitments and financial guarantees according to IFRS 9
shown by counterparties and stages \u2013 in accordance with \u00a7 51 (13) of the Austrian Banking Act (BWG):
2025
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.0%
-
-
General governments
535
54
0
0
0
0
0.1%
0.5%
95.1%
Banks
2,637
136
0
0
0
0
0.0%
0.1%
-
Other financial corporations
7,063
531
4
(4)
(5)
0
0.1%
0.9%
0.1%
Non-financial corporations
34,466
4,888
128
(56)
(86)
(36)
0.2%
1.8%
28.2%
Households
6,959
887
20
(11)
(6)
(14)
0.2%
0.7%
69.6%
Total
51,660
6,496
151
(72)
(97)
(50)
0.1%
1.5%
33.0%
2024
Nominal amount
Provisions for off-balance sheet items
according to IFRS 9
ECL coverage ratio
in \u20ac million
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Stage 1
Stage 2
Stage 3
Central banks
0
0
0
0
0
0
0.1%
-
-
General governments
475
8
18
0
0
(1)
0.0%
3.3%
5.1%
Banks
2,112
166
0
0
0
0
0.0%
0.0%
-
Other financial corporations
6,366
422
2
(3)
(3)
0
0.1%
0.8%
0.0%
Non-financial corporations
32,640
3,721
179
(56)
(46)
(43)
0.2%
1.2%
24.2%
Households
5,507
813
16
(10)
(7)
(12)
0.2%
0.8%
71.0%
Total
47,099
5,130
215
(70)
(56)
(56)
0.1%
1.1%
26.0%
Development of provisions for loan commitments, financial guarantees and other
commitments given:
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2025
70
56
56
182
Increases due to origination and acquisition
80
11
9
100
Decreases due to derecognition
(30)
(17)
(12)
(60)
Changes due to change in credit risk (net)
(43)
43
(5)
(4)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
0
0
0
0
Foreign exchange and other
(5)
4
1
0
As at 31/12/2025
72
97
50
219
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
As at 1/1/2024
58
96
49
204
Increases due to origination and acquisition
67
23
6
96
Decreases due to derecognition
(28)
(23)
(8)
(59)
Changes due to change in credit risk (net)
(36)
(38)
11
(62)
Decrease due to write-offs
0
0
0
0
Changes due to model/risk parameters
0
0
0
0
Change in consolidated group
9
(2)
0
7
Foreign exchange and other
(1)
0
(2)
(3)
As at 31/12/2024
70
56
56
182
Nominal values of off-balance sheet commitments by rating categories and stages:
2025
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
837
218
0
1,055
Strong
17,625
1,167
0
18,792
Good
25,035
2,349
0
27,384
Satisfactory
7,083
2,231
0
9,315
Substandard
397
325
0
722
Credit impaired
0
0
150
150
Not rated
683
205
1
889
Nominal amount
51,660
6,496
151
58,307
Provisions for off-balance sheet items according to IFRS 9
(72)
(97)
(50)
(219)
Nominal amount after provisions
51,589
6,399
101
58,088
2024
Stage 1
Stage 2
Stage 3
Total
in \u20ac million
12-month ECL
Lifetime ECL
Lifetime ECL
Excellent
862
244
0
1,106
Strong
17,492
873
0
18,365
Good
21,426
1,984
0
23,410
Satisfactory
4,912
1,659
0
6,572
Substandard
109
266
0
375
Credit impaired
0
0
214
214
Not rated
2,298
103
1
2,402
Nominal amount
47,099
5,130
215
52,445
Provisions for off-balance sheet items according to IFRS 9
(70)
(56)
(56)
(182)
Nominal amount after provisions
47,030
5,074
159
52,263
The category not rated includes off-balance sheet commitments for some retail customers for whom no ratings are available.
The rating is therefore based on qualitative factors.
(45) Pending legal issues
RBI is involved in various legal, administrative or arbitration proceedings before various courts and authorities mainly arising in
the ordinary course of business and involving contractual, labor, and other matters.
A provision is only recognized if there is a legal or constructive obligation because of a past event, payment is likely, and the
amount can be reliably estimated. A contingent liability that arises from a past event is disclosed unless payment is highly
unlikely. A contingent asset that arises from a past event is reported if there is high probability of occurrence. In no instance in
the description that follows is an amount stated in which, in accordance with IAS 37, this would be severely detrimental. In
some cases, provisions are measured on a portfolio basis because this results in the obligation being estimated with greater
reliability. RBI has grouped its provisions, contingent assets, and contingent liabilities under the headings of consumer
protection, banking business, regulatory enforcement, and tax litigation.
Rasperia
In August 2024, a Russian company, Rasperia Trading Limited (Rasperia) filed an action against the Austrian company STRABAG
SE (STRABAG) and several major shareholders of STRABAG (STRABAG Shareholders) as well as against RBI\u2019s Russian subsidiary
AO Raiffeisenbank with the Arbitration Court of the Kaliningrad Region. Rasperia, holding 28,500,000 ordinary shares and one
registered share in STRABAG, alleges that it was deprived of its shareholder\u2019s rights, in particular by not being allowed to
participate in shareholder meetings or nominate members of the supervisory board of STRABAG, it is not paid dividends for the
past years and the dilution of its share in STRABAG without its consent and compensation in 2023. According to Rasperia, the
forfeiture of all its shareholder\u2019s rights resulted in the infliction of losses in the amount of approximately \u20ac 1.983 billion,
composed of the market value of Rasperia\u2019s share in STRABAG as well as unpaid dividends and interest on both amounts.
AO Raiffeisenbank is mentioned in the claim as related to the other defendants, although not accused of any wrongdoing. RBI
is not a party to these proceedings.
Rasperia has separated the claims against STRABAG and the STRABAG Shareholders from the claims against AO
Raiffeisenbank:
(i) The claim against STRABAG and the STRABAG Shareholders is for damages in the amount of approximately \u20ac 1.983 billion
plus interest up to the date of execution of the judgment, as amended from time to time (Claimed Amount).
(ii) The claim against AO Raiffeisenbank is intended to ensure enforcement in Russia of the judgment rendered under item (i)
above and therefore comprises the foreclosure on AO Raiffeisenbank funds (in particular with regard to its retained earnings)
for the compensation of the Claimed Amount awarded to Rasperia and, in return, the recognition of AO Raiffeisenbank
ownership of the 28,500,000 STRABAG ordinary shares and one registered share held by Rasperia from the date of execution of
the judgment against AO Raiffeisenbank.
In the preliminary court hearing on 16 October 2024, the Claimed Amount was increased from approximately \u20ac 1.983 billion to
approximately \u20ac 2.043 billion.
On 20 January 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 2.044 billion to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets.
In its verdict, the Russian court has also acceded to Rasperia's request according to which the ownership rights for the shares
of STRABAG held by Rasperia are to be transferred to AO Raiffeisenbank. However, Russian verdicts have no binding effect in
Austria and the transfer of shares is therefore not enforceable. Furthermore, Rasperia's STRABAG shares are subject to an
asset freeze under EU sanctions which also currently prevents their transfer.
On 21 February, AO Raiffeisenbank filed an appeal against the verdict with suspensive effect. On 24 April 2025, the Russian
appeal court in St. Petersburg confirmed the first-instance verdict from the Arbitration Court of the Kaliningrad Region. As a
consequence of this verdict from the Russian appeal court in St. Petersburg, AO Raiffeisenbank is required to pay the damages
of \u20ac 2.044 billion, awarded by the Arbitration court of Kaliningrad Region. On 25 April 2025 AO Raiffeisenbank appealed the
second-instance verdict in the next instance, the Court of Cassation in St. Petersburg. The appeal to the Court of Cassation
was accompanied by a request to suspend the enforcement of the second-instance judgment, which has however already
been dismissed by the Court of Cassation. In a court hearing held on 4 August 2025, the Court of Cassation in St. Petersburg
denied AO Raiffeisenbank\u2019s cassation appeal against the verdict. AO Raiffeisenbank abstained from filing an extraordinary
appeal to the Supreme Court of the Russian Federation to minimize any further financial risk.
On 30 April 2025, Rasperia requested the Russian Central Bank (CBR) to enforce the judgement by debiting a correspondent
account of AO Raiffeisenbank at the CBR with the RUB equivalent of \u20ac 1.870 billion (this corresponds to the damages awarded
to Rasperia by the Arbitration Court of the Kaliningrad Region, excluding interest of approximately \u20ac 174 million). In accordance
with this request, on 30 April an amount of RUB 174.221 billion was deducted or seized from a CBR correspondent account of AO
Raiffeisenbank by the CBR in favor of Rasperia. The interest awarded to Rasperia by the Arbitration Court of the Kaliningrad
Region had not been part of Rasperia's enforcement request to the CBR at that point in time but was the subject of a second
enforcement request on 26 May 2025. Consequently, on 27 May 2025, an amount of approximately RUB 21.599 billion
(corresponding to an amount of approximately \u20ac 239 million including additional interest accrued meanwhile) was deducted or
seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia; yet, in its second enforcement
request, Rasperia omitted one day of the interest period. Finally, on 15 July 2025, upon Rasperia\u2019s third enforcement request, an
amount of approximately RUB 36.7 million (corresponding to approximately \u20ac 400,000), which represents the remaining amount
of interest, was deducted or seized from a CBR correspondent account of AO Raiffeisenbank by the CBR in favor of Rasperia.
RBI Group maintains a high degree of confidence in the judicial enforcement of its damage claim against Rasperia in Austria
and the enforceability thereof against Rasperia\u2019s assets in Austria. The judicial enforcement of the damage claim against
Rasperia can be carried out in full compliance with EU sanction law, to mitigate damages by seeking enforcement against
Rasperia's assets in Austria. The legal bases for such recourse litigation are rooted, inter alia, in EU sanctions (Article 11a of
Council Regulation (EU) 269/2014 and Article 11b of Council Regulation (EU) 833/2014), which specifically target cases like a
recourse litigation against Rasperia. Accordingly, a positive outcome of the recourse litigation is still considered by
management to be highly likely.
On 12 August 2025, AO Raiffeisenbank was served with a further lawsuit of Rasperia against STRABAG and the STRABAG
Shareholders as well as AO Raiffeisenbank which had been filed with the Arbitration Court of the Kaliningrad Region. Rasperia
claims from STRABAG and the STRABAG Shareholders the ruble equivalent of approximately \u20ac 339 million comprising inter alia
damages for the non-receipt by Rasperia of the monetary compensation related to the reduction of the authorized capital of
STRABAG implemented in 2024, for unpaid dividends of STRABAG for 2024 as well as interest on the various amounts which will
continue to accrue until the date of full payment. Rasperia again included AO Raiffeisenbank in its claim to ensure full
enforcement of the judgment against AO Raiffeisenbank\u2019s funds in Russia. RBI is not a party to these proceedings. On 18
December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Application for an anti-suit injunction
On 9 June 2025, Rasperia filed an application for an anti-suit injunction (ASI) before the Arbitral Court of the Kaliningrad Region,
targeting the STRABAG Shareholders\u00a0 and AO Raiffeisenbank. According to the ASI application, Rasperia seeks (A) to prevent the
continuation of arbitration proceedings in Amsterdam initiated by the STRABAG Shareholders against Rasperia (Amsterdam
Arbitration) and (B) to prohibit the filing of damage claims before foreign courts related to the Kaliningrad proceedings which
resulted in the Russian verdict dated 20 January 2025. Rasperia requests a RUB equivalent of \u20ac 1.09 billion penalty to be
enforced against AO Raiffeisenbank for non-compliance with the ASI in relation to the Amsterdam Arbitration (see item (A)
above), claiming AO Raiffeisenbank is controlled by one of the STRABAG Shareholders. On July 2, 2025, Rasperia amended its ASI
application to include RBI as a respondent and seeks to prohibit RBI from initiating foreign proceedings for damages related to
the Kaliningrad proceedings (see item (B) above). In July and September 2025, all STRABAG Shareholders discontinued the
Amsterdam Arbitration and withdrew their claims with prejudice. In turn, and in preparation for an oral hearing on 13 October
2025, Rasperia withdrew its ASI request related to the Amsterdam Arbitration and the \u20ac 1.09 billion penalty (see item (A) above).
The Arbitral Court of the Kaliningrad Region adjourned the hearing on Rasperia\u2019s second ASI request (see item (B) above) until
25 February 2026.
Assessment of legal risks
An affirmative judgment in Austrian civil proceedings would, in turn, allow enforcement against Rasperia's shares of STRABAG
as well as any related dividends or payments related to capital measures that have been withheld due to sanctions.The
probability of success in the administrative proceedings to unfreeze Rasperia's assets as well as in the enforcement
proceedings against its shares including withheld payments related to capital measures are expected to be highly likely.
While litigation always bears risks, in the external legal assessment no substantial obstacles were identified why RBI should not
prevail. Remaining uncertainties in connection with a recourse litigation initiated against Rasperia in Austria may include the
following:
\u00b7 Untested EU sanctions framework: The relevant EU sanctions framework is practically untested.
\u00b7 Time-bar on dividends: No case law is available on the legal consequences of the statute of limitation stipulated in
STRABAG's articles of association for dividends.
\u00b7 Unfreezing of Rasperia\u2019s assets: In the context of EU sanctions law, a minor degree of legal uncertainty remains, as
an authority could argue that it should not issue a positive decision even if the requirements are met. However, this
risk is expected to be very low.
From a U.S. sanctions perspective, it should be noted that the United States maintains two broad categories of sanctions:
\u201cprimary sanctions\u201d and \u201csecondary sanctions. Primary sanctions apply to activities with a U.S. nexus, involving U.S. persons or
connections to U.S. territory, and can require OFAC licenses for transactions otherwise prohibited. Secondary sanctions target
non-U.S. individuals and entities engaging in specified activities with sanctioned parties, aiming to discourage such conduct
without requiring a U.S. nexus, and can lead to various sanctions. Since there is no U.S. nexus there would be no U.S. primary
sanctions jurisdiction over the judgment in Russia or the potential recourse litigation in Austria. Secondary sanctions, on the
other hand, are to be considered because Rasperia is subject to U.S. sanctions. As in the past RBI AG continues to transparently
brief OFAC and the U.S. Treasury on material developments in the Russian litigation and the recourse litigation in Austria as
well. Accordingly a potential U.S. sanction risk to RBI AG and AO Raiffeisenbank stemming from the Russian verdict against AO
Raiffeisenbank and from potential RBI AG/AO Raiffeisenbank recourse litigation in Austria, but also for potential buyers and
involved parties in the context of the execution of the assets of a sanctioned company, is expected to be low.
Accounting policy information and critical accounting judgement
Due to changed circumstances related to Rasperia's application for an anti-suit injunction, management's assessment of the
expected cash inflow from enforcing claims against Rasperia has changed. The revised assessment as of June 30, 2025,
considers Rasperia's application for the anti-suit injunction against RBI Group and the associated risks of asset outflow within
the RBI Group, the chances of averting this, and the resulting delay in RBI's lawsuit against Rasperia in Austria. Consequently,
management concluded that the criteria for recognizing an asset under IFRS were no longer met.
On 18 December 2025, the Arbitration Court of the Kaliningrad Region rendered its verdict and decided that STRABAG and the
STRABAG Shareholders are liable to pay \u20ac 339 million to Rasperia and that the verdict can be enforced against AO
Raiffeisenbank's assets. AO Raiffeisenbank appealed this verdict with suspensive effect. In December 2025 AO Raiffeisenbank
booked a provision in the amount of \u20ac 339 million.
Financial Impact
In the fiscal year 2025, the damages awarded to Rasperia amounting to \u20ac 2,109 million (including interest) were withdrawn
from AO Raiffeisenbank's correspondent account by the CBR, and the provision formed at the end of 2024 amounting to \u20ac 840
million was utilized. Due to the revised management assessment, from the expected proceeds from the enforcement of RBI\u2019s
claims against the Austrian assets of Rasperia amounting to \u20ac 1,204 million were derecognized in June 2025. Despite the
changed accounting treatment, the legal assessment remains unchanged, and the management maintains a high degree of
confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia\u2019s assets in Austria.
For the damages claimed by Rasperia, against STRABAG and the STRABAG shareholders for the non-receipt of financial
compensation related to the capital reduction carried out in 2024 as well as for unpaid dividends and the interest accruing on
them until full payment, a provision of \u20ac 339 million was recognized.
Preliminary injunction (Temporary transfer ban)
Related to the above mentioned legal proceedings initiated by Rasperia against, among others, AO Raiffeisenbank, a Russian
court had on 5 September 2024 issued a preliminary injunction, by which shares of AO Raiffeisenbank were subject to a
temporary transfer ban with immediate effect. The purpose of the transfer ban was to keep the current state unchanged until
Rasperia's claims are settled. As a result of this court decision RBI could not transfer its shares in AO Raiffeisenbank which
complicated the efforts of RBI to sell a controlling stake in AO Raiffeisenbank. As AO Raiffeisenbank\u2019s motion to cancel the
preliminary injunction was rejected, AO Raiffeisenbank filed an appeal to the Arbitration Court of Appeal in St. Petersburg on 27
September 2024. On 5 December 2024, the Arbitration Court of Appeal confirmed the preliminary injunction. AO Raiffeisenbank
filed an appeal to the Court of Cassation in St. Petersburg in January 2025 which was dismissed on 24 March 2025. The transfer
ban on AO Raiffeisenbank shares, which was imposed as a measure to secure payment of damages, was expected to be lifted
upon the disbursement of the full amount of damages including interest as awarded to Rasperia by the Arbitration Court of
the Kaliningrad Region. Accordingly, following the deduction or seizure of the full of amount of damages including interest
awarded to Rasperia by the Russian verdict dated 20 January 2025, AO Raiffeisenbank filed a motion with the competent
Russian court to lift the transfer ban on 23 July 2025. In a court hearing held on 4 August 2025, the Court of Cassation in St.
Petersburg granted AO Raiffeisenbank\u2019s motion to cancel the preliminary injunction and lifted the transfer ban over the shares
in AO Raiffeisenbank.
Consumer protection
RBI faces customer lawsuits in connection with consumer protection matters. Most claims relate to terms of contract that are
alleged to breach consumer protection or other laws. The legal risk associated with such claims is heightened by the danger of
politically motivated legislation that increases the degree of unpredictability.
Croatia
In Croatia, following litigation initiated by a Croatian consumer association against Raiffeisenbank Austria, d.d., Zagreb (RBHR),
and other Croatian banks, two contractual clauses used in consumer loan agreements between 2003/2004 and 2008 were
declared null and void: an interest change clause and a CHF index clause. The decision on the interest adjustment clause
cannot be challenged any more. The decision on the nullity of the CHF index clause which was confirmed by the Croatian
Supreme Court also passed control of the Croatian Constitutional Court. RBHR is exploring the possibility to challenge this
decision, and submitted an application before the European Court for Human Rights in August 2021. The issue of CHF-indexed
loans which were converted under the Croatian Conversion Act into EUR-indexed loans was pending before the Court of Justice
of the European Union (CJEU) for preliminary ruling. In May 2022, CJEU published a preliminary ruling but like the Croatian
Supreme Court in a sample dispute, CJEU did not answer whether consumers of converted loans are entitled to any additional
compensation (besides the positive effects of the conversion performed under provisions of the Croatian Consumers Credit Act
2015). Therefore, the issue whether consumers are entitled to additional compensation (notwithstanding conversion) remained
for domestic courts to judge, primarily for the Croatian Supreme Court. Based on the decisions already rendered on the nullity
of the interest change clause and/or the CHF index clause, a number of borrowers have already raised claims against RBHR. In
its session in December 2022, the Croatian Supreme Court adopted the view that consumers are entitled to additional
compensation only in the amount of penalty interest on overpayments (if any) made until the conversion of CHF-indexed loans
into EUR-indexed loans in 2015. However, in April 2023, the President of the Supreme Court informed the public that the
adopted legal position did not pass the control by the Registrar for Judicial Practice of the Supreme Court who has the
authority to reverse any decision in case he considers that it does not comply with the law. In the meantime (July 2024), the
CJEU ruled in joined cases C-554/21, C-622/21 and C-727/21 that such a legal practice (that a judge/registrar of case law who
did not participate in the decision-making process can stop a final decision of another judge or council of the Supreme Court) is
contrary to EU law. The harmonisation of the CJEU judgment and the case law of the Supreme Court is still pending. The
question of whether the consumers from converted CHF-indexed loans are entitled to additional compensation or not has not
been resolved yet. A possible solution (whether consumers are entitled to additional compensation or not) is expected to be
given in the individual rulings of the Croatian Supreme Court. Only such specific rulings may then be challenged before the
Constitutional Court. Given current legal uncertainties relating to the statute of limitations, the validity of the CHF index
clause/conversion performed, the calculation of the additional compensation, the further course of action, the final outcome of
the request for preliminary ruling and the number of borrowers raising such claims, a final quantification of the financial
impact and the possible damage is not possible at this point of time. In this connection, a provision of \u20ac 51 million (previous
year: \u20ac 58 million) was recognized.
Poland
In Poland, a significant number of civil lawsuits are pending in relation to certain contractual stipulations connected with
consumer mortgage loans denominated in or indexed to foreign currencies. As at 31 December 2025, the total amount in
dispute was approximately PLN 8,926 million (\u20ac 2,115 million). The number of such lawsuits continues to increase.
In this context, a Polish court requested the Court of Justice of the European Union (CJEU) to clarify whether certain clauses in
these agreements breach European law and are unfair. The CJEU\u2019s preliminary ruling (C-260/18) in October 2019 does not
answer whether the loan agreements are invalid in whole or part but merely gives interpretative guidance on the principles
according to which the national courts must decide in each individual case. According to this, a loan agreement without unfair
terms should remain valid provided that it is in conformity with national law. If a loan agreement cannot remain valid without
the unfair term, the entire contract would have to be annulled. If the annulment of the entire contract triggers material
negative consequences for the borrower, the Polish courts can replace the unfair term by a valid term in accordance with
national law. The consequences of the contract being annulled must be carefully examined so that the borrower can consider
all potential negative consequences of annulment.
In another proceeding involving RBI, the District Court for Warszawa-Wola in Warsaw requested the CJEU to issue a preliminary
ruling concerning the way in which the contractual provisions concerning the rules for determining the buying and selling rates
for foreign currency are to be formulated in the case of consumer mortgage loans indexed to a foreign currency. In the
judgement of 18 November 2021 in case C-212/20, the CJEU considered that the content of a clause of a loan agreement that
sets the buying and selling prices of a foreign currency to which the loan is indexed must enable a reasonably well informed
and reasonably observant consumer, based on clear and intelligible criteria, to understand the way in which the foreign
currency exchange rate used to calculate the amount of the repayment installments is set. Based on information specified in
such a provision, the consumer must be able to determine on his or her own, at any time, the exchange rate applied by the
entrepreneur. In the justification the CJEU specified that a provision that does not enable the consumer to determine the
exchange rate himself or herself is unfair. Moreover, the CJEU indicated in said judgement that the national court, when the
considered term of a consumer contract is unfair, is not allowed to interpret that term in order to remedy its unfairness, even if
that interpretation would correspond to the common intention of the parties to that contract. Only if the invalidity of the
unfair term were to require the national court to annul the contract in its entirety, thereby exposing the consumer to
particularly unfavorable consequences, so that the consumer would thus be penalized, the national court might replace that
term with a supplementary provision of national law. The CJEU therefore did not entirely preclude national courts hearing such
cases from supplementing the contract with supplementary provisions of national law, but gaps may not be filled solely with
national provisions of a general nature and such remedy may be applied only in strictly limited cases as specified by the CJEU.
The assessment of an unfair nature of contractual provisions as well as the decision concerning supplementation of the
contract after removal of unfair contractual clauses, however, still falls within the competence of the national court hearing
the case. The CJEU did not determine at all whether, in the consequence of the above-mentioned actions, the entire foreign
currency contract is to be annulled.
On 15 June 2023, the CJEU announced its judgment in case C-520/21 on the consequences of the annulment of a mortgage loan
agreement vitiated by unfair terms. The consumer mortgage loan agreement indexed to CHF had been annulled on the ground
that the conversion clauses determining the rate of exchange into PLN for purposes of the monthly installments were
considered to be unfair and that the loan agreement could not continue in existence after removal of the unfair terms. The
CJEU observed that EU law does not expressly govern the consequences of the annulment of a consumer contract which are to
be determined by domestic legislation in the individual EU member states. Such domestic legislation has to be compatible with
EU law and its objectives, in particular to restore the situation which the consumer would have been in had the annulled
contract not existed as well as not to undermine the deterrent effect sought by EU law. According to the CJEU, EU law does not
preclude consumers from seeking compensation from the bank going beyond the reimbursement of the monthly installments
paid and the expenses paid in respect of the performance of the mortgage loan agreement together with the payment of
penalty interest at the statutory rate from the date on which notice is served. Nevertheless, it is a matter for the national
courts to determine whether upholding such claims on the part of the consumers is in accordance with the principle of
proportionality. By contrast, EU law precludes the bank from being able to claim from the consumer compensation going
beyond reimbursement of the capital paid in respect of the performance of the mortgage loan agreement together with the
payment of penalty interest at the statutory rate from the date on which notice is served.
Further specifications on the consequences of the annulment of a consumer mortgage loan agreement vitiated by unfair
terms was provided by the CJEU in its judgments in cases C-756/22 of 11 December 2023, C-488/23 of 12 January 2024 and
C-424/22 of 8 May 2024. None of these proceedings involved RBI directly. In all three cases, the CJEU considered that the
interpretation of EU law requested by the referring courts can be clearly derived from the previous CJEU\u2019s judgments, in
particular from judgement in case C-520/21 of 15 June 2023 comprehensively described in the paragraph above. In the case
C-756/22 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms without which it
cannot continue to be in force, the bank is not allowed to demand the consumer to pay amounts other than the capital paid in
performance of that contract and statutory penalty interest from the time of the demand for payment. In the case C-488/23
the CJEU stated that EU law precludes banks from being able to claim from the consumer \u2013 in addition to the reimbursement
of the capital sums paid in performance of the contract and statutory penalty interest from the date of the demand for
payment - compensation consisting of a judicial adjustment of the benefit of the capital sum paid in the event of a material
change in the purchasing power of the currency in question after that capital was paid to the consumer concerned. In the case
C-424/22 of 8 May 2024 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms and
the bank is therefore obliged to make restitutory payments to a consumer, the bank is not entitled to apply the right of
retention. This means that the bank is not allowed to withhold such payment until the debtor has repaid all sums that he or
she had received from the bank under the loan agreement.
Which impact the above mentioned CJEU judgments will have on the decisions made by Polish courts in individual civil cases
cannot be assessed finally due to the complexity and variability of case-specific factors, as well as the potential differing
contexts and legal nuances involved in each case.
On 25 April 2024, the full Civil Chamber of the Polish Supreme Court (the SC) adopted a resolution concerning legal issues
concerning loans indexed to or denominated in a foreign currency. In line with CJEU judgments, the SC ruled that if a
contractual term referring to an indexation mechanism is considered unlawful and is not binding, it cannot be replaced by
another method of determining the foreign exchange rate resulting from provisions of law or established customs and the
loan agreement shall not be binding in the remaining scope. The decision whether a contractual term is unfair is up to the
court hearing the case concerning an individual loan agreement. If a loan agreement is not binding due to its unlawful terms,
each party has a separate claim for the return of undue payments: the bank for the return of capital and the borrower for the
return of payments. The SC found no justification for mutual settlement of the parties\u2019 claims by the court during the hearing
of the case. The limitation period of the bank\u2019s claim for reimbursement of amounts paid under the loan shall, as a rule,
commence on the day following the day on which the borrower challenged the binding force of the loan agreement against
the bank. Thus, the start of the limitation period depends on the consumer's action and should therefore be analyzed
individually in relation to each contract. This decision modified a previous decision of the SC which provided that the limitation
period of the bank\u2019s claim would start after the consumer is informed about the potential consequences of declaring the loan
agreement invalid and the consumer consents to such a declaration of invalidity. The SC also excluded the possibility for any
party to claim interest or any other remuneration for the use of its funds in the period between the undue payment and the
delay in reimbursing the payment. Despite the fact the resolution was adopted to resolve the arising interpretation issues
connected with disputes concerning loans in Swiss francs, the conclusions arising from it are applicable to loans in other
currencies, including loans in euro, as well.
The above resolution of the SC, combined with the earlier CJEU ruling, means that banks operating in Poland and holding
foreign currency loan portfolios, including RBI, shall not be able to claim any additional remuneration and/or valorization in
connection with such annulled agreements as set out above. Banks shall be limited then only to the possibility to claim the
return of the capital made available to the customer when the loan was originated. This does not affect the possibility of
demanding payment of penalty interest, provided that the conditions for which the bank may demand such interest are met.
As regards the banks\u2019 claim of the return of capital, the guidance provided by the resolution of the SC and the current practice
may be affected by the CJEU judgment dated 19 June 2025 set out below.
On 19 June 2025, the CJEU issued another judgment in case C-396/24, ruling that Directive 93/13/EEC on unfair terms in
consumer contracts prevents banks from demanding full repayment of the disbursed nominal amount of a loan when such
loan agreements are considered null and void, without considering prior repayments made by the consumer (set-off theory).
This ruling may influence the current judicial practice of Polish courts, which, pursuant to the resolution of the Polish Supreme
Court from 25 April 2024 (described in detail above), applies the \"two claims\" theory. Under this theory, banks may claim full
repayment of amounts paid under a contract declared void, irrespective of the repayments made and the remaining balance
owed. This theory has also served as the basis for banks suing former borrowers to secure capital repayment. Furthermore, the
judgment prohibits the immediate enforceability of rulings favouring banks unless adequate consumer protections are in place.
The potential impact on Polish jurisprudence remains uncertain, with possible outcomes ranging from the adoption of a set-off
theory to the continuation of existing legal frameworks, as the judicial interpretation of this CJEU ruling may vary.
On 27 November 2025, the CJEU delivered a judgment in case C-746/24 which precludes national procedural rules that impose
disproportionately higher court costs on consumers defending against bank-initiated restitution claims for capital compared
to costs incurred in consumer-led actions for contract annulment. It was held that such a disparity in legal expenses
undermines the deterrent effect of Council Directive 93/13/EEC and may discourage consumers from exercising their rights
under the protective framework for unfair contract terms. The Polish civil procedural law provides for a limitation of the
maximum amount of court fees for claims initiated by consumers in cases related to banking activity. Conversely, a bank
initiating legal proceedings against a consumer cannot benefit from such preferential treatment and is required to bear court
fees in accordance with general rules, which results in significantly higher initial costs for the financial institution. Irrespective
of the CJEU's ruling, Polish courts retain the authority to invoke specific domestic procedural regulations to determine the final
allocation of costs, whereby courts are permitted to deviate from general cost-sharing principles based on the principle of
equity or the specific conduct of the parties. Consequently, the ultimate impact of the judgment on RBI\u2019s litigation expenses
depends on the discretionary assessment by national courts in individual cases. RBI continues to monitor the judicial trends and
may adjust its legal risk provisions and procedural strategies to mitigate potential adverse financial effects arising from this
jurisprudence.
Polish common courts have referred further multiple questions to the CJEU regarding interpretation of the Directive 93/13/EEC
on unfair terms in consumer contracts in relation to foreign exchange loan agreements. The issues include i.a. the legality of
requiring consumers to pay legal costs, the interruption of limitation periods for the banks\u2019 claims, treatment of time-barred
claims, banks' set-off rights, reimbursement of insurance costs, and the validity of contractual annexes. These inquiries seek to
clarify how national laws align with EU consumer protection standards.
A significant Inflow of lawsuits has been observed since the beginning of 2020 mainly as a result of the CJEU ruling in case
C-260/18 and of intensified marketing activity by law firms acting on behalf of borrowers. In the fiscal year 2025, RBI\u2019s Polish
branch recorded 4,334 new lawsuits (previous year: nearly 6,150 lawsuits) with an average of around 361 new lawsuits per
month in 2025 (of which CHF lawsuits 268 and 93 lawsuits for Euro loans). The inflow could continue to decrease as a result of
the increasing number of settlements being reached between RBI\u2019s Polish branch and borrowers as well as the fact that a
significant portion of the loan portfolio is already subject to ongoing litigation, which naturally limits the potential inflow of
new claims.
Furthermore, Polish courts have approached the CJEU with further requests for a preliminary ruling in other civil proceedings
which could lead to further CJEU\u2019s clarifications that could influence how court cases concerning foreign currency loans are
decided by national Polish courts.
The impact assessment in relation to affected FX-indexed or FX-denominated loan agreements may also be influenced by the
outcome of an ongoing administrative court proceeding resulting from the RBI Polish Branch\u2019s appeal against the decision of
the President of the Office of Competition and Consumer Protection (UOKiK).The contested decision stated that RBI\u2019s Polish
branch was engaged in practices violating the collective consumer interests and resulted in an administrative fine on RBI\u2019s
Polish branch and an obligation to provide borrowers information on the violation in case the administrative decision becomes
final. In June 2025, the Court of Competition and Consumer Protection (SOKIK) fully dismissed RBI's appeal against the decision.
In August 2025, RBI lodged\u00a0 an\u00a0 appeal against this judgment to the Court of Appeal in Warsaw.
Moreover, the Polish Financial Ombudsman, acting on behalf of two borrowers, has initiated a civil proceeding against RBI
alleging employment of unfair commercial practices towards consumers in respect of a case in which RBI \u2013 following the
annulment of a loan agreement \u2013 claimed the full loan amount originally disbursed without taking into account repayments
made in the meantime as well as amounts due for the use of capital by the borrowers based on the principle of unjust
enrichment, and has demanded that RBI discontinue such practices. In May 2023, the claim of the Financial Ombudsman was
dismissed by the court of first instance. The Financial Ombudsman lodged an appeal against this judgment, which was served
on RBI and duly responded to.\u00a0
RBI is also plaintiff in a number of ongoing civil lawsuits related to mortgage loans denominated in or indexed to Swiss Franc
and Euro which are already terminated. As of 31 December 2025, the total amount in dispute is in the region of approximately
PLN 298.5 million (\u20ac 71 million). The claims of RBI are for principal and interest which had not been paid due to legal objections.
The lawsuits are raised on contractual grounds or on the basis of unjust enrichment.
In addition, RBI has initiated a number of lawsuits based on counterclaims for the reimbursement of capital against borrowers
in case the borrower challenges the validity of the foreign currency mortgage loan against RBI. The filing of the lawsuits aims
at securing RBI\u2019s claims and should prevent that they become time-barred. As of 31 December 2025, the total amount in
dispute in these proceedings amounted to PLN\u00a0 2.662 million (\u20ac631 million). A further bunch of proceedings is expected to be
initiated until the end of 2025. In the coming years, the decision to file such lawsuits will depend on the ultimate impact of the
CJEU judgment in case C-746/24 described above, the development of national jurisprudence and potential legislative
initiatives.
Polish legislation topics
At the end of September 2025, the Polish Government adopted a draft law, introducing special procedures for civil cases
involving loans denominated in or indexed to Swiss francs (CHF). In early October 2025, the draft was submitted to the Sejm
(the lower house of the Polish Parliament) to begin the legislative process. The primary objective of the draft law is to
accelerate litigations related to CHF loans, reduce the burden on the courts, and strengthen consumer protection, in line with
the case law of the Court of Justice of the European Union. As drafted, the law would apply to civil cases between consumers
and banks concerning loans denominated in or indexed to CHF, including loans converted by annex into CHF-denominated or
CHF-indexed agreements. Loans denominated in or indexed to other currencies (notably EUR) would fall outside the scope of
the law. Overall, the proposed framework significantly strengthens the legal position of consumers in litigation against banks.
Upon service of the consumer\u2019s lawsuit or counterclaim on the bank, loan repayments are automatically suspended by
operation of law until the relevant court proceedings are finally concluded. The suspension of the borrower\u2019s repayment
obligations shall not constitute a default or improper performance under the loan agreement and shall not be reported to any
loan or debt registries. Moreover, any entries recorded in such registries prior to service of the statement of claim or
counterclaim on the bank must be deleted. For cases in which the consumer\u2019s lawsuit or counterclaim was served on the bank
before the act enters into force, the suspension of repayment obligations shall take effect from the act\u2019s effective date.
Consequently, from that date, repayments under all affected loan agreements will be automatically suspended by law,
potentially leading to a further reduction in cash inflows from the CHF loan portfolio. Notwithstanding the above, the bank
remains obliged to accept payments if the total amount repaid by the borrower remains below the total loan disbursed.
Importantly, consumers are not required to submit individual requests for suspension of repayments, and courts will no longer
need to issue or review rulings granting such interim measures or related appeals.
The procedural measures proposed in the draft aim to streamline case handling. Under the draft, cases may be heard in closed
sessions notwithstanding a party\u2019s request for a public hearing, parties may submit testimony in writing, and witness
examination may be conducted remotely, even if a party objects to such methods. In addition, a simplified procedure\u00a0 to
terminate proceedings following the voluntary withdrawal of claims or appeals was introduced at court. To facilitate
settlement and mutual reconciliation, the proposal allows the defendant to raise a set\u2011off defence up until the close of the
hearing before the court of second instance, or\u2014if the case is heard in a closed session\u2014until the verdict of the
second\u2011instance court is announced. Similarly, a counterclaim may be filed up to the conclusion of the hearing before the court
of first instance, or\u2014if the case is heard in a closed session\u2014until the first\u2011instance court judgment is announced. The draft\u00a0 bill
further incentivizes amicable dispute resolution by providing that, if a claim, appeal, or cassation appeal is withdrawn within
six months from the act\u2019s effective date, half of the court fee will be refunded. The draft act also provides for limitations on
the Supreme Court\u2019s ability to hear cassation appeals in cases concerning CHF-related loans.
The act is scheduled to enter into force 14 days after its publication in the official journal of laws. The compressed vacatio legis
underscores the urgency of the measure and may pose significant challenges for the banking sector in implementing its
provisions. In addition to financial effects (reduced inflows from repayments of disputed loans), the proposed provisions may
accelerate the resolution of proceedings before the courts, thereby accelerating the outflow of funds from banks due to the
need to settle final judgments. They may also encourage consumers who have not yet brought claims against banks to initiate
litigation.
Financial Impact
RBI has recognized a provision for filed and expected lawsuits in Poland regarding Swiss Franc and Euro loans, including default
interest that will be payable to customers. As lawsuits have been filed by a number of customers, the provision is based on a
statistical approach that takes into account both statistical data, where relevant, and expert opinions. The term provision,
used here, includes provisions according to IFRS 9, where the gross carrying amount is reduced by the provision amount due to
revision of expected cash flows, as well as provisions according to IAS 37.
RBI has around 17,2 thousand CHF loans to customers outstanding with a total volume of around \u20ac 1.3 billion and a further 10.1
thousand CHF loans have been repaid. These also include loans that are not expected to be the subject of litigation.
Furthermore, RBI has around 8.7 thousand Euro denominated loans to customers outstanding with a total volume of nearly \u20ac
360 million and a roughly 9.3 thousand loans have been repaid.
The resulting provision amounted to \u20ac 1,956 million (previous year: \u20ac 2.071 million), of which \u20ac 1,774 million for CHF loans and \u20ac
182 million for Euro loans. The total amount of the provision in Poland represents RBI\u2019s best estimate of the future outflow of
economic benefits. In calculating the provision for lawsuits filed in Poland, it is nevertheless necessary to form an opinion on
matters that are inherently uncertain, such as regulatory announcements, the number of future lawsuits, the extent to which
these will be upheld and the impact of legal decisions that may be relevant to the lawsuits received.
Thus a number of risks and uncertainties remain. Consequently the actual costs could differ from RBI\u2019s estimates and the
underlying assumptions. This could result in the need for an additional provision. The main measurable uncertainties
associated with the calculation of the provision relate to a potential reduction in the discount period, a decrease in discount
rates, an increase in the number of total expected lawsuits for outstanding and repaid loans as well as the success rate of out-
of-court settlements.
Sensitivity analysis
The sensitivity analysis refined during the reporting year for potential changes in the actual parameters over the next 12
months, while holding all other parameters constant, is shown in the following two tables, separated by CHF and EUR loans:
CHF-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
1,774
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
11
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
7
Decrease in discount rate (IFRS 9 carrying amount adjustment)
1.1%
- 0.3 PP
0.8%
5
Increase in propensity to litigate active loans
95%
+ 1.0 PP
96%
12
Increase in average loss coverage on outstanding loans
145%
+ 1.0 PP
146%
6
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
11
Increase in propensity to litigate repaid loans
43%
+ 1.0 PP
44%
3
Reduction of number of expected future settlements
2,497
- 10.0%
2,247
6
Increase of settlement offer for customers (in % of loss in case of
annulment)
79%
+ 5.0 PP
84%
11
EUR-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
182
Reduction in discounting period in years (IFRS 9 carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
8
Reduction in discounting period in years (IAS 37 provision)
20 months
-6 months
14 months
0
Decrease in discount rate (IFRS 9 carrying amount adjustment)
6.0%
- 0.3 PP
5.7%
1
Increase in propensity to litigate active loans
52%
+ 1.0 PP
53%
2
Increase in average loss coverage on outstanding loans
93%
+ 1.0 PP
94%
1
Decrease in discount rate (IAS 37 provision)
3.7%
- 1.0 PP
2.7%
1
Increase in propensity to litigate repaid loans
15%
+ 1.0 PP
16%
2
The assumptions are based on internal statistics as well as on market observations. The increase in provision is linear for each
change, with the exception of the discount rate changes which are logarithmic increases. Furthermore, the model does not
take into account changes related to unexpected developments in jurisprudence.
For the fiscal year 2025, the sensitivity analysis was slightly expanded. Firstly, a distinction was made between IFRS 9 carrying
amount adjustment and IAS 37 provision regarding the sensitivity of the discounting period, due to the different discounting
periods. Secondly, the CHF portfolio was supplemented with new sensitivities related to settlement offers, as these were
numerically more significant in 2025. These new sensitivities were not determined for the 2024 comparison period.
CHF-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
1,965
Reduction in discounting period in years
3,5 years
- 1,0 year
2,5 years
27
Decrease in discount rate (IFRS 9 provision)
2.3%
-0,3 PP
2.0%
8
Increase in propensity to litigate active loans
91.5%
+1,0 PP
92.5%
12
Increase in average loss coverage on outstanding loans
117%
+1,0 PP
118%
10
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
9
Increase in propensity to litigate repaid loans
53%
+1,0 PP
54%
4
EUR-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
106
Reduction in discounting period
3,5 years
- 1,0 year
2,5 years
7
Decrease in discount rate (IFRS 9 provision)
7.2%
-0,3 PP
6.9%
1
Increase in propensity to litigate active loans
32.9%
+1,0 PP
33.9%
2
Increase in average loss coverage on outstanding loans
83%
+1,0 PP
84%
2
Decrease in discount rate (IAS 37 provision)
5.3%
-1,0 PP
4.3%
1
Increase in propensity to litigate repaid loans
35%
+1,0 PP
36%
1
Settlement program
Already in 2023 an out-of- court settlement program based on the proposal by the Chairman of the Polish Financial Supervisory
Authority (KNF) have been launched. The major goal of the settlement program is to limit the expected losses resulting from
the current negative jurisprudence that in most case cancels the mortgage contract. Due to a tepid response to this program,
an improved model was developed in 2024 to enhance acceptance. Instead of recalculating the issued loan contract with
adjusted parameters, the revised settlement program focuses on the repayment amount to customers in the event of
annulment, minus a percentage deduction. In both scenarios, a settlement is achieved. Both cases lead to a write-off of a
portion of the loan balance depending on the individually negotiated settlement offer. The settlements are offered through a
mediation proceeding conducted by the Polish Financial Supervisory Authority.
As at 31/12/2025 RBI made 21,630 individual settlement proposals, out of which 4,541 customers already agreed and in addition
855 customers have signed agreements to enter a mediation process. The bank included in the provisioning calculation the
estimated number of settlements to be signed with customers reflecting the adjusted level of future losses in these settlement
cases. The consideration of settlements in the provision calculation is affected by factors such as the repayment amount and
the development of the ruling practice and the duration of proceedings.
Romania
In May 2023, the Romanian consumer protection authority (ANPC)\u00a0 has disputed the way installments in connection with
consumer loans are computed and claims that repayment schedules with fixed installments, which are composed of a bigger
portion of interest and a lower portion of principal in the early stages of the repayment, are detrimental to consumers and
therefore should be composed of an equal portion of capital and interest. It issued an order to stop such practice but a number
of banks, including RBI\u2019s\u00a0 Romanian network bank Raiffeisen Bank S.A., Bucharest, have obtained a suspension in court of the
application of such ANPC measure. As the meaning of the order is not clear, it is not possible to determine at this point of time
whether there will be any negative financial impact on Raiffeisen Bank S.A., Bucharest and, if yes, the potential damage
involved. However, in case of a mandatory change of repayment schedules, the impact could be significant. In May 2023,
Raiffeisen Bank SA, Bucharest has disputed in court the validity of the \u201cfindings\u201d of the ANPC and the court has decided that
the ANPC measure is to be put on hold until there is a final court decision in the dispute against the findings. In June 2025,
Raiffeisen Bank SA, Bucharest won the dispute against the findings. Since this decision is final, the trial regarding the ANPC
order has been resumed.
In June 2024, Raiffeisen Bank SA, Bucharest received another ANPC report which basically also concerns the entire Romanian
banking market and is based on an ANPC investigation on how banks comply with the obligation to provide customers with
sufficient information. Based on the allegation of\u00a0 \u201cdeceiving practice\u201d applied by banks, the report requires the banks to take
the following measures: (i) In case of consumer loans with variable interest rates, ANPC is of the opinion that banks should have
applied an interest rate composed of a public index (like ROBOR, EURIBOR, etc.) plus a margin rather than a type of \u201cmarket
interest rate\u201d (not linked to a public index). Thus, variable interest rates being \u201cmarket interest rates\u201d would have to be re-
calculated, also retroactively, by deducting the public index valid at the beginning of the first variable interest period from the
initial variable interest rate. The difference would then be applied as a margin over the public index applicable for the
respective variable interest period and the result would constitute the interest rate for such period. Since installments are
composed of payments of interest and principal, all components are subject to re-calculation as if the index plus margin had
been applied from the beginning. (ii) In case of CHF loans, the outstanding principal amounts as well as installments would
have to be re-calculated by converting the CHF exposure into Euro at the exchange rate valid at the date of the respective
credit agreements and by calculating the installments as if the loans had been granted in Euro while still applying the CHF
interest rate. Both measures seem to apply to current loans as well as loans that were repaid in the last six months prior to the
date of the ANPC report (7 June 2024). Raiffeisen Bank SA, Bucharest is of the opinion that it has acted in compliance with legal
requirements and has filed a dispute against the ANPC report. Both measures decided by ANPC are put on hold until there is a
final court decision on the merits of the case.\u00a0 Should the court dismiss the dispute, this would result in repayments to
customers, as a result of the application of the two previously mentioned recalculation measures. In December 2025, Raiffeisen
Bank SA, Bucharest has won the dispute against the ANPC report on the merits.\u00a0 ANPC may challenge this court ruling.
Banking business
RBI and its subsidiaries provide services for corporate customers that increase litigation risk at the operating level. The most
important cases are as follows:
Following the insolvency of Alpine Holding GmbH (Alpine) in 2013, a number of lawsuits were filed by retail investors in Austria
against RBI and another credit institution in connection with a bond which had been issued by Alpine in 2012 in an aggregate
principal amount of \u20ac 100 million. The claims asserted against RBI originally amounted to approximately \u20ac 10 million. In total,
claims of approximately \u20ac 8 million had been filed in court by investors either directly or indirectly through a 'class action' of the
Austrian Federal Chamber for Workers and Employees (Bundeskammer f\u00fcr Arbeiter und Angestellte). Owing to the termination
of some of the proceedings and claim reductions in other proceedings, the value in dispute of the pending court proceedings
against RBI decreased to approximately \u20ac 6.3 million. Among other things, it is claimed that the banks acted as joint lead
managers of the bond issue and were or at least should have been aware of financial problems of Alpine at the time of the
issue. Thus, they should have known that Alpine was not in a position to redeem the bonds as set forth in the terms and
conditions of the bonds. It is alleged that the capital market prospectus in relation to the bond issue was misleading and
incomplete and that the joint lead managers including RBI, were aware of that fact. In December 2023, in several joint
proceedings the court of first instance issued a partial judgment and dismissed the claims of the investors based on
prospectus liability in the amount of in total approximately \u20ac 5.9 million regarding RBI related claims. The judgment of the court
of first instance was confirmed by the court of second instance. The plaintiffs filed an appeal against this decision with the
Austrian Supreme Court (Oberster Gerichtshof) in September 2024. The amount of RBI related claims subject to these appellate
proceedings was reduced from \u20ac 5.9 million to \u20ac 5.7 million. The OGH rejected the plaintiff's appeal in this class action with its
decision of 23 July 2025. Furthermore, RBI was able to settle a number of other proceedings and receive partial reimbursement
of its legal costs. Following the proceedings settled by the appeal decision of the OGH, the number of all other pending
proceedings has fallen to just two (with a total value in dispute of around \u20ac 0.5 million).
In the first quarter of 2021, RBI learned about a claim already filed against it in Jakarta by an Indonesian company in November
2020. The amount of the alleged claim is approximately USD 129 million (\u20ac 110 million) in material damages and USD 200 million
(\u20ac 170 million) in immaterial damages. The claim was served upon RBI in May 2022. On 27 June 2023, the South Jakarta District
Court (Pengadilan Negeri Jakarta Selatan), held that RBI has committed an unlawful act against the Indonesian company and
ordered RBI to pay damages in the amount of USD 119 million (\u20ac 101 million). In view of the facts of the case and the legal
situation, RBI filed an appeal against the judgment with the High Court of Jakarta (Pengadilan Tinggi Jakarta). In March 2024
the High Court of Jakarta ruled in favour of RBI and rejected the claim due to lack of Indonesian jurisdiction. In June 2024, the
plaintiff filed an appeal to the Supreme Court of Indonesia (Mahkamah Agung Republik Indonesia) which was opposed by RBI.
While the South Jakarta District Court's website indicates the dismissal of the appeal, the delivery of this decision by the
Supreme Court of Indonesia to RBI is still pending.
RBI is involved in a dispute with a Cayman Islands Company (Cayman Islands Company) and other parties (including several
subsidiaries of and a director of the Cayman Islands Company) centered on non-payment of guarantees given by the former
parent company of the Cayman Islands Company (Parent Company). In August 2019, RBI began proceedings against the
Cayman Islands Company (and other parties) in the Grand Court of the Cayman Islands, Financial Services Division (the Cayman
Islands Court). In those proceedings, RBI alleges in general terms that through a series of fraudulent transfers (the Fraudulent
Scheme) the Parent Company was stripped of its assets, to frustrate the enforcement of RBI's guarantees. In September 2019,
RBI obtained an order against the Cayman Islands Company, restricting its ability to deal with its assets (the Freezing Order),
pending determination of the proceedings before the Cayman Islands Court. In November 2019, the Cayman Islands Company
filed its defense and counterclaim to the proceedings before the Cayman Islands Court, including a \u20ac 203 million counterclaim
against RBI. The Cayman Islands Company's purported counterclaim is founded on documents that the Cayman Islands
Company has, to date, refused to provide. Further defendant parties were added to the proceedings before the Cayman
Islands Court in 2020. In December 2021, the Cayman Islands Court of Appeal refused attempts by the Cayman Islands
Company and other parties to challenge the Freezing Order and the jurisdiction of the Cayman Islands Court. Those attempts
were rejected with costs ordered in RBI's favor. In 2023, RBI amended its claim, added a director of the Cayman Islands
Company (Director) as a party to the proceedings before the Cayman Islands Court, and increased its claim for damages from
approximately \u20ac 44 million to approximately \u20ac 106 million plus interest and costs. An application by the Director to challenge
jurisdiction and his joinder to the proceedings before the Cayman Islands Court was heard in February 2025 and refused in April
2025, with costs awarded in RBI's favour. The Director\u2019s defense was filed in August 2025. Following a case management
conference in September 2025, a trial has been ordered to commence on the first available date after 2 April 2027.\u00a0 Also in
September 2025, a new party (a subsidiary of the Cayman Islands Company) was added to the proceedings. That party gave
undertakings to the Cayman Islands Court in materially the same form as the Freezing Order and both the Cayman Islands
Company and the new party were ordered to give disclosure of all of their assets with a value above \u20ac 3 million, with the
provision of further information to come from the Cayman Islands Company's auditors, to aid in the policing of the Freezing
Order.\u00a0 Other related proceedings have been brought against RBI by parties within the Cayman Islands Company\u2019s group,
including in Malta and\u00a0 British Columbia (Canada).\u00a0 Those proceedings are being defended by RBI.\u00a0 They are for declaratory
relief only, and no damages are claimed.
In February 2025, RBI\u2019s subsidiary Kathrein Privatbank Aktiengesellschaft (\u201eKathrein\u201c) was served with a claim for damages in
the amount of \u20ac 50 million as well as an action for declaratory judgment of its liability (valued \u20ac 1 million) filed against it with
the Commercial Court, Vienna, in connection with malversations by a former employee of Kathrein. Although Kathrein had
already compensated the plaintiff for the amount originally subject to the malversation, Kathrein could not reach an out-of-
court settlement with the plaintiff regarding the amount of the relating hypothetical loss of profit. Nevertheless, further out-
of-court settlement negotiations are conducted in parallel to the court proceedings. The claimed amount is significantly higher
than the amount determined by calculation of Kathrein, which is also supported by an external legal assessment. Following
Kathrein\u2019s legal assessment, an adequate provision was recognized.
At the end of June 2025, a Russian corporate customer of AO Raiffeisenbank filed a claim for damages in the amount of
approximately \u20ac 337.5 million against AO Raiffeisenbank in the Arbitration Court of Moscow. The plaintiff claimed that it had
incurred losses resulting from the failure to sell shares in a German subsidiary operating a production facility in Germany. The
plaintiff alleged that AO Raiffeisenbank, having provided advisory services in respect of the potential sale, was responsible for
such failure. On 2 December 2025, the claimant withdrew its claim against AO Raiffeisenbank and the proceedings were
terminated by the Arbitration Court of Moscow without payment obligations of AO Raiffeisenbank towards the Russian
claimant.
Regulatory enforcement
RBI and its subsidiaries are subject to numerous national and international regulatory authorities.
In March 2018, an administrative fine of \u20ac 2.7 million (which was calculated by reference to the annual consolidated turnover of
RBI and constitutes 0.06 per cent of the last available annual consolidated turnover) was imposed on RBI by FMA in the course
of administrative proceedings based on alleged non-compliance with formal documentation requirements relating to the
know-your-customer principle (Initial FMA Decision). According to the interpretation of the Austrian Financial Market Authority
(FMA), RBI had failed to comply with these administrative obligations in a few individual cases. FMA did not allege that any
money laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. RBI took
the view that it had duly complied with all due diligence obligations regarding know-your-customer requirements and
appealed against the Initial FMA Decision in its entirety. The Federal Administrative Court (Bundesverwaltungsgericht \u2013 BVwG)
confirmed the Initial FMA Decision (First Appellate Decision) and \u2013 again- RBI appealed against this decision in its entirety. In
December 2019, the Austrian Supreme Administrative Court (Verwaltungsgerichtshof\u2013 VwGH) revoked the First Appellate
Decision and referred the case back to the BVwG. In the retrial on 6 May 2021, the BVwG again confirmed the Initial FMA
Decision in general but reduced the administrative fine down to \u20ac 824 thousand and allowed another (second) appeal before
the VwGH (Second Appellate Decision). Such appeal was filed by RBI. In July 2023, the VwGH revoked the Second Appellate
Decision and, again, referred the case back to the BVwG. In the retrial on 25 April 2024, the BVwG again confirmed the Initial
FMA Decision in general but reduced the administrative fine down to \u20ac 2 million (from the amount of \u20ac 2.7 million imposed by -
the Initial FMA Decision) and allowed another (third) appeal before the VwGH (Third Appellate Decision). Such appeal was filed
by RBI on 7 June 2024. A provision of an appropriate amount has been recognized.
In September 2018, two administrative fines totaling PLN 55 million (\u20ac 13 million) were imposed on Raiffeisen Bank Polska S.A.
(RBPL), the former Polish subsidiary of RBI in the course of administrative proceedings based on alleged non-performance of
duties as the depositary and liquidator of certain investment funds. RBPL as custodian of investment funds assumed the role
of liquidator of certain funds in February 2018. According to the interpretation of the Polish Financial Supervision Authority \u2013
which is known by its Polish abbreviation, KNF \u2013 RBPL failed to comply with certain obligations in its function as depository
bank and liquidator of the funds. In the course of the transactions related to the sale of the core banking operations of RBPL to
Bank BGZ BNP Paribas S.A., the responsibility for said administrative proceedings and related fines was assumed by RBI. RBI
filed appeals against these fines in their entirety. In September 2019, in relation to the PLN 5 million (\u20ac 1 million) fine regarding
RBPL\u2019s duties as depositary bank, the Voivodship Administrative Court considered RBI\u2019s appeal and overturned the KNF decision
in its entirety. However, the KNF filed an appeal in cassation against the judgement. In relation to the PLN 50 million (\u20ac 12
million) fine regarding RBPL\u2019s function as liquidator, the Voivodship Administrative Court decided to dismiss the appeal and
uphold the KNF decision in its entirety. RBI has raised appeal in cassation to the Supreme Administrative Court because it takes
the view that RBPL has duly complied with all its duties. In April 2023, the Supreme Administrative Court decided to refer the
case regarding the PLN 5 million (\u20ac 1 million) fine back to the Voivodship Administrative Court for reconsideration. Furthermore,
the Supreme Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 50 million (\u20ac 12 million) fine
which is now final. However in October 2023 RBI filed a complaint to the European Court of Human Rights over this verdict. In
October 2023, the Voivodship Administrative Court dismissed RBI\u2019s appeal and upheld the KNF decision imposing the PLN 5
million (\u20ac 1 million) penalty on RBI in relation to the alleged violations of RBI's duties as depositary of certain investment funds. A
cassation appeal against this judgment to the Supreme Administrative court was submitted. In February 2025, the Supreme
Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 5 million (\u20ac 1 million) fine which is now final.
In July 2025, RBI also filed a complaint to the European Court of Human Rights over this verdict. Both fines, i.e. the PLN 5 million
(\u20ac 1 million) fine and the PLN 50 million (\u20ac 12 million) fine, have already been paid.
In this context, several individual lawsuits and four class actions, aggregating claims of holders of certificates in the above-
mentioned investment funds, were filed against RBI, whereby the total amount in dispute as at 31 December 2025 equals
approximately PLN\u00a0 81 million (\u20ac 19 million). Additionally, RBI was informed that two modifications of a statement of claim had
been submitted to the court which could result in an increase of the total amount in dispute by approximately PLN 93 million (\u20ac
22 million). However, the first of such modifications for an amount of approximately PLN 91 million (\u20ac 22 million) has not yet
been served upon RBI. The plaintiffs of the class actions demand the confirmation of RBI\u2019s responsibility for the alleged
improper performance of RBPL (in respect of which RBI is the legal successor) as custodian bank. Such confirmation would
secure and facilitate their financial claims in further lawsuits. Due to RBI\u2019s legal assessment, no provision has been recognized.
Additionally, RBI received a number of claim notices from BNP in connection with certain bank operations in respect of which
BNP is the legal successor to RBPL. Said claim notices primarily relate to administrative proceedings conducted by the KNF
(Polish Financial Supervision Authority) in connection with alleged failures of RBPL/BNP in acting as a depository of investment
funds and could lead to cash penalties. Furthermore, claims in this context have been raised by investors to BNP, and as a
mitigating measure RBI supports BNP in this regard. The financial impact can not be estimated at this time.
In January 2023, RBI was informed by FMA that an administrative proceeding has been started based on the alleged non-
compliance with certain legal requirements regarding the know-your-customer principle in connection with three customers of
RBI\u2019s correspondent banking business. The transactions relevant for the administrative proceedings had been processed by RBI
between 2017 and 2020. According to the interpretation of FMA, RBI had not sufficiently convinced itself that these banks had
appropriate due diligence procedures in place regarding customers of their own correspondent banking business. Thus, in the
view of FMA, RBI failed to fully comply with its administrative obligations in this regard. FMA did not state that any money
laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. In June 2024,
FMA terminated the administrative proceeding in relation to one bank without a fine, but imposed a fine of \u20ac 2.07 million
against RBI in relation to the other two banks. In July 2024 RBI filed an appeal to the Federal Administrative court
(Bundesverwaltungsgericht - BVwG) and, thus the fine is not yet final or legally binding. The BVwG meanwhile has requested
the CJEU to issue a preliminary ruling concerning the involvement and treatment of natural persons acting for a legal entity as
prerequisite for fining said legal entity. The proceeding before the CJEU is currently on-going.
In January 2023, RBI received a Request for Information (RFI) from the Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury. OFAC administers and enforces economic and trade sanctions based on US foreign policy and
national security goals. A breach of US sanctions may, among others, result in fines, the freezing of accounts or the termination
of business relationships with US correspondent banks. The questions raised by OFAC in the RFI seek to clarify payments
business and related processes maintained by RBI with respect to US correspondent banks in light of the developments related
to Russia and Ukraine. RBI has also been cooperating with the U.S. Department of Justice ( DOJ) since March 2023 in connection
with a DOJ inquiry into RBI's compliance with sanctions against Russia. A breach of U.S. criminal law related to sanctions may,
among others, result in fines or the appointment of a monitor. As a matter of principle, RBI maintains policies and procedures
that are designed to ensure compliance with applicable embargoes and financial sanctions and is cooperating fully with OFAC
and DOJ in relation to their requests to the extent permitted by applicable laws and regulations.
(46) Other agreements
Institutional protection scheme (Raiffeisen-IPS)
Raiffeisen Bank International AG and its Austrian bank subsidiaries, the regional Raiffeisen banks and the local Raiffeisen
banks, are part of the agreement on an institutional protection scheme (Raiffeisen-IPS) as well as the Austrian Raiffeisen-
Sicherungseinrichtung eGen (\u00d6RS), as a statutory protection scheme.
In the agreement on the Raiffeisen-IPS, the member institutions agree to ensure one another\u2019s security and in particular, join
forces to ensure liquidity and solvency when required. The Raiffeisen-IPS was recognized by the relevant supervisory authorities
(ECB and FMA) as an institutional protection scheme according to Article 113 (7) CRR (Capital Requirements Regulation of the
European Union) and its related rights and obligations of the participating member institutions. This allows, among other
things, for receivables to be risk-weighted at zero per cent between Raiffeisen-IPS members. The Raiffeisen-IPS is subject to
joint regulatory supervision and capital requirements must also be met on a consolidated basis.
The Raiffeisen-IPS was recognized together with \u00d6RS by the Austrian Financial Market Authority (FMA) as a statutory deposit
guarantee and investor protection scheme according to the Austrian Deposit Guarantee and Investor Protection Act
Einlagensicherungs- und Anlegerentsch\u00e4digungsgesetz (ESAEG).
\u00d6RS is mandated to operate the reporting and early risk assessment systems for the Raiffeisen-IPS. \u00d6RS acts as trustee and
manages the liquid assets for the Raiffeisen-IPS.
The Raiffeisen-IPS is controlled by a joint risk council, comprising representatives of RBI AG, the regional Raiffeisen banks and
the Raiffeisen banks. Tasks that could be solved on a regional level were delegated to the regional risk councils, each
comprising representatives of the respective regional Raiffeisen banks and Raiffeisen banks, by the joint risk council.
Raiffeisen Customer Guarantee Scheme (RK\u00d6)
RBI AG is a member of Raiffeisen-Kundengarantiegemeinschaft Austria (Raiffeisen Customer Guarantee Scheme Austria (RK\u00d6).
The members of this association have a contractual obligation to guarantee jointly the punctual fulfillment of the entirety of
an insolvent association member\u2019s commitments arising from customer deposits and its own issues up to the limit of the sum
of the individual capacities of the remaining association members. The individual capacity of an association member is
measured on the basis of its freely available reserves subject to the pertinent provisions of the Austrian Banking Act (BWG).
In view of the change in the legal and regulatory framework and implementation of an institutional protection scheme, the
RK\u00d6 and its respective member institutions decided in 2019 to discontinue the scheme for new transactions. Accordingly, the
supplementary protection by RK\u00d6 may only be granted to protected transactions entered into before 1 October 2019. The
rights of customers with regard to statutory deposit insurance are not affected and remain fully in place.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "value": "
(30) Loan commitments, financial guarantees and other commitments
Financial guarantees
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.
Contingent liabilities and commitments
This item mainly includes contingent liabilities from undrawn loan commitments. Loan commitments must be reported when a
credit risk may occur. These include commitments to provide loans, to purchase securities or to provide guarantees and
acceptances. Loan loss provisions for loan commitments are reported under provisions for liabilities and charges. Often, loan
commitments are only partially drawn and thus comprise a drawn and an undrawn commitment. If it is not possible to
separately identify the expected credit losses applicable to a drawn commitment and those to an undrawn commitment,
these are shown together with the impairments of the financial asset, in accordance with IFRS 7. The total expected credit
losses are shown as a provision if they exceed the gross carrying amount of the financial asset. Major contingent liabilities
from legal disputes are shown under (45) Pending legal issues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
According to IFRS 9, a financial guarantee is a contract under which the guarantor is obliged to make certain payments that
compensate the party to whom the guarantee is issued for losses arising in the event that a particular debtor does not fulfill
payment obligations on time as stipulated in the original terms of a debt instrument. At the date of recognition of a financial
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract.
In contrast to the presentation of impairments of financial assets, expected loan defaults are shown as a provision on the
liabilities side.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
(31) Expected credit losses
Expected credit losses from financial instruments should reflect an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information
that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of
future economic conditions.
General approach
The measurement of impairment for expected credit loss on financial assets measured at amortized cost and fair value
through other comprehensive income is an area that requires the use of models and assumptions about future economic
conditions and payment behavior. Judgments are required in applying the accounting requirements for measuring expected
credit losses, inter alia:
\u00b7 Determining criteria for a significant increase in credit risk
\u00b7 Choosing appropriate models and assumptions for the measurement of expected credit losses
\u00b7 Consideration of risk factors beyond the current models
\u00b7 Establishing the number and relative weightings of forward-looking scenarios
\u00b7 Establishing groups of similar financial assets for the purposes of measuring expected credit losses.
Credit risk is the risk of suffering financial loss should customers, clients or market counterparties fail to fulfil their contractual
obligations or fail to do so on time. Credit risk arises mainly from interbank, commercial and personal loans, and loan
commitments, but can also arise from financial guarantees given, such as, credit guarantees, letters of credit, and
acceptances.
Other credit risks arise from investments in debt securities and from trading activities (trading credit risks), as well as from
settlement balances with market counterparties and reverse repurchase agreements.
Models are applied to estimate the likelihood of defaults occurring, the associated loss ratios and the exposure at default. RBI
measures credit risks using the probability of default (PD), exposure at default (EAD) and loss given default (LGD). In addition to
established risks with predictable patterns, new risks - such as geopolitical uncertainty, energy supply and environmental risks
- are emerging. These risks can\u2019t be captured by existing statistical models due to insufficient historical data. However, to
ensure adequate provisioning levels these risks are incorporated in the ECL calculation via management overlays - which can
be split into:
\u00b7 Overlays: These are adjustments which are added outside the model \u2013 i.e. after the model is operated. (Post Model
Adjustments (PMA) belong to this category).
\u00b7 In-model adjustments: These are adjustments which are performed within the IFRS 9 model. It covers adjustments of
the model input, adjustments of the model parameter or ad-hoc adjustments of the model and model calibration
(whereas altering model parameters (LGD and PD) by including forward looking macroeconomic information is not
considered as management overlay).
ESG factors are not yet explicitly included in ECL modelling. However, they are taken into account in the calculation via overlays.\u00a0
Significant increase in the credit risk
RBI considers a financial instrument to have experienced a significant increase in credit risk when one or more of the following
quantitative, qualitative or backstop criteria have been met:
Quantitative criteria
RBI\u2019s rating systems incorporate all available quantitative and qualitative information relevant for forecasting the credit risk
into the PD. This metric is based primarily on a statistical selection and weighting of all available indicators. In addition, the PD
adjusted in accordance with IFRS 9 requirements takes into account not only historical information and the current economic
environment, but also, in particular, forward-looking information such as the forecast for the development of macroeconomic
conditions. As a consequence, RBI uses the PD as a frame of reference for assessing whether the credit risk of a financial
instrument has risen significantly since the date of its initial recognition. By embedding the review of the relative transfer
criterion within the group-wide processes and procedures of credit risk management framework, the bank ensures that a
significant increase in the credit risk is identified in a reliable and timely manner based on objective criteria. The review to
determine whether the credit default risk as at the financial reporting date has risen significantly since the initial recognition of
the respective financial instrument is performed as at the reporting date. This review compares the observed probability of
default over the residual maturity of the financial instrument (Lifetime PD) against the lifetime PD over the same period as
expected on the date of recognition.
Given the different nature of products between non-retail and retail customers, the methods for assessing potential
significant increases in credit risk also differ slightly.
In order to make the two curves for credit risk of non-retail customers comparable, the PDs are scaled down to annualized PDs.
A significant increase in credit risk is considered to have occurred if the PD increase was at least 250 per cent. For longer
maturities the threshold of 250 per cent is reduced to account for a maturity effect.
For retail exposures, the remaining cumulative PDs are compared as the logit difference (logit is in statistics the natural
logarithm of a probability) between lifetime PD at reporting date and lifetime PD at origination conditional to survival up to the
reporting date. A significant increase in credit risk is considered to have occurred once this logit difference is above a certain
threshold. The threshold levels are calculated separately for each portfolio which is covered by individual rating-based lifetime
PD models. Based on historical data, the thresholds are estimated as a specific quantile of the distribution of the above-
mentioned logit differences on the worsening portfolio (defined by country and product such as mortgage loans, credit cards
and SME loans). That usually translates to a PD increase between 150 and up to 250 per cent, dependent on the default
behavior of the different portfolios.
Qualitative criteria
RBI uses qualitative criteria in addition to quantitative criteria to recognize a significant increase in credit risk for all material
portfolios.
For the corporate customer, sovereign, bank and project finance portfolios, a transfer to Stage 2 takes place if the borrower
meets one or more of the following criteria:
\u00b7 Detection of credit deterioration in the early warning system
\u00b7 Changes in contract terms as a forbearance measure
\u00b7 External risk factors with a potentially significant impact on the client\u2019s repayment ability
The assessment of a significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all corporate customer, sovereign, bank and project finance portfolios held by RBI.
For retail portfolios, a Stage 2 transfer takes place if the borrower meets one or more of the following qualitative criteria:
\u00b7 Forbearance flag active
\u00b7 Default of material exposure (> 20 per cent of total exposure) of the same customer on another product (PI
segment)
\u00b7 Holistic approach \u2013 applicable for cases where new forward-looking information becomes available for a segment
or portion of the portfolio and this information is not yet captured in the rating system. If such cases are identified,
management measures this portfolio with lifetime expected credit losses (as a collective assessment).
The assessment of significant increase in credit risk incorporates forward-looking information and is performed on a monthly
basis at an individual transaction level for all retail portfolios held by RBI.
Backstop criteria
A backstop is applied, and the financial instrument considered to have experienced a significant increase in credit risk if
contractual payments are more than 30 days overdue. In rare cases, it is possible to override the 30-day rule; however, this
exception is not implemented at RBI.
Low credit risk exemption
In selected cases for sovereign debt securities, RBI makes use of the low credit risk exemption. All securities which are
presented as low credit risk have a rating equivalent to investment grade or better, i.e. minimum S&P BBB-, Moody\u2019s Baa3 or
Fitch BBB-. This exemption does not apply to the lending business.
Definition of default and credit-impaired assets
RBI uses the same definition of default for the purposes of calculating expected credit losses under IFRS 9 as for its CRR capital
reporting (Basel III). This definition also places a defaulted receivable in Stage 3.
Default is assessed by referring to quantitative and qualitative triggers. The condition for default is, firstly, when contractual
payments are more than 90 days past due. Secondly, a loan is considered to be in default if there are significant financial
difficulties and any credit obligation is unlikely to be repaid in full. The definition of default has been applied consistently to
model the probability of default (PD), exposure at default (EAD) and loss given default (LGD) throughout RBI\u2019s expected loss
calculations.
Explanation of inputs, assumptions and estimation techniques
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in
credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking
economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary
by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD),
exposure at default (EAD) and discount factor (D).
Probability of Default (PD)
The probability of default represents the likelihood of a borrower defaulting on its financial obligation either over the next
twelve months or over the remaining lifetime of the obligation. In general, the lifetime probability of default is calculated using
the regulatory twelve-month probability of default, stripped of any conservative adjustments, as a starting point. Thereafter
various statistical methods are used to generate an estimate of how the default profile will develop from the point of initial
recognition throughout the lifetime of the loan or portfolio of loans. The default profile is based on historical observed data.
Different models have been used to estimate the default profile of outstanding lending amounts and these can be grouped
into the following categories:
\u00b7 Corporate customers, project finance and financial institutions: The default profile is generated using a parametric
survival regression (Burr-Type 12 and Weibull) approach. Forward-looking information is incorporated into the
probability of default using an one factor model. The default rate calibration is adjusted for shorter maturities and
early repayments.
\u00b7 Retail lending and mortgage loans: The default profile is generated using parametric survival regression in a
competing risk framework. Forward-looking information is incorporated into the probability of default using satellite
models.
\u00b7 Sovereigns, local and regional governments, insurance companies and collective investment undertakings: The
default profile is generated using a transition matrix approach. Forward-looking information is incorporated into the
probability of default using an one factor model.
In the limited circumstances where some inputs are not fully available, grouping, averaging and benchmarking of inputs are
used for the calculation.
Loss Given Default (LGD)
Loss given default represents RBI\u2019s expectation of the extent of loss on a defaulted exposure. Loss given default is expressed
as a percentage loss per unit of exposure at the time of default.
Different models are used to estimate the loss given default of outstanding lending amounts and these can be grouped into
the following categories:
\u00b7 Corporate customers, project finance, financial institutions, local and regional governments, insurance companies:
The loss given default is generated by discounting cash flows collected during the workout process. Forward-looking
information is incorporated into the loss given default using an one factor model. While real estate collateral is
directly considered in the reduction of the outstanding receivable amount, other collateral types have a reducing
effect already during the modeling in the statistical average of the loss given default.
\u00b7 Retail lending and mortgage loans: The loss given default is generated by stripping the downturn adjustments and
other margins of conservatism form the regulatory loss given default. Forward-looking information is incorporated
into the loss given default using various satellite models.
\u00b7 Sovereigns: The loss given default is found by using market implied sources.
Depending on the type of lending company (bank/leasing) different LGD estimates are applied.
In the limited circumstances where some inputs are not fully available, alternative recovery models, benchmarking of inputs
and expert judgment are used for the calculation.
Exposure at Default (EAD)
Exposure at default is based on the amount RBI expects to be owed at the time of default. The twelve-month and lifetime
EADs are determined based on the expected payment profile, which varies by contract type. For amortizing products and bullet
repayment loans, this is based on the contractual repayments owed by the borrower over a twelve-month or lifetime basis. If
not already taken into account in the PD estimate over the loan term, early (full) repayment/refinance assumptions are also
considered in the calculation.
For revolving products, the exposure at default is determined by taking current drawn balance and adding the expected
utilization of the remaining limit . This additional amount is the product of the remaining limit and credit conversion factor. The
prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs
are not fully available benchmarking of inputs is used for the calculation.
Discount factor (D)
For financial assets and assets off the statement of financial position which are not leasing or POCI, the discount factor used
in the expected credit loss calculation is derived from the effective interest rate or an approximation thereof.
Calculation
For loans in Stage 1 and 2, the expected credit loss is the product of PD, LGD and EAD multiplied by the probability not to
default prior to the considered time period. The latter is expressed by the survivorship function S. This calculates future values
of expected credit losses, which are then discounted back to the reporting date and summed. The calculated values of
expected credit losses are then weighted by forward-looking scenario.
Different models have been used to estimate the provisions in Stage 3, and these can be grouped into the following categories:
\u00b7 Corporate customers, project finance, sovereigns, financial institutions, local and regional governments, insurance
companies and collective investment undertakings: Stage 3 provisions are calculated by workout managers who
discount expected cash flows by the appropriate effective interest rate.
\u00b7 For retail loans, Stage 3 impairments are determined for the majority of Group units by calculating the statistically
derived best estimate of expected loss adjusted for indirect costs.
Shared credit risk characteristics
Stage 1, Stage 2 and Stage 3 provisions for retail customers are measured on a collective basis. For non-retail business in Stage
3, most of the provisions are individually assessed. For expected credit losses modelled on a collective basis, a grouping of
exposures is performed on the basis of shared credit risk characteristics so that the exposures within each group are similar.
Retail exposure characteristics are grouped according to country, customer classification (households and SMEs), product (e.g.
mortgage, personal loans, overdraft facilities or credit cards), PD rating grade and LGD pool. Each combination of the above
characteristics is considered as a group with a uniform expected loss profile.
Non-retail exposure characteristics are assigned to a probability of default according to rating grade and customer segment.
This groups customer types into individual assessment models. For the determination of LGD and EAD parameters, the
portfolio is grouped by country.
Forward-looking information
As a rule, the risk parameters specific to IFRS 9 are estimated not only on historical default information but also particularly on
the current economic environment and forward-looking information. This assessment primarily involves regularly reviewing the
effects which RBI's macroeconomic forecasts will have regarding the amount of the ECL and including these effects in the
determination of the ECL.
The assessment of significant increases in credit risk and the calculation of expected credit losses both incorporate forward-
looking information. RBI has performed historical analysis and identified the key economic variables impacting credit risk and
expected credit losses.
These economic variables and their associated impact on the probability of default and loss given default vary by category.
Forecasts of these economic variables (the base economic scenario) are provided by Raiffeisen Research on a quarterly basis
and provide the best estimate view of the economy over the next three years. Beyond three years, no macroeconomic
adjustment is carried out. That means that after three years, to project the economic variables for the full remaining lifetime
of each instrument, a mean reversion approach has been used, which means that economic variables tend to revert to either a
long-term average rate or a long-term average growth rate until maturity. The impact of these economic variables on the
probability of default and loss given default has been determined by performing statistical regression to understand the
impact changes in these variables have had historically on default rates and on the components of loss given default.
In addition to the base economic scenario, Raiffeisen Research also estimates an optimistic and a pessimistic scenario to
ensure that the non-linearity of the ECL, depending on macroeconomic conditions, is captured.
In both the pessimistic and optimistic scenarios, the methodology was adjusted as a result of the high level of uncertainty. As
with any economic forecast, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty;
therefore, the actual outcomes may be significantly different from those projected. RBI considers these forecasts to represent
its best estimate of the future outcomes and cover any potential non-linearities and asymmetries within RBI\u2019s different
portfolios.
The most significant assumptions used as a starting point for the expected credit loss estimates at year-end are shown below
(source: Raiffeisen Research, November 2025, exclusive Ukraine).
Real GDP
Unemployment
2026
2027
2028
2026
2027
2028
Upside scenario
3.9%
3.6%
3.6%
4.2%
4.2%
4.2%
Croatia
Base
2.6%
2.5%
2.5%
4.9%
4.8%
4.8%
Downside scenario
0.4%
0.6%
0.6%
6.6%
6.2%
6.2%
Upside scenario
1.6%
1.6%
1.6%
5.1%
5.0%
4.7%
Austria
Base
0.8%
1.0%
1.0%
5.4%
5.3%
5.0%
Downside scenario
(0.4)%
0.0%
0.0%
5.7%
5.8%
6.0%
Upside scenario
4.0%
3.6%
3.6%
4.1%
4.1%
4.0%
Poland
Base
3.3%
3.0%
3.0%
5.0%
4.9%
4.8%
Downside scenario
2.2%
2.1%
2.1%
7.2%
6.8%
6.7%
Upside scenario
2.1%
2.0%
2.0%
3.1%
3.2%
3.2%
Russia
Base
0.9%
0.9%
0.9%
3.5%
3.5%
3.5%
Downside scenario
(1.1)%
(0.8)%
(0.8)%
4.3%
4.2%
4.2%
Upside scenario
2.5%
3.5%
3.7%
5.3%
5.0%
4.6%
Romania
Base
1.3%
2.5%
2.7%
5.6%
5.2%
4.8%
Downside scenario
(0.6)%
0.8%
1.0%
6.2%
5.7%
5.3%
Upside scenario
3.7%
3.8%
4.3%
8.1%
7.7%
7.7%
Serbia
Base
2.8%
3.0%
3.5%
9.0%
8.5%
8.5%
Downside scenario
1.2%
1.7%
2.2%
11.0%
10.2%
10.2%
Upside scenario
2.5%
2.6%
2.9%
4.5%
4.6%
4.5%
Slovakia
Base
1.5%
1.7%
2.0%
5.4%
5.4%
5.3%
Downside scenario
(0.2)%
0.2%
0.6%
7.4%
7.2%
7.1%
Upside scenario
2.9%
3.3%
3.3%
4.3%
4.2%
4.1%
Czech Republic
Base
2.0%
2.5%
2.5%
4.6%
4.5%
4.4%
Downside scenario
0.5%
1.2%
1.2%
5.3%
5.1%
5.0%
Upside scenario
3.0%
3.2%
3.8%
4.0%
4.0%
3.8%
Hungary
Base
2.0%
2.4%
3.0%
4.5%
4.4%
4.2%
Downside scenario
0.4%
1.0%
1.6%
5.5%
5.3%
5.1%
Long-term bond rate
Real estate prices
2026
2027
2028
2026
2027
2028
Upside scenario
2.2%
2.3%
2.3%
7.3%
6.5%
6.2%
Croatia
Base
3.2%
3.2%
3.2%
3.0%
2.8%
2.5%
Downside scenario
4.2%
4.0%
4.0%
1.0%
1.1%
0.8%
Upside scenario
2.3%
2.4%
2.4%
4.8%
4.9%
4.9%
Austria
Base
3.2%
3.2%
3.2%
2.5%
3.0%
3.0%
Downside scenario
4.1%
4.0%
3.9%
1.5%
2.1%
2.1%
Upside scenario
3.3%
2.7%
2.7%
5.6%
5.9%
4.1%
Poland
Base
4.6%
3.8%
3.8%
2.3%
3.0%
1.2%
Downside scenario
5.8%
4.8%
4.8%
0.7%
1.7%
0.5%
Upside scenario
11.7%
9.7%
9.4%
22.5%
13.1%
13.1%
Russia
Base
12.8%
10.6%
10.3%
13.0%
5.0%
5.0%
Downside scenario
13.8%
11.5%
11.1%
8.7%
1.3%
1.3%
Upside scenario
5.4%
4.4%
3.7%
6.1%
5.0%
6.8%
Romania
Base
6.5%
5.3%
4.6%
2.8%
2.2%
4.0%
Downside scenario
7.5%
6.2%
5.5%
1.3%
0.9%
2.7%
Upside scenario
4.0%
3.9%
3.8%
9.9%
9.2%
8.7%
Serbia
Base
4.7%
4.5%
4.4%
4.5%
4.5%
4.0%
Downside scenario
5.3%
5.0%
4.9%
2.0%
2.4%
1.9%
Upside scenario
2.1%
2.2%
2.1%
10.3%
8.5%
8.5%
Slovakia
Base
3.1%
3.0%
2.9%
5.0%
4.0%
4.0%
Downside scenario
3.9%
3.7%
3.7%
2.6%
2.0%
2.0%
Upside scenario
3.3%
3.5%
3.5%
12.7%
9.5%
8.5%
Czech Republic
Base
4.2%
4.3%
4.3%
8.6%
6.0%
5.0%
Downside scenario
5.0%
5.0%
5.0%
6.7%
4.4%
3.4%
Upside scenario
5.6%
5.5%
5.2%
11.0%
8.8%
8.8%
Hungary
Base
6.8%
6.5%
6.2%
6.0%
4.5%
4.5%
Downside scenario
7.8%
7.4%
7.1%
3.7%
2.6%
2.6%
Consumer price index
Short-term interest rate
2026
2027
2028
2026
2027
2028
Upside scenario
2.3%
1.7%
1.4%
1.7%
1.7%
1.8%
Croatia
Base
3.0%
2.3%
2.0%
2.1%
2.1%
2.1%
Downside scenario
3.9%
3.1%
2.8%
2.8%
2.7%
2.7%
Upside scenario
2.0%
1.8%
1.7%
1.7%
1.7%
1.8%
Austria
Base
2.5%
2.3%
2.2%
2.1%
2.1%
2.1%
Downside scenario
3.1%
2.9%
2.8%
2.8%
2.7%
2.7%
Upside scenario
1.9%
1.8%
2.0%
2.8%
2.6%
2.2%
Poland
Base
2.9%
2.7%
2.6%
3.8%
3.4%
3.0%
Downside scenario
4.2%
3.8%
4.0%
5.6%
5.0%
4.6%
Upside scenario
4.1%
3.0%
2.8%
12.4%
8.0%
7.5%
Russia
Base
5.6%
4.2%
4.0%
13.2%
8.7%
8.2%
Downside scenario
7.4%
5.7%
5.5%
14.7%
10.0%
9.5%
Upside scenario
6.1%
2.4%
1.8%
5.0%
3.8%
2.7%
Romania
Base
7.1%
3.3%
2.7%
5.8%
4.5%
3.4%
Downside scenario
8.4%
4.4%
3.8%
7.3%
5.8%
4.7%
Upside scenario
2.6%
2.7%
1.7%
2.8%
2.4%
1.7%
Serbia
Base
3.8%
3.7%
2.8%
4.2%
3.5%
2.8%
Downside scenario
5.3%
4.9%
4.0%
6.7%
5.7%
5.0%
Upside scenario
2.6%
2.5%
1.4%
1.7%
1.7%
1.8%
Slovakia
Base
3.7%
3.4%
2.3%
2.1%
2.1%
2.1%
Downside scenario
5.0%
4.5%
3.4%
2.8%
2.7%
2.7%
Upside scenario
1.4%
1.8%
1.6%
2.9%
3.2%
3.4%
Czech Republic
Base
2.3%
2.6%
2.4%
3.3%
3.5%
3.8%
Downside scenario
3.4%
3.6%
3.4%
4.2%
4.3%
4.5%
Upside scenario
3.2%
3.6%
2.4%
5.3%
4.5%
3.9%
Hungary
Base
4.4%
4.6%
3.4%
6.3%
5.3%
4.7%
Downside scenario
10.8%
8.8%
4.6%
8.0%
6.8%
6.2%
Due to the ongoing war in Ukraine, the optimistic scenario for Ukraine was was excluded from the calculations. Furthermore,
the pessimistic scenario is not based on the mathematical approach published by Raiffeisen Research, but on a narrative
presentation with a probability weighting of 50 per cent. Since historical data for Ukraine are not representative or are partially
unavailable due to current circumstances, a derived real GDP and a derived short-term interest rate were included as
macroeconomic input parameters in the Ukrainian ECL calculation.
Real GDP
Short-term interest rate
2025
2026
2027
2025
2026
2027
Upside scenario
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Ukraine
Base
3.0%
4.5%
4.0%
13.3%
10.3%
8.8%
Downside scenario
(14.8)%
(8.2)%
(3.0)%
22.3%
18.3%
17.0%
A large number of macroeconomic variables were analyzed for the model development and the most important ones were
used for the model. The model employed is a regression model with the aim of explaining changes in or the level of the default
rate. The following types of macro variables were considered as drivers of the credit cycle: real GDP growth, unemployment
rate, 3-month money market rate, 10-year government bond yield, 10 year government bond yield spread to Germany, housing
price index, FX rates, and the HICP inflation rate. For each country (or portfolio in case of retail exposure), a relevant set is
determined based on the ability to explain historically observed default rates. Through the cycle, PDs are overlaid with the
results of the macro-economic model to reflect the current and expected state of economy. For corporate customers,
additionally the condition of the credit cycle is also taken into account depending on the industry. While no further adjustment
is made to the effect of the macro models for corporate customers in industries with a neutral outlook, the expected credit risk
is assumed as additionally increased for corporate customers in industries with a poor outlook. For non-retail exposure for LGD,
the macro model is applied on the underlying cure rates, i.e. a positive macro-economic outlook drives up the cure rates and
this reduces the LGD. For retail exposures, the workout LGD is modelled in a similar manner to the default rates either directly
or as well via the components like cure rate, loss given cure as well as loss given non-cure. The long-run average LGDs are
overlaid with the results of the macro models to reflect current and expected state of economy. The weightings assigned to
each scenario at the end of the reporting year-end are as follows: 25 per cent optimistic, 50 per cent base and 25 per cent
pessimistic scenarios.
For corporate customers, the following risks and complications resulting from current economic and political developments are
included in the macroeconomic models. Historically high inflation rates in combination with higher key interest rates led to an
increase in financing cost for companies. This development is incorporated into the models of major parts of the portfolio
through a change in the 3-month money market rate and the yield on government bonds, resulting in an increase in expected
default risk. While high inflation rates may be associated with higher default risk in bivariant analyses, the underlying drivers of
higher default risk are actually higher interest rates as a result of higher inflation and economic growth trending downwards,
which often occur simultaneously. These drivers are directly captured in the economic growth and interest rate models. In
macroeconomic terms, the COVID pandemic and its aftermath were characterized by extremely high volatility, starting with a
strong decline in real GDP followed by a similar rate of positive economic growth. In contrast to comparable recessions after
the great financial crisis, these developments have not been met by a wave of insolvencies and defaults in many countries and
portfolios, which can be attributed to two factors. For one, the COVID-driven recession primarily consisted of a temporary
suspension of economic activity, which did not necessitate significant structural adjustments. Furthermore, massive political
measures were taken to support the economy to avoid long-term consequences stemming from events such as
unemployment and insolvencies. These developments underscore how the relationship between macroeconomic indicators
and credit risk are influenced by circumstances that are difficult to capture by quantitative means. To avoid the
macroeconomic models from implicitly assuming that a sharp decline in GDP growth will always be accompanied by significant
countervailing policy measures \u2014 as observed during the COVID-19 pandemic \u2014 additional parameters have been incorporated
into the models.These adjustments are specifically applied to segments where no significant rise in default risk was seen
during the COVID period, ensuring that the model\u2019s predictions remain accurate without distortion.
The core assumption underlying the application of macroeconomic credit risk models is that the empirical correlations
between macroeconomic indicators and default risk can be extrapolated to future.
Management Overlays
In situations where the existing input parameters, assumptions and modelling do not cover all relevant novel risk factors,
management overlays are a viable solution to ensure adequate provisioning despite a lack of sufficient historical data. This is
generally the case if there are temporary circumstances, or time constraints which prevent the adequate incorporation of
relevant new information into the rating, and if individual loans within a loan portfolio develop differently than originally
expected. In view of the given circumstances, in particular the war in Ukraine and the economic dislocations it has caused, it is
necessary to reflect additional risks in the impairments. All of these adjustments are approved locally by the subsidiaries and
centrally by the Group Risk Committee (GRC). There are portfolio-specific adjustments due to the war and associated
sanctions, which are presented in the category geopolitical risk. Their application period is limited in time, often for the
duration of specific economic crises or until models are adjusted. Their use is reviewed quarterly.
For the central models in the corporate segment, the additional risk is considered by applying in-model adjustments
(parameter adjustments within the model). In-model adjustments can be performed on different model parameters like IFRS 9
PD curves, future exposure profiles, LGD, etc. The criteria for applying in-model adjustments are governed by strict rules and
include amongst others extended requirements for evidence of the novel risk factor, analysis of potential overlap with existing
IFRS 9 parameters and credit risk rating, detailed documentation and strong governance. In case the in-model adjustment
increases the applied PD, this higher PD is also applied for staging decision. The in-model adjustments undergo regular reviews
at least quarterly. The in-model adjustment remains in effect as long as the identified novel risk factor is persistent and not
fully accounted for by existing models.
In the retail segment, in-model adjustments have also been implemented where appropriate. However, post-model
adjustments remain the predominant approach for addressing emerging risks. These overlays are applied on top of the
existing models to calculate expected credit losses. While post-model adjustments are generally considered temporary
measures - typically valid for one to two years - they serve as a safeguard against potential distortions. If the identified risks
persist over a longer horizon, they are addressed through model updates or adjustments to model inputs, including in-model
adjustments, to ensure that the models adequately capture the evolving risk profile
The overlays are shown in the table below and split according to the relevant categories.
2025
Modeled ECL
Non-Retail Overlays
Retail Overlays
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
0
0
0
0
0
0
General governments
80
0
8
0
0
89
Banks
2
0
0
0
0
2
Other financial corporations
19
8
0
0
0
26
Non-financial corporations
215
226
73
10
1
524
Households
247
1
0
79
7
335
Total
563
235
81
89
8
976
2024
Modeled ECL
Other special risk factors
Post-model adjustments
Total
in \u20ac million
Macroeconomic
risk
Geopolitical risk
Macroeconomic
risk
Geopolitical risk
Central banks
1
0
0
0
0
1
General governments
105
0
0
0
0
105
Banks
3
0
0
0
0
4
Other financial corporations
45
0
0
0
0
45
Non-financial corporations
195
169
179
12
4
559
Households
248
0
0
89
13
350
Total
596
169
179
101
17
1,063
In addition to the modeled ECL (before in-model adjustments), overlays in Stage 1 and Stage 2 amounting to \u20ac 413 Million
(previous year: \u20ac 467 Million) were taken into account. Of this amount, \u20ac 89 million (previous year: \u20ac 196 million) related to the
war in Ukraine, and \u20ac 324 million (previous year: \u20ac 270 million) to macroeconomic risk (spill-over effects and other).
An amount of \u20ac 18 million (previous year: \u20ac 18 Million) was recognized in the spill-over effects due to climate risks. Of this
amount, \u20ac 14 million (previous year: \u20ac 9 Million) relates to corporate customers and \u20ac 4 million (previous year: \u20ac 6 Million) to
retail customers.
Non-Retail Overlays
For corporate customers, additional impairments were recognized in the amount of \u20ac 235 million (previous year: \u20ac 169 million)
for macroeconomic effects. These overlays account for risks which are not included in the country-specific branch matrix. They
comprise both global economic policy risks, such as tariffs and counter-tariffs, and expected downgrades of corporate clients
due to circumstances such as higher energy prices, inflation, and supply chain disruptions as well as lower revenues and higher
costs stemming from rising energy costs, particularly from the previous years.
In Ukraine, additional impairments in the amount of \u20ac 81 million (previous year: \u20ac 83 million) were recognized in the form of
management overlays for the impacts of the war. These additional provisions resulted from modeling the sustained
destruction of infrastructure as well as the continued bombardment of the affected infrastructure. In the previous year, these
risks were presented as geopolitical risks, together with the EU and US sanction risks concerning Russian customers, totaling
\u20ac\u00a0205 million for Russia and Ukraine. The overlays for EU and US sanction risks related to selected Russian customers were fully
released during the fiscal year due to the complete repayment of the effected exposure.
For corporate customers RBI considers the possibility of a short-term disorderly scenario where carbon emissions are more
expensive and fossil energy prices are higher to account for climate and environmental risks. While, for a diversified portfolio
like RBI\u00b4s, the effects tend to net out to a large degree, however there is an elevated risk in some sectors. These are sectors
with customers with low environmental scores such, as oil & gas and construction. Higher probabilities of defaults for these
sectors lead to an increase in the expected credit losses.
Retail Overlays
Over the last years retail customers were severely exposed to increasing inflationary pressure, which impacted their ability to
cover their loan obligations. As part of the IFRS 9 framework, there are PD and LGD macro models at country and product
levels, which serve the need to address these high risks stemming from the macroeconomic environment. However, for certain
countries and portfolios where the macroeconomic models either lag behind the key macroeconomic variables (inflation,
interest rates, unemployment, etc.) or are not part of the model, post-model adjustments are implemented for identified high
risk customer groups. The latter involve a qualitative assessment of exposures for the expected significant increase in credit
risk and their subsequent transfer from Stage 1 to Stage 2, as well as, in particular cases increases of the PD and/or LGD
estimates respectively. The criteria for identifying such credit exposures are based on information from the loan application
and historical payment behavior and are subsequently refined using stressed macroeconomic variables. The post-model
adjustments are reversed either after the risks have materialized by transferring the affected receivables to Stage 3 or if the
expected risks do not materialize.
For the Ukrainian retail portfolio, which has been mostly reclassified as Stage 2 since the beginning of the war, the assessment
of provision coverage is based on local expert judgement, which is obtained from regular contact with individual customers by
the debt collection department. Furthermore, structured customer surveys are carried out to keep up to date with the needs
and potential issues that could influence customers\u2019 ability to make payments. For assets and customers located in occupied
regions or territories, which run a high risk of hostilities or occupation, risk parameters were increased to take into account
higher expected future losses due to the above-mentioned surveys.
Sensitivity analysis
To simulate a range for potential changes to estimates and the related change in impairments, the following sensitivity
analyses of the most significant assumptions affecting the expected impairments were performed as follows.
The sensitivity analysis involved a recalculation of the impairments for expected credit losses in the existing models. The risk
factors and post-model adjustments \u2013 except for the Stage 1 simulations \u2013 are fully included in all scenarios and are not
subject to further adjustments. As a result of the complexity of the model, many drivers are not mutually exclusive.
The tables below provide a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 1 and Stage 2 (weighted by 25 per cent optimistic, 50 per cent baseline and 25 per cent pessimistic scenarios),
and then each scenario weighted by 100 per cent on its own. The optimistic and pessimistic scenarios do not reflect extreme
cases in the sample space of the 25 per cent optimistic and pessimistic scenarios, but rather an economically plausible proxy.
This means that these scenarios are at around 25 per cent and 75 per cent respectively on the distribution curve. In general,
IFRS 9 specific estimates of risk parameters take historical default information into account alongside the current economic
environment. The effects of the estimates based on macroeconomic forecasts are shown in the forward-looking component.
This information is provided for illustrative purposes.
2025
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
904
993
(90)
100 % Base
954
993
(39)
100 % Pessimistic
1,080
993
87
Weighted average (25/50/25 %)
976
993
(18)
2024
Accumulated impairment (Stage 1 and 2)
in \u20ac million
Simulated scenario
Point in time component
Forward-looking component
100 % Optimistic
972
1,033
(61)
100 % Base
1,056
1,033
23
100 % Pessimistic
1,169
1,033
135
Weighted average (25/50/25 %)
1,063
1,033
29
Overall, the macroeconomic scenarios are currently better than the long-term average, leading to an decrease of the forward-
looking component of \u20ac 18 million.
The positive scenario, which is presented in the table below, follows the premise that all exposures are classified as Stage 1 and
all macroeconomic and geopolitical risks are not relevant.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on twelve-month expected losses (Stage 1).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 1
514
572
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2 due to staging
461
490
The negative scenario assumes that all exposures are classified as Stage 2. As a result, all macroeconomic and geopolitical
risks are considered in this analysis.
The table below shows the impact of staging on accumulated impairment for financial assets on the assumption that all
accumulated impairment is measured based on lifetime expected losses (Stage 2).
Accumulated impairment (Stage 1 and 2)
in \u20ac million
2025
2024
Accumulated impairment if 100 % in Stage 2
2,063
1,721
Weighted average (25/50/25 %)
976
1,063
Additional amounts in Stage 2
1,088
658
The table below provides a comparison between the reported accumulated impairment for expected credit losses for financial
assets in Stage 3 and the pessimistic scenario weighted by 100 per cent. The pessimistic scenario does not reflect an extreme
case from the result range of the 25 per cent most pessimistic scenarios, but an economically plausible representative of it.
Accumulated impairment (Stage 3)
in \u20ac million
2025
2024
Pessimistic scenario
1,801
2,193
Weighted average
1,480
1,909
Increase in provisions due to pessimistic scenario
321
284
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
The following table shows the gross carrying amount and impairment of the financial assets \u2013 amortized cost and financial
assets \u2013 fair value through other comprehensive income that have moved in the reporting period from expected twelve-month
losses (Stage 1) to expected lifetime losses (Stages 2 and 3) or vice versa:
2025
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(6,461)
6,461
(55)
342
0.8%
5.3%
Central banks
(60)
60
0
0
0.0%
0.0%
General governments
(139)
139
0
1
0.1%
0.6%
Banks
(38)
38
0
0
0.0%
0.6%
Other financial corporations
(257)
257
(2)
20
0.6%
7.9%
Non-financial corporations
(3,643)
3,643
(36)
158
1.0%
4.3%
Households
(2,323)
2,323
(17)
163
0.7%
7.0%
Movement from lifetime ECL to 12-
month ECL
6,364
(6,364)
22
(258)
0.3%
4.1%
Central banks
0
0
0
0
-
-
General governments
29
(29)
0
(3)
1.2%
10.3%
Banks
295
(295)
0
(1)
0.0%
0.4%
Other financial corporations
589
(589)
1
(13)
0.2%
2.2%
Non-financial corporations
2,205
(2,205)
15
(171)
0.7%
7.7%
Households
3,245
(3,245)
5
(70)
0.2%
2.2%
The increase in expected credit losses arising from the measurement of the loss allowance moving from twelve-month
expected credit losses to lifetime losses was \u20ac 287 million (previous year: \u20ac 333 million). The decrease in expected credit losses
arising from the measurement of the loss allowance moving from lifetime losses to twelve-month expected credit losses was
\u20ac 237 million (previous year: \u20ac 169 million).
2024
Gross carrying amount
Impairment
ECL coverage ratio
in \u20ac million
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
12-month ECL
Lifetime ECL
Movement from 12-month ECL to
lifetime ECL
(5,828)
5,828
(55)
388
0.9%
6.7%
Central banks
0
0
0
0
0.0%
0.0%
General governments
(141)
141
(3)
4
2.5%
3.2%
Banks
(32)
32
0
0
0.0%
0.8%
Other financial corporations
(497)
497
(1)
7
0.3%
1.5%
Non-financial corporations
(3,166)
3,166
(30)
207
0.9%
6.5%
Households
(1,992)
1,992
(20)
169
1.0%
8.5%
Movement from lifetime ECL to 12-
month ECL
5,857
(5,857)
20
(189)
0.3%
3.2%
Central banks
29
(29)
0
0
0.0%
0.0%
General governments
74
(74)
0
(1)
0.0%
1.0%
Banks
214
(214)
0
0
0.1%
0.2%
Other financial corporations
461
(461)
1
(10)
0.2%
2.1%
Non-financial corporations
2,023
(2,023)
10
(82)
0.5%
4.1%
Households
3,055
(3,055)
8
(95)
0.3%
3.1%
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "
Derecognition of financial assets
Loans and debt securities are written-off (either partially or fully) where there is no expectation of payment or recovery. This
happens when the borrower no longer has income from operations and collateral values cannot generate sufficient cash flows.
For the exposure of companies in bankruptcy, loans are written down to the value of the collateral if the company no longer
generates cash flows from its operating business. The retail business takes qualitative factors into account. In cases where no
payment has been made for one year, the outstanding amounts are written-off even though derecognized assets may remain
subject to enforcement activities. For the exposure of companies in gone concern cases, loans are written down to the value of
the collateral if the company no longer generates cash flows from its operating business. The contractual amount outstanding
on financial assets that were written off and are still subject to enforcement activity was \u20ac 1,401 million (previous year: \u20ac 1,297
million).
Derecognition of financial liabilities
The Group derecognizes a financial liability if the obligations of the Group have been paid, expired, or revoked. The income or
expense from the repurchase of own liabilities is shown in the notes under (6) Other net operating income. The repurchase of
own bonds also falls under derecognition of financial liabilities. Differences on repurchase between the carrying amount of the
liability (including premiums and discounts) and the purchase price are reported in the income statement under other net
operating income unless they are liabilities designated at fair value. If the Group repurchases financial liabilities that are
accounted for using the fair value option, fair value changes resulting from a deterioration of the Group\u2019s creditworthiness
(and thus a change in the default risk of the financial liability) are recognized through other comprehensive income and not
reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-532": { "value": "
RBI employs a range of policies to mitigate credit risk, the most common of which is the acceptance of collateral for loans and
advances provided. A valuation of collateral is performed during the credit approval process. This is then reviewed periodically
using various validation processes. The main types of collateral which are accepted in RBI are residential and commercial real
estate collateral, financial collateral, guarantees and movable goods. Particularly in the case of commercial and residential real
estate collateral, special attention is paid during the valuation and revaluation to adapting the valuation parameters to the
market environment and the expected medium-term development in such a way that the collateral is valued in a prudent and
sustainable manner. Long-term financing is generally secured, and revolving credit facilities are generally unsecured. Debt
securities are mainly unsecured. Derivatives can be secured by cash or master netting agreements. Collateral from leasing
business primarily consist of the value of the leased assets themselves. Items shown in cash and cash equivalents are
considered to have negligible credit risk. Collateral is taken into account uniformly on the basis of Group directives. The Group
directives regarding obtaining collateral were not significantly changed during the reporting period; however, they are updated
on a yearly basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-533": { "value": "
Where the borrower and lender are the same, offsetting of loans and liabilities with matching maturities and currencies occurs
if a legal right, by contract or otherwise, exists and offsetting is in line with the actually expected course of the business.
Similar agreements include derivative clearing agreements, global master repurchase agreements, and global master
securities lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale
and repurchase agreements, and securities borrowing and lending agreements.
Some of the agreements are not set-off in the statement of financial position. This is because they create, for the parties to
the agreement, a right of set-off of recognized 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, the Group and its
counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously. The Group
receives and gives collaterals in the form of cash and marketable securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-535": { "value": "
(35) Transferred assets
The Group enters into transactions that result in the transfer of trading assets, financial investments and loans and advances
to customers. The transferred financial assets continue to be recognized in their entirety or to the extent of the Group\u2019s
continuing involvement or are derecognized in their entirety. The Group transfers financial assets that are not derecognized in
their entirety or for which the Group has continuing involvement primarily through sale and repurchase of securities, securities
lending, and securitization activities.
Transferred financial assets not derecognized
Sale and repurchase agreements are transactions in which the Group sells a security and simultaneously agrees to repurchase
it at a fixed price on a future date. The Group continues to recognize the securities in their entirety in the statement of
financial position because it retains substantially all of the risks and rewards of ownership. The cash consideration received is
recognized as a financial asset and a financial liability is recognized for the obligation to pay the repurchase price. Because the
Group sells the contractual rights to the cash flows of the securities, it does not have the ability to use the transferred assets
during the term of the arrangement.
Securities lending agreements are transactions in which the Group lends securities for a fee and receives cash as collateral.
The Group continues to recognize the securities in their entirety in the statement of financial position because it retains
substantially all of the risks and rewards of ownership. The cash received is recognized as a financial asset and a financial
liability is recognized for the obligation to repay it. Because as part of the lending arrangement the Group sells the contractual
rights to the cash flows of the securities, it does not have the ability to use the transferred assets during the term of the
arrangement.
Loans and advances to customers are sold by the Group to securitization vehicles that in turn issue notes to investors
collateralized by the purchased assets. In the securitizations in which the Group transfers loans and advances to an
unconsolidated securitization vehicle, it retains some credit risk while transferring some credit risk, prepayment, and interest
rate risk to the vehicle. The Group therefore does not retain or transfer substantially all of the risks and rewards of such assets.
2025
Transferred assets
Associated liabilities
in \u20ac million
Carrying
amount
hereof
securitizations
hereof repurchase
agreements
Carrying
amount
hereof
securitizations
hereof repurchase
agreements
Financial assets - held for trading
49
0
49
49
0
49
Financial assets - amortized cost
2,698
0
2,698
2,592
0
2,592
Total
2,748
0
2,748
2,641
0
2,641
2024
Transferred assets
Associated liabilities
in \u20ac million
Carrying
amount
hereof
securitizations
hereof repurchase
agreements
Carrying
amount
hereof
securitizations
hereof repurchase
agreements
Financial assets - held for trading
441
0
441
441
0
441
Financial assets - amortized cost
3,366
82
3,284
3,270
67
3,203
Total
3,807
82
3,725
3,711
67
3,644
The Group currently has no securitization transactions in which financial assets are partly derecognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-534": { "value": "
(35) Transferred assets
The Group enters into transactions that result in the transfer of trading assets, financial investments and loans and advances
to customers. The transferred financial assets continue to be recognized in their entirety or to the extent of the Group\u2019s
continuing involvement or are derecognized in their entirety. The Group transfers financial assets that are not derecognized in
their entirety or for which the Group has continuing involvement primarily through sale and repurchase of securities, securities
lending, and securitization activities.
Transferred financial assets not derecognized
Sale and repurchase agreements are transactions in which the Group sells a security and simultaneously agrees to repurchase
it at a fixed price on a future date. The Group continues to recognize the securities in their entirety in the statement of
financial position because it retains substantially all of the risks and rewards of ownership. The cash consideration received is
recognized as a financial asset and a financial liability is recognized for the obligation to pay the repurchase price. Because the
Group sells the contractual rights to the cash flows of the securities, it does not have the ability to use the transferred assets
during the term of the arrangement.
Securities lending agreements are transactions in which the Group lends securities for a fee and receives cash as collateral.
The Group continues to recognize the securities in their entirety in the statement of financial position because it retains
substantially all of the risks and rewards of ownership. The cash received is recognized as a financial asset and a financial
liability is recognized for the obligation to repay it. Because as part of the lending arrangement the Group sells the contractual
rights to the cash flows of the securities, it does not have the ability to use the transferred assets during the term of the
arrangement.
Loans and advances to customers are sold by the Group to securitization vehicles that in turn issue notes to investors
collateralized by the purchased assets. In the securitizations in which the Group transfers loans and advances to an
unconsolidated securitization vehicle, it retains some credit risk while transferring some credit risk, prepayment, and interest
rate risk to the vehicle. The Group therefore does not retain or transfer substantially all of the risks and rewards of such assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
(37) Breakdown of remaining terms of maturity
Assets
Current assets
Non-current assets
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
35,005
334
0
0
0
Financial assets - amortized cost
10,969
20,588
17,299
51,215
55,437
Financial assets - fair value through other comprehensive
income
238
810
824
1,899
715
Non-trading financial assets - mandatorily fair value
through profit/loss
166
38
70
268
806
Financial assets - designated fair value through profit/
loss
1
4
6
197
0
Financial assets - held for trading
422
3,298
296
1,514
1,700
Hedge accounting
(368)
120
75
232
667
Investments in subsidiaries and associates
944
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,729
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,108
\u2014
\u2014
\u2014
\u2014
Current tax assets
124
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
81
2
11
73
1
Non-current assets and disposal groups classified as held
for sale
4
0
0
0
0
Other assets
560
746
24
12
1
Total
50,983
25,940
18,605
55,410
59,326
Liabilities
Short-term liabilities
Long-term liabilities
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
91,160
29,675
13,615
22,998
13,140
Financial liabilities - designated fair value through profit/
loss
0
90
267
510
194
Financial liabilities - held for trading
152
1,731
936
5,546
2,717
Hedge accounting
(347)
41
55
558
292
Provisions for liabilities and charges
1,737
37
510
69
321
Current tax liabilities
74
63
8
0
0
Deferred tax liabilities
46
1
5
3
4
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
886
422
40
105
141
Subtotal
93,709
32,060
15,436
29,787
16,809
Equity
22,463
0
0
0
0
Total
116,173
32,060
15,436
29,787
16,809
Assets
Current assets
Non-current assets
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
33,782
1,089
0
0
0
Financial assets - amortized cost
16,164
19,630
14,980
47,741
49,186
Financial assets - fair value through other comprehensive
income
216
520
419
1,653
802
Non-trading financial assets - mandatorily fair value
through profit/loss
161
27
46
239
622
Financial assets - designated fair value through profit/
loss
2
6
2
293
1
Financial assets - held for trading
384
2,104
299
1,580
1,578
Hedge accounting
(235)
32
58
403
521
Investments in subsidiaries and associates
871
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,683
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,003
\u2014
\u2014
\u2014
\u2014
Current tax assets
130
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
87
(5)
16
116
1
Non-current assets and disposal groups classified as held
for sale
9
0
0
0
0
Other assets
585
1,023
18
9
1
Total
54,842
24,425
15,837
52,035
52,712
Liabilities
Short-term liabilities
Long-term liabilities
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
87,071
24,663
15,298
25,826
10,458
Financial liabilities - designated fair value through profit/
loss
0
33
70
839
166
Financial liabilities - held for trading
62
1,339
596
4,926
2,382
Hedge accounting
(371)
20
56
707
538
Provisions for liabilities and charges
1,496
17
920
129
340
Current tax liabilities
103
110
4
0
0
Deferred tax liabilities
24
0
7
16
7
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
943
364
49
157
150
Subtotal
89,327
26,546
17,000
32,598
14,040
Equity
20,340
\u2014
\u2014
\u2014
\u2014
Total
109,666
26,546
17,000
32,598
14,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
(37) Breakdown of remaining terms of maturity
Assets
Current assets
Non-current assets
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
35,005
334
0
0
0
Financial assets - amortized cost
10,969
20,588
17,299
51,215
55,437
Financial assets - fair value through other comprehensive
income
238
810
824
1,899
715
Non-trading financial assets - mandatorily fair value
through profit/loss
166
38
70
268
806
Financial assets - designated fair value through profit/
loss
1
4
6
197
0
Financial assets - held for trading
422
3,298
296
1,514
1,700
Hedge accounting
(368)
120
75
232
667
Investments in subsidiaries and associates
944
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,729
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,108
\u2014
\u2014
\u2014
\u2014
Current tax assets
124
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
81
2
11
73
1
Non-current assets and disposal groups classified as held
for sale
4
0
0
0
0
Other assets
560
746
24
12
1
Total
50,983
25,940
18,605
55,410
59,326
Liabilities
Short-term liabilities
Long-term liabilities
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
91,160
29,675
13,615
22,998
13,140
Financial liabilities - designated fair value through profit/
loss
0
90
267
510
194
Financial liabilities - held for trading
152
1,731
936
5,546
2,717
Hedge accounting
(347)
41
55
558
292
Provisions for liabilities and charges
1,737
37
510
69
321
Current tax liabilities
74
63
8
0
0
Deferred tax liabilities
46
1
5
3
4
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
886
422
40
105
141
Subtotal
93,709
32,060
15,436
29,787
16,809
Equity
22,463
0
0
0
0
Total
116,173
32,060
15,436
29,787
16,809
Assets
Current assets
Non-current assets
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
33,782
1,089
0
0
0
Financial assets - amortized cost
16,164
19,630
14,980
47,741
49,186
Financial assets - fair value through other comprehensive
income
216
520
419
1,653
802
Non-trading financial assets - mandatorily fair value
through profit/loss
161
27
46
239
622
Financial assets - designated fair value through profit/
loss
2
6
2
293
1
Financial assets - held for trading
384
2,104
299
1,580
1,578
Hedge accounting
(235)
32
58
403
521
Investments in subsidiaries and associates
871
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,683
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,003
\u2014
\u2014
\u2014
\u2014
Current tax assets
130
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
87
(5)
16
116
1
Non-current assets and disposal groups classified as held
for sale
9
0
0
0
0
Other assets
585
1,023
18
9
1
Total
54,842
24,425
15,837
52,035
52,712
Liabilities
Short-term liabilities
Long-term liabilities
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
87,071
24,663
15,298
25,826
10,458
Financial liabilities - designated fair value through profit/
loss
0
33
70
839
166
Financial liabilities - held for trading
62
1,339
596
4,926
2,382
Hedge accounting
(371)
20
56
707
538
Provisions for liabilities and charges
1,496
17
920
129
340
Current tax liabilities
103
110
4
0
0
Deferred tax liabilities
24
0
7
16
7
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
943
364
49
157
150
Subtotal
89,327
26,546
17,000
32,598
14,040
Equity
20,340
\u2014
\u2014
\u2014
\u2014
Total
109,666
26,546
17,000
32,598
14,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
(37) Breakdown of remaining terms of maturity
Assets
Current assets
Non-current assets
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
35,005
334
0
0
0
Financial assets - amortized cost
10,969
20,588
17,299
51,215
55,437
Financial assets - fair value through other comprehensive
income
238
810
824
1,899
715
Non-trading financial assets - mandatorily fair value
through profit/loss
166
38
70
268
806
Financial assets - designated fair value through profit/
loss
1
4
6
197
0
Financial assets - held for trading
422
3,298
296
1,514
1,700
Hedge accounting
(368)
120
75
232
667
Investments in subsidiaries and associates
944
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,729
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,108
\u2014
\u2014
\u2014
\u2014
Current tax assets
124
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
81
2
11
73
1
Non-current assets and disposal groups classified as held
for sale
4
0
0
0
0
Other assets
560
746
24
12
1
Total
50,983
25,940
18,605
55,410
59,326
Liabilities
Short-term liabilities
Long-term liabilities
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
91,160
29,675
13,615
22,998
13,140
Financial liabilities - designated fair value through profit/
loss
0
90
267
510
194
Financial liabilities - held for trading
152
1,731
936
5,546
2,717
Hedge accounting
(347)
41
55
558
292
Provisions for liabilities and charges
1,737
37
510
69
321
Current tax liabilities
74
63
8
0
0
Deferred tax liabilities
46
1
5
3
4
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
886
422
40
105
141
Subtotal
93,709
32,060
15,436
29,787
16,809
Equity
22,463
0
0
0
0
Total
116,173
32,060
15,436
29,787
16,809
Assets
Current assets
Non-current assets
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
33,782
1,089
0
0
0
Financial assets - amortized cost
16,164
19,630
14,980
47,741
49,186
Financial assets - fair value through other comprehensive
income
216
520
419
1,653
802
Non-trading financial assets - mandatorily fair value
through profit/loss
161
27
46
239
622
Financial assets - designated fair value through profit/
loss
2
6
2
293
1
Financial assets - held for trading
384
2,104
299
1,580
1,578
Hedge accounting
(235)
32
58
403
521
Investments in subsidiaries and associates
871
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,683
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,003
\u2014
\u2014
\u2014
\u2014
Current tax assets
130
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
87
(5)
16
116
1
Non-current assets and disposal groups classified as held
for sale
9
0
0
0
0
Other assets
585
1,023
18
9
1
Total
54,842
24,425
15,837
52,035
52,712
Liabilities
Short-term liabilities
Long-term liabilities
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
87,071
24,663
15,298
25,826
10,458
Financial liabilities - designated fair value through profit/
loss
0
33
70
839
166
Financial liabilities - held for trading
62
1,339
596
4,926
2,382
Hedge accounting
(371)
20
56
707
538
Provisions for liabilities and charges
1,496
17
920
129
340
Current tax liabilities
103
110
4
0
0
Deferred tax liabilities
24
0
7
16
7
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
943
364
49
157
150
Subtotal
89,327
26,546
17,000
32,598
14,040
Equity
20,340
\u2014
\u2014
\u2014
\u2014
Total
109,666
26,546
17,000
32,598
14,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
(37) Breakdown of remaining terms of maturity
Assets
Current assets
Non-current assets
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
35,005
334
0
0
0
Financial assets - amortized cost
10,969
20,588
17,299
51,215
55,437
Financial assets - fair value through other comprehensive
income
238
810
824
1,899
715
Non-trading financial assets - mandatorily fair value
through profit/loss
166
38
70
268
806
Financial assets - designated fair value through profit/
loss
1
4
6
197
0
Financial assets - held for trading
422
3,298
296
1,514
1,700
Hedge accounting
(368)
120
75
232
667
Investments in subsidiaries and associates
944
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,729
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,108
\u2014
\u2014
\u2014
\u2014
Current tax assets
124
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
81
2
11
73
1
Non-current assets and disposal groups classified as held
for sale
4
0
0
0
0
Other assets
560
746
24
12
1
Total
50,983
25,940
18,605
55,410
59,326
Liabilities
Short-term liabilities
Long-term liabilities
2025
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
91,160
29,675
13,615
22,998
13,140
Financial liabilities - designated fair value through profit/
loss
0
90
267
510
194
Financial liabilities - held for trading
152
1,731
936
5,546
2,717
Hedge accounting
(347)
41
55
558
292
Provisions for liabilities and charges
1,737
37
510
69
321
Current tax liabilities
74
63
8
0
0
Deferred tax liabilities
46
1
5
3
4
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
886
422
40
105
141
Subtotal
93,709
32,060
15,436
29,787
16,809
Equity
22,463
0
0
0
0
Total
116,173
32,060
15,436
29,787
16,809
Assets
Current assets
Non-current assets
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Cash, balances at central banks and other demand
deposits
33,782
1,089
0
0
0
Financial assets - amortized cost
16,164
19,630
14,980
47,741
49,186
Financial assets - fair value through other comprehensive
income
216
520
419
1,653
802
Non-trading financial assets - mandatorily fair value
through profit/loss
161
27
46
239
622
Financial assets - designated fair value through profit/
loss
2
6
2
293
1
Financial assets - held for trading
384
2,104
299
1,580
1,578
Hedge accounting
(235)
32
58
403
521
Investments in subsidiaries and associates
871
\u2014
\u2014
\u2014
\u2014
Tangible fixed assets
1,683
\u2014
\u2014
\u2014
\u2014
Intangible fixed assets
1,003
\u2014
\u2014
\u2014
\u2014
Current tax assets
130
\u2014
\u2014
\u2014
\u2014
Deferred tax assets
87
(5)
16
116
1
Non-current assets and disposal groups classified as held
for sale
9
0
0
0
0
Other assets
585
1,023
18
9
1
Total
54,842
24,425
15,837
52,035
52,712
Liabilities
Short-term liabilities
Long-term liabilities
2024
Due at call or
without maturity
Up to 3 months
More than 3 months,
up to 1 year
More than 1 year,
up to 5 years
More than 5
years
in \u20ac million
Financial liabilities - amortized cost
87,071
24,663
15,298
25,826
10,458
Financial liabilities - designated fair value through profit/
loss
0
33
70
839
166
Financial liabilities - held for trading
62
1,339
596
4,926
2,382
Hedge accounting
(371)
20
56
707
538
Provisions for liabilities and charges
1,496
17
920
129
340
Current tax liabilities
103
110
4
0
0
Deferred tax liabilities
24
0
7
16
7
Liabilities included in disposal groups classified as held for
sale
0
0
0
0
0
Other liabilities
943
364
49
157
150
Subtotal
89,327
26,546
17,000
32,598
14,040
Equity
20,340
\u2014
\u2014
\u2014
\u2014
Total
109,666
26,546
17,000
32,598
14,040
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
Risk report
Active risk management is a core competency of RBI. In order to effectively identify, measure, and manage risks the Group
continues to develop its comprehensive risk management system. The management of ESG risks (environmental, social,
corporate governance) is implemented in a cross-departmental approach and covers all risk areas. For detailed information
please refer to the CSRD part in the report. Risk management is an integral part of overall bank management. Particularly, in
addition to legal and regulatory requirements, it considers the nature, scale, and complexity of the Group\u2019s business activities
and the resulting risks. The figures below refer to the regulatory scope of consolidation pursuant to CRR, which differs slightly
from the scope of consolidation pursuant to IFRS. In terms of risk, the companies in the IFRS scope of consolidation that are not
included therein are covered by the participation risk.
The risk report describes the principles and organization of risk management and describes current risk exposure in all material
risk categories.
(38) Risk management principles
The Group has a system of risk principles and procedures in place for measuring and monitoring risk, which is aimed at control-
ling and managing material risks in the Group. The risk policy and risk management principles are laid out by the Management
Board. These are regularly reported and discussed in the Supervisory Board committees. The fundamental risk policy principles
include:
\u00b7 Risk awareness: A risk culture is promoted which consciously deals with the risks inherent in the banking business, in
particular through the transparent presentation of information and the use of suitable methods.
\u00b7 Risk appetite: Risk-taking is cautious and requires a predefined minimum return on the risk.
\u00b7 Risk management: State-of-the-art risk management and risk controlling technologies are implemented which
correspond to the materiality of the risks; risk data aggregation and risk report technologies are also effectively
combined.
\u00b7 Regulatory requirements: All provisions and requirements of the supervisory authorities relating to risk management
are taken into account and complied with.
\u00b7 Integrated risk management: Credit, country, market, liquidity, and operational risks are managed as key risks on a
group-wide basis. For this purpose, these risks are measured, aggregated, limited, and compared to available risk
coverage capital.
\u00b7 Standardized methodologies: Risk measurement and risk limitation methods are standardized group-wide in order
to en-sure a consistent and coherent approach to risk management. This forms the basis for consistent overall bank
management across all countries and business lines in RBI.
\u00b7 Continuous planning: Risk strategies and risk capital are reviewed and approved in the course of the annual
budgeting and planning process, whereby special attention is also paid to preventing risk concentrations.
\u00b7 Independent control: A clear personnel and organizational separation is maintained between business operations
and all risk management or risk control activities.
\u00b7 Ex ante and ex post control: Risks are consistently measured within the scope of product selling and in risk-adjusted
performance measurement. Thereby it is ensured that business in general is conducted only under risk-return
considerations and that there are no incentives for taking high risks.
\u00b7 New business areas: New products and market launches are subject to a prior, specific risk analysis and risk
assessment and are decided on by the relevant committees.
Individual risk management units of the Group develop detailed risk strategies, which set more concrete risk targets and
specific standards in compliance with these general principles. The overall Group risk strategy is derived from the Group\u2019s
business strategy and the risk appetite and adds risk-relevant aspects to the planned business structure and strategic
development. These aspects include for example structural limits and capital ratio targets which have to be met in the
budgeting process and in the scope of business decisions. More specific targets for individual risk categories are set in detailed
risk strategies. The credit risk strategy of the Group, for instance, sets credit portfolio limits for individual countries, segments
and industries and defines the credit approval authority for limit applications.
(39) Organization of risk management
The Management Board of the Group ensures the proper organization and ongoing development of risk management. It
decides which methods are to be employed for identifying, measuring, and monitoring risks, and makes steering decisions ac-
cording to the risk reports and analyses. The Management Board is supported in undertaking these tasks by independent risk
management units and special committees.
Risk management functions are performed on different levels in the Group. RBI AG develops and implements the relevant
concepts as the parent credit institution and in cooperation with the subsidiaries of the Group. The central risk management
units are responsible for the adequate and appropriate implementation of the Group\u2019s risk management processes.
Particularly, they establish common Group directives and set business-specific standards, tools, and practices for all Group
entities.
Supervisory Board
Executive Committee of the Supervisory Board
Risk Committee of the Supervisory Board
Central risk management functions\u00a0
and committees
\u00b7 for all risk categories
\u00b7 for all Group units
Raiffeisen Bank International (Management Board)
Credit Management
(Corporate customers, Banks and Sovereigns,
Retail)
Credit Portfolio Management
Risk Controlling
(Credit, Market, Liquidity and Non-financial Risks
incl. Operational Risks)
Special Exposures Management
Group Risk Data and Regulatory Reporting
Group Risk Committee
Group Asset/Liability Committee
Market Risk Committee
Credit Committees
Problem Loan Committee
Securitization Committee
Group Operational Risk Management & Controls
Committee
Group Security Committee
Data Governance Committee
Artificial Intelligence Committee
Contingency/Recovery/Resolution Committee
Local risk management
units and committees
\u00b7 for all risk categories
\u00b7 for all Group units
Banks and leasing companies
Specialist units
Consolidation level
Group functions
Committees
Division/department
Local risk management units are established in the Group entities of RBI. They implement the risk policies for specific risk types
and take active steering decisions within the approved risk budgets in order to achieve the targets set in the business policy.
For this purpose, they monitor resulting risks using standardized measurement tools and report them to central risk
management units via defined interfaces.
The central Group Risk Controlling division assumes the independent risk controlling function required by banking law. Its
responsibilities include developing the group-wide framework for overall bank risk management (integrating all risk types) and
preparing independent reports on the risk profile for the Supervisory Board\u2019s Risk Committee, the Group Management Board
and the heads of individual business units. It also measures the required risk coverage capital for different Group units and
calculates the utilization of the allocated risk capital budgets in the internal capital adequacy framework.
Potential impact from geopolitical tensions and increased tariffs from US
Initially, the impact from geopolitical tensions and increased tariffs from US has been assessed during the first half-year of
2025, firstly by identifying the exposure in the potentially most affected sectors and an early intervention exercise on
potentially most impacted exposures, and secondly by conducting an internal stress test.
Furthermore, during the first half of 2025, an early intervention exercise was executed, where in total 205 corporate customer
groups in relevant sectors were analyzed and reviewed. As a result, the ratings of the affected customers were adjusted
accordingly. In parallel the internal rating process has been extended and tariff exposure is added as one of the main risks to
be analyzed and documented since first half of 2025. Material downgrades due to US Tariffs have not happened after the early
intervention during the second quarter 2025. In addition to US tariffs, a special screening of the Top 150 corporate customers
was performed (irrespectively of their industry) related to their liquidity and refinancing risks (maturity wall exercise). Although
no specific downgrades were executed due to that screening, an intensified reporting scheme (account ledgers, liquidity plans)
with 10 per cent of the total customers were agreed due to their short-term refinancing profile. Those customers will \u2013 in
addition \u2013 continuously be monitored and a monthly to quarterly rating review is performed.
In the third quarter 2025, the US concluded several tariff agreements (e.g. with the European Union), easing the extreme
uncertainty and volatility from the first half year 2025. Some customers still saw minor negative effects from US tariffs,
prompting initial rating corrections and reassessments. Beginning with the fourth quarter 2025, customers with primary US
exposure - identified through last year\u2019s early intervention and ongoing rating reviews - are under continuous monitoring due
to potential new tariffs (the Greenland debate).
The internal stress test conducted during the second quarter on further tariff impacts revealed no unexpected effects, and
compared to latest internal and external exercises, the overall effect (as measured via impact on CET1 ratio) was comparably
milder and deemed covered within the approved risk and capital planning. As such, no additional overlays were reserved for
further tariff impacts. The initial evaluation focused primarily on the direct impacts of US tariff policy. However, the affected
portfolio will be closely monitored to assess potential subsequent impacts at an early stage.
Furthermore, RBI\u2019s market risk measures do automatically adjust to higher volatility regimes, special stress scenarios for US
tariffs were added in the market risk scenario calculation. The market moves impacts have been managed within the weekly
market risk committee with no breach of the group risk appetite limit. Margin calls are monitored closely and are well within
the implemented methodology. Overall liquidity situation is stable and not impacted by US tariffs.
High-profile defaults in the US during 2025, such as Tricolor Holdings and First Brands Group, have raised concerns about an
overheating of the US private equity and credit market, and the Non-Banking Financial Institutions (NBFIs) in general, along with
worries about potential spill overs to European markets.
RBI\u2019s principal exposure to private credit and equity comprised Subscription Credit Facilities (SCFs) of approximately one billion
(0.4 per cent of RBI\u2019s total exposure) and Private Equity net asset value financing of about \u20ac 210 million at year end 2025.
The SCFs provide bridge financing secured by capital commitments from fund investors. RBI primarily finances private credit
(around \u20ac 490 million) and infrastructure (around \u20ac 365 million), with the remainder in Private Equity and Real Estate. RBI's SCF
exposures are rated mainly as investment grade (rating grade 1-4) having a diversified pool of investor commitments. RBI's
financing comprises secured credit facilities underwritten against the value of a fund\u2019s underlying portfolio. These facilities
have recourse to a granular, well\u2011performing asset mix and benefit from significant over\u2011collateralization of net asset value.
Furthermore, RBI has not been directly affected by defaults.
Risk committees
The Group Risk Committee is the most senior decision-making body for all the Group\u2019s risk-related topic areas. It decides on
the risk management methods and on the control concepts used for the overall Group and for key subdivisions, and is
responsible for ongoing development and implementation of methods and parameters for risk quantification and for refining
steering instruments. This also includes setting the risk appetite and the various risk budgets and limits at overall bank level as
well as monitoring the current risk situation with respect to internal capital adequacy and the corresponding risk limits. It
approves risk management and control activities (such as the allocation of risk capital) and advises the Management Board in
these matters. The Group Risk Committee\u2019s scope of responsibility also includes resolution-related topics and decisions
reflecting the respective guidelines and requirements of the Single Resolution Board (SRB).
The Group Asset/Liability Committee assesses and manages the statement of financial position structure and liquidity risk
and defines the standards for internal funds transfer pricing. It plays an important role in planning long-term funding and
hedging structural interest rate and foreign exchange risks. The Group Capital Management Committee and the Structural FX
Committee are sub-committees of the Group Asset/Liability Committee and analyze, control and manage the regulatory
capital ratios respectively the structural currency and interest rate risk of the Group\u2019s capital position.
The Market Risk Committee controls market risks arising from trading and banking book transactions and establishes
corresponding limits and processes. Particularly, it relies on profit and loss reports, the risks calculated and the limit utilization,
as well as the results of scenario analyses and stress tests with respect to market risks.
The Credit Committees are staffed by front office and back office representatives, with the staff assignments depending on
the type of customer (corporate customers, banks, sovereigns and retail). The committees decide upon the specific lending
criteria for the different customer segments and countries and make all credit decisions concerning those segments and
countries in connection with the credit approval process (depending on rating and exposure size).
The Problem Loan Committee is the most important committee in the evaluation and decision-making process concerning
customers with limited payment ability. Its chairman is the Chief Risk Officer (CRO). Further members with voting rights are
those members of the Management Board responsible for the customer divisions, the Chief Financial Officer (CFO), and the
relevant division and department managers from risk management and special exposures management.
The Securitization Committee is the decision-making committee for limit requests in relation to securitization positions
within the specific decision-making authority framework. It develops proposals for modifications to the securitization strategy
for the Management Board. In addition, the Securitization Committee offers a platform for exchanging information regarding
securitization positions and market developments.
The Group Operational Risk Management & Controls Committee comprises representatives of the business areas (retail,
market and corporate customers) and representatives from Compliance (including financial crime, regulatory compliance),
Internal Control System, Operations, Security, IT Risk Management and Risk Controlling, under chairmanship of the CRO. This
committee is responsible for managing the Group\u2019s operational risk (including conduct risk). It derives and sets the operational
risk strategy based on the risk profile and the business strategy and makes decisions regarding measures, controls and risk
acceptance.
The Group Security Committee is responsible for the implementation of and compliance with the Security Policy and the IT
Risk Management Policy within the Group. This includes, inter alia, approving the Security Policy and the IT Risk Management
Policy, defining key performance indicators and key risk indicators, which must be reported on at Group level and in the local
security committees, and defining and checking the risk appetite in relation to IT risk and security.
The Data Governance Committee is the Group\u2019s senior decision-making body for all subject areas relating to data
governance. This also includes in particular topics relating to data quality as well as to compliance with the BCBS 239 principles.
The Artificial Intelligence Committee is the cross-functional, senior steering committee for the Group regarding Artificial
Intelligence (AI) topics. These include strategic and regulatory oversight, performance monitoring, change management,
education & learning, transparent communication, stakeholder engagement, advisory of the Management Board and reporting,
as well as being the escalation authority for AI related topics.
The Contingency/Recovery/Resolution Committee is a decision-making body convened by the Management Board. The
composition of the committee varies as circumstances require depending on the intensity and focus of the specific
requirements pertaining to the situation (e.g. capital and/or liquidity). The core task of the committee is to maintain or recover
financial stability in accordance with BaSAG (Austrian Banking Recovery and Resolution Act) and BRRD (Banking Recovery and
Resolution Directive) in the event of a critical financial situation.
Quality assurance and internal audit
Quality assurance with respect to risk management refers to ensuring the integrity, soundness, and accuracy of processes,
models, calculations, and data sources. This is to ensure that the Group adheres to all legal requirements and that it can
achieve the highest standards in risk management-related operations. Two very important functions in assuring independent
oversight are performed by the divisions Audit and Compliance. Independent internal auditing is a legal requirement and a
central pillar of the internal control system. Internal Audit periodically assesses all business processes and contributes
considerably to securing and improving them. It sends its reports directly to the Management Board, which discusses them on
a regular basis in its board meetings. The Compliance Office is responsible for all issues concerning compliance with legal
requirements in addition to and as an integral part of the internal control system. Thereby compliance with existing
regulations in daily operations is monitored. The comprehensive risk management control function is one of the key
responsibilities of the Supervisory Board\u2019s Risk Committee, which for this purpose uses the analyses and reports prepared by
Audit, Compliance, and Risk Controlling.
(40) Overall group risk management
Maintaining an adequate level of capital is a core objective of the Group. Capital requirements are monitored regularly based
on the risk level as measured by internal models, and in choosing appropriate models the materiality of risks annually assessed
is considered. This concept of overall bank risk management provides for meeting capital requirements from both a regulatory
perspective (normative perspective) and from an economic point of view (economic perspective). Thus, it covers the
quantitative aspects of the Internal Capital Adequacy Assessment Process (ICAAP) as legally required and as described in the
ICAAP Directive published by the European Central Bank. The full ICAAP process of the Group is audited during the supervisory
review process for RBI credit institution group (RBI-Kreditinstitutsgruppe) on an annual basis.
The Risk Appetite Framework (RAF) limits the Group\u2019s overall risk in accordance with the Group\u2019s strategic business objectives
and allocates the risk capital calculated to the different risk categories and business areas. The primary aim of the RAF is to
limit risk, particularly in adverse scenarios and for major singular risks in such a way as to guarantee compliance with regula-
tory minimum ratios. The Risk Appetite Framework is, therefore, closely linked with the ICAAP and the ILAAP (Internal Liquidity
Adequacy Assessment Process) and sets the concentration risk limits for the risk types identified as significant in the risk as-
sessment. There is also a connection to the recovery plan as the risk capacity and risk tolerance limits in the RAF are aligned
with the corresponding thresholds in the recovery plan. In addition, the risk appetite decided by the Management Board and
the Group\u2019s risk strategy and its implementation are reported regularly to the Supervisory Board\u2019s Risk Committee.
Approach
Risk
Measurement technique
Confidence level
Economic perspective
Economic capital
Risk that unexpected losses from the
economic point of view exceed the
internal capital
The unexpected loss for the risk horizon of one
year (economic capital) may not exceed the
current value of the tier 1 capital.
99.90 per cent
Normative perspective
Stress scenarios
Risk of falling below a sustainable
tier 1 ratio throughout an economic
cycle
Capital and earnings projection for a three-year
planning period based on assumptions of a
significant downturn in the economy
Around 95 per cent
Economic perspective \u2013 economic capital approach
In this approach, risks are measured based on economic capital, which represents a comparable risk indicator across all
material risk types. Economic capital is calculated as the sum of unexpected losses stemming from different Group units and
different risk categories. In addition, a general buffer is held to cover risk types not explicitly quantified.
The Group uses a confidence level of 99.90 per cent to calculate economic capital. The economic capital increased to \u20ac\u00a09,633
million (previous year: \u20ac 9,356 million). The main drivers were increases in credit risk for sovereigns and retail customers. This
increase was partly offset by a decline in credit risk for corporate customers. In the risk capital allocation as at 31 December
2025, the regional segments Southeastern Europe and Eastern Europe recorded increases compared to year-end 2024, while
the Austria segment decreased.
Risk contribution of individual risk types to economic capital:
in \u20ac million
2025
Share
2024
Share
Credit risk sovereigns
1,892
19.6%
1,703
18.2%
Credit risk retail customers
1,672
17.4%
1,430
15.3%
Credit risk corporate customers
1,125
11.7%
1,300
13.9%
FX risk capital position
1,290
13.4%
1,217
13.0%
Market risk
1,122
11.6%
1,104
11.8%
Operational risk
809
8.4%
826
8.8%
Participation risk
823
8.5%
785
8.4%
Other assets
246
2.6%
267
2.9%
Credit risk banks
169
1.8%
230
2.5%
Liquidity risk
0
0.0%
32
0.3%
CVA risk
26
0.3%
16
0.2%
Risk buffer
459
4.8%
446
4.8%
Total
9,633
100.0%
9,356
100.0%
Regional allocation of economic capital by Group unit domicile:
in \u20ac million
2025
Share
2024
Share
Austria
2,167
22.5%
2,381
25.4%
Central Europe
2,387
24.8%
2,328
24.9%
Southeastern Europe
2,584
26.8%
2,291
24.5%
Eastern Europe
1,926
20.0%
1,744
18.6%
Ukraine
569
5.9%
612
6.5%
Total
9,633
100.0%
9,356
100.0%
Economic capital is an important instrument in overall bank risk management. Economic capital limits are allocated to
individual business areas during the annual budgeting process and are supplemented in day-to-day management by volume,
sensitivity, and value-at-risk limits. The Group planning process is undertaken on a revolving basis for the coming three years
and incorporates future changes in economic capital as well as available internal capital. Economic capital thus substantially
influences plans for future lending activities and the overall limit for market risk.
Risk-adjusted performance measurement is also based on the indicator for economic capital. The profitability of a business
unit is examined in relation to the amount of economic capital attributed to the unit in question (risk-adjusted profit in relation
to risk-adjusted capital, RORAC), which yields a comparable performance indicator for all business units in the Group. That
indicator is used in turn as a key figure in overall bank management and for future capital allocation, and influences the
remuneration paid to the Group\u2019s executive management.
Normative perspective \u2013 stress scenarios
The analysis of the stress scenarios in the normative perspective of the ICAAP is intended to ensure that the Group has
sufficiently high capital ratios in a multi-year planning period, even in a severe macroeconomic downturn scenario. The analysis
is based on a multi-year macroeconomic stress test where hypothetical market developments in a severe but realistic
economic downturn scenario are simulated. The risk parameters used include interest rates, foreign exchange rates and
securities prices, as well as changes in default probabilities and rating migrations in the credit portfolio, as well as losses from
operational risks.
The integrated stress test focuses primarily on the capital ratios at the end of the multi-year observation period. These should
not fall below a sustainable level, meaning that they should not require the bank to substantially increase capital or to
significantly reduce its business activities. The current minimum amount of capital is therefore determined by the size of a
potential economic downturn. The stress scenarios assumed incorporates recognition of the necessary loan loss provisions and
potential pro-cyclical effects (which increase the minimum regulatory capital requirement) along with the impact of foreign
ex-change rate fluctuations and other valuation and earnings effects. Regulatory changes that are already known are
considered for the planning period.
This perspective thus also complements traditional risk measurement methods based on the value-at-risk concept (which is in
general based on historical data). Therefore, it can account for exceptional market situations that have not been observed in
the past, and permits estimation of the potential impact of such developments. The stress test also allows for analyzing risk
concentrations (e.g. individual positions, industries, or geographical regions) and gives insight into profitability, liquidity
situation, and solvency under extreme situations. Building on these analyses, risk management in the Group actively
contributes to portfolio diversification, for example via limits for the total credit exposure to individual industry segments and
countries and through ongoing updates to lending standards.
(41) Credit risk
Credit risk is the largest risk for the Group\u2019s business. Credit risk means the risk of suffering financial loss should any of the
Group\u2019s customers or counterparties fail to fulfil their contractual obligations to the Group. Credit risk arises mainly from loans
and advances to banks, loans and advances to customers, lending commitments and financial guarantees given. The Group is
also exposed to other credit risks arising from investments in debt securities and other exposures associated with trading
activities, derivatives, settlement agreements and reverse repo transactions.
Limit application process
In the non-retail area, each lending transaction runs through the limit application process before a decision is made. This
process covers \u2013 besides new lending \u2013 increases in existing limits, rollovers, overdrafts, and changes in the risk profile of a
borrower (e.g. with respect to the financial situation of the borrower, the agreed terms and conditions, or the collateral
furnished) compared to the time of the original lending decision. It is also used when setting counterparty limits for trading and
new issuance operations as well as other credit limits, and for equity investments subject to credit risk.
Credit decisions are made within the context of a competence authority hierarchy based on the size and type of the loan.
Approval from the business and the credit risk management divisions is always required when making individual limit decisions
or performing regular rating renewals. If the individual decision-making parties disagree, the potential transaction is decided
upon by the next higher-ranking credit authority.
The whole limit application process is based on defined uniform principles and rules. Account management for multinational
customers doing business with more than one RBI unit simultaneously is supported by the Global Account Management
System, for example. This is made possible by group-wide unique customer identification in the non-retail asset classes.
The limit application process in the retail division is automated to a great degree due to the high number of applications and
relatively low exposure amounts. Limit applications are often assessed and approved in central processing centers based on
credit score cards. This process is facilitated by the respective IT systems.
Credit portfolio management
Credit portfolio management in the Group is, among other aspects, based on the credit portfolio strategy which is in turn
based on the business and risk strategy. The strategy selected is used to limit the exposure amount in different countries,
industries or product types and thus prevents undesired risk concentrations. Additionally, the long-term potentials of different
markets are continuously analyzed. This allows for an early strategic repositioning of future lending activities.
Reconciliation of figures from the IFRS consolidated financial statements to credit
exposure (according to CRR)
The following table shows the reconciliation of the gross carrying amounts of the items on the statement of financial position
to the credit exposure (banking and trading book positions), which is used in portfolio management. It includes both exposures
on and off the statement of financial position before the application of credit-conversion factors, and thus represents the
total credit exposure. It is not reduced by the effects of credit risk mitigation such as guarantees or physical collateral, effects
that are, however, considered in the total assessment of credit risk. The total credit exposure is also used \u2013 if not explicitly
stated otherwise \u2013 for referring to exposures in all subsequent tables in the risk report. The reasons for the differences in the
values used for internal portfolio management and for external financial accounting are the different scopes of consolidation
(regulatory versus accounting rules according to IFRS) and differences in the classification and presentation of exposure
volumes, especially in the case of repo transactions and derivatives, particularly SA-CCR (standardized approach for measuring
counterparty credit risk).
in \u20ac million
2025
2024
Cash, balances at central banks and other demand deposits
32,053
31,532
Financial assets - amortized cost
157,739
150,512
Financial assets - fair value through other comprehensive income
4,275
3,431
Non-trading financial assets - mandatorily fair value through profit/loss
1,344
1,088
Financial assets - designated fair value through profit/loss
208
304
Financial assets - held for trading
6,707
5,492
Hedge accounting
726
780
Current tax assets
124
130
Deferred tax assets
167
216
Other assets
1,176
1,435
Loan commitments given
42,664
37,635
Financial guarantees given
10,034
9,243
Other commitments given
5,609
5,567
Reconciliation difference
(7,406)
(6,450)
Credit exposure
255,421
240,914
Around \u20ac 2.9 billion of the reconciliation difference was attributable to the SA-CCR-Netting.
The detailed credit portfolio analysis shows the breakdown by rating category. Customer rating assessments are performed
separately for different asset classes using internal risk classification models (rating and scoring models), which are validated
by a central organizational unit. The default probabilities assigned to individual rating grades are calculated separately for
each asset class. However, the use of a master scale enables rating grades to be compared even across business segments.
Rating models in the non-retail asset classes \u2013 corporates, banks and sovereigns \u2013 are uniform in all Group units and rank
creditworthiness in 27 grades of the master scale. For retail asset classes, country specific scorecards are developed based on
uniform Group standards. Tools are used to produce and validate ratings (e.g. business valuation tools, rating and default
data-bases).
Credit exposure by asset classes (rating models):
in \u20ac million
2025
2024
Corporate customers
90,764
86,684
Project finance
11,606
9,727
Retail customers
54,639
48,730
Banks
27,014
28,853
Sovereigns
71,398
66,921
Total
255,421
240,914
Credit portfolio \u2013 Corporate customers
The internal rating models for corporate customers take into account qualitative parameters, various ratios from the state-
ment of financial position, and profit ratios covering different aspects of customer creditworthiness for various industries and
countries. In addition, the model for smaller corporates also includes an account behavior component.
The following table shows the credit exposure according to internal corporate rating (large corporates, mid-market and small
corporates). For presentation purposes, the individual grades of the rating scale have been combined into nine main rating
grades.
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
1
Minimal risk
> 0.0000 %
\u2264 0.0300 %
2,609
2.9%
1,920
2.2%
2
Excellent credit standing
> 0.0300 %
\u2264 0.0751 %
6,996
7.7%
8,143
9.4%
3
Very good credit standing
> 0.0751 %
\u2264 0.1878 %
18,841
20.8%
19,345
22.3%
4
Good credit standing
> 0.1878 %
\u2264 0.4694 %
23,835
26.3%
22,781
26.3%
5
Sound credit standing
> 0.4694 %
\u2264 1.1735 %
18,862
20.8%
16,290
18.8%
6
Acceptable credit standing
> 1.1735 %
\u2264 2.9338 %
12,449
13.7%
10,736
12.4%
7
Marginal credit standing
> 2.9338 %
\u2264 7.3344 %
3,359
3.7%
2,846
3.3%
8
Weak credit standing/sub-standard
> 7.3344 %
\u2264 18.3360 %
1,355
1.5%
1,269
1.5%
9
Very weak credit standing/doubtful
> 18.3360 %
< 100 %
1,060
1.2%
1,092
1.3%
10
Default
100 %
100 %
1,328
1.5%
2,208
2.5%
NR
Not rated
70
0.1%
53
0.1%
Total
90,764
100.0%
86,684
100.0%
The credit exposure to corporate customers increased \u20ac\u00a04,080 million to \u20ac\u00a090,764 million compared to year-end 2024. The
largest increases were recorded in Romania (\u20ac\u00a01,183 million), Hungary (\u20ac\u00a0685 million), the Czech Republic (\u20ac\u00a0657 million) and in
Ukraine (\u20ac\u00a0488 million) mainly in rating grades 4, 5 and 6, which were partly offset by decreases in the United Arab Emirates
(\u20ac\u00a0404 million) and Luxembourg (\u20ac\u00a0350 million) mainly in rating grades 2, 3 and 5.
The rise in rating grade 5 resulted also from rating downgrades of individual Czech customers from rating grade 4. The
increase in rating grade 4 was also due to rating downgrades of individual Austrian and British customers from rating grade 3.
In rating grade 2 the decrease resulted mainly from rating downgrades of individual Austrian and Czech customers to rating
grade 3, and from rating upgrades of individual Austrian and Luxembourg customers to rating grade 1.
The five grades rating model for project finance is based on the slotting criteria in accordance with EBA/RTS/2016/02.
in \u20ac million
2025
Share
2024
Share
6.1
Excellent project risk profile \u2013 very low risk
6,498
56.0%
6,068
62.4%
6.2
Good project risk profile \u2013 low risk
4,063
35.0%
2,746
28.2%
6.3
Acceptable project risk profile \u2013 average risk
223
1.9%
440
4.5%
6.4
Poor project risk profile \u2013 high risk
89
0.8%
63
0.6%
6.5
Default
733
6.3%
409
4.2%
NR
Not rated
0
0.0%
0
0.0%
Total
11,606
100.0%
9,727
100.0%
The \u20ac\u00a01,880 million increase in project finance was mainly attributable to increases in Slovakia, the Czech Republic, Romania
and Bulgaria for energy supply and real estate projects. The increase in Germany was mainly due to a reclassification of three
existing defaulted customers (\u20ac\u00a0328 million) from corporate customers to project finance, coordinated with the regulator. In
Romania, the rating downgrade of the country resulted in a rating downgrade in the project finance sector from rating grade
6.1 to rating grade 6.2.
Breakdown by country of risk of the credit exposure to corporate customers and project finance structured by region, taking
into account the guarantor:
in \u20ac million
2025
Share
2024
Share
Central Europe
29,655
29.0%
27,176
28.2%
Western Europe
25,101
24.5%
24,011
24.9%
Austria
18,994
18.6%
19,202
19.9%
Southeastern Europe
18,368
17.9%
16,119
16.7%
Eastern Europe
3,257
3.2%
3,540
3.7%
Ukraine
2,625
2.6%
2,143
2.2%
Asia
2,025
2.0%
2,224
2.3%
Other
2,346
2.3%
1,995
2.1%
Total
102,370
100.0%
96,410
100.0%
The increase in Central Europe was due to higher loans and advances, and bonds in the Czech Republic, Hungary and Slovakia.
The increase in Southeastern Europe resulted mainly from the rise in loans and advances in Romania, Serbia and Croatia. In
Western Europe the increase was due to higher loans and advances in Germany and Switzerland. The decline in Austria
resulted mainly from the decrease in loans and advances, and foreign exchange transactions.
Credit exposure to corporates and project finance by industry of the original customer:
in \u20ac million
2025
Share
2024
Share
Manufacturing
24,998
24.4%
23,422
24.3%
Wholesale and retail trade
20,674
20.2%
19,917
20.7%
Real estate
12,740
12.4%
12,380
12.8%
Financial intermediation
9,341
9.1%
8,584
8.9%
Construction
7,502
7.3%
6,551
6.8%
Electricity, gas, steam and hot water supply
7,366
7.2%
6,729
7.0%
Transport, storage and communication
4,606
4.5%
4,160
4.3%
Freelance/technical services
2,797
2.7%
2,879
3.0%
Other industries
12,345
12.1%
11,788
12.2%
Total
102,370
100.0%
96,410
100.0%
Credit portfolio \u2013 Retail customers
Retail customers are subdivided into private individuals and small and medium-sized entities (SMEs). For retail customers a
two-fold scoring system is used, consisting of the initial and ad-hoc scoring based on customer data and of the behavioral
scoring based on account data.
in \u20ac million
2025
Share
2024
Share
Retail customers \u2013 private individuals
50,942
93.2%
45,422
93.2%
Retail customers \u2013 small and medium-sized entities
3,697
6.8%
3,308
6.8%
Total
54,639
100.0%
48,730
100.0%
Credit exposure to retail customers by internal rating:
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
0.5
Minimal risk
> 0.00 %
\u2264 0.17 %
6,098
11.2%
8,747
18.0%
1.0
Excellent credit standing
> 0.17 %
\u2264 0.35 %
11,014
20.2%
8,052
16.5%
1.5
Very good credit standing
> 0.35 %
\u2264 0.69 %
10,860
19.9%
8,335
17.1%
2.0
Good credit standing
> 0.69 %
\u2264 1.37 %
9,823
18.0%
7,429
15.2%
2.5
Sound credit standing
> 1.37 %
\u2264 2.70 %
6,678
12.2%
4,941
10.1%
3.0
Acceptable credit standing
> 2.70 %
\u2264 5.26 %
3,419
6.3%
2,883
5.9%
3.5
Marginal credit standing
> 5.26 %
\u2264 10.00 %
1,678
3.1%
1,358
2.8%
4.0
Weak credit standing/sub-standard
> 10.00 %
\u2264 18.18 %
986
1.8%
691
1.4%
4.5
Very weak credit standing/doubtful
> 18.18 %
< 100 %
963
1.8%
825
1.7%
5.0
Default
100 %
100 %
1,184
2.2%
1,180
2.4%
NR
Not rated
1,936
3.5%
4,288
8.8%
Total
54,639
100.0%
48,730
100.0%
Due to the rating model update from Point in Time (PIT) to Through the Cycle (TTC) for mortgage loans in the Czech Republic in
May 2025, there was a shift of the affected portfolio from rating grade 0.5 to lower rating grades. The not rated credit
exposure includes, among others, credit card transactions in Austria, leasing companies and retail customers in Croatia and
Kosovo. These customers either do not have an internal rating, or are part of portfolios under permanent partial use or
portfolios for which PD model are in implementation process. In case of leasing units, creditworthiness is assessed based on
scorecard models. The decline in not rated customers was mainly due to the fact that most of the credit card business in
Austria and the portfolio acquired in Serbia received a rating in the first quarter of 2025.
Credit exposure to retail customers by segments:
2025
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Retail customers \u2013 private individuals
25,338
11,935
2,614
414
10,641
Retail customers \u2013 small and medium-sized entities
2,177
1,349
4
103
64
Total
27,515
13,283
2,618
517
10,706
hereof non-performing exposure
540
387
145
19
106
2024
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Retail customers \u2013 private individuals
22,107
10,837
2,696
394
9,388
Retail customers \u2013 small and medium-sized entities
1,944
1,257
5
102
1
Total
24,051
12,093
2,701
497
9,389
hereof non-performing exposure
541
413
127
30
70
Credit exposure to retail customers increased by \u20ac\u00a05,909 million compared to year-end 2024. The largest increase of \u20ac\u00a03,464
million in Central Europe resulted from higher consumer and mortgage loans, and facility financing in the Czech Republic and
Slovakia. The increase in Southeastern Europe of \u20ac\u00a01,190 million resulted from increased consumer and mortgage loans in
Croatia, Serbia and Romania. The segment Group Corporates & Markets recorded a rise of \u20ac\u00a01,317 million, mainly due to
increase in credit card business in the head office. In Russia, the retail customer portfolio was further reduced, which was partly
offset by the appreciation of the Russian ruble (plus 22 per cent).
Retail credit exposure by products:
in \u20ac million
2025
Share
2024
Share
Mortgage loans
30,721
56.2%
27,774
57.0%
Personal loans
12,029
22.0%
11,040
22.7%
Credit cards
6,794
12.4%
5,386
11.1%
SME financing
3,084
5.6%
2,456
5.0%
Overdraft
1,442
2.6%
1,322
2.7%
Car loans
569
1.0%
753
1.5%
Total
54,639
100.0%
48,730
100.0%
2025
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Mortgage loans
17,866
4,149
1,173
45
7,488
Personal loans
5,247
5,814
481
102
384
Credit cards
2,056
1,554
807
257
2,120
SME financing
1,479
1,101
69
80
355
Overdraft
622
341
88
33
359
Car loans
243
325
0
0
0
Total
27,515
13,283
2,618
517
10,706
2024
Group Corporates &
Markets
in \u20ac million
Central Europe
Southeastern Europe
Eastern Europe
Ukraine
Mortgage loans
15,932
3,599
1,041
41
7,161
Personal loans
4,449
5,291
691
84
524
Credit cards
1,625
1,541
788
258
1,174
SME financing
1,039
1,010
71
75
260
Overdraft
542
362
110
39
269
Car loans
462
290
1
0
0
Total
24,051
12,093
2,701
497
9,389
Credit portfolio \u2013 Banks
The following table shows the credit exposure by internal rating for banks (excluding central banks). Due to the small number
of customers (or observable defaults), the default probabilities of individual rating grades in this asset class are calculated
based on a combination of internal and external data. The shifts within the individual rating categories partly resulted from
the regular recalibration of the rating models for credit institutions.
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
1
Minimal risk
> 0.0000 %
\u2264 0.0300 %
5,420
20.1%
4,455
15.4%
2
Excellent credit standing
> 0.0300 %
\u2264 0.0751 %
3,570
13.2%
3,562
12.3%
3
Very good credit standing
> 0.0751 %
\u2264 0.1878 %
13,057
48.3%
17,181
59.5%
4
Good credit standing
> 0.1878 %
\u2264 0.4694 %
4,175
15.5%
2,852
9.9%
5
Sound credit standing
> 0.4694 %
\u2264 1.1735 %
341
1.3%
237
0.8%
6
Acceptable credit standing
> 1.1735 %
\u2264 2.9338 %
130
0.5%
57
0.2%
7
Marginal credit standing
> 2.9338 %
\u2264 7.3344 %
124
0.5%
62
0.2%
8
Weak credit standing/sub-standard
> 7.3344 %
\u2264 18.3360 %
102
0.4%
244
0.8%
9
Very weak credit standing/doubtful
> 18.3360 %
< 100 %
85
0.3%
201
0.7%
10
Default
100 %
100 %
1
0.0%
1
0.0%
NR
Not rated
11
0.0%
2
0.0%
Total
27,014
100.0%
28,853
100.0%
Credit exposure to banks decreased primarily due to declined repo transactions (\u20ac\u00a03,147 million), mainly in France in rating
grade 3, which was partly offset by increases in Germany. In contrast, there were increases in loans and advances (\u20ac\u00a0641
million) in Austria, Germany and the US as well as with international institutions, which were partly offset by decreases in
Russia. Furthermore, bonds increased (\u20ac\u00a0424 million), mainly among international institutions in rating grade 1.
Credit exposure to banks (excluding central banks) by regions:
in \u20ac million
2025
Share
2024
Share
Western Europe
12,933
47.9%
15,709
54.4%
Austria
4,203
15.6%
4,365
15.1%
Asia
2,779
10.3%
1,832
6.4%
Central Europe
1,096
4.1%
1,066
3.7%
Southeastern Europe
585
2.2%
510
1.8%
Eastern Europe
314
1.2%
583
2.0%
Ukraine
10
0.0%
5
0.0%
Other
5,093
18.9%
4,783
16.6%
Total
27,014
100.0%
28,853
100.0%
Credit exposure to banks (excluding central banks) by products:
in \u20ac million
2025
Share
2024
Share
Repo
8,603
31.8%
11,750
40.7%
Loans and advances
8,261
30.6%
7,568
26.2%
Bonds
6,359
23.5%
5,935
20.6%
Money market
2,579
9.5%
2,623
9.1%
Derivatives
618
2.3%
534
1.9%
Other
593
2.2%
444
1.5%
Total
27,014
100.0%
28,853
100.0%
Credit portfolio \u2013 Sovereigns
Another asset class is formed by central governments, central banks, and regional municipalities as well as other public sector
entities. The credit exposure to sovereigns includes local and regional governments.
Credit exposure to sovereigns (including central banks) by internal rating:
in \u20ac million
Lower PD
bound in %
Upper PD
bound in %
2025
Share
2024
Share
1
Minimal risk
> 0.0000 %
\u2264 0.0300 %
12,405
17.4%
11,238
16.8%
2
Excellent credit standing
> 0.0300 %
\u2264 0.0751 %
22,699
31.8%
22,720
34.0%
3
Very good credit standing
> 0.0751 %
\u2264 0.1878 %
12,992
18.2%
12,635
18.9%
4
Good credit standing
> 0.1878 %
\u2264 0.4694 %
9,706
13.6%
8,637
12.9%
5
Sound credit standing
> 0.4694 %
\u2264 1.1735 %
2,785
3.9%
2,843
4.2%
6
Acceptable credit standing
> 1.1735 %
\u2264 2.9338 %
620
0.9%
7,353
11.0%
7
Marginal credit standing
> 2.9338 %
\u2264 7.3344 %
8,741
12.2%
5
0.0%
8
Weak credit standing/sub-standard
> 7.3344 %
\u2264 18.3360 %
0
0.0%
0
0.0%
9
Very weak credit standing/doubtful
> 18.3360 %
< 100 %
1,442
2.0%
1,477
2.2%
10
Default
100 %
100 %
8
0.0%
9
0.0%
NR
Not rated
0
0.0%
4
0.0%
Total
71,398
100.0%
66,921
100.0%
Credit exposure to sovereigns increased mainly due to increased bond portfolios (\u20ac\u00a08,268 million) in Austria, Central and
Southeastern Europe, and Western Europe. The increase in loans and advances to sovereigns was primarily due to increased
deposits at the Austrian, Czech and Slovak national banks. Money market transactions declined by \u20ac\u00a06,391 million, mainly in
Austria and Romania partly due to bond purchases, and were partly offset by a currency-related increase in Russia.
The increase in rating grade 7 was due to the rating downgrade of Russia from rating grade 6. The rise in rating grade 1
resulted from higher repo transactions and loans and advances in the Czech Republic, and bonds in Germany and the
Netherlands. The increase in rating grade 4 was due to a higher bond portfolio in Hungary, Bulgaria and Italy.
Credit exposure to sovereigns (including central banks) by product:
in \u20ac million
2025
Share
2024
Share
Bonds
37,480
52.5%
29,212
43.7%
Loans and advances
15,656
21.9%
13,117
19.6%
Money market
10,116
14.2%
16,507
24.7%
Repo
8,039
11.3%
7,832
11.7%
Derivatives
59
0.1%
80
0.1%
Other
48
0.1%
173
0.3%
Total
71,398
100.0%
66,921
100.0%
Non-investment grade credit exposure to sovereigns (rating grade 5 and below):
in \u20ac million
2025
Share
2024
Share
Russia
8,797
64.7%
6,855
58.6%
Serbia
1,808
13.3%
2,098
17.9%
Ukraine
1,343
9.9%
1,355
11.6%
Bosnia and Herzegovina
610
4.5%
608
5.2%
Albania
553
4.1%
494
4.2%
Other
484
3.6%
282
2.4%
Total
13,596
100.0%
11,691
100.0%
The exposure mainly includes deposits of Group units at local central banks in Central, Eastern, and Southeastern Europe,
which serve to fulfil the respective minimum reserve requirements and act as a vehicle for short-term investment of excess
liquidity and are therefore inextricably linked with business activity in these countries, and Russian and Ukrainian government
bonds. The increase in Russia resulted from the appreciation of the Russian ruble.\u00a0
Country risk
Country risk includes transfer and convertibility risk, as well
as political risk and macroeconomic risk in a broader
sense. For RBI, it arises from cross-border transactions and
operations in foreign countries via its subsidiaries.
Activities in core markets are given particular attention in
this respect. Active country risk management is ensured
across the Group based on the country risk guidelines
regularly approved by the Management Board. This policy
is part of the credit portfolio limit system and sets a strict
limitation on cross-border risk exposure to individual
countries in order to avoid risk concentrations. At the same
time, the policy is designed to incentivize risk-taking within
the RBI\u2019s core markets. The limit levels for individual
countries are established using an internal model based on
pillars such as the Group\u2019s own capitalization, the internal
sovereign rating and respectively the internal country risk
score, and the size and dynamics of the country and its
banking sector. Over the past years geopolitical risks have gained in importance and attention within RBI\u2019s internal steering
framework.
Country risk is also reflected in product pricing and in risk-adjusted performance measurement via the internal funds transfer
pricing system. In this way, RBI provides the business units with an incentive to mitigate country risk (e.g. by taking out
insurance with export credit insurance organizations or seeking guarantors in third countries). The insights gained from the
country risk analysis are not only used for limiting the total cross-border exposure, but also for managing the total credit
exposure in each individual country (i.e. including the exposure funded by local deposits). RBI thus gears its business activities to
the expected macroeconomic trends within the different markets, which promotes broad diversification of its credit portfolio.
Concentration risk
The credit portfolio of the Group is well diversified in terms of geographical region and industry. Single name concentrations
are also actively managed (based on the concept of groups of connected customers) by way of limits and regular reporting to
ensure that portfolio granularity is high. The regional breakdown of the exposures reflects the broad diversification of credit
business in the Group\u2019s European markets.
Credit exposures across all asset classes by the borrower\u2019s country of risk, grouped by regions:
in \u20ac million
2025
Share
2024
Share
Central Europe
83,300
32.6%
76,079
31.6%
Czech Republic
40,935
16.0%
36,519
15.2%
Slovakia
25,568
10.0%
23,764
9.9%
Hungary
13,083
5.1%
12,004
5.0%
Poland
2,596
1.0%
2,881
1.2%
Slovenia
594
0.2%
415
0.2%
Other
525
0.2%
497
0.2%
Austria
46,453
18.2%
47,517
19.7%
Western Europe
45,879
18.0%
44,943
18.7%
Germany
15,044
5.9%
12,999
5.4%
France
6,230
2.4%
9,224
3.8%
Switzerland
3,861
1.5%
3,299
1.4%
Great Britain
3,742
1.5%
3,626
1.5%
Netherlands
2,988
1.2%
2,622
1.1%
Spain
2,451
1.0%
2,072
0.9%
Belgium
2,051
0.8%
1,595
0.7%
Italy
2,007
0.8%
2,638
1.1%
Luxembourg
1,938
0.8%
2,381
1.0%
Ireland
1,065
0.4%
725
0.3%
Other
4,502
1.8%
3,762
1.6%
Southeastern Europe
46,364
18.2%
42,303
17.6%
Romania
22,206
8.7%
20,462
8.5%
Croatia
8,907
3.5%
7,934
3.3%
Serbia
7,477
2.9%
7,173
3.0%
Bosnia and Herzegovina
2,879
1.1%
2,753
1.1%
Albania
2,406
0.9%
2,142
0.9%
in \u20ac million
2025
Share
2024
Share
Bulgaria
942
0.4%
491
0.2%
Other
1,547
0.6%
1,348
0.6%
Eastern Europe
15,102
5.9%
13,766
5.7%
Russia
14,820
5.8%
13,379
5.6%
Other
282
0.1%
387
0.2%
Ukraine
4,655
1.8%
4,127
1.7%
Asia
5,072
2.0%
4,297
1.8%
North America
4,946
1.9%
4,584
1.9%
Rest of World
3,648
1.4%
3,298
1.4%
Total
255,421
100.0%
240,914
100.0%
The largest increase was recorded in Central Europe and resulted mainly from increased loans and advances in the Czech
Republic, Hungary and Slovakia, from mortgage loans in the Czech Republic and Slovakia, and bonds in Hungary, the Czech
Republic and Slovakia. In South Eastern Europe the increase was due to a higher bond portfolio and increased loans and
advances in Romania, Croatia, Bulgaria, Serbia and Albania, which was partly offset by a decrease of money market
transactions in Romania. In Eastern Europe, the increase in Russia was due to the appreciation of the Russian ruble. The
decrease in Austria resulted from declined money market transactions, which was partly offset by higher bond portfolios and
loans and advances.
Credit exposure across all asset classes by currencies:
in \u20ac million
2025
Share
2024
Share
Euro (EUR)
146,645
57.4%
137,756
57.2%
Czech koruna (CZK)
36,126
14.1%
31,462
13.1%
Romanian leu (RON)
15,900
6.2%
14,498
6.0%
US dollar (USD)
15,644
6.1%
19,924
8.3%
Russian ruble (RUB)
14,391
5.6%
12,632
5.2%
Hungarian forint (HUF)
9,583
3.8%
8,710
3.6%
Serbian dinar (RSD)
3,782
1.5%
3,702
1.5%
Ukrainian hryvnia (UAH)
3,759
1.5%
3,355
1.4%
Bosnian marka (BAM)
2,811
1.1%
2,593
1.1%
Albanian lek (ALL)
1,974
0.8%
1,729
0.7%
Swiss franc (CHF)
1,438
0.6%
1,231
0.5%
Chinese yuan (CNY)
1,089
0.4%
1,044
0.4%
Great Britain Pound (GBP)
773
0.3%
761
0.3%
Polish zloty (PLN)
733
0.3%
732
0.3%
Other foreign currencies
771
0.3%
785
0.3%
Total
255,421
100.0%
240,914
100.0%
The Group\u2019s credit exposure based on industry classification:
in \u20ac million
2025
Share
2024
Share
Banking and insurance
64,101
25.1%
68,157
28.3%
Private households
51,021
20.0%
46,083
19.1%
Public administration and defense and social insurance institutions
37,713
14.8%
30,489
12.7%
Other manufacturing
19,612
7.7%
18,402
7.6%
Wholesale trade and commission trade (except car trading)
15,305
6.0%
14,714
6.1%
Real estate activities
12,899
5.1%
12,517
5.2%
Construction
8,293
3.2%
7,183
3.0%
Electricity, gas, steam and hot water supply
7,496
2.9%
6,827
2.8%
Retail trade and repair of consumer goods
5,393
2.1%
5,220
2.2%
Land transport, transport via pipelines
3,380
1.3%
2,851
1.2%
Land transport, transport via pipelines
3,321
1.3%
3,235
1.3%
Manufacture of food products and beverages
3,114
1.2%
2,798
1.2%
Manufacture of machinery and equipment
2,204
0.9%
2,038
0.8%
Other transport
1,870
0.7%
1,926
0.8%
Manufacture of basic metals
1,591
0.6%
1,796
0.7%
Sale of motor vehicles
1,514
0.6%
1,464
0.6%
Extraction of crude petroleum and natural gas
655
0.3%
645
0.3%
Other industries
15,940
6.2%
14,570
6.0%
Total
255,421
100.0%
240,914
100.0%
Structured credit portfolio
The Group invests in structured products. The total exposure to structured products showed a nominal amount of \u20ac 1.086
million (previous year: \u20ac 588 million) and a carrying amount of \u20ac 1.064 million (previous year: \u20ac 581 million). These are mainly
investments in Asset-Backed-Securities (ABS) to European customers. The year-on-year increase in nominals is attributable to
purchases due to new transactions.
Counterparty credit risk
The default of a counterparty in a derivative, repurchase, securities lending, or borrowing transaction can lead to losses from
re-establishing an equivalent contract. In the Group, this risk is measured by the mark-to-market approach where a predefined
add-on is added to the current positive fair value of the contract in order to account for potential future changes. For internal
management purposes potential price changes, which affect the fair value of an instrument, are calculated specifically for dif-
ferent contract types based on historical market price changes.
For derivative contracts the standard limit approval process applies, where the same risk classification, limitation, and
monitoring process is used as for traditional lending. In doing so, the weighted nominal exposure of derivative contracts is
added to the customers\u2019 total exposure in the limit application and monitoring process as well as in the calculation and
allocation of internal capital.
An important strategy for reducing counterparty credit risk is utilization of credit risk mitigation techniques such as netting
agreements and collateralization. In general, the Group strives to establish standardized ISDA master agreements with all
major counterparties for derivative transactions in order to be able to perform close-out netting and credit support annexes
(CSA) for full risk coverage for positive fair values on a daily basis.
Non-performing exposures (NPE)
RBI applies the default definition according to CRR and also the corresponding requirements of the EBA (EBA/GL/2016/07).
Non-performing exposures pursuant to the applicable CRR definition contained in the CRR, Implementing Technical Standard
(ITS) on Supervisory Reporting (Forbearance and non-performing exposures) issued by the EBA:
NPE
NPE ratio
NPE coverage ratio
in \u20ac million
2025
2024
2025
2024
2025
2024
General governments
144
163
3.7%
4.3%
4.0%
4.2%
Banks
1
1
0.0%
0.0%
99.6%
97.6%
Other financial corporations
129
333
1.3%
3.2%
28.0%
41.0%
Non-financial corporations
1,958
2,293
4.0%
4.9%
42.9%
51.5%
Households
1,056
1,048
2.3%
2.6%
61.2%
62.3%
Loans and advances
3,288
3,837
2.2%
2.5%
46.5%
51.6%
Bonds
9
8
0.0%
0.0%
58.3%
54.3%
Total
3,297
3,845
1.7%
2.1%
46.5%
51.6%
Compared to year-end, the volume of non-performing exposures decreased \u20ac\u00a0548 million to \u20ac\u00a03,294 million. In organic terms,
this was a decrease of \u20ac\u00a0550 million, mainly in Group Corporates & Markets with \u20ac 362 million. Derecognitions and sales
resulted in a decrease of \u20ac 1.044 million, repayments from Non Retail in an amount of \u20ac 395 million. This was contrasted with
higher new defaults of loans non-financial corporations mostly in Germany and Austria. The NPE ratio decreased 0.4
percentage points to 1.7 per cent compared to year-end 2024 mainly due to lower non-performing exposures, the coverage
ratio decreased 5.1 percentage points to 46.5 per cent.
Development of non-performing exposure by asset classes (excluding items off the statement of financial position):
in \u20ac million
As at 1/1/2025
Change in consolidated
group
Currency
Additions
Disposals
As at 31/12/2025
General governments
163
0
0
0
(18)
144
Banks
1
0
0
0
0
1
Other financial corporations
333
0
0
83
(287)
129
Non-financial corporations
2,293
0
(15)
914
(1,233)
1,958
Households
1,048
0
17
447
(456)
1,056
Loans and advances (NPL)
3,837
0
1
1,444
(1,994)
3,288
Bonds
8
0
1
1
(1)
9
Total (NPE)
3,845
0
2
1,445
(1,995)
3,297
in \u20ac million
As at 1/1/2024
Change in consolidated
group
Currency
Additions
Disposals
As at 31/12/2024
General governments
178
0
0
0
(15)
163
Banks
3
0
0
0
(2)
1
Other financial corporations
392
0
0
75
(134)
333
Non-financial corporations
1,843
(21)
2
902
(434)
2,293
Households
1,075
(6)
(13)
448
(456)
1,048
Loans and advances (NPL)
3,491
(27)
(11)
1,425
(1,041)
3,837
Bonds
7
0
0
6
(4)
8
Total (NPE)
3,498
(27)
(11)
1,431
(1,045)
3,845
Share of non-performing exposure (NPE) by segments (excluding items off the statement of financial position):
NPE
NPE ratio
NPE coverage ratio
in \u20ac million
2025
2024
2025
2024
2025
2024
Central Europe
736
805
1.0%
1.3%
58.5%
56.7%
Southeastern Europe
613
620
1.6%
1.7%
65.4%
66.2%
Eastern Europe
219
257
1.2%
1.6%
78.8%
69.0%
Ukraine
144
205
3.1%
4.4%
82.3%
82.5%
Group Corporates & Markets
1,584
1,957
2.9%
3.5%
25.9%
39.4%
Corporate Center
0
0
0.0%
0.0%
100.0%
99.9%
Total
3,297
3,845
1.7%
2.1%
46.5%
51.6%
The reduction of non-performing exposure was mainly based due to the Group Corporates & Markets segment which recorded
a decrease of \u20ac\u00a0372 million to \u20ac\u00a01,584 million, mainly due to derecognitions and sales of non-performing loans in the amount of
\u20ac\u00a0599 million and repayments from Non Retail clients in the amount of \u20ac 195 million. This was contrasted with higher new
defaults of loans non-financial corporations. The NPE ratio fell 0.6 percentage points to 2.9 per cent.
The non-performing loans in the Central Europe segment decreased by \u20ac 70 million due to a decline in Hungary and Poland, in
the Ukraine there was a reduction of \u20ac 61 million, strengthened by the devaluation of the Ukrainian hryvnia,\u00a0 the Eastern Europe
segment in Russia declined by \u20ac 38 million, reduced by\u00a0 the revaluation of the Russian ruble, the Southeastern Europe segment
slightly reduced by \u20ac 7 million.
Non-performing exposure with restructuring measures:
Refinancing
Instruments with modified
maturities and conditions
Total
in \u20ac million
2025
2024
2025
2024
2025
2024
General governments
0
0
0
0
0
0
Banks
0
0
0
0
0
0
Other financial corporations
4
17
102
78
106
95
Non-financial corporations
187
198
710
968
897
1,166
Households
8
8
214
216
222
224
Total
199
223
1,025
1,262
1,225
1,485
Non-performing exposure with restructuring measures by segments:
in \u20ac million
2025
Share
2024
Share
Central Europe
195
15.9%
237
16.0%
Southeastern Europe
146
11.9%
145
9.7%
Eastern Europe
66
5.4%
94
6.3%
Ukraine
127
10.4%
182
12.3%
Group Corporates & Markets
691
56.4%
827
55.7%
Total
1,225
100.0%
1,485
100.0%
(42) Market risk
The Group defines market risk as the risk of possible losses arising from changes in market prices of trading and investment
positions. Market risk estimates are based on changes in exchange rates, interest rates, credit spreads, equity and commodity
prices, and other market parameters (e.g. implied volatilities).
Market risks from the customer divisions are transferred to the Treasury division using the transfer price method. Treasury is
responsible for managing structural market risks and for complying with the Group\u2019s overall limit. The Capital Markets division
is responsible for proprietary trading, market making, and customer business in money market and capital market products.
In the last years, an increased monitoring of market trends and position changes within RBI was necessary. The continuous
challenges required active risk management and daily monitoring with a focus on the Russian and Ukrainian markets and
portfolios, the dual steering approach (Group without Russian entities) for the Group since 2023, as well as the derivative
exposure reduction between head office and Russian entity in order to adapt to the changed environment.
Organization of market risk management
All market risks are measured, monitored, and managed on Group level. The Market Risk Committee is responsible for strategic
market risk management issues. It is responsible for managing and controlling all market risks in the Group. The Group\u2019s overall
limit is set by the Management Board on the basis of the risk-taking capacity and income budget. This limit is apportioned to
sub-limits in coordination with business divisions according to the strategy, business model and risk appetite.
The Market Risk Management department ensures that the business volume and product range comply with the defined
strategy of the Group. It is responsible for implementing and enhancing risk management processes, risk management
infrastructure and systems, manuals, and measurement techniques for all market risk categories and credit risk arising from
market price changes in derivative transactions. Furthermore, Market Risk Management independently measures and reports
all market risks on a daily basis.
All products in which open positions can be held are listed in the product catalog. New products are added to this list only after
successfully completing the product approval process. Product applications are investigated thoroughly for any risks. They are
approved only if the new products can be implemented in RBI's front- and back-office and risk management systems.
Limit system
The Group uses a comprehensive risk management approach for both the trading and the banking books (total-return
approach). Market risk is therefore managed consistently in all trading and banking books. The following indicators are
measured and limited on a daily basis in the market risk management system:
\u00b7 Value-at-Risk (VaR) \u2013 confidence level 99 per cent
Value-at-Risk is the main market risk steering instrument in liquid markets and normal market situations. Two
different methods of calculation are used, depending on the steering approach. The consistency between P&L and
risk figures is in parallel necessary with the economic scope of RBI in order to ensure comprehensive control. For the
overall portfolio including the banking book, a model is used that is based on a historical simulation and which is
suitable for longer-term steering of the market risks from the banking books (ALL model, confidence level 99 per
cent, risk horizon 20 days). The calculation is based on overlapping 20-day returns of the last seven years and is also
used for allocating economic capital. For all market risks with a direct impact on the income statement, a model is
used that provides a good forecast of short-term volatility (IFRS P&L model, confidence level 99 per cent, risk horizon
1 day). The Austrian Financial Market Authority has approved this approach as an internal model for calculating the
total capital requirement for market risks for RBI AG\u2019s trading book. Both models calculate value-at-risk indicators
for changes in the risk factors foreign currencies, interest rate trend, credit spreads, implicit volatility, stock indices
and basis spreads.
\u00b7 Sensitivities (to changes in exchange rates and interest rates, gamma, vega, equity and commodity prices)
Sensitivity limits are to ensure that concentrations are avoided in normal market situations and are the main
steering instrument under extreme market situations and in illiquid markets or in markets that are structurally
difficult to measure.
\u00b7 Stop loss
Stop loss limits serve to strengthen the discipline of traders such that they do not allow losses to accumulate on
their own proprietary positions but strictly limit them instead.
A comprehensive stress testing concept complements this multi-level limit system. It simulates potential present value
changes of defined scenarios for the total portfolio. The results on market risk concentrations shown by these stress tests are
reported to the Market Risk Committee and taken into account when setting limits. Stress test reports for individual portfolios
are included in daily market risk reporting.
Value-at-Risk (VaR)
The following tables show the risk indicators (VaR ALL 99 per cent, 20 days and VaR IFRS-P&L 99 per cent, 1 day) for the
individual market risk categories in the trading book, while the overall risk is shown for the banking book. The Group\u2019s VaR
mainly results from structural equity positions, structural interest rate risk, and credit spread risks of bonds, which are held as
liquidity buffer. The IFRS-P&L model aims to measure short-term market fluctuations, while the ALL model focuses on
measuring structural interest rate risks.
The 2025 geopolitical and economic events impacted the markets, causing increased volatility throughout the year. Compared
to year-end 2024, the trading book P&L VaR (model IFRS-P&L) increased mainly in credit spread risk, followed by smaller
increases in currency and share price risk. The total VaR (model IFRS-P&L) decreased in currency risk, where main drivers were
the Russian ruble and the US dollar; however the credit spread VaR increased. The total VaR (model ALL) remained stable as
sensitivity risks fluctuated less than 5 per cent year-to-year.
Model IFRS-P&L trading book VaR (99%, 1d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac million
2025
2024
Currency risk
1
1
0
3
1
Interest rate risk
2
2
2
8
2
Credit spread risk
3
2
1
3
1
Share price risk
1
1
1
2
1
Total
3
3
2
8
3
Model IFRS-P&L total VaR (99%, 1d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac million
2025
2024
Currency risk
3
3
2
4
9
Interest rate risk
2
2
2
3
2
Credit spread risk
3
3
2
3
2
Share price risk
1
1
1
1
1
Total
6
6
5
7
10
Model ALL total VaR (99%, 20d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac million
2025
2024
Economic capital ALL
549
549
481
598
581
Total ALL (Risk categories)
Currency risk
538
543
462
604
589
Interest rate risk
260
279
256
306
230
Credit spread risk
61
68
60
75
41
Banking book (99%, 20d)
Interest rate risk in the banking book
250
268
250
295
249
The risk measurement approaches employed are verified \u2013 besides analyzing returns qualitatively \u2013 on an ongoing basis
through back-testing and statistical validation techniques. If model weaknesses are identified, then they are adapted
accordingly.
In the 2025 reporting year, there was a hypothetical back-testing violation due to increased market volatility and sharp
movement in rates. The following graph compares the VaR to the theoretical gains and losses on a daily basis. The VaR
represents the maximum loss which will not be exceeded within one day, with a confidence level of 99 per cent. It is compared
to the respective theoretical gain or loss which would arise on the following day due to the actual market conditions at the
time.
\"7081\"
Exchange rate risk and capital (ratio) hedge
Market risk in the Group results primarily from exchange rate risk, which stems from foreign-currency denominated equity in-
vestments in foreign Group units and the corresponding hedging positions entered into by the Group Asset/Liability
Committee. In a narrow sense, exchange rate risk denotes the risk of losses being incurred due to open foreign exchange
positions. However, exchange rate fluctuations also influence current revenues and expenses. They also affect regulatory
capital requirements for assets denominated in foreign currencies, even if they are financed in the same currency and thus do
not create an open foreign exchange position.
The Group holds material equity participations located outside of the euro area with equity denominated in the corresponding
local currency. Also, a significant share of risk-weighted assets in the Group is denominated in foreign currencies. Changes in
foreign exchange rates thus lead to changes in the consolidated capital of the Group and to changes in the total capital
requirement for credit risk as well.
From a regulatory perspective, the ECB approved a waiver for the Group which permits a reduction in the RWA\u2019s associated
with market risk. This requires that the Group follow a specific hedging strategy that allows the exchange rate risks to be
protected against potential shocks.
In order to manage exchange rate risk, RBI currently follows a stable capital ratio strategy. The goal of this hedging strategy is
to balance tier 1 capital and risk-weighted assets in all currencies according to the targeted tier 1 ratio (i.e. reduce excess capi-
tal or deficits in relation to risk-weighted assets for each currency) such that the tier 1 ratio remains stable even if foreign ex-
change rates change. The Group aims at stabilizing its capital ratio when managing exchange rate risks. Changes in foreign
exchange rates thus lead to changes in the consolidated equity amount; however, the regulatory capital requirement for credit
risks stemming from assets denominated in foreign currencies also changes correspondingly. This risk is managed on a
monthly basis in the Group Asset/Liability Committee based on historical foreign exchange volatilities, exchange rate
forecasts, and the sensitivity of the tier 1 ratio to changes in individual foreign exchange rates.
The following table shows all material open foreign exchange rate positions as of 31 December 2025 and the corresponding
values for the previous year. The figures include both trading positions as well as capital positions of the subsidiaries with
foreign currency denominated statements of financial position (short positions are shown with a negative sign and long
positions with a positive sign).
The sensitivity in Czech Koruna, Hungarian Forint and Romanian Leu increased due to a change in the position for hedging
purposes.
in \u20ac million
2025
2024
ALL
103
99
BAM
435
344
BGN
48
51
BYN
1
0
CNY
(7)
(5)
CHF
(392)
(381)
CZK
493
(31)
HUF
275
8
PLN
(3)
(10)
RON
610
333
RSD
623
652
RUB
2,094
2,360
UAH
(106)
(144)
USD
(642)
(492)
Interest rate risk in the trading book
The largest present value changes for the trading book of the Group given a one-basis-point interest rate increase for the
whole yield curve in \u20ac thousand. The trading book sensitivities presented are calculated as the total position of each node
without considering the banking book positions.
2025
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
1
0
0
0
0
0
1
0
0
0
0
0
CHF
1
2
0
1
0
0
0
(1)
0
(1)
0
0
CNY
(3)
0
0
(3)
0
0
0
0
0
0
0
0
CZK
21
6
(7)
0
6
7
(3)
14
(7)
2
1
2
EUR
444
(32)
1
21
(21)
13
(47)
205
(4)
281
0
25
HUF
6
(1)
(5)
6
2
(5)
(1)
5
(5)
9
1
1
NOK
0
0
0
0
0
0
0
0
0
0
0
0
PLN
1
3
2
7
(13)
4
(5)
5
(2)
0
0
0
RON
25
(1)
3
8
9
4
0
7
(7)
2
0
0
RUB
2
4
0
(7)
0
1
0
1
2
0
0
0
UAH
21
0
0
2
11
7
0
0
0
0
0
0
USD
37
(1)
6
12
7
1
1
17
2
(11)
7
(5)
Other
31
(4)
3
(2)
50
7
(7)
(13)
(3)
0
0
0
The presentation of currencies changed year-on-year depending on the absolute amount of interest rate sensitivity.
2024
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
23
0
0
0
4
0
18
(1)
1
0
0
0
CHF
(8)
2
(4)
(1)
0
0
0
(5)
0
(1)
0
(1)
CNY
(4)
0
0
(4)
0
0
0
0
0
0
0
0
CZK
(129)
(3)
3
(13)
2
(3)
4
47
(88)
(83)
1
4
EUR
272
(11)
(6)
4
24
(12)
(12)
38
55
138
47
7
HUF
(73)
(3)
(2)
(4)
(6)
(10)
(2)
(19)
(33)
5
1
0
NOK
0
0
0
0
0
0
0
0
0
0
0
0
PLN
10
2
6
2
(2)
0
5
(4)
0
0
0
0
RON
29
0
2
(4)
5
(35)
3
(1)
57
1
0
0
RUB
3
5
2
1
(5)
0
1
0
0
0
0
0
UAH
20
7
1
2
8
3
0
(1)
0
0
0
0
USD
57
15
(11)
18
10
19
8
0
(1)
3
2
(6)
Other
76
7
0
(4)
(8)
(27)
47
15
45
0
0
0
Interest rate risk in the banking book
Different maturities and repricing schedules of assets and the corresponding liabilities (i.e. deposits and financing from money
markets and capital markets) cause interest rate risk in the Group. This risk arises in particular from incomplete compensation
of the interest rate sensitivity of expected cash flows, their interest rate adjustment cycles, and other optional features.
Interest rate risk in the banking book is material for the euro and US dollar as major currencies as well as for local currencies of
Group units located in Central and Eastern Europe.
This risk is mainly hedged by a combination of transactions on and off the statement of financial position where in particular
interest rate swaps and \u2013 to a smaller extent \u2013 also interest rate forwards and interest rate options are used. Management of
the statement of financial position is a core task of the central Global Treasury division and of individual subsidiary banks,
which are supported by the Group Asset/Liability Committee. They base their decisions on various interest income analyses
and simulations that ensure proper interest rate sensitivity in line with expected changes in market rates and the overall risk
appetite.
Interest rate risk in the banking book is not only measured within a value-at-risk framework but also managed by the
traditional tools of nominal and interest rate gap analyses. Interest rate risk is subject to quarterly reporting in the context of
the interest rate risk statistic submitted to the banking supervisor. This report also shows the change in the present value of
the banking book as a percentage of total capital in line with the CRR requirements. Maturity assumptions needed in this
analysis are defined as specified by regulatory authorities and based on internal statistics and empirical values.
Change in the present value of the Group\u2019s banking book given a one-basis point interest rate increase in \u20ac thousand:
2025
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
(5)
(3)
(6)
(9)
(14)
8
12
23
7
(5)
(12)
(6)
CHF
(24)
(8)
(3)
0
2
2
(1)
(2)
(4)
(6)
(3)
0
CNY
(5)
(3)
(1)
(1)
0
0
0
0
0
0
0
0
CZK
(595)
28
(18)
(46)
(255)
(126)
(117)
127
(51)
(118)
(16)
(2)
EUR
(2,283)
55
(117)
(85)
(224)
(190)
101
(323)
(616)
(633)
(253)
1
GBP
(7)
(1)
(3)
(2)
0
0
0
0
0
0
0
0
HUF
(335)
(6)
(3)
(41)
(91)
(19)
(18)
(81)
(79)
1
2
1
PLN
(23)
(3)
(3)
(5)
2
(3)
(6)
(2)
(2)
0
0
0
RON
(391)
14
1
(14)
(111)
(105)
(219)
(36)
80
0
0
0
RSD
(24)
4
(2)
5
(50)
(7)
6
15
4
0
0
0
RUB
(230)
(28)
(9)
(23)
(114)
(38)
57
39
(54)
(46)
(11)
(2)
SGD
0
0
0
0
0
0
0
0
0
0
0
0
UAH
(1)
1
5
3
(7)
(17)
14
0
0
0
0
0
USD
24
22
3
(2)
(9)
(7)
16
(3)
4
0
0
0
Other
(77)
4
(4)
(6)
(5)
12
36
(45)
(37)
(28)
(5)
0
The presentation of currencies changed year-on-year depending on the absolute amount of interest rate sensitivity.
2024
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
(5)
0
(5)
(11)
(9)
8
18
(12)
(1)
5
2
1
CHF
(44)
(19)
(6)
(1)
7
4
(3)
(6)
(6)
(7)
(5)
(1)
CNY
(3)
(1)
(1)
(1)
0
0
0
0
0
0
0
0
CZK
(973)
37
(15)
(13)
(348)
(155)
(209)
47
(65)
(201)
(50)
(2)
EUR
(1,636)
145
(24)
83
(174)
(150)
(213)
(415)
(3)
(530)
(356)
1
GBP
(9)
(1)
(1)
(4)
(4)
0
0
0
0
0
0
0
HUF
(278)
(16)
(1)
(29)
(32)
(45)
(31)
(53)
(68)
(5)
1
0
PLN
(17)
0
(3)
(4)
(4)
7
(4)
(6)
(3)
0
0
0
RON
(249)
16
13
19
(81)
(35)
(178)
(91)
88
0
(1)
0
RSD
74
7
0
(3)
(7)
(25)
37
19
46
0
0
0
RUB
(207)
(15)
(6)
7
(128)
(71)
8
50
(15)
(30)
(5)
0
SGD
0
0
0
0
0
0
0
0
0
0
0
0
UAH
23
3
7
9
(4)
(4)
13
(1)
0
0
0
0
USD
(16)
23
(11)
9
(16)
(11)
(3)
(14)
8
0
0
0
Other
(93)
2
0
2
(8)
0
(7)
(44)
(28)
(8)
(2)
0
Credit spread risk
The market risk management framework uses time-dependent bond and CDS spread curves as risk factors in order to
measure credit spread risks. It captures all capital market instruments in the trading and banking book.
(43) Liquidity management
Despite ongoing political risks, the liquidity position remained stable in the financial year.
The ILAAP framework and governance once again proved to be solid and functioning even in times of crisis. Daily monitoring of
the liquidity position using dynamic dashboards showed that the infrastructure and monitoring are effective and support quick
reactions in times of crisis.
Funding structure
The Group\u2019s funding structure is highly focused on retail business in Central and Eastern Europe. In addition, as a result of the
Austrian Raiffeisen Banking Group\u2019s strong local market presence, the Group also benefits from funding through the Raiffeisen
Landesbanken. Different funding sources are utilized in accordance with the principle of diversification. These include the issue
of international bonds by RBI AG, the issue of local bonds by the Group units and the use of third-party financing loans (includ-
ing supranationals). Partly due to tight country limits and partly due to beneficial pricing, the Group units also use loans with
third-party banks.
Principles
Internal liquidity management is an important business process within general bank management, because it ensures the
continuous availability of funds required to cover day-to-day demands.
Liquidity adequacy is ensured from both an economic and a regulatory perspective. In order to approach the economic per-
spective RBI established a governance framework comprising internal limits and steering measures which complies with the
Principles for Sound Liquidity Risk Management and Supervision set out by the Basel Committee on Banking Supervision and the
Kreditinstitute-Risikomanagement-Verordnung (KI-RMV) issued by the Austrian regulatory authority.
The regulatory component is addressed by complying with the reporting requirements under Basel III (Liquidity Coverage Ratio,
Net Stable Funding Ratio, and Additional Liquidity Monitoring Metrics) as well as by complying with the regulatory limits. In
addition, some Group units have additional liquidity and reporting requirements set by their local supervisory authorities.
Organization and responsibility
Responsibility for ensuring adequate levels of liquidity lies with the overall Management Board. The board members with func-
tional responsibility are the Chief Financial Officer (Treasury) and the Chief Risk Officer (Risk Controlling). Accordingly, the pro-
cesses regarding liquidity risk are essentially run by two areas within the bank: Firstly the Treasury units, which take on liquidity
risk positions within the strategy, guidelines and parameters set by the responsible decision-making bodies. Secondly, they are
monitored and supported by independent Risk Controlling units, which measure and model liquidity risk positions, set limits and
supervise compliance with those.
Besides the responsible units in the line functions, all subsidiary banks have respective asset/liability management committees
(ALCOs). These committees act as decision-making bodies with respect to all matters affecting the management of the liquid-
ity position and balance sheet structure of a unit including the definition of strategies and policies for managing liquidity risks.
The ALCOs take decisions and provide standard reports on liquidity risk to the Management Board at least on a monthly basis.
On Group level these functions are taken by the Group ALCO. Treasury operations and the respective ALCO decisions are mainly
based on group-wide, standardized Group rules and their local supplements, which take specific regional factors into account.
Liquidity strategy
Treasury units are committed to achieving KPIs and to complying with risk-based principles. The current set of KPIs includes
general targets, e.g. for return on risk-adjusted capital (RORAC) or coverage ratios, as well as specific Treasury targets for li-
quidity such as a minimum survival period in defined stress scenarios or minimum liquidity targets in regulatory indicators.
While generating an adequate structural income from maturity transformation which reflects the liquidity and market risk po-
sitions taken by the bank, Treasury has to follow a prudent and sustainable risk policy when steering the balance sheet. Strate-
gic goals comprise a reduction of parent funding within the Group, the sustainable management of the depositor base and
credit growth as well as continuous compliance with regulatory requirements and the internal limit framework.
Liquidity risk framework
Regulatory and internal liquidity reports and ratios are generated based on certain modelling assumptions. Whereas the regu-
latory reports are calculated on specifications given by authorities, the internal reports are modelled with assumptions from
empirical observations.
The Group has a substantial database along with expertise in forecasting cash flows arising from all material on- and off-bal-
ance sheet positions. The modelling of liquidity inflows and outflows is carried out on an appropriate granular level, differenti-
ating between product and customer segments, and, where applicable, currencies as well. Modelling of retail and corporate
customer deposits includes assumptions concerning the retention times for deposits after maturity. The model assumptions
are quite prudent, e.g. there is a no-rollover assumption on funding from banks and all funding channels and the liquidity buffer
are stressed simultaneously.
The cornerstones of the economic liquidity risk framework are the Going Concern (GC) and the Time-to-Wall (TTW) scenario.
The Going Concern report shows the structural liquidity position. It covers all main risk drivers which could detrimentally affect
the Group in a business-as-usual scenario. The Going Concern models are important input factors for the liquidity contribution
to the internal funds transfer pricing model. On the other hand, the Time-to-Wall report shows the survival horizon for defined
adverse scenarios and stress models (market, reputational and combined crisis) and determines the minimum level of the li-
quidity buffer (and/or the counter-balancing capacity) of the Group and its individual units.
The liquidity scenarios are modelled using a group-wide approach, acknowledging local specifications where they are justified
by influencing factors such as the market or legal environment or certain business characteristics; the calculation is performed
at RBI AG. The modelling of cash inflows and outflows differentiates between product and customer segments, while if
applicable, a distinction is also made between different currencies. For products without a contractual maturity, the
distribution of cash inflows and outflows is calculated using a geometric Brownian motion which derives the statistical
forecasts for future daily balances from the observed, exponentially weighted historical volatility of the corresponding
products. For market crisis scenario a special model for assessment of the potential liquidity outflow due to margin calls is in
place. This model relies on Value-at-Risk calculations to estimate the potential depreciation of derivative portfolios involving
counterparties with CSA or variation margin agreements. By incorporating this outflow into the liquidity risk stress test, a
corresponding buffer is maintained to account for potential margin calls in extremely adverse situations.
The liquidity risk framework is continuously developed at both Group level and at the level of the individual Group units. The
technical infrastructure is further enhanced in numerous group-wide projects and data availability is improved in order to meet
increasing regulatory and internal reporting and management requirements for this area of risk.
Risk appetite and liquidity limits
The liquidity position is monitored on Group level and on individual unit level and is restricted by means of a comprehensive
limit system. Limits are defined both under a business-as-usual as well as under a stress perspective. In accordance with the
defined risk appetite, each Group unit must demonstrate a survival horizon of several months (TTW) in a severe, combined
stress scenario (reputational and market stress). This can be ensured either by a structurally positive liquidity profile or by a
sufficiently high liquidity buffer. In a normal going-concern environment, maturity transformation must be fully covered by the
available liquidity buffer in the medium term. This means that the cumulative liquidity position over a period of up to one year
must be positive. In the long term (one year or more), maturity transformation is permitted up to a certain level. The internal
model limits are supplemented by limits for compliance with regulatory liquidity ratios, such as the liquidity coverage ratio. All
limits must be complied with on a daily basis.
Liquidity monitoring
The bank uses a range of customized measurement tools and early warning indicators that provide board members and senior
management with timely and forward-looking information. The limit framework ensures that the bank can continue to
operate in a period of severe stress.
Monitoring of limits and reporting limit compliance is performed regularly and effectively. Any breach by Group units is
reported to the Group ALCO and escalated. In such cases, appropriate steps are undertaken in consultation with the relevant
unit or contentious matters are escalated to the next highest responsible body.
Liquidity stress testing
Stress tests are conducted for RBI AG and the subsidiary banks on a daily basis and on Group level. The tests cover three
scenarios (market, reputational and combined crisis), consider the effects of the scenarios for a period of several months and
demonstrate that stress events can simultaneously result in a time-critical liquidity requirement in several currencies. The
stress scenarios include the principal funding and market liquidity risks. This means that in the stress tests of the Group, all
subsidiaries are simultaneously subject to a pronounced combined crisis for all their major products. The results of the stress
tests are reported to the Chief Risk Officer and the Chief Financial Officer as well as other members of management on a
weekly basis; they also form a key component of the monthly ALCO meetings and are included in RBI's strategic planning and
contingency planning.
A conservative approach is adopted when establishing outflow ratios based on historical data and expert opinions. The simula-
tion assumes a lack of access to the money or capital market and simultaneously significant outflows of customer deposits. In
this respect, the deposit concentration risk is also considered by assigning higher outflow ratios to large customers. Further-
more, stress assumptions are formulated for the drawdown of guarantees and credit obligations. In addition, the liquidity
buffer positions are adapted by haircuts in order to cover the risk of disadvantageous market movements, and the potential
outflows resulting from collateralized derivative transactions are estimated. The bank continuously monitors whether the
stress assumptions are still appropriate or whether new risks need to be considered.
The Time-to-Wall concept has established itself as the main control instrument for day-to-day liquidity management and is
therefore a central component of funding planning and budgeting. It is also fundamental to determining performance ratios
relating to liquidity.
Liquidity buffer
As shown by the daily liquidity risk reports, the main Group units actively maintain and manage liquidity buffers, including high-
quality liquid assets (HQLA) which are always sufficient to cover the net outflows expected in crisis scenarios. The Group has
sizeable, unencumbered and liquid securities portfolios and favors securities eligible for central bank tender transactions in
order to ensure sufficient liquidity in various currencies. The main Group units ensure the availability of liquidity buffers, test
their ability to utilize central bank funds, constantly evaluate their collateral positions as regards their market value and en-
cumbrance and examine the remaining counterbalancing capacity, including the funding potential and the saleability of the
assets.
Stress assumptions are applied to all positions in the liquidity buffer. This is reflected in the stress test liquidity report (time-to-
wall) and includes both a central bank haircut and a specific write-down assumption. The central bank haircut is applied to
each individual security eligible as collateral. The write-down assumption is modeled for the portfolio of eligible securities
based on historical market indicators and reduces the volume of the liquidity buffer in the stress test scenario.
Intraday liquidity management
In compliance with regulatory requirements for intraday liquidity management, the available liquidity is calculated daily analo-
gous to the outflow assumptions of the regular liquidity stress reports (time-to-wall) for RBI AG. In case of limit breaches, an
intraday contingency and escalation process is triggered commensurate with the severity of the breach. For the whole of RBI,
the local intraday liquidity management process is within the responsibility of the local Treasury unit which ensures that the
following minimum standards are implemented locally: clear responsibilities and workflows for managing intraday liquidity;
daily monitoring of available intraday liquidity; intraday liquidity forecasting model and limit; escalation and contingency pro-
cesses and measures in case of limit breaches.
Contingency funding plan
Under difficult liquidity conditions, the units switch to a contingency process in which they follow predefined liquidity contin-
gency plans. These contingency plans also constitute an element of the liquidity management framework and are mandatory
for all significant Group units. The emergency management process is designed so that the Group can retain a strong liquidity
position even in serious crisis situations.
Liquidity position
Group funding is founded on a strong customer deposit base supplemented by wholesale funding \u2013 mainly via RBI AG and the
Group units. Funding instruments are appropriately diversified and are used regularly. The ability to procure funds is precisely
monitored and evaluated by the Treasury ALM units and the ALCOs.
In the past year and to date, the Group\u2019s excess liquidity was above all regulatory and internal limits (with a handful of excep-
tions in the area of internal sub-limits). The result of the internal time-to-wall stress test demonstrates that the Group would
survive throughout the modelled stress phase of several months even without applying contingency measures.
The Going Concern report shows the structural liquidity position. It covers all material risk drivers which might affect the Group
in a business as usual scenario. The results of the going concern scenario are shown in the following table. It illustrates excess
liquidity and the ratio of expected cash inflows plus counterbalancing capacity to cash outflows (liquidity ratio) for selected
maturities on a cumulative basis. Based on assumptions employing expert opinions, statistical analyses and country specifics,
this calculation also incorporates estimates of the stability of the customer deposit base, outflows from items off the state-
ment of financial position and downward market movements in relation to positions which influence the liquidity counterbal-
ancing capacity.
in \u20ac million
2025
2024
Maturity
1 month
1 year
1 month
1 year
Liquidity gap
15,635
18,779
53,419
58,866
Liquidity ratio
201%
156%
191%
153%
Liquidity coverage ratio (LCR)
The liquidity coverage ratio (LCR) requires the short-term resilience of banks by ensuring that they have an adequate stock of
unencumbered high-quality liquid assets (HQLAs) to meet potential liability run offs that might occur in a crisis, which can be
converted into cash to meet liquidity needs for a minimum of 30 calendar days in a liquidity stress scenario.
The calculation of expected inflows and outflows of funds and the HQLAs is based on regulatory guidelines. The regulatory
limit for LCR is 100 per cent.
in \u20ac million
2025
2024
Average liquid assets
41,227
40,064
Net outflows
29,232
22,028
Inflows
12,147
17,127
Outflows
41,379
39,155
Liquidity Coverage Ratio
141%
182%
Net Stable Funding Ratio (NSFR)
The NSFR is defined as the ratio of available stable funding to required stable funding. Available stable funding is defined as
the portion of equity and debt which is expected to be a reliable source of funds over the time horizon of one year covered by
the NSFR. A bank\u2019s required stable funding depends on the liquidity characteristics and residual maturities of the various assets
and off-balance-sheet positions. RBI targets a balanced funding position. The required stable funding and available stable
funding are based on regulatory requirements. The regulatory NSFR limit is 100 per cent.
in \u20ac million
2025
2024
Required stable funding
119,239
110,351
Available stable funding
169,043
159,835
Net Stable Funding Ratio
142%
145%
Funding liquidity risk
Funding liquidity risk is mainly driven by changes in the risk strategy of lenders or by a deterioration in the creditworthiness of a
bank that needs external funding. Funding rates and supply rise and fall with credit spreads, which change due to the market
or bank-specific situation.
As a consequence, long-term funding depends on restoring confidence in banks and increased efforts in collecting customer
deposits. RBI AG\u2019s banking activities are financed by combining wholesale funding and the retail franchise of deposit-taking
subsidiary banks. It is the central liquidity balancing agent for the local Group units in Central and Eastern Europe.
In the Group\u2019s funding plans, special attention is paid to a diversified structure of funding to mitigate funding liquidity risk. In
the Group, funds are not only raised by RBI AG as the Group\u2019s parent institution, but also individually by different banking sub-
sidiaries. Those efforts are coordinated and optimized through a joint funding plan.
Moreover, RBI AG arranges medium-term and long-term funding for its subsidiaries through syndicated loans, bilateral funding
agreements with banks, and financing facilities provided by supranational institutions. These funding sources are based on
long-term business relationships.
For managing and limiting liquidity risks, the targets for the loan/deposit ratio (the ratio of customer loans to customer depos-
its) in the individual subsidiary banks take into account the planned future business volumes as well as the feasibility of in-
creasing customer deposits in different countries. On the one hand, this initiative reduces external funding requirements. On
the other hand, it also reduces the need for internal funding operations and the risk associated with such liquidity transfers.
The following table shows a breakdown of cash flows according to the contractual maturity of financial assets:
2025
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial assets
199,984
226,618
73,284
22,552
65,277
65,506
Cash, balances at central banks and other
demand deposits
35,340
35,293
35,293
0
0
0
Loans and advances
118,292
138,015
30,405
17,735
44,941
44,933
Central banks
8,431
8,435
8,435
0
0
0
General governments
3,909
4,101
2,409
210
716
766
Banks
4,251
4,389
2,236
754
910
489
Other financial corporations
9,986
10,900
4,223
1,449
3,544
1,683
Non-financial corporations
47,597
52,597
10,235
10,936
24,882
6,543
Households
44,118
57,592
2,866
4,385
14,889
35,452
Debt securities
46,352
53,311
7,585
4,817
20,335
20,573
Central banks
36
31
31
0
0
0
General governments
38,729
45,079
6,505
4,073
16,443
18,059
Banks
4,875
5,212
905
536
2,421
1,350
Other financial corporations
1,612
1,772
56
89
908
719
Non-financial corporations
1,100
1,217
89
120
563
445
Derivative financial assets
4,103
3,917
565
565
1,608
1,178
Derivatives - Trading book
3,377
3,565
558
553
1,352
1,102
Derivatives \u2013 hedge accounting
1,098
383
34
12
259
78
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(372)
(31)
(27)
(1)
(2)
(1)
2024
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial assets
189,450
214,256
76,390
19,424
61,420
57,021
Cash, balances at central banks and other
demand deposits
34,871
34,761
34,761
0
0
0
Loans and advances
117,608
136,649
37,044
16,040
43,991
39,573
Central banks
13,783
13,819
13,819
0
0
0
General governments
3,808
3,937
2,356
211
627
743
Banks
4,274
4,409
2,313
336
1,269
491
Other financial corporations
10,380
11,449
5,072
1,164
3,904
1,307
Non-financial corporations
45,293
50,568
10,829
10,196
24,220
5,322
Households
40,070
52,467
2,654
4,133
13,970
31,710
Debt securities
36,972
42,847
4,586
3,384
17,429
17,447
Central banks
398
398
398
0
0
0
General governments
30,022
35,394
3,259
2,688
13,604
15,842
Banks
4,487
4,810
766
528
2,466
1,050
Other financial corporations
1,175
1,304
56
99
843
306
Non-financial corporations
889
941
108
69
515
249
Derivative financial assets
4,185
3,634
411
558
1,848
816
Derivatives - Trading book
3,405
3,384
377
574
1,640
793
Derivatives \u2013 hedge accounting
1,014
230
15
(16)
209
22
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(234)
19
18
0
0
1
The following table shows a breakdown of cash flows according to the contractual maturity of financial liabilities:
2025
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial liabilities
179,946
183,463
130,551
12,579
24,902
15,431
Deposits
148,252
149,078
125,116
8,208
6,774
8,981
Central banks
419
434
204
46
80
104
General governments
3,759
3,784
3,233
368
150
33
Banks
20,257
20,476
14,864
1,384
3,041
1,187
Other financial corporations
11,996
12,356
8,942
696
1,726
992
Non-financial corporations
46,164
46,258
43,585
2,162
339
172
Households
65,657
65,771
54,289
3,551
1,439
6,492
Short positions
1,310
1,321
1,314
0
0
7
Debt securities issued
29,095
31,711
2,808
4,345
18,115
6,443
Other financial liabilities
1,288
1,352
1,313
26
13
0
Derivative financial liabilities
3,384
3,460
199
523
1,597
1,142
Derivatives - Trading book
2,785
3,600
473
494
1,502
1,131
Derivatives \u2013 hedge accounting
942
186
56
27
95
9
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(343)
(326)
(330)
2
(1)
3
Financial guarantees given
10,034
10,037
4,634
2,134
2,567
702
Issued loan commitments
42,664
42,742
21,669
6,011
11,586
3,477
2024
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial liabilities
170,694
169,643
120,112
13,311
27,138
9,081
Deposits
140,732
141,662
116,149
10,189
11,939
3,385
Central banks
391
419
50
122
131
117
General governments
3,108
3,131
2,712
228
158
33
Banks
22,624
23,036
16,363
1,764
3,795
1,113
Other financial corporations
11,421
11,684
8,153
868
1,540
1,123
Non-financial corporations
43,834
43,959
40,767
2,692
349
151
Households
59,354
59,435
48,105
4,516
5,966
847
Short positions
992
988
983
0
1
4
Debt securities issued
27,348
25,358
1,362
3,104
15,198
5,693
Other financial liabilities
1,622
1,635
1,617
17
0
0
Derivative financial liabilities
3,981
3,437
(194)
547
1,998
1,086
Derivatives - Trading book
3,032
3,353
42
446
1,833
1,033
Derivatives \u2013 hedge accounting
1,308
427
118
99
166
45
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(359)
(343)
(353)
2
0
8
Financial guarantees given
9,243
9,242
4,359
2,108
2,253
523
Issued loan commitments
37,635
37,633
19,435
5,215
10,374
2,609
(44) Operational risks
Operational risk is defined as the risk of losses resulting from inadequate or failed internal processes, people and systems or
from external events, including legal risks, model risks or information and communication technology (ICT) risks, but excluding
strategic and reputational risks. In this risk category internal risk drivers such as unauthorized activities, fraud or theft,
conduct-related losses, modelling errors, execution and process errors, or business disruption and system failures are
managed. External factors such as damage to physical assets or fraud are managed and controlled as well.
This risk category is analyzed and managed based on own historical loss data and the results of risk assessments. As with
other risk types the principle of firewalling of risk management and risk controlling is also applied to operational risk in the
Group. To this end, individuals are designated and trained as Operational Risk Managers for each business area. Operational
Risk Managers provide central Operational Risk Controlling with reports on risk assessments, loss events, indicator values and
measures. They are supported in their work by Dedicated Operational Risk Specialists (DORS).
Operational risk controlling units are responsible for reporting, implementing the framework, developing control measures, and
monitoring compliance with requirements. Within the framework of the annual risk management cycle, they also coordinate
the participation of the relevant second line of defense departments (Financial Crime Management, Compliance, Insurance
Management, Information Security, Physical Security, Business Continuity Management, Internal Control System, Technology
Risk Management) and all first line of defense partners (Operational Risk Managers).
Risk identification
A key step in managing operational risks is the identification and assessment of risks that might endanger the Group\u2019s
existence (even if the occurrence of which is highly improbable), and areas where losses are more likely to arise more
frequently but have only limited impact.
Operational risk assessment is executed in a structured and group-wide uniform manner according to risk categories such as
business processes and event types. Moreover, risk assessment applies to new products as well. All Group units grade the im-
pact of high probability/low impact events and low probability/high impact incidents according to their estimation of the loss
potential for the next year and in the next ten years. Low probability/high impact events are quantified by a group-wide ana-
lytical tool (scenarios). The internal risk profile, losses arising and external changes determine which cases are dealt with in de-
tail. In addition, scenario analyses for focus topics such as ESG, model risks or cyber risks are specified via the Group.
Monitoring
In order to monitor operational risks, early warning indicators are used that allow prompt identification and minimization of
losses. Loss data is collected in a central database called Archer (an overall non-financial risk platform) in a structured manner
and on a group-wide basis according to the event type and the business line. In addition to the requirements for internal and
external reporting, information on loss events is exchanged with international data pools to further develop operational risk
management tools as well as to track measures and control effectiveness. The Group is a participant in the ORX data pool
(Operational Risk Data Exchange Association), whose data are currently used for internal benchmark purposes and analyses
and as part of the operational risk model. The ORX data consortium is an association of banks and insurance groups for statis-
tical purposes. The results of the analyses as well as events resulting from operational risks are reported in a comprehensive
manner to the relevant Operational Risk Management Committee on a regular basis.
Quantification and mitigation
At year-end 2025, the equity requirement for operational risk was calculated using the Business Indicator Components (BIC)
method, based on the new approach according to CRR/Basel IV. Due to the size of the underlying business indicator (BI), the
relevant formula for a medium-sized bank is applied for RBI Group.
The economic capital is based on an internal model with external and internal losses as input factors and group-wide scenar-
ios. Risk-based control is carried out with allocation based on the input factors of the relevant units and the operating income
for stabilization. The standards which are implemented and complied with at Group level correspond to an advanced approach
for all operational risk methods.
To reduce operational risk, business managers decide on preventive risk-reduction actions such as risk mitigation or risk trans-
fer. The progress and effectiveness of these actions is monitored by Risk Control. The former also define contingency plans and
nominate responsible persons or departments for initiating the defined actions if losses in fact occur. In addition, several dedi-
cated organizational units provide support to business units for preventing operational risks. An important role in connection
with operational risk activities is taken on by Financial Crime Management and Technology Risk Management. Financial Crime
Management provides support for the prevention and identification of fraud. Technology Risk Management has an important
role in defining and monitoring IT risks. The Group also conducts an extensive staff training program and has different con-
tingency plans and back-up systems in place. Loss data per category of operational risk are collected for all units in the CRR
Group.
These are distributed across the Basel risk categories as follows, but do not include any loss events that are already reflected
in the credit risk provisions:
in \u20ac million
2025
Share
2024
Share
Clients, Products and Business Practices
1,968
100.0%
1,586
97.7%
External Fraud
4
0.2%
3
0.2%
Internal Fraud
1
0.1%
23
1.4%
Technology and Infrastructure Failures
1
0.0%
3
0.2%
Employment Practices and Workplace Safety
1
0.0%
0
0.0%
Disasters and Public Safety
0
0.0%
0
0.0%
Excecution, Delivery and Process Management
-7
(0.3)%
8
0.5%
Total
1,969
100.0%
1,625
100.0%
In 2024, the external reporting for calculating operational losses was aggregated as follows based on the causal relationship. A
group of individual events with a related cause is counted as one event (parent event) and the total loss amount of this group
(sum of all effects/bookings which belong to the group) is assigned to the parent event.
Number of OpRisk events
2025
Share
2024
Share
External Fraud
846
47.1%
1,209
58.2%
Excecution, Delivery and Process Management
637
35.4%
596
28.7%
Clients, Products and Business Practices
165
9.2%
123
5.9%
Technology and Infrastructure Failures
70
3.9%
80
3.9%
Disasters and Public Safety
59
3.3%
46
2.2%
Employment Practices and Workplace Safety
14
0.8%
16
0.8%
Internal Fraud
6
0.3%
6
0.3%
Total
1,797
100.0%
2,076
100.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
(42) Market risk
The Group defines market risk as the risk of possible losses arising from changes in market prices of trading and investment
positions. Market risk estimates are based on changes in exchange rates, interest rates, credit spreads, equity and commodity
prices, and other market parameters (e.g. implied volatilities).
Market risks from the customer divisions are transferred to the Treasury division using the transfer price method. Treasury is
responsible for managing structural market risks and for complying with the Group\u2019s overall limit. The Capital Markets division
is responsible for proprietary trading, market making, and customer business in money market and capital market products.
In the last years, an increased monitoring of market trends and position changes within RBI was necessary. The continuous
challenges required active risk management and daily monitoring with a focus on the Russian and Ukrainian markets and
portfolios, the dual steering approach (Group without Russian entities) for the Group since 2023, as well as the derivative
exposure reduction between head office and Russian entity in order to adapt to the changed environment.
Organization of market risk management
All market risks are measured, monitored, and managed on Group level. The Market Risk Committee is responsible for strategic
market risk management issues. It is responsible for managing and controlling all market risks in the Group. The Group\u2019s overall
limit is set by the Management Board on the basis of the risk-taking capacity and income budget. This limit is apportioned to
sub-limits in coordination with business divisions according to the strategy, business model and risk appetite.
The Market Risk Management department ensures that the business volume and product range comply with the defined
strategy of the Group. It is responsible for implementing and enhancing risk management processes, risk management
infrastructure and systems, manuals, and measurement techniques for all market risk categories and credit risk arising from
market price changes in derivative transactions. Furthermore, Market Risk Management independently measures and reports
all market risks on a daily basis.
All products in which open positions can be held are listed in the product catalog. New products are added to this list only after
successfully completing the product approval process. Product applications are investigated thoroughly for any risks. They are
approved only if the new products can be implemented in RBI's front- and back-office and risk management systems.
Limit system
The Group uses a comprehensive risk management approach for both the trading and the banking books (total-return
approach). Market risk is therefore managed consistently in all trading and banking books. The following indicators are
measured and limited on a daily basis in the market risk management system:
\u00b7 Value-at-Risk (VaR) \u2013 confidence level 99 per cent
Value-at-Risk is the main market risk steering instrument in liquid markets and normal market situations. Two
different methods of calculation are used, depending on the steering approach. The consistency between P&L and
risk figures is in parallel necessary with the economic scope of RBI in order to ensure comprehensive control. For the
overall portfolio including the banking book, a model is used that is based on a historical simulation and which is
suitable for longer-term steering of the market risks from the banking books (ALL model, confidence level 99 per
cent, risk horizon 20 days). The calculation is based on overlapping 20-day returns of the last seven years and is also
used for allocating economic capital. For all market risks with a direct impact on the income statement, a model is
used that provides a good forecast of short-term volatility (IFRS P&L model, confidence level 99 per cent, risk horizon
1 day). The Austrian Financial Market Authority has approved this approach as an internal model for calculating the
total capital requirement for market risks for RBI AG\u2019s trading book. Both models calculate value-at-risk indicators
for changes in the risk factors foreign currencies, interest rate trend, credit spreads, implicit volatility, stock indices
and basis spreads.
\u00b7 Sensitivities (to changes in exchange rates and interest rates, gamma, vega, equity and commodity prices)
Sensitivity limits are to ensure that concentrations are avoided in normal market situations and are the main
steering instrument under extreme market situations and in illiquid markets or in markets that are structurally
difficult to measure.
\u00b7 Stop loss
Stop loss limits serve to strengthen the discipline of traders such that they do not allow losses to accumulate on
their own proprietary positions but strictly limit them instead.
A comprehensive stress testing concept complements this multi-level limit system. It simulates potential present value
changes of defined scenarios for the total portfolio. The results on market risk concentrations shown by these stress tests are
reported to the Market Risk Committee and taken into account when setting limits. Stress test reports for individual portfolios
are included in daily market risk reporting.
Value-at-Risk (VaR)
The following tables show the risk indicators (VaR ALL 99 per cent, 20 days and VaR IFRS-P&L 99 per cent, 1 day) for the
individual market risk categories in the trading book, while the overall risk is shown for the banking book. The Group\u2019s VaR
mainly results from structural equity positions, structural interest rate risk, and credit spread risks of bonds, which are held as
liquidity buffer. The IFRS-P&L model aims to measure short-term market fluctuations, while the ALL model focuses on
measuring structural interest rate risks.
The 2025 geopolitical and economic events impacted the markets, causing increased volatility throughout the year. Compared
to year-end 2024, the trading book P&L VaR (model IFRS-P&L) increased mainly in credit spread risk, followed by smaller
increases in currency and share price risk. The total VaR (model IFRS-P&L) decreased in currency risk, where main drivers were
the Russian ruble and the US dollar; however the credit spread VaR increased. The total VaR (model ALL) remained stable as
sensitivity risks fluctuated less than 5 per cent year-to-year.
Model IFRS-P&L trading book VaR (99%, 1d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac million
2025
2024
Currency risk
1
1
0
3
1
Interest rate risk
2
2
2
8
2
Credit spread risk
3
2
1
3
1
Share price risk
1
1
1
2
1
Total
3
3
2
8
3
Model IFRS-P&L total VaR (99%, 1d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac million
2025
2024
Currency risk
3
3
2
4
9
Interest rate risk
2
2
2
3
2
Credit spread risk
3
3
2
3
2
Share price risk
1
1
1
1
1
Total
6
6
5
7
10
Model ALL total VaR (99%, 20d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac million
2025
2024
Economic capital ALL
549
549
481
598
581
Total ALL (Risk categories)
Currency risk
538
543
462
604
589
Interest rate risk
260
279
256
306
230
Credit spread risk
61
68
60
75
41
Banking book (99%, 20d)
Interest rate risk in the banking book
250
268
250
295
249
The risk measurement approaches employed are verified \u2013 besides analyzing returns qualitatively \u2013 on an ongoing basis
through back-testing and statistical validation techniques. If model weaknesses are identified, then they are adapted
accordingly.
In the 2025 reporting year, there was a hypothetical back-testing violation due to increased market volatility and sharp
movement in rates. The following graph compares the VaR to the theoretical gains and losses on a daily basis. The VaR
represents the maximum loss which will not be exceeded within one day, with a confidence level of 99 per cent. It is compared
to the respective theoretical gain or loss which would arise on the following day due to the actual market conditions at the
time.
\"7081\"
Exchange rate risk and capital (ratio) hedge
Market risk in the Group results primarily from exchange rate risk, which stems from foreign-currency denominated equity in-
vestments in foreign Group units and the corresponding hedging positions entered into by the Group Asset/Liability
Committee. In a narrow sense, exchange rate risk denotes the risk of losses being incurred due to open foreign exchange
positions. However, exchange rate fluctuations also influence current revenues and expenses. They also affect regulatory
capital requirements for assets denominated in foreign currencies, even if they are financed in the same currency and thus do
not create an open foreign exchange position.
The Group holds material equity participations located outside of the euro area with equity denominated in the corresponding
local currency. Also, a significant share of risk-weighted assets in the Group is denominated in foreign currencies. Changes in
foreign exchange rates thus lead to changes in the consolidated capital of the Group and to changes in the total capital
requirement for credit risk as well.
From a regulatory perspective, the ECB approved a waiver for the Group which permits a reduction in the RWA\u2019s associated
with market risk. This requires that the Group follow a specific hedging strategy that allows the exchange rate risks to be
protected against potential shocks.
In order to manage exchange rate risk, RBI currently follows a stable capital ratio strategy. The goal of this hedging strategy is
to balance tier 1 capital and risk-weighted assets in all currencies according to the targeted tier 1 ratio (i.e. reduce excess capi-
tal or deficits in relation to risk-weighted assets for each currency) such that the tier 1 ratio remains stable even if foreign ex-
change rates change. The Group aims at stabilizing its capital ratio when managing exchange rate risks. Changes in foreign
exchange rates thus lead to changes in the consolidated equity amount; however, the regulatory capital requirement for credit
risks stemming from assets denominated in foreign currencies also changes correspondingly. This risk is managed on a
monthly basis in the Group Asset/Liability Committee based on historical foreign exchange volatilities, exchange rate
forecasts, and the sensitivity of the tier 1 ratio to changes in individual foreign exchange rates.
The following table shows all material open foreign exchange rate positions as of 31 December 2025 and the corresponding
values for the previous year. The figures include both trading positions as well as capital positions of the subsidiaries with
foreign currency denominated statements of financial position (short positions are shown with a negative sign and long
positions with a positive sign).
The sensitivity in Czech Koruna, Hungarian Forint and Romanian Leu increased due to a change in the position for hedging
purposes.
in \u20ac million
2025
2024
ALL
103
99
BAM
435
344
BGN
48
51
BYN
1
0
CNY
(7)
(5)
CHF
(392)
(381)
CZK
493
(31)
HUF
275
8
PLN
(3)
(10)
RON
610
333
RSD
623
652
RUB
2,094
2,360
UAH
(106)
(144)
USD
(642)
(492)
Interest rate risk in the trading book
The largest present value changes for the trading book of the Group given a one-basis-point interest rate increase for the
whole yield curve in \u20ac thousand. The trading book sensitivities presented are calculated as the total position of each node
without considering the banking book positions.
2025
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
1
0
0
0
0
0
1
0
0
0
0
0
CHF
1
2
0
1
0
0
0
(1)
0
(1)
0
0
CNY
(3)
0
0
(3)
0
0
0
0
0
0
0
0
CZK
21
6
(7)
0
6
7
(3)
14
(7)
2
1
2
EUR
444
(32)
1
21
(21)
13
(47)
205
(4)
281
0
25
HUF
6
(1)
(5)
6
2
(5)
(1)
5
(5)
9
1
1
NOK
0
0
0
0
0
0
0
0
0
0
0
0
PLN
1
3
2
7
(13)
4
(5)
5
(2)
0
0
0
RON
25
(1)
3
8
9
4
0
7
(7)
2
0
0
RUB
2
4
0
(7)
0
1
0
1
2
0
0
0
UAH
21
0
0
2
11
7
0
0
0
0
0
0
USD
37
(1)
6
12
7
1
1
17
2
(11)
7
(5)
Other
31
(4)
3
(2)
50
7
(7)
(13)
(3)
0
0
0
The presentation of currencies changed year-on-year depending on the absolute amount of interest rate sensitivity.
2024
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
23
0
0
0
4
0
18
(1)
1
0
0
0
CHF
(8)
2
(4)
(1)
0
0
0
(5)
0
(1)
0
(1)
CNY
(4)
0
0
(4)
0
0
0
0
0
0
0
0
CZK
(129)
(3)
3
(13)
2
(3)
4
47
(88)
(83)
1
4
EUR
272
(11)
(6)
4
24
(12)
(12)
38
55
138
47
7
HUF
(73)
(3)
(2)
(4)
(6)
(10)
(2)
(19)
(33)
5
1
0
NOK
0
0
0
0
0
0
0
0
0
0
0
0
PLN
10
2
6
2
(2)
0
5
(4)
0
0
0
0
RON
29
0
2
(4)
5
(35)
3
(1)
57
1
0
0
RUB
3
5
2
1
(5)
0
1
0
0
0
0
0
UAH
20
7
1
2
8
3
0
(1)
0
0
0
0
USD
57
15
(11)
18
10
19
8
0
(1)
3
2
(6)
Other
76
7
0
(4)
(8)
(27)
47
15
45
0
0
0
Interest rate risk in the banking book
Different maturities and repricing schedules of assets and the corresponding liabilities (i.e. deposits and financing from money
markets and capital markets) cause interest rate risk in the Group. This risk arises in particular from incomplete compensation
of the interest rate sensitivity of expected cash flows, their interest rate adjustment cycles, and other optional features.
Interest rate risk in the banking book is material for the euro and US dollar as major currencies as well as for local currencies of
Group units located in Central and Eastern Europe.
This risk is mainly hedged by a combination of transactions on and off the statement of financial position where in particular
interest rate swaps and \u2013 to a smaller extent \u2013 also interest rate forwards and interest rate options are used. Management of
the statement of financial position is a core task of the central Global Treasury division and of individual subsidiary banks,
which are supported by the Group Asset/Liability Committee. They base their decisions on various interest income analyses
and simulations that ensure proper interest rate sensitivity in line with expected changes in market rates and the overall risk
appetite.
Interest rate risk in the banking book is not only measured within a value-at-risk framework but also managed by the
traditional tools of nominal and interest rate gap analyses. Interest rate risk is subject to quarterly reporting in the context of
the interest rate risk statistic submitted to the banking supervisor. This report also shows the change in the present value of
the banking book as a percentage of total capital in line with the CRR requirements. Maturity assumptions needed in this
analysis are defined as specified by regulatory authorities and based on internal statistics and empirical values.
Change in the present value of the Group\u2019s banking book given a one-basis point interest rate increase in \u20ac thousand:
2025
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
(5)
(3)
(6)
(9)
(14)
8
12
23
7
(5)
(12)
(6)
CHF
(24)
(8)
(3)
0
2
2
(1)
(2)
(4)
(6)
(3)
0
CNY
(5)
(3)
(1)
(1)
0
0
0
0
0
0
0
0
CZK
(595)
28
(18)
(46)
(255)
(126)
(117)
127
(51)
(118)
(16)
(2)
EUR
(2,283)
55
(117)
(85)
(224)
(190)
101
(323)
(616)
(633)
(253)
1
GBP
(7)
(1)
(3)
(2)
0
0
0
0
0
0
0
0
HUF
(335)
(6)
(3)
(41)
(91)
(19)
(18)
(81)
(79)
1
2
1
PLN
(23)
(3)
(3)
(5)
2
(3)
(6)
(2)
(2)
0
0
0
RON
(391)
14
1
(14)
(111)
(105)
(219)
(36)
80
0
0
0
RSD
(24)
4
(2)
5
(50)
(7)
6
15
4
0
0
0
RUB
(230)
(28)
(9)
(23)
(114)
(38)
57
39
(54)
(46)
(11)
(2)
SGD
0
0
0
0
0
0
0
0
0
0
0
0
UAH
(1)
1
5
3
(7)
(17)
14
0
0
0
0
0
USD
24
22
3
(2)
(9)
(7)
16
(3)
4
0
0
0
Other
(77)
4
(4)
(6)
(5)
12
36
(45)
(37)
(28)
(5)
0
The presentation of currencies changed year-on-year depending on the absolute amount of interest rate sensitivity.
2024
in \u20ac thousand
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
ALL
(5)
0
(5)
(11)
(9)
8
18
(12)
(1)
5
2
1
CHF
(44)
(19)
(6)
(1)
7
4
(3)
(6)
(6)
(7)
(5)
(1)
CNY
(3)
(1)
(1)
(1)
0
0
0
0
0
0
0
0
CZK
(973)
37
(15)
(13)
(348)
(155)
(209)
47
(65)
(201)
(50)
(2)
EUR
(1,636)
145
(24)
83
(174)
(150)
(213)
(415)
(3)
(530)
(356)
1
GBP
(9)
(1)
(1)
(4)
(4)
0
0
0
0
0
0
0
HUF
(278)
(16)
(1)
(29)
(32)
(45)
(31)
(53)
(68)
(5)
1
0
PLN
(17)
0
(3)
(4)
(4)
7
(4)
(6)
(3)
0
0
0
RON
(249)
16
13
19
(81)
(35)
(178)
(91)
88
0
(1)
0
RSD
74
7
0
(3)
(7)
(25)
37
19
46
0
0
0
RUB
(207)
(15)
(6)
7
(128)
(71)
8
50
(15)
(30)
(5)
0
SGD
0
0
0
0
0
0
0
0
0
0
0
0
UAH
23
3
7
9
(4)
(4)
13
(1)
0
0
0
0
USD
(16)
23
(11)
9
(16)
(11)
(3)
(14)
8
0
0
0
Other
(93)
2
0
2
(8)
0
(7)
(44)
(28)
(8)
(2)
0
Credit spread risk
The market risk management framework uses time-dependent bond and CDS spread curves as risk factors in order to
measure credit spread risks. It captures all capital market instruments in the trading and banking book.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
(43) Liquidity management
Despite ongoing political risks, the liquidity position remained stable in the financial year.
The ILAAP framework and governance once again proved to be solid and functioning even in times of crisis. Daily monitoring of
the liquidity position using dynamic dashboards showed that the infrastructure and monitoring are effective and support quick
reactions in times of crisis.
Funding structure
The Group\u2019s funding structure is highly focused on retail business in Central and Eastern Europe. In addition, as a result of the
Austrian Raiffeisen Banking Group\u2019s strong local market presence, the Group also benefits from funding through the Raiffeisen
Landesbanken. Different funding sources are utilized in accordance with the principle of diversification. These include the issue
of international bonds by RBI AG, the issue of local bonds by the Group units and the use of third-party financing loans (includ-
ing supranationals). Partly due to tight country limits and partly due to beneficial pricing, the Group units also use loans with
third-party banks.
Principles
Internal liquidity management is an important business process within general bank management, because it ensures the
continuous availability of funds required to cover day-to-day demands.
Liquidity adequacy is ensured from both an economic and a regulatory perspective. In order to approach the economic per-
spective RBI established a governance framework comprising internal limits and steering measures which complies with the
Principles for Sound Liquidity Risk Management and Supervision set out by the Basel Committee on Banking Supervision and the
Kreditinstitute-Risikomanagement-Verordnung (KI-RMV) issued by the Austrian regulatory authority.
The regulatory component is addressed by complying with the reporting requirements under Basel III (Liquidity Coverage Ratio,
Net Stable Funding Ratio, and Additional Liquidity Monitoring Metrics) as well as by complying with the regulatory limits. In
addition, some Group units have additional liquidity and reporting requirements set by their local supervisory authorities.
Organization and responsibility
Responsibility for ensuring adequate levels of liquidity lies with the overall Management Board. The board members with func-
tional responsibility are the Chief Financial Officer (Treasury) and the Chief Risk Officer (Risk Controlling). Accordingly, the pro-
cesses regarding liquidity risk are essentially run by two areas within the bank: Firstly the Treasury units, which take on liquidity
risk positions within the strategy, guidelines and parameters set by the responsible decision-making bodies. Secondly, they are
monitored and supported by independent Risk Controlling units, which measure and model liquidity risk positions, set limits and
supervise compliance with those.
Besides the responsible units in the line functions, all subsidiary banks have respective asset/liability management committees
(ALCOs). These committees act as decision-making bodies with respect to all matters affecting the management of the liquid-
ity position and balance sheet structure of a unit including the definition of strategies and policies for managing liquidity risks.
The ALCOs take decisions and provide standard reports on liquidity risk to the Management Board at least on a monthly basis.
On Group level these functions are taken by the Group ALCO. Treasury operations and the respective ALCO decisions are mainly
based on group-wide, standardized Group rules and their local supplements, which take specific regional factors into account.
Liquidity strategy
Treasury units are committed to achieving KPIs and to complying with risk-based principles. The current set of KPIs includes
general targets, e.g. for return on risk-adjusted capital (RORAC) or coverage ratios, as well as specific Treasury targets for li-
quidity such as a minimum survival period in defined stress scenarios or minimum liquidity targets in regulatory indicators.
While generating an adequate structural income from maturity transformation which reflects the liquidity and market risk po-
sitions taken by the bank, Treasury has to follow a prudent and sustainable risk policy when steering the balance sheet. Strate-
gic goals comprise a reduction of parent funding within the Group, the sustainable management of the depositor base and
credit growth as well as continuous compliance with regulatory requirements and the internal limit framework.
Liquidity risk framework
Regulatory and internal liquidity reports and ratios are generated based on certain modelling assumptions. Whereas the regu-
latory reports are calculated on specifications given by authorities, the internal reports are modelled with assumptions from
empirical observations.
The Group has a substantial database along with expertise in forecasting cash flows arising from all material on- and off-bal-
ance sheet positions. The modelling of liquidity inflows and outflows is carried out on an appropriate granular level, differenti-
ating between product and customer segments, and, where applicable, currencies as well. Modelling of retail and corporate
customer deposits includes assumptions concerning the retention times for deposits after maturity. The model assumptions
are quite prudent, e.g. there is a no-rollover assumption on funding from banks and all funding channels and the liquidity buffer
are stressed simultaneously.
The cornerstones of the economic liquidity risk framework are the Going Concern (GC) and the Time-to-Wall (TTW) scenario.
The Going Concern report shows the structural liquidity position. It covers all main risk drivers which could detrimentally affect
the Group in a business-as-usual scenario. The Going Concern models are important input factors for the liquidity contribution
to the internal funds transfer pricing model. On the other hand, the Time-to-Wall report shows the survival horizon for defined
adverse scenarios and stress models (market, reputational and combined crisis) and determines the minimum level of the li-
quidity buffer (and/or the counter-balancing capacity) of the Group and its individual units.
The liquidity scenarios are modelled using a group-wide approach, acknowledging local specifications where they are justified
by influencing factors such as the market or legal environment or certain business characteristics; the calculation is performed
at RBI AG. The modelling of cash inflows and outflows differentiates between product and customer segments, while if
applicable, a distinction is also made between different currencies. For products without a contractual maturity, the
distribution of cash inflows and outflows is calculated using a geometric Brownian motion which derives the statistical
forecasts for future daily balances from the observed, exponentially weighted historical volatility of the corresponding
products. For market crisis scenario a special model for assessment of the potential liquidity outflow due to margin calls is in
place. This model relies on Value-at-Risk calculations to estimate the potential depreciation of derivative portfolios involving
counterparties with CSA or variation margin agreements. By incorporating this outflow into the liquidity risk stress test, a
corresponding buffer is maintained to account for potential margin calls in extremely adverse situations.
The liquidity risk framework is continuously developed at both Group level and at the level of the individual Group units. The
technical infrastructure is further enhanced in numerous group-wide projects and data availability is improved in order to meet
increasing regulatory and internal reporting and management requirements for this area of risk.
Risk appetite and liquidity limits
The liquidity position is monitored on Group level and on individual unit level and is restricted by means of a comprehensive
limit system. Limits are defined both under a business-as-usual as well as under a stress perspective. In accordance with the
defined risk appetite, each Group unit must demonstrate a survival horizon of several months (TTW) in a severe, combined
stress scenario (reputational and market stress). This can be ensured either by a structurally positive liquidity profile or by a
sufficiently high liquidity buffer. In a normal going-concern environment, maturity transformation must be fully covered by the
available liquidity buffer in the medium term. This means that the cumulative liquidity position over a period of up to one year
must be positive. In the long term (one year or more), maturity transformation is permitted up to a certain level. The internal
model limits are supplemented by limits for compliance with regulatory liquidity ratios, such as the liquidity coverage ratio. All
limits must be complied with on a daily basis.
Liquidity monitoring
The bank uses a range of customized measurement tools and early warning indicators that provide board members and senior
management with timely and forward-looking information. The limit framework ensures that the bank can continue to
operate in a period of severe stress.
Monitoring of limits and reporting limit compliance is performed regularly and effectively. Any breach by Group units is
reported to the Group ALCO and escalated. In such cases, appropriate steps are undertaken in consultation with the relevant
unit or contentious matters are escalated to the next highest responsible body.
Liquidity stress testing
Stress tests are conducted for RBI AG and the subsidiary banks on a daily basis and on Group level. The tests cover three
scenarios (market, reputational and combined crisis), consider the effects of the scenarios for a period of several months and
demonstrate that stress events can simultaneously result in a time-critical liquidity requirement in several currencies. The
stress scenarios include the principal funding and market liquidity risks. This means that in the stress tests of the Group, all
subsidiaries are simultaneously subject to a pronounced combined crisis for all their major products. The results of the stress
tests are reported to the Chief Risk Officer and the Chief Financial Officer as well as other members of management on a
weekly basis; they also form a key component of the monthly ALCO meetings and are included in RBI's strategic planning and
contingency planning.
A conservative approach is adopted when establishing outflow ratios based on historical data and expert opinions. The simula-
tion assumes a lack of access to the money or capital market and simultaneously significant outflows of customer deposits. In
this respect, the deposit concentration risk is also considered by assigning higher outflow ratios to large customers. Further-
more, stress assumptions are formulated for the drawdown of guarantees and credit obligations. In addition, the liquidity
buffer positions are adapted by haircuts in order to cover the risk of disadvantageous market movements, and the potential
outflows resulting from collateralized derivative transactions are estimated. The bank continuously monitors whether the
stress assumptions are still appropriate or whether new risks need to be considered.
The Time-to-Wall concept has established itself as the main control instrument for day-to-day liquidity management and is
therefore a central component of funding planning and budgeting. It is also fundamental to determining performance ratios
relating to liquidity.
Liquidity buffer
As shown by the daily liquidity risk reports, the main Group units actively maintain and manage liquidity buffers, including high-
quality liquid assets (HQLA) which are always sufficient to cover the net outflows expected in crisis scenarios. The Group has
sizeable, unencumbered and liquid securities portfolios and favors securities eligible for central bank tender transactions in
order to ensure sufficient liquidity in various currencies. The main Group units ensure the availability of liquidity buffers, test
their ability to utilize central bank funds, constantly evaluate their collateral positions as regards their market value and en-
cumbrance and examine the remaining counterbalancing capacity, including the funding potential and the saleability of the
assets.
Stress assumptions are applied to all positions in the liquidity buffer. This is reflected in the stress test liquidity report (time-to-
wall) and includes both a central bank haircut and a specific write-down assumption. The central bank haircut is applied to
each individual security eligible as collateral. The write-down assumption is modeled for the portfolio of eligible securities
based on historical market indicators and reduces the volume of the liquidity buffer in the stress test scenario.
Intraday liquidity management
In compliance with regulatory requirements for intraday liquidity management, the available liquidity is calculated daily analo-
gous to the outflow assumptions of the regular liquidity stress reports (time-to-wall) for RBI AG. In case of limit breaches, an
intraday contingency and escalation process is triggered commensurate with the severity of the breach. For the whole of RBI,
the local intraday liquidity management process is within the responsibility of the local Treasury unit which ensures that the
following minimum standards are implemented locally: clear responsibilities and workflows for managing intraday liquidity;
daily monitoring of available intraday liquidity; intraday liquidity forecasting model and limit; escalation and contingency pro-
cesses and measures in case of limit breaches.
Contingency funding plan
Under difficult liquidity conditions, the units switch to a contingency process in which they follow predefined liquidity contin-
gency plans. These contingency plans also constitute an element of the liquidity management framework and are mandatory
for all significant Group units. The emergency management process is designed so that the Group can retain a strong liquidity
position even in serious crisis situations.
Liquidity position
Group funding is founded on a strong customer deposit base supplemented by wholesale funding \u2013 mainly via RBI AG and the
Group units. Funding instruments are appropriately diversified and are used regularly. The ability to procure funds is precisely
monitored and evaluated by the Treasury ALM units and the ALCOs.
In the past year and to date, the Group\u2019s excess liquidity was above all regulatory and internal limits (with a handful of excep-
tions in the area of internal sub-limits). The result of the internal time-to-wall stress test demonstrates that the Group would
survive throughout the modelled stress phase of several months even without applying contingency measures.
The Going Concern report shows the structural liquidity position. It covers all material risk drivers which might affect the Group
in a business as usual scenario. The results of the going concern scenario are shown in the following table. It illustrates excess
liquidity and the ratio of expected cash inflows plus counterbalancing capacity to cash outflows (liquidity ratio) for selected
maturities on a cumulative basis. Based on assumptions employing expert opinions, statistical analyses and country specifics,
this calculation also incorporates estimates of the stability of the customer deposit base, outflows from items off the state-
ment of financial position and downward market movements in relation to positions which influence the liquidity counterbal-
ancing capacity.
in \u20ac million
2025
2024
Maturity
1 month
1 year
1 month
1 year
Liquidity gap
15,635
18,779
53,419
58,866
Liquidity ratio
201%
156%
191%
153%
Liquidity coverage ratio (LCR)
The liquidity coverage ratio (LCR) requires the short-term resilience of banks by ensuring that they have an adequate stock of
unencumbered high-quality liquid assets (HQLAs) to meet potential liability run offs that might occur in a crisis, which can be
converted into cash to meet liquidity needs for a minimum of 30 calendar days in a liquidity stress scenario.
The calculation of expected inflows and outflows of funds and the HQLAs is based on regulatory guidelines. The regulatory
limit for LCR is 100 per cent.
in \u20ac million
2025
2024
Average liquid assets
41,227
40,064
Net outflows
29,232
22,028
Inflows
12,147
17,127
Outflows
41,379
39,155
Liquidity Coverage Ratio
141%
182%
Net Stable Funding Ratio (NSFR)
The NSFR is defined as the ratio of available stable funding to required stable funding. Available stable funding is defined as
the portion of equity and debt which is expected to be a reliable source of funds over the time horizon of one year covered by
the NSFR. A bank\u2019s required stable funding depends on the liquidity characteristics and residual maturities of the various assets
and off-balance-sheet positions. RBI targets a balanced funding position. The required stable funding and available stable
funding are based on regulatory requirements. The regulatory NSFR limit is 100 per cent.
in \u20ac million
2025
2024
Required stable funding
119,239
110,351
Available stable funding
169,043
159,835
Net Stable Funding Ratio
142%
145%
Funding liquidity risk
Funding liquidity risk is mainly driven by changes in the risk strategy of lenders or by a deterioration in the creditworthiness of a
bank that needs external funding. Funding rates and supply rise and fall with credit spreads, which change due to the market
or bank-specific situation.
As a consequence, long-term funding depends on restoring confidence in banks and increased efforts in collecting customer
deposits. RBI AG\u2019s banking activities are financed by combining wholesale funding and the retail franchise of deposit-taking
subsidiary banks. It is the central liquidity balancing agent for the local Group units in Central and Eastern Europe.
In the Group\u2019s funding plans, special attention is paid to a diversified structure of funding to mitigate funding liquidity risk. In
the Group, funds are not only raised by RBI AG as the Group\u2019s parent institution, but also individually by different banking sub-
sidiaries. Those efforts are coordinated and optimized through a joint funding plan.
Moreover, RBI AG arranges medium-term and long-term funding for its subsidiaries through syndicated loans, bilateral funding
agreements with banks, and financing facilities provided by supranational institutions. These funding sources are based on
long-term business relationships.
For managing and limiting liquidity risks, the targets for the loan/deposit ratio (the ratio of customer loans to customer depos-
its) in the individual subsidiary banks take into account the planned future business volumes as well as the feasibility of in-
creasing customer deposits in different countries. On the one hand, this initiative reduces external funding requirements. On
the other hand, it also reduces the need for internal funding operations and the risk associated with such liquidity transfers.
The following table shows a breakdown of cash flows according to the contractual maturity of financial assets:
2025
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial assets
199,984
226,618
73,284
22,552
65,277
65,506
Cash, balances at central banks and other
demand deposits
35,340
35,293
35,293
0
0
0
Loans and advances
118,292
138,015
30,405
17,735
44,941
44,933
Central banks
8,431
8,435
8,435
0
0
0
General governments
3,909
4,101
2,409
210
716
766
Banks
4,251
4,389
2,236
754
910
489
Other financial corporations
9,986
10,900
4,223
1,449
3,544
1,683
Non-financial corporations
47,597
52,597
10,235
10,936
24,882
6,543
Households
44,118
57,592
2,866
4,385
14,889
35,452
Debt securities
46,352
53,311
7,585
4,817
20,335
20,573
Central banks
36
31
31
0
0
0
General governments
38,729
45,079
6,505
4,073
16,443
18,059
Banks
4,875
5,212
905
536
2,421
1,350
Other financial corporations
1,612
1,772
56
89
908
719
Non-financial corporations
1,100
1,217
89
120
563
445
Derivative financial assets
4,103
3,917
565
565
1,608
1,178
Derivatives - Trading book
3,377
3,565
558
553
1,352
1,102
Derivatives \u2013 hedge accounting
1,098
383
34
12
259
78
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(372)
(31)
(27)
(1)
(2)
(1)
2024
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial assets
189,450
214,256
76,390
19,424
61,420
57,021
Cash, balances at central banks and other
demand deposits
34,871
34,761
34,761
0
0
0
Loans and advances
117,608
136,649
37,044
16,040
43,991
39,573
Central banks
13,783
13,819
13,819
0
0
0
General governments
3,808
3,937
2,356
211
627
743
Banks
4,274
4,409
2,313
336
1,269
491
Other financial corporations
10,380
11,449
5,072
1,164
3,904
1,307
Non-financial corporations
45,293
50,568
10,829
10,196
24,220
5,322
Households
40,070
52,467
2,654
4,133
13,970
31,710
Debt securities
36,972
42,847
4,586
3,384
17,429
17,447
Central banks
398
398
398
0
0
0
General governments
30,022
35,394
3,259
2,688
13,604
15,842
Banks
4,487
4,810
766
528
2,466
1,050
Other financial corporations
1,175
1,304
56
99
843
306
Non-financial corporations
889
941
108
69
515
249
Derivative financial assets
4,185
3,634
411
558
1,848
816
Derivatives - Trading book
3,405
3,384
377
574
1,640
793
Derivatives \u2013 hedge accounting
1,014
230
15
(16)
209
22
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(234)
19
18
0
0
1
The following table shows a breakdown of cash flows according to the contractual maturity of financial liabilities:
2025
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial liabilities
179,946
183,463
130,551
12,579
24,902
15,431
Deposits
148,252
149,078
125,116
8,208
6,774
8,981
Central banks
419
434
204
46
80
104
General governments
3,759
3,784
3,233
368
150
33
Banks
20,257
20,476
14,864
1,384
3,041
1,187
Other financial corporations
11,996
12,356
8,942
696
1,726
992
Non-financial corporations
46,164
46,258
43,585
2,162
339
172
Households
65,657
65,771
54,289
3,551
1,439
6,492
Short positions
1,310
1,321
1,314
0
0
7
Debt securities issued
29,095
31,711
2,808
4,345
18,115
6,443
Other financial liabilities
1,288
1,352
1,313
26
13
0
Derivative financial liabilities
3,384
3,460
199
523
1,597
1,142
Derivatives - Trading book
2,785
3,600
473
494
1,502
1,131
Derivatives \u2013 hedge accounting
942
186
56
27
95
9
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(343)
(326)
(330)
2
(1)
3
Financial guarantees given
10,034
10,037
4,634
2,134
2,567
702
Issued loan commitments
42,664
42,742
21,669
6,011
11,586
3,477
2024
in \u20ac million
Carrying
amount
Contractual
cash flows
Up to 3
months
More than 3
months, up to 1 year
More than 1 year,
up to 5 years
More than 5
years
Non-derivative financial liabilities
170,694
169,643
120,112
13,311
27,138
9,081
Deposits
140,732
141,662
116,149
10,189
11,939
3,385
Central banks
391
419
50
122
131
117
General governments
3,108
3,131
2,712
228
158
33
Banks
22,624
23,036
16,363
1,764
3,795
1,113
Other financial corporations
11,421
11,684
8,153
868
1,540
1,123
Non-financial corporations
43,834
43,959
40,767
2,692
349
151
Households
59,354
59,435
48,105
4,516
5,966
847
Short positions
992
988
983
0
1
4
Debt securities issued
27,348
25,358
1,362
3,104
15,198
5,693
Other financial liabilities
1,622
1,635
1,617
17
0
0
Derivative financial liabilities
3,981
3,437
(194)
547
1,998
1,086
Derivatives - Trading book
3,032
3,353
42
446
1,833
1,033
Derivatives \u2013 hedge accounting
1,308
427
118
99
166
45
Fair value adjustments of the hedged items in
portfolio hedge of interest rate risk
(359)
(343)
(353)
2
0
8
Financial guarantees given
9,243
9,242
4,359
2,108
2,253
523
Issued loan commitments
37,635
37,633
19,435
5,215
10,374
2,609
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
(48) Leasing
At inception of a contract, RBI assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a certain period in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset, RBI assesses whether the following
criteria are met:
\u00b7 The contract involves the use of an identified asset \u2013 this is the case if either the asset is explicitly specified in the
contract or the asset is implicitly specified at the time that it is made available for use by the customer that is
capable of being used to meet the contract terms. If the supplier has a material substitution right, then the asset is
considered as not identified;
\u00b7 RBI has the right to obtain substantially all the economic benefit from use of the asset throughout the period of use;
and
\u00b7 RBI has the right to direct how and for what purpose the asset is used throughout the period of use or the relevant
decisions about how and for what purpose the asset is used are predetermined.
RBI as lessor
When RBI acts as lessor, it determines at lease inception whether the lease is accounted for as finance or operating lease. In
RBI a lease is classified as a finance lease if substantially all the risks and rewards incidental to ownership are transferred.
Typical factors that, individually or in combination, would normally lead to a lease being classified as a finance lease:
\u00b7 Transfer of ownership of the asset by the end of the contract term;
\u00b7 Option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at the date the
option becomes exercisable for it to be reasonably certain at the inception date that the option will be exercised;
\u00b7 The lease term is for major part of the economic life of the asset (even if the title is not transferred);
\u00b7 At the inception date, the present value of the lease payments equals at least substantially the fair value of the
asset; and
\u00b7 The asset is of such a specialized nature that only the lessee can use it without major modifications.
Sometimes RBI is an intermediate lessor which means that RBI acts as both the lessee and lessor of the same underlying asset
and accounts for its interest in the main lease and the sublease separately. When the main lease is a short-term lease, the
sublease is classified as an operating lease. Otherwise, RBI assesses the classification of a sublease by reference to the right-
of-use asset in the main lease and not by reference to the underlying asset of the main lease.
RBI recognizes the lease payments associated with the operating lease as income on a straight-line basis over the lease term.
Income from finance and operating leases is as follows:
in \u20ac million
2025
2024
Finance lease
167
180
Finance income on the net investment lease
167
180
Operating Lease
112
103
Lease income
112
103
Total
279
283
There is no lease income from variable lease payments that do not depend on an index or a rate.
Finance leases
Assets under finance leases break down as follows; the respective carrying amounts are presented in the statement of
financial position under financial assets \u2013 amortized cost:
in \u20ac million
2025
2024
Vehicles leasing
1,814
1,740
Real estate leasing
703
769
Equipment leasing
659
617
Total
3,176
3,126
Maturity analysis of lease receivables to be received after the reporting date:
in \u20ac million
2025
2024
Gross investment value
3,588
3,588
Minimum lease payments
3,276
3,270
Up to 3 months
267
258
More than 3 months, up to 1 year
659
660
More than 1 year, up to 5 years
1,920
1,890
More than 5 years
429
462
Non-guaranteed residual value
313
319
Unearned finance income
412
462
Up to 3 months
35
37
More than 3 months, up to 1 year
95
101
More than 1 year, up to 5 years
219
244
More than 5 years
63
80
Net investment value
3,176
3,126
In the financial year, there was no income relating to variable lease payments not included in the measurement of the net
investment in the lease. Profit due to sale of leased assets as part of a finance lease was \u20ac 3 million (previous year: \u20ac 3 million).
Operating leases
Assets under operating leases (including unleased parts) break down as follows; the respective carrying amounts are presented
in the statement of financial position under tangible fixed assets:
in \u20ac million
2025
2024
Vehicles leasing
154
114
Real estate leasing
136
187
Equipment leasing
0
0
Total
290
301
Maturity analysis of undiscounted lease receivables to be received after the reporting date:
in \u20ac million
2024
2023
Up to 1 year
55
50
More than 1 year, up to 5 years
101
106
More than 5 years
8
28
Total
165
184
RBI as lessee
RBI recognizes a right-of-use asset and a lease liability at the lease commencement date which is the date on which a lessor (a
supplier) makes an underlying asset available for use by RBI. The right-of-use asset is measured at cost at the commencement
date. The cost of the right-of-use asset comprises the amount equal to the lease liability at its initial recognition adjusted for
any lease payments made at or before the commencement of the lease plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset, or to restore the underlying asset or the site on which it is located, less
any lease incentives.
The right-of-use asset is subsequently depreciated using the straight-line method in accordance with IAS 16 from the
commencement date to the earlier of the end of the useful life or the end of the lease term of the right-of-use asset. The
right-of use asset is reduced by impairments, if any, and adjusted for certain remeasurements of the lease liability.
At the commencement date, RBI measures the lease liability at the present value of the lease payments that are not paid at
that date. The lease payments shall be discounted using the interest rate implicit in the lease if that rate can be readily
determined. If that rate cannot be readily determined, the lessee shall use the incremental borrowing rate.
The lease payments included in the measurement of the lease liability comprise the following:
\u00b7 Fixed payments including in-substance fixed payments;
\u00b7 Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the
commencement date;
\u00b7 Amounts expected to be payable by the lessee under residual value guarantees;
\u00b7 The exercise price of a purchase option if RBI is reasonably certain to exercise that option; and
\u00b7 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to
terminate the lease.
The lease liability is measured on an ongoing basis similarly to other financial liabilities, using an effective interest method, so
that the carrying amount of the lease liability is measured on an amortized cost basis and the interest expense is allocated
over the lease term. It is remeasured when there is a change in future lease payments arising from a change in an index or
rate, if there is a change in the RBI\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if RBI
changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is
remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
RBI has elected not to recognize right-of-use assets and lease liabilities for short-term leases of equipment that have a lease
term of twelve months or less and leases of low-value assets, including IT equipment. RBI recognizes the lease payments
associated with these leases as an expense on a straight-line basis over the lease term.
Leases mainly relate to land and buildings, vehicles, and IT equipment.
Right-of-use assets
The following table shows the development of right-of-use assets for property, plant and equipment, which are presented in
the statement of financial position under tangible fixed assets, and related accumulated depreciation, which is presented in
profit or loss under general administrative expenses:
in \u20ac million
2025
2024
Cost of acquisition or conversion as at 1/1
739
674
Change in consolidated group
8
20
Exchange differences
18
(16)
Additions
83
89
Disposals
(35)
(26)
Transfers
0
(1)
Cost of acquisition or conversion as at 31/12
813
740
Accumulated write-ups/depreciation/impairment
(435)
(367)
hereof depreciation/impairment
(79)
(79)
Caryying amount as at 31/12
378
372
Lease liabilities
The following table shows the maturity analysis of lease liabilities, showing the undiscounted lease payments to be paid after
the reporting date; the respective carrying amounts are presented under financial assets \u2013 amortized cost:
in \u20ac million
2025
2024
Up to 1 year
85
81
More than 1 year, up to 5 years
231
224
More than 5 years
91
90
Total
407
396
Amounts recognized in profit or loss
Interest on lease liabilities is presented in profit or loss under net interest income and expenses relating to short-term leases
and leases of low-value assets are presented in other administrative expenses.
in \u20ac million
2025
2024
Interest on lease liabilities
(12)
(11)
Variable lease payments not included in the measurement of lease liabilities
0
0
Income from sub-leasing right-of-use assets
0
0
Expenses relating to short-term leases
(15)
(16)
Expenses relating to leases of low-value assets
(5)
(5)
Total
(32)
(32)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
(48) Leasing
At inception of a contract, RBI assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a certain period in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset, RBI assesses whether the following
criteria are met:
\u00b7 The contract involves the use of an identified asset \u2013 this is the case if either the asset is explicitly specified in the
contract or the asset is implicitly specified at the time that it is made available for use by the customer that is
capable of being used to meet the contract terms. If the supplier has a material substitution right, then the asset is
considered as not identified;
\u00b7 RBI has the right to obtain substantially all the economic benefit from use of the asset throughout the period of use;
and
\u00b7 RBI has the right to direct how and for what purpose the asset is used throughout the period of use or the relevant
decisions about how and for what purpose the asset is used are predetermined.
RBI as lessor
When RBI acts as lessor, it determines at lease inception whether the lease is accounted for as finance or operating lease. In
RBI a lease is classified as a finance lease if substantially all the risks and rewards incidental to ownership are transferred.
Typical factors that, individually or in combination, would normally lead to a lease being classified as a finance lease:
\u00b7 Transfer of ownership of the asset by the end of the contract term;
\u00b7 Option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at the date the
option becomes exercisable for it to be reasonably certain at the inception date that the option will be exercised;
\u00b7 The lease term is for major part of the economic life of the asset (even if the title is not transferred);
\u00b7 At the inception date, the present value of the lease payments equals at least substantially the fair value of the
asset; and
\u00b7 The asset is of such a specialized nature that only the lessee can use it without major modifications.
Sometimes RBI is an intermediate lessor which means that RBI acts as both the lessee and lessor of the same underlying asset
and accounts for its interest in the main lease and the sublease separately. When the main lease is a short-term lease, the
sublease is classified as an operating lease. Otherwise, RBI assesses the classification of a sublease by reference to the right-
of-use asset in the main lease and not by reference to the underlying asset of the main lease.
RBI recognizes the lease payments associated with the operating lease as income on a straight-line basis over the lease term.
RBI as lessee
RBI recognizes a right-of-use asset and a lease liability at the lease commencement date which is the date on which a lessor (a
supplier) makes an underlying asset available for use by RBI. The right-of-use asset is measured at cost at the commencement
date. The cost of the right-of-use asset comprises the amount equal to the lease liability at its initial recognition adjusted for
any lease payments made at or before the commencement of the lease plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset, or to restore the underlying asset or the site on which it is located, less
any lease incentives.
The right-of-use asset is subsequently depreciated using the straight-line method in accordance with IAS 16 from the
commencement date to the earlier of the end of the useful life or the end of the lease term of the right-of-use asset. The
right-of use asset is reduced by impairments, if any, and adjusted for certain remeasurements of the lease liability.
At the commencement date, RBI measures the lease liability at the present value of the lease payments that are not paid at
that date. The lease payments shall be discounted using the interest rate implicit in the lease if that rate can be readily
determined. If that rate cannot be readily determined, the lessee shall use the incremental borrowing rate.
The lease payments included in the measurement of the lease liability comprise the following:
\u00b7 Fixed payments including in-substance fixed payments;
\u00b7 Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the
commencement date;
\u00b7 Amounts expected to be payable by the lessee under residual value guarantees;
\u00b7 The exercise price of a purchase option if RBI is reasonably certain to exercise that option; and
\u00b7 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to
terminate the lease.
The lease liability is measured on an ongoing basis similarly to other financial liabilities, using an effective interest method, so
that the carrying amount of the lease liability is measured on an amortized cost basis and the interest expense is allocated
over the lease term. It is remeasured when there is a change in future lease payments arising from a change in an index or
rate, if there is a change in the RBI\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if RBI
changes its assessment of whether it will exercise a purchase, extension, or termination option. When the lease liability is
remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in
profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
RBI has elected not to recognize right-of-use assets and lease liabilities for short-term leases of equipment that have a lease
term of twelve months or less and leases of low-value assets, including IT equipment. RBI recognizes the lease payments
associated with these leases as an expense on a straight-line basis over the lease term.
Leases mainly relate to land and buildings, vehicles, and IT equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
(54) Employees
Full-time equivalents
2025
20241
Average number of staff
42,732
43,088
hereof salaried employees
42,592
42,925
hereof wage earners
140
163
Employees as at reporting date
42,425
42,564
hereof Austria
5,048
5,071
hereof abroad
37,377
37,493
1 Previous-period figures adapted due to changed allocation
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
(55) Related parties
The main companies exercising a significant influence are Raiffeisenlandesbank Nieder\u00f6sterreich-Wien AG, Vienna, as the
largest single shareholder, its parent company, Raiffeisen-Holding Nieder\u00f6sterreich-Wien registrierte Genossenschaft mit
beschr\u00e4nkter Haftung, Vienna, and their fully consolidated subsidiaries. The amounts shown under affiliated companies relate
to affiliated companies that are not consolidated due to immateriality.
Transactions with related parties (companies and individuals) are limited to banking business transactions that are carried out
at fair market conditions. Moreover, members of the Management Board hold shares in RBI AG. Detailed information regarding
this is published on the homepage of Raiffeisen Bank International.
2025
Companies with
significant influence
Affiliated companies
Investments in associates
valued at equity
in \u20ac million
Selected financial assets
90
477
1,091
Equity instruments
0
222
721
Debt securities
62
0
110
Loans and advances
28
254
259
Selected financial liabilities
2,384
207
4,718
Deposits
2,384
207
4,717
Debt securities issued
0
0
1
Other items
115
159
515
Loan commitments, financial guarantees and other commitments given
83
159
504
Loan commitments, financial guarantees and other commitments received
31
0
11
Nominal amount of derivatives
174
0
1,054
Accumulated impairment, accumulated negative changes in fair value due to
credit risk and provisions on non-performing exposures
0
(2)
0
2024
Companies with
significant influence
Affiliated companies
Investments in associates
valued at equity
in \u20ac million
Selected financial assets
88
428
1,006
Equity instruments
1
206
665
Debt securities
42
0
84
Loans and advances
45
222
257
Selected financial liabilities
2,285
153
5,117
Deposits
2,285
153
5,116
Debt securities issued
0
0
1
Other items
87
24
545
Loan commitments, financial guarantees and other commitments given
64
24
523
Loan commitments, financial guarantees and other commitments received
23
0
22
Nominal amount of derivatives
91
0
205
Accumulated impairment, accumulated negative changes in fair value due to
credit risk and provisions on non-performing exposures
0
(3)
0
2025
Companies with
significant influence
Affiliated companies
Investments in associates
valued at equity
in \u20ac million
Interest income
2
10
15
Interest expenses
(49)
(4)
(107)
Dividend income
0
16
40
Fee and commission income
2
20
18
Fee and commission expenses
(1)
(1)
(21)
Increase/decrease in impairment, fair value changes due to credit risk and
provisions for non-performing exposures
0
(5)
7
2024
Companies with
significant influence
Affiliated companies
Investments in associates
valued at equity
in \u20ac million
Interest income
1
9
14
Interest expenses
(83)
(4)
(156)
Dividend income
0
14
33
Fee and commission income
4
37
13
Fee and commission expenses
(3)
(3)
(13)
Increase/decrease in impairment, fair value changes due to credit risk and
provisions for non-performing exposures
0
0
(3)
(56) Relations to key management
Group relationship with key management
Key management refers to the members of the Management Board and the Supervisory Board of RBI AG.\u00a0 As of December 31,
the members of the Management and Supervisory Board held issued bonds from RBI totalling \u20ac 1,911 thousand (previous year: \u20ac
1,554 thousand) as well as shares in RBI AG and affiliated companies valued at \u20ac 6,533 thousand (previous year: \u20ac 3,516
thousand). The deposits of the members of the Management and Supervisory Board amounted to \u20ac 1,207 thousand (previous
year: \u20ac 641 thousand), and the total of granted loans (including home saving loans) and financial leasing was \u20ac 184 thousand
(previous year: \u20ac 217 thousand).
In the course of banking transactions with the members of the Management and Supervisory Board, interest and dividend
income of \u20ac 203 thousand (previous year: \u20ac 111 thousand) was earned, while interest expenses amounted to \u20ac 0 thousand
(previous year: \u20ac 0 thousand).
Transactions with other related persons and companies
Transactions with other related persons and companies refer to family relatives of the members of the Management and
Supervisory Board of RBI AG, as well as controlled or significantly influenced companies. As of December 31, issued bonds from
RBI totalling to \u20ac 0 thousand (previous year: \u20ac 54 thousand) and shares in RBI AG valued at \u20ac 123 thousand (previous year: \u20ac 4
thousand). Deposits of other related persons and companies amounted to \u20ac 674 thousand (previous year: \u20ac 1,140thousand),
and the total of granted loans (including home saving loans) and financial leasing was \u20ac 0 thousand (previous year: \u20ac 3
thousand).
In the course of banking transactions with other related persons and companies, interest and dividend income of \u20ac 3 thousand
(previous year: \u20ac 3 thousand) was earned, while interest expenses amounted to \u20ac 0 thousand (previous year: \u20ac 0 thousand).
There is no compensation agreed between the company and members of the Management Board and Supervisory Board or
employees in the case of a takeover bid.
Remuneration of members of the Management Board, Supervisory Board and Advisory
Council
The expenses according to IAS 24 were recognized on an accrual basis and according to the rules of the underlying standard
(IAS 19).
2025
2024
in \u20ac thousand
Management
Board
Supervisory
Board
Advisory Council
Management
Board
Supervisory
Board
Advisory Council
Short-term employee benefits
6,859
1,489
201
7,057
1,397
193
Post-employment benefits
418
\u2014
\u2014
411
\u2014
\u2014
Other long-term benefits
6,450
\u2014
\u2014
4,807
\u2014
\u2014
Total
13,728
1,489
201
12,275
1,397
193
The short-term employee benefits for the Management Board shown in the above table contain salaries and benefits in kind
and other benefits, remuneration for board functions at affiliated companies and those portions of the bonus provision that
are due in the short term. Furthermore, it also includes changes possibly arising from the difference between the bonus
provision and the bonus later awarded. Post-employment benefits comprise payments to pension funds and payments
according to the Retirement Plan Act (Mitarbeitervorsorgegesetz), severance payments, vacation compensations as well as net
allocations to provisions for retirement benefits and severance payments.
The short-term employee benefits for the Supervisory Board and Advisory Council show the amounts of a remuneration model.
Further information can be found in the Annual Report in the chapter Corporate Governance Report as well as on the RBI
website (www.rbinternational.com \u2192 Investors \u2192 Corporate Governance & Remuneration). The current remuneration policy is
available on the RBI website (www.rbinternational.com \u2192 Corporate Governance & Remuneration \u2192 Remuneration Policy).
In the 2025 financial year, no contacts subject to approval within the meaning of \u00a7 95 (5) 12 of the Austrian Stock Corporation
Act (AktG) were concluded with members of the Supervisory Board.
Other long-term benefits contain portions of the bonus provision relating to deferred bonus portions in cash and retained
portions payable in instruments. For the latter, valuation changes due to currency fluctuations are also considered.
The bonus agreement is linked to the achievement of annually agreed objectives. The respective step-in criteria as well as the
individual performance targets can be found in the current remuneration policy (www.rbinternational.com \u2192 Corporate
Governance & Remuneration \u2192 Remuneration Policy).
The bonus level is determined by the level of the return on equity and the cost/income ratio, whereby the target values to be
achieved reflect the so-called strategic targets for the return on equity and the cost/income ratio at RBI level.
Members of the Management Board are subject in principle to the same regulations as apply to employees. These regulations
provide for a basic contribution to a pension fund from the company and an additional contribution if the employee pays own
contributions of the same amount.
In the event of termination of function or employment contract and leaving of the company, the members of the Management
Board have entitlements under the Company Retirement Plan Act (Betriebliches Mitarbeitervorsorgegesetz). The entitlement to
receive severance payments according to contractual agreements lapses in the case of termination by the employee.
Moreover, there is an individual pension commitment through a pension fund which is secured by reinsurance. The
Management Board members\u2019 contracts either run for the duration of their term of office or are limited to a maximum of five
years. In the event of early termination of a Management Board member\u2019s contract without good cause, the severance
payment is limited to a maximum of two years\u2019 total annual remuneration (except for one member of the Management Board
covered by previous contractual arrangements).
An amount of \u20ac 1,601 thousand (2024: \u20ac 1,610 thousand) was paid in pension benefits to former members of the Management
Board and to their surviving dependents in the 2025 financial year. In addition to these amounts, short-term benefits and
deferred bonus components as well as severance payments totaling \u20ac 448 thousand (2024: \u20ac 813 thousand) were paid to
former members of the Management Board.
(57) Boards
Management Board
Members of the Management Board
Initial appointment
End of term
Johann Strobl, Chairman
10 October 2010
30 June 2026
Marie-Valerie Brunner
1 November 2023
31 October 2026
Andreas Gschwenter
1 July 2015
30 June 2029
\u0141ukasz Januszewski
1 March 2018
30 April 2025
Kamila Makhmudova
1 January 2026
31 December 2028
Hannes M\u00f6senbacher
18 March 2017
28 February 2030
Andrii Stepanenko
1 March 2018
28 February 2026
The Supervisory Board resolved to realign the allocation of responsibilities within the Management Board and appointed two
new members to the Management Board in October 2025. The CFO function will once again form a separate Management
Board division and will be assumed by Kamila Makhmudova effective 1 January 2026. The new Management Board member for
CIB Products & Solutions will be Rainer Schnabl, who will succeed \u0141ukasz Januszewski on 1 March 2026. Furthermore, the
Supervisory Board has decided to appoint Michael H\u00f6llerer as the new CEO effective 1 July 2026 as well as to extend the term
of office of Andreas Gschwenter until 30 June 2029. The management of the Retail division will be carried out by the CEO after
the conclusion of Andrii Stepanenko\u2019s Management Board mandate on 28 February 2026.
.
Supervisory Board
Supervisory Board members
Initial appointment
End of term
Erwin Hameseder, Chairman
10 October 2010
Annual General Meeting 2030
Martin Schaller, 1st Deputy Chairman
4 June 2014
Annual General Meeting 2029
Reinhard Schwendtbauer, 2nd Deputy Chairman
26 March 2025
Annual General Meeting 2030
Heinrich Schaller, 2nd Deputy Chairman1
20 June 2012
Annual General Meeting 2025
Michael Alge
31 March 2022
Annual General Meeting 2027
Eva Eberhartinger
22 June 2017
Annual General Meeting 2027
Andrea Gaal
21 June 2018
Annual General Meeting 2028
Michael H\u00f6llerer
31 March 2022
Annual General Meeting 2026
Rudolf K\u00f6nighofer
22 June 2017
Annual General Meeting 2027
Heinz Konrad
20 October 2020
Annual General Meeting 2030
Reinhard Mayr1
20 October 2020
Annual General Meeting 2025
Birgit Noggler
22 June 2017
Annual General Meeting 2027
Christof Splechtna
26 March 2025
Annual General Meeting 2030
Manfred Wilhelmer
21 November 2023
Annual General Meeting 2028
Natalie Egger-Grunicke2
18 February 2016
Until further notice
Peter Anzeletti-Reikl2
10 October 2010
Until further notice
Rudolf Kortenhof 2
10 October 2010
Until further notice
Gebhard Muster2
22 June 2017
Until further notice
Helge Rechberger 2
10 October 2010
Until further notice
Denise Simek2
1 October 2021
Until further notice
1 Resigned with the Annual General Meeting 2025
2\u00a0 Delegated by the Staff Council
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
(55) Related parties
The main companies exercising a significant influence are Raiffeisenlandesbank Nieder\u00f6sterreich-Wien AG, Vienna, as the
largest single shareholder, its parent company, Raiffeisen-Holding Nieder\u00f6sterreich-Wien registrierte Genossenschaft mit
beschr\u00e4nkter Haftung, Vienna, and their fully consolidated subsidiaries. The amounts shown under affiliated companies relate
to affiliated companies that are not consolidated due to immateriality.
Transactions with related parties (companies and individuals) are limited to banking business transactions that are carried out
at fair market conditions. Moreover, members of the Management Board hold shares in RBI AG. Detailed information regarding
this is published on the homepage of Raiffeisen Bank International.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
(56) Relations to key management
Group relationship with key management
Key management refers to the members of the Management Board and the Supervisory Board of RBI AG.\u00a0 As of December 31,
the members of the Management and Supervisory Board held issued bonds from RBI totalling \u20ac 1,911 thousand (previous year: \u20ac
1,554 thousand) as well as shares in RBI AG and affiliated companies valued at \u20ac 6,533 thousand (previous year: \u20ac 3,516
thousand). The deposits of the members of the Management and Supervisory Board amounted to \u20ac 1,207 thousand (previous
year: \u20ac 641 thousand), and the total of granted loans (including home saving loans) and financial leasing was \u20ac 184 thousand
(previous year: \u20ac 217 thousand).
In the course of banking transactions with the members of the Management and Supervisory Board, interest and dividend
income of \u20ac 203 thousand (previous year: \u20ac 111 thousand) was earned, while interest expenses amounted to \u20ac 0 thousand
(previous year: \u20ac 0 thousand).
Transactions with other related persons and companies
Transactions with other related persons and companies refer to family relatives of the members of the Management and
Supervisory Board of RBI AG, as well as controlled or significantly influenced companies. As of December 31, issued bonds from
RBI totalling to \u20ac 0 thousand (previous year: \u20ac 54 thousand) and shares in RBI AG valued at \u20ac 123 thousand (previous year: \u20ac 4
thousand). Deposits of other related persons and companies amounted to \u20ac 674 thousand (previous year: \u20ac 1,140thousand),
and the total of granted loans (including home saving loans) and financial leasing was \u20ac 0 thousand (previous year: \u20ac 3
thousand).
In the course of banking transactions with other related persons and companies, interest and dividend income of \u20ac 3 thousand
(previous year: \u20ac 3 thousand) was earned, while interest expenses amounted to \u20ac 0 thousand (previous year: \u20ac 0 thousand).
There is no compensation agreed between the company and members of the Management Board and Supervisory Board or
employees in the case of a takeover bid.
Remuneration of members of the Management Board, Supervisory Board and Advisory
Council
The expenses according to IAS 24 were recognized on an accrual basis and according to the rules of the underlying standard
(IAS 19).
2025
2024
in \u20ac thousand
Management
Board
Supervisory
Board
Advisory Council
Management
Board
Supervisory
Board
Advisory Council
Short-term employee benefits
6,859
1,489
201
7,057
1,397
193
Post-employment benefits
418
\u2014
\u2014
411
\u2014
\u2014
Other long-term benefits
6,450
\u2014
\u2014
4,807
\u2014
\u2014
Total
13,728
1,489
201
12,275
1,397
193
The short-term employee benefits for the Management Board shown in the above table contain salaries and benefits in kind
and other benefits, remuneration for board functions at affiliated companies and those portions of the bonus provision that
are due in the short term. Furthermore, it also includes changes possibly arising from the difference between the bonus
provision and the bonus later awarded. Post-employment benefits comprise payments to pension funds and payments
according to the Retirement Plan Act (Mitarbeitervorsorgegesetz), severance payments, vacation compensations as well as net
allocations to provisions for retirement benefits and severance payments.
The short-term employee benefits for the Supervisory Board and Advisory Council show the amounts of a remuneration model.
Further information can be found in the Annual Report in the chapter Corporate Governance Report as well as on the RBI
website (www.rbinternational.com \u2192 Investors \u2192 Corporate Governance & Remuneration). The current remuneration policy is
available on the RBI website (www.rbinternational.com \u2192 Corporate Governance & Remuneration \u2192 Remuneration Policy).
In the 2025 financial year, no contacts subject to approval within the meaning of \u00a7 95 (5) 12 of the Austrian Stock Corporation
Act (AktG) were concluded with members of the Supervisory Board.
Other long-term benefits contain portions of the bonus provision relating to deferred bonus portions in cash and retained
portions payable in instruments. For the latter, valuation changes due to currency fluctuations are also considered.
The bonus agreement is linked to the achievement of annually agreed objectives. The respective step-in criteria as well as the
individual performance targets can be found in the current remuneration policy (www.rbinternational.com \u2192 Corporate
Governance & Remuneration \u2192 Remuneration Policy).
The bonus level is determined by the level of the return on equity and the cost/income ratio, whereby the target values to be
achieved reflect the so-called strategic targets for the return on equity and the cost/income ratio at RBI level.
Members of the Management Board are subject in principle to the same regulations as apply to employees. These regulations
provide for a basic contribution to a pension fund from the company and an additional contribution if the employee pays own
contributions of the same amount.
In the event of termination of function or employment contract and leaving of the company, the members of the Management
Board have entitlements under the Company Retirement Plan Act (Betriebliches Mitarbeitervorsorgegesetz). The entitlement to
receive severance payments according to contractual agreements lapses in the case of termination by the employee.
Moreover, there is an individual pension commitment through a pension fund which is secured by reinsurance. The
Management Board members\u2019 contracts either run for the duration of their term of office or are limited to a maximum of five
years. In the event of early termination of a Management Board member\u2019s contract without good cause, the severance
payment is limited to a maximum of two years\u2019 total annual remuneration (except for one member of the Management Board
covered by previous contractual arrangements).
An amount of \u20ac 1,601 thousand (2024: \u20ac 1,610 thousand) was paid in pension benefits to former members of the Management
Board and to their surviving dependents in the 2025 financial year. In addition to these amounts, short-term benefits and
deferred bonus components as well as severance payments totaling \u20ac 448 thousand (2024: \u20ac 813 thousand) were paid to
former members of the Management Board.
(57) Boards
Management Board
Members of the Management Board
Initial appointment
End of term
Johann Strobl, Chairman
10 October 2010
30 June 2026
Marie-Valerie Brunner
1 November 2023
31 October 2026
Andreas Gschwenter
1 July 2015
30 June 2029
\u0141ukasz Januszewski
1 March 2018
30 April 2025
Kamila Makhmudova
1 January 2026
31 December 2028
Hannes M\u00f6senbacher
18 March 2017
28 February 2030
Andrii Stepanenko
1 March 2018
28 February 2026
The Supervisory Board resolved to realign the allocation of responsibilities within the Management Board and appointed two
new members to the Management Board in October 2025. The CFO function will once again form a separate Management
Board division and will be assumed by Kamila Makhmudova effective 1 January 2026. The new Management Board member for
CIB Products & Solutions will be Rainer Schnabl, who will succeed \u0141ukasz Januszewski on 1 March 2026. Furthermore, the
Supervisory Board has decided to appoint Michael H\u00f6llerer as the new CEO effective 1 July 2026 as well as to extend the term
of office of Andreas Gschwenter until 30 June 2029. The management of the Retail division will be carried out by the CEO after
the conclusion of Andrii Stepanenko\u2019s Management Board mandate on 28 February 2026.
.
Supervisory Board
Supervisory Board members
Initial appointment
End of term
Erwin Hameseder, Chairman
10 October 2010
Annual General Meeting 2030
Martin Schaller, 1st Deputy Chairman
4 June 2014
Annual General Meeting 2029
Reinhard Schwendtbauer, 2nd Deputy Chairman
26 March 2025
Annual General Meeting 2030
Heinrich Schaller, 2nd Deputy Chairman1
20 June 2012
Annual General Meeting 2025
Michael Alge
31 March 2022
Annual General Meeting 2027
Eva Eberhartinger
22 June 2017
Annual General Meeting 2027
Andrea Gaal
21 June 2018
Annual General Meeting 2028
Michael H\u00f6llerer
31 March 2022
Annual General Meeting 2026
Rudolf K\u00f6nighofer
22 June 2017
Annual General Meeting 2027
Heinz Konrad
20 October 2020
Annual General Meeting 2030
Reinhard Mayr1
20 October 2020
Annual General Meeting 2025
Birgit Noggler
22 June 2017
Annual General Meeting 2027
Christof Splechtna
26 March 2025
Annual General Meeting 2030
Manfred Wilhelmer
21 November 2023
Annual General Meeting 2028
Natalie Egger-Grunicke2
18 February 2016
Until further notice
Peter Anzeletti-Reikl2
10 October 2010
Until further notice
Rudolf Kortenhof 2
10 October 2010
Until further notice
Gebhard Muster2
22 June 2017
Until further notice
Helge Rechberger 2
10 October 2010
Until further notice
Denise Simek2
1 October 2021
Until further notice
1 Resigned with the Annual General Meeting 2025
2\u00a0 Delegated by the Staff Council
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
(58) Group composition
Subsidiaries
All material subsidiaries over which RBI AG directly or indirectly has control are fully consolidated. The Group has control over
an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and the ability to affect
those returns through its power over the investee. Investments in subsidiaries that are not fully consolidated are shown under
the item investments in subsidiaries and associates.
If voting rights are relevant, the Group has control over an entity in which it directly or indirectly holds more than 50 per cent of
the voting rights; except when there are indicators that another investee has the ability to determine unilaterally the relevant
activities of the entity. One or more of the following points may be such an indicator:
\u00b7 Another investor has control over more than half of the voting rights due to an agreement with the Group,
\u00b7 Another investor has the ability to control financial policy and operational activities of the equity participation due
to legal provisions or an agreement,
\u00b7 Another investor has control over the equity participation due to its possibility to appoint and withdraw the majority
of members of the Board or members of an equivalent governing body,
\u00b7 Another investor has control over the entity due to its possibility to possess the majority of the delivered voting
rights in a meeting of members of the Board or of members an equivalent governing body.
When judging control, also potential voting rights are considered as far as they are material.
The Group assesses evidence of control in cases in which it does not hold the majority of voting rights but has the ability to
unilaterally govern the relevant activities of the entity. This ability may occur in cases in which the Group has the ability to
control the relevant activities due to the extent and distribution of voting rights of the investees.
Same as to subsidiaries, consolidation of structured entities is necessary, if the Group has control over the entity. Structured
entities are characterized by the fact that voting rights or similar rights are not the dominant factor for determining control.
To determine control over such entities, the group examines a series of control factors, which are reviewed if an event occurs
or at least quarterly.
In principle, subsidiaries are initially integrated into the consolidated group on the date when the Group obtains direct or
indirect control and are excluded from the consolidated group from the date on when it no longer has control over the
company. The results from subsidiaries acquired or disposed of during the year are recorded in the consolidated income
statement, either from the assumption of control or up to the loss of control. During the initial consolidation of previously not
included controlled subsidiaries due to their immateriality, changes in the value of individual assets and liabilities between the
date of acquisition or foundation and the initial consolidation as well as profits/losses generated in this period of the
subsidiary in question are taken into account directly in equity. These modifications are reported in the other changes. The
Group reviews the adequacy of previous decisions on which companies to consolidate at least every quarter. Accordingly, any
organizational changes are immediately considered. Apart from changes in ownership, these also include any changes to the
Group\u2019s existing contractual arrangements or new contractual arrangements with a unit.
Non-controlling interests are shown in the consolidated statement of financial position as part of equity, but separately from
RBI AG's equity. The profit attributable to non-controlling interests is shown separately in the consolidated income statement.
In debt consolidation, intra-group loans and liabilities are eliminated. Remaining temporary differences are recognized under
the item other assets or other liabilities in the consolidated statement of financial position.
Intra-group income and expenses are also eliminated and temporary differences resulting from bank business transactions are
included partly in net interest income and partly in net trading income. Other differences are shown in the item other net
operating income.
Intra-group results are eliminated insofar as they have a material effect on the income statement items. Transactions
between Group members are executed principally at market conditions.
Changes in the Group\u2019s ownership interests in existing subsidiaries
If, in the case of existing control, further shares are acquired or sold without loss of control, in subsequent consolidation such
transactions are recognized directly in equity. The carrying amount of the shares held by the Group and the non-controlling
interests are adjusted in such a way as to reflect changes in existing shareholdings in subsidiaries. Any difference between the
amount which is adjusted for the non-controlling interests and the fair value of the consideration paid or received is
recognized directly in equity and is assigned to the shareholders of the parent company.
If the company loses control over a subsidiary, the income/loss from disposal of group assets is shown in the income
statement. This is calculated as the difference between
\u00b7 the total amount of fair value of the received consideration and fair value of the shares retained and
\u00b7 the carrying amount of assets (including goodwill), liabilities of the subsidiary and all non-controlling interests.
All amounts related to these subsidiaries and shown in other comprehensive income are recognized in the same way as would
be the case for the sale of assets. This means the amounts are reclassified to the income statement or directly transferred to
retained earnings.
Associated companies
An associated company is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of an entity in which shares are held. No control or joint management
of decision-making processes exists. As a rule, significant influence is assumed if the Group holds 20 to 50 per cent of the
voting rights. When judging whether the Group has the ability to exert a significant influence on another entity, the existence
and the effect of potential voting rights which are actually exercisable, or convertible are taken into account. Further
parameters for judging significant influence are, for example, the representation in executive committees and supervisory
boards (Supervisory Board in Austrian Joint Stock companies) of the entity and material business transactions with the entity.
Investments in material associated companies are valued at equity and shown in the statement of financial position under the
item investments in subsidiaries and associates under the sub-item investments in associates valued at equity.
The acquisition cost of these investments including goodwill is determined at the time of their initial consolidation, applying by
analogy the same rules as for subsidiaries (offsetting acquisition costs against proportional fair net asset value). If associated
companies are material, appropriate adjustments are made to the equity carrying amount, in accordance with developments
in the company\u2019s equity. Profit or losses of companies valued at equity are netted and recognized in the item current income
from investments in associates. Losses attributable to companies accounted for using the equity method are only recognized
up to the level of the equity carrying amount. Losses in excess of this amount are not recognized since there is no obligation to
offset excess losses. Furthermore, any amounts recognized by the associate through other comprehensive income will be
recognized in the other comprehensive income statement of RBI. This is especially relevant for valuation effects seen from
financial assets at fair value through other comprehensive income (FVOCI). At each reporting date, the Group reviews to what
extent there is objective evidence for impairment of an equity participation in an associated company. If there is objective
evidence of impairment, an impairment test is carried out, in which the recoverable value of the participation \u2013 this is higher of
the value in use and the fair value less selling costs \u2013 is compared to the carrying amount. An impairment made in previous
periods is reversed only if the assumptions underlying the determination of the recoverable value have been changed since
recognition of the last impairment. In this case the carrying amount is written up to the higher recoverable value.
Business combinations
The acquisition of business operations is recognized according to the acquisition method. The consideration transferred in a
business combination is measured at fair value. This is calculated as the aggregate of the acquisition-date fair values of all
assets transferred, liabilities assumed from former owners of the acquired business combination and equity instruments
issued by the Group in exchange for control of the business combination. Transaction costs related to business combinations
are recognized in the income statement when incurred.
Goodwill is measured as the excess of the aggregate of the value of the consideration transferred, the amount of any non-
controlling interest and the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any),
and the net of the acquisition-date amounts of the fair values of identifiable assets acquired and the liabilities assumed. In the
case that the difference is negative after further review, the resulting gain is recognized immediately in the income statement.
Non-controlling interests which confer ownership rights and grant the right to the owner to receive a proportionate share of
the net assets of the entity in the event of liquidation, are measured either at fair value or at the non-controlling interest\u2019s
proportionate share of net assets of the acquiree at the acquisition date. This accounting policy option can be newly made for
every business combination. Other components of non-controlling interests are measured at fair value or with measurement
values derived from other standards.
If the consideration transferred includes a contingent consideration, this is measured at the acquisition-date fair value. If the
contingent consideration is classified as equity, it is not re-measured on the following reporting dates. Its settlement is
recognized within equity. A contingent consideration classified as assets or liabilities is measured on the following reporting
dates at fair value and a resulting profit or loss is recognized in the income statement.
Adjustments to the measurement or additional recognition of further assets and liabilities to reflect information about facts
and circumstances which already existed at the time of acquisition are corrected retrospectively within the measurement
period and posted accordingly against goodwill. The measurement period may not exceed one year from the date of
acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "value": "
Subsidiaries
All material subsidiaries over which RBI AG directly or indirectly has control are fully consolidated. The Group has control over
an entity when it is exposed, or has rights, to variable returns from its involvement with the investee and the ability to affect
those returns through its power over the investee. Investments in subsidiaries that are not fully consolidated are shown under
the item investments in subsidiaries and associates.
If voting rights are relevant, the Group has control over an entity in which it directly or indirectly holds more than 50 per cent of
the voting rights; except when there are indicators that another investee has the ability to determine unilaterally the relevant
activities of the entity. One or more of the following points may be such an indicator:
\u00b7 Another investor has control over more than half of the voting rights due to an agreement with the Group,
\u00b7 Another investor has the ability to control financial policy and operational activities of the equity participation due
to legal provisions or an agreement,
\u00b7 Another investor has control over the equity participation due to its possibility to appoint and withdraw the majority
of members of the Board or members of an equivalent governing body,
\u00b7 Another investor has control over the entity due to its possibility to possess the majority of the delivered voting
rights in a meeting of members of the Board or of members an equivalent governing body.
When judging control, also potential voting rights are considered as far as they are material.
The Group assesses evidence of control in cases in which it does not hold the majority of voting rights but has the ability to
unilaterally govern the relevant activities of the entity. This ability may occur in cases in which the Group has the ability to
control the relevant activities due to the extent and distribution of voting rights of the investees.
Same as to subsidiaries, consolidation of structured entities is necessary, if the Group has control over the entity. Structured
entities are characterized by the fact that voting rights or similar rights are not the dominant factor for determining control.
To determine control over such entities, the group examines a series of control factors, which are reviewed if an event occurs
or at least quarterly.
In principle, subsidiaries are initially integrated into the consolidated group on the date when the Group obtains direct or
indirect control and are excluded from the consolidated group from the date on when it no longer has control over the
company. The results from subsidiaries acquired or disposed of during the year are recorded in the consolidated income
statement, either from the assumption of control or up to the loss of control. During the initial consolidation of previously not
included controlled subsidiaries due to their immateriality, changes in the value of individual assets and liabilities between the
date of acquisition or foundation and the initial consolidation as well as profits/losses generated in this period of the
subsidiary in question are taken into account directly in equity. These modifications are reported in the other changes. The
Group reviews the adequacy of previous decisions on which companies to consolidate at least every quarter. Accordingly, any
organizational changes are immediately considered. Apart from changes in ownership, these also include any changes to the
Group\u2019s existing contractual arrangements or new contractual arrangements with a unit.
Non-controlling interests are shown in the consolidated statement of financial position as part of equity, but separately from
RBI AG's equity. The profit attributable to non-controlling interests is shown separately in the consolidated income statement.
In debt consolidation, intra-group loans and liabilities are eliminated. Remaining temporary differences are recognized under
the item other assets or other liabilities in the consolidated statement of financial position.
Intra-group income and expenses are also eliminated and temporary differences resulting from bank business transactions are
included partly in net interest income and partly in net trading income. Other differences are shown in the item other net
operating income.
Intra-group results are eliminated insofar as they have a material effect on the income statement items. Transactions
between Group members are executed principally at market conditions.
Consolidated subsidiaries where RBI holds less than 50 per cent of the ordinary voting
shares
Subsidiaries in which the Group holds less than half of the voting rights are fully consolidated if RBI has effective control
according to the criteria of IFRS 10. This involves examining whether the Group is exposed or has rights to variable returns from
its involvement in the investee and has the ability to affect those returns through its power over the investee.
Structured units have been designed in such a way that voting rights or other similar rights are not the dominant factor in
establishing control of a company.
The Group has several leasing companies in the legal form of a GmbH & Co KG, in which a Group company assumes the role of
general partner. Through this structure, the Group assumes the requisite personal liability which qualifies as exposure to the
variability of the returns generated by the structured companies. These companies are included in the list of fully consolidated
affiliated companies.
Subsidiaries not fully consolidated where RBI holds more than 50 per cent of the
ordinary voting shares
Due to their negligible contribution to the Group\u2019s assets, earnings, and financial position, 247 subsidiaries were not included in
the consolidated financial statements (previous year: 262). Total assets of the companies not included came to less than 1 per
cent of the Group\u2019s total assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "value": "
Non-controlling interests are shown in the consolidated statement of financial position as part of equity, but separately from
RBI AG's equity. The profit attributable to non-controlling interests is shown separately in the consolidated income statement.
Changes in the Group\u2019s ownership interests in existing subsidiaries
If, in the case of existing control, further shares are acquired or sold without loss of control, in subsequent consolidation such
transactions are recognized directly in equity. The carrying amount of the shares held by the Group and the non-controlling
interests are adjusted in such a way as to reflect changes in existing shareholdings in subsidiaries. Any difference between the
amount which is adjusted for the non-controlling interests and the fair value of the consideration paid or received is
recognized directly in equity and is assigned to the shareholders of the parent company.
If the company loses control over a subsidiary, the income/loss from disposal of group assets is shown in the income
statement. This is calculated as the difference between
\u00b7 the total amount of fair value of the received consideration and fair value of the shares retained and
\u00b7 the carrying amount of assets (including goodwill), liabilities of the subsidiary and all non-controlling interests.
All amounts related to these subsidiaries and shown in other comprehensive income are recognized in the same way as would
be the case for the sale of assets. This means the amounts are reclassified to the income statement or directly transferred to
retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
Associated companies
An associated company is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of an entity in which shares are held. No control or joint management
of decision-making processes exists. As a rule, significant influence is assumed if the Group holds 20 to 50 per cent of the
voting rights. When judging whether the Group has the ability to exert a significant influence on another entity, the existence
and the effect of potential voting rights which are actually exercisable, or convertible are taken into account. Further
parameters for judging significant influence are, for example, the representation in executive committees and supervisory
boards (Supervisory Board in Austrian Joint Stock companies) of the entity and material business transactions with the entity.
Investments in material associated companies are valued at equity and shown in the statement of financial position under the
item investments in subsidiaries and associates under the sub-item investments in associates valued at equity.
The acquisition cost of these investments including goodwill is determined at the time of their initial consolidation, applying by
analogy the same rules as for subsidiaries (offsetting acquisition costs against proportional fair net asset value). If associated
companies are material, appropriate adjustments are made to the equity carrying amount, in accordance with developments
in the company\u2019s equity. Profit or losses of companies valued at equity are netted and recognized in the item current income
from investments in associates. Losses attributable to companies accounted for using the equity method are only recognized
up to the level of the equity carrying amount. Losses in excess of this amount are not recognized since there is no obligation to
offset excess losses. Furthermore, any amounts recognized by the associate through other comprehensive income will be
recognized in the other comprehensive income statement of RBI. This is especially relevant for valuation effects seen from
financial assets at fair value through other comprehensive income (FVOCI). At each reporting date, the Group reviews to what
extent there is objective evidence for impairment of an equity participation in an associated company. If there is objective
evidence of impairment, an impairment test is carried out, in which the recoverable value of the participation \u2013 this is higher of
the value in use and the fair value less selling costs \u2013 is compared to the carrying amount. An impairment made in previous
periods is reversed only if the assumptions underlying the determination of the recoverable value have been changed since
recognition of the last impairment. In this case the carrying amount is written up to the higher recoverable value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
Business combinations
The acquisition of business operations is recognized according to the acquisition method. The consideration transferred in a
business combination is measured at fair value. This is calculated as the aggregate of the acquisition-date fair values of all
assets transferred, liabilities assumed from former owners of the acquired business combination and equity instruments
issued by the Group in exchange for control of the business combination. Transaction costs related to business combinations
are recognized in the income statement when incurred.
Goodwill is measured as the excess of the aggregate of the value of the consideration transferred, the amount of any non-
controlling interest and the acquisition-date fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any),
and the net of the acquisition-date amounts of the fair values of identifiable assets acquired and the liabilities assumed. In the
case that the difference is negative after further review, the resulting gain is recognized immediately in the income statement.
Non-controlling interests which confer ownership rights and grant the right to the owner to receive a proportionate share of
the net assets of the entity in the event of liquidation, are measured either at fair value or at the non-controlling interest\u2019s
proportionate share of net assets of the acquiree at the acquisition date. This accounting policy option can be newly made for
every business combination. Other components of non-controlling interests are measured at fair value or with measurement
values derived from other standards.
If the consideration transferred includes a contingent consideration, this is measured at the acquisition-date fair value. If the
contingent consideration is classified as equity, it is not re-measured on the following reporting dates. Its settlement is
recognized within equity. A contingent consideration classified as assets or liabilities is measured on the following reporting
dates at fair value and a resulting profit or loss is recognized in the income statement.
Adjustments to the measurement or additional recognition of further assets and liabilities to reflect information about facts
and circumstances which already existed at the time of acquisition are corrected retrospectively within the measurement
period and posted accordingly against goodwill. The measurement period may not exceed one year from the date of
acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "value": "
(60) Capital management and total capital according to CRR/CRD IV and
Austrian Banking Act (BWG)
RBI is subject to the own funds requirements pursuant to Article 92 CRR and the combined capital buffer requirement pursuant
to the Austrian Banking Act (\"BWG\"), which comprises a capital conservation buffer (Section 22 BWG), a systemic risk buffer
(Section 23e BWG), a capital buffer for systemically important institutions (Section 23d BWG) and a countercyclical capital
buffer (Section 23a BWG). Since 1 July 2025, RBI is also required to comply with the newly introduced sectoral systemic risk
buffer for risk-weighted assets in the commercial real estate sector in Austria (Section 23d (7) BWG). A breach of these
requirements could lead to restrictions on dividend distributions and coupon payments.
The Financial Market Stability Board (FMSG), which is responsible for this in Austria, has recommended that the Austrian
Financial Market Authority (FMA) impose a systemic risk buffer (SyRP) and a capital buffer for systemically important banks (O-
SII buffer) for RBI. Since 1 January 2025, the SyRP has been 1 per cent at consolidated level and 0.5 per cent at unconsolidated
level, while the O-SII buffer is 1.75 per cent at both, consolidated and at unconsolidated level. The capital conservation buffer is
2.5 per cent. The new sectoral systemic risk buffer for risk-weighted assets in the commercial real estate sector in Austria,
which was introduced on 1 July 2025, will be 1 per cent and must be met on a consolidated and individual level. In its
Recommendation FMSG/6/2025 of 12 December 2025, the FMSG recommends that the FMA gradually increase this buffer rate
in two stages, namely to 2 per cent with effect from 1 July 2026 and to 3.5 per cent with effect from 1 July 2027. The
countercyclical capital buffer, on the other hand, was set at 0 per cent in Austria, but amounts to 0.73 per cent based on the
buffer rates set for banks in other EU member states and the corresponding weighted average calculation of RBI's business.
In addition, effective January 1, 2025, the ECB requires RBI to hold additional capital (Pillar 2 Capital Requirement, P2R) of 2.79
per cent on the basis of the annual Supervisory Review and Evaluation Process (SREP) in order to cover risks that are not
sufficiently covered by Pillar 1. These requirements have applied at consolidated level. The ECB also expects compliance with
the Pillar 2 Guidance (P2G) of 1.25 per cent. With effect from 1 January 2026, a newly calibrated P2R of 2.78 per cent and an
adjusted P2G of 1 per cent will apply to RBI.
The capital requirements were complied with on an ongoing basis and as at 31 December 2025, the CET 1 ratio (including
combined capital buffer requirements) was 12.06 per cent; taking into account the P2G, the ratio was 13.31 per cent. Regulatory
changes are monitored and taken into account in planning.
The entry into force of Regulation (EU) 2024/1623 (CRR III) on 1 January 2025, led to significant changes in the calculation of risk-
weighted assets and capital requirements, particularly through the introduction of the output floor and revised standards for
credit and operational risk. These regulatory changes form the basis for shifts within the individual risk positions, including the
discontinuation or redefinition of individual categories. As a result, full comparability with historical figures is no longer entirely
possible.
Total capital
The following consolidated figures have been calculated in accordance with the provisions of the Capital Requirements
Regulation (CRR) and other statutory provisions such as the Implementing Technical Standards (ITS) of the European Banking
Authority (EBA).
in \u20ac million
2025
2024
Capital instruments and the related share premium accounts
5,987
5,991
Retained earnings
15,743
15,124
Accumulated other comprehensive income (and other reserves)
(4,184)
(5,418)
Minority interests (amount allowed in consolidated CET1)
745
706
Independently reviewed interim profits net of any foreseeable charge or dividend
736
704
Common equity tier 1 (CET1) capital before regulatory adjustments
19,027
17,107
Additional value adjustments (negative amount)
(55)
(60)
Deductions for new net provisioning
0
0
Intangible assets (net of related tax liability) (negative amount)
(679)
(623)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of
related tax liability where the conditions in Article 38 (3) are met) (negative amount)
(8)
(7)
Fair value reserves related to gains or losses on cash flow hedges
8
128
Negative amounts resulting from the calculation of expected loss amounts
(35)
0
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing
4
0
Direct and indirect holdings by an institution of own CET1 instruments (negative amount)
(20)
(20)
Exposure amount of the following items which qualify for a risk weight of 1250%, where the institution opts for the
deduction alternative
(26)
(56)
hereof: securitization positions (negative amount)
(26)
(56)
Other regulatory adjustments
(123)
(135)
Total regulatory adjustments to common equity tier 1 (CET1)
(934)
(773)
Common equity tier 1 (CET1) capital
18,093
16,334
Capital instruments and the related share premium accounts
1,669
1,829
Qualifying tier 1 capital included in consolidated AT1 capital (including minority interests not included in row 5) issued
by subsidiaries and held by third parties
48
48
Additional Tier 1 (AT1) capital before regulatory adjustments
1,717
1,877
Total regulatory adjustments to Additional Tier 1 (AT1) capital
(33)
(33)
Additional tier 1 (AT1) capital
1,684
1,844
Tier 1 capital (T1 = CET1 + AT1)
19,776
18,178
Capital instruments and the related share premium accounts
2,167
2,276
Qualifying own funds instruments included in consolidated T2 capital (including minority interests and AT1
instruments not included in rows 5 or 34) issued by subsidiaries and held by third parties
38
53
Credit risk adjustments
0
125
Tier 2 (T2) capital before regulatory adjustments
2,204
2,454
Total regulatory adjustments to Tier 2 (T2) capital
(30)
(60)
Tier 2 (T2) capital
2,174
2,394
Total capital (TC = T1 + T2)
21,951
20,572
Total risk-weighted assets (RWA)
100,924
95,600
Total capital requirement and risk-weighted assets
The following table shows the risk-weighted exposure according to Regulation (EU) 2024/1623 (CRR III/Basel IV), which came into
force on 1 January 2025. Until the end of 2024, the risk-weighted exposure was calculated according to the requirements of
Regulation (EU) No. 575/2013 (CRR II/Basel III).
in \u20ac million
2025
Total risk exposure amount
Output floor -
standardised total risk
exposure amount
Total Risk Exposure Amount
100,924
121,613
Standardised approach (SA)
26,556
26,556
Central governments or central banks
11,390
11,390
Regional governments or local authorities
232
232
Public sector entities
182
182
Multilateral Development Banks
1
1
International Organisations
0
0
Institutions
132
132
Corporates - Other
4,970
4,970
Corporates - Specialised Lending
89
89
Retail
3,573
3,573
Secured by mortgages on immovable property and ADC exposures
2,345
2,345
Exposures in default
207
207
Subordinated debt exposures
0
0
Covered bonds
0
0
Claims on institutions and corporates with a short-term credit assessment
0
0
Collective investments undertakings (CIU)
11
11
Equity
2,499
2,499
Other items
926
926
Internal ratings based Approach (IRB)
42,085
59,706
IRB approaches when neither own estimates of LGD nor Conversion Factors are used
28,343
40,525
Institutions
2,608
1,903
Corporates - Specialised Lending
4,679
8,474
Corporates - Purchased receivables
255
290
Corporates - Other
20,801
29,858
IRB approaches when own estimates of LGD and/or Conversion Factors are used
11,218
16,873
Corporates - Other
0
0
Retail - Secured by residential real estate
4,695
9,323
Retail - Qualifying revolving
605
1,076
Retail - Purchased receivables
0
0
Retail - Other
5,918
6,473
Equity IRB
241
97
Collective investments undertakings (CIU)
28
32
Other non credit-obligation assets
2,256
2,180
Securitisation positions
2,250
5,318
Total risk exposure amount for settlement/delivery
22
22
Total Risk Exposure Amount for the business subject to market risk
11,028
11,028
Risk exposure amount for business subject to market risk calculated by entities exclusively applying
the simplified standardised approach (SSA)
8,771
8,771
Risk exposure amount for position, foreign exchange and commodities risks under internal models
(IM)
2,256
2,256
Total risk exposure amount for operational risk
18,530
18,530
Total risk exposure amount for credit valuation adjustments
331
331
Other risk exposure amounts
123
123
in \u20ac million
2024
Risk-weighted exposure
Capital requirement
Total risk-weighted assets (RWA)
95,600
7,648
Risk-weighted exposure amounts for credit, counterparty credit and dilution risks and free
deliveries
68,003
5,440
Standardized approach (SA)
25,684
2,055
Exposure classes excluding securitization positions
25,684
2,055
Central governments or central banks
9,144
732
Regional governments or local authorities
185
15
Public sector entities
88
7
Multilateral development banks
1
0
Institutions
186
15
Corporates
5,245
420
Retail
4,540
363
Secured by mortgages on immovable property
2,819
226
Exposure in default
288
23
Items associated with particular high risk
217
17
Covered bonds
0
0
Claims on institutions and corporates with a short-term credit assessment
0
0
Collective investments undertakings (CIU)
80
6
Equity interests
1,870
150
Other items
1,019
82
Internal ratings based approach (IRB)
42,319
3,386
IRB approaches when neither own estimates of LGD nor conversion factors are used
30,694
2,455
Central governments or central banks
0
0
Institutions
2,627
210
Corporates - SME
2,703
216
Corporates - Specialized lending
4,070
326
Corporates - Other
21,293
1,703
IRB approaches when own estimates of LGD and/or conversion factors are used
9,055
724
Corporates - Specialized Lending
0
0
Corporates - Other
0
0
Retail - Secured by real estate SME
94
8
Retail - Secured by real estate non-SME
3,596
288
Retail - Qualifying revolving
520
42
Retail - Other SME
324
26
Retail - Other non-SME
4,521
362
Equity interests
608
49
Simple risk weight approach
0
0
Other equity exposure
0
0
PD/LGD approach
0
0
Other non-credit obligation assets
1,962
157
in \u20ac million
2024
Risk-weighted exposure
Capital requirement
Total risk exposure amount for settlement/delivery
18
1
Settlement/delivery risk in the non-trading book
0
0
Settlement/delivery risk in the trading book
18
1
Total risk exposure amount for position, foreign exchange and commodities risk
8,873
710
Risk exposure amount for position, foreign exchange and commodities risks under standardized
approaches (SA)
7,586
607
Traded debt instruments
935
75
Equity interests
123
10
Particular approach for position risk in CIUs
5
0
Foreign exchange
6,495
520
Commodities
28
2
Risk exposure amount for position, foreign exchange and commodities risks under internal
models (IM)
1,288
103
Total risk exposure amount for operational risk
16,218
1,297
OpR standardized (STA) /alternative standardized (ASA) approaches
16,218
1,297
OpR advanced measurement approaches (AMA)
0
0
Total risk exposure amount for credit valuation adjustments
195
16
Standardized method
195
16
Other risk exposure amounts
2,292
183
Regulatory capital ratios
in per cent
2025
2024
Common equity tier 1 ratio (transitional)
17.9%
17.1%
Tier 1 ratio (transitional)
19.6%
19.0%
Total capital ratio (transitional)
21.7%
21.5%
Leverage ratio
The leverage ratio is defined in Part 7 of the CRR. As at 31 December 2025, there is a mandatory quantitative requirement of
3\u00a0per cent according to article 92 of the CRR:
in \u20ac million
2025
2024
Leverage exposure
221,527
230,650
Tier 1 capital
19,776
18,178
Leverage ratio in per cent (transitional)
8.9%
7.9%
Overview of the calculation methods that are applied to determine total capital requirements in the subsidiaries:
Credit risk
Market risk
Operational risk
Unit
Non-Retail
Retail
Raiffeisen Bank International AG, Vienna (AT)
IRB
STA
Internal model, STA
BIC
Raiffeisenbank a.s., Prague (CZ)
IRB
IRB
STA
BIC
Raiffeisen Bank Zrt., Budapest (HU)
IRB
IRB
STA
BIC
Tatra banka a.s., Bratislava (SK)
IRB
IRB
STA
BIC
Raiffeisen Bank S.A., Bucharest (RO)
IRB
IRB
STA
BIC
Raiffeisen Bank d.d. Bosna i Hercegovina, Sarajevo (BA)
IRB
IRB
STA
BIC
Raiffeisenbank Austria d.d., Zagreb (HR)
IRB
IRB
STA
BIC
Raiffeisen Banka a.d., Novi Beograd (RS)
IRB
IRB
STA
BIC
AO Raiffeisenbank, Moscow (RU)
IRB
STA
STA
BIC
Raiffeisen Bank Sh.a., Tirana (AL)
IRB
IRB
STA
BIC
Kathrein Privatbank Aktiengesellschaft, Vienna (AT)
STA
STA
n/a
BIC
Raiffeisen Bausparkasse Gesellschaft m.b.H., Vienna (AT)
IRB
IRB
n/a
BIC
Raiffeisen stavebni sporitelna a.s., Prague (CZ)
STA
IRB
STA
BIC
All other units
STA
STA
n/a
BIC
IRB: Internal Ratings Based Approach
Internal model for open currency position risks and general interest rate risk in the trading book
STA: Standardized Approach
BIC: Business Indicator Component Approach
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "value": "
\u00b7 Events after the reporting
date
There were no significant events after the reporting date.
.
\u00b7 Events after the reporting
date
There were no significant events after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
Signed by:
Vienna, 17 February 2026
The Management Board
Johann Strobl m.p.
Chairman of the Board, CEO
Marie-Valerie Brunner m.p.
Member of the Board, CIB Customer Coverage and
CIB Products & Solutions
Andreas Gschwenter m.p.
Member of the Board, COO/CIO
Kamila Makhmudova m.p.
Member of the Board, CFO
Hannes M\u00f6senbacher m.p.
Member of the Board, CRO
Andrii Stepanenko m.p.
Member of the Board, Retail Banking
Statement of all legal
representatives
We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the
group management report gives a true and fair view of the development and performance of the business and the position of
the Group, together with a description of the principal risks and uncertainties the Group faces.
This also applies (where applicable) to the consolidated non-financial statement, which is part of the group management
report and has been prepared to the best of our knowledge in accordance with the regulations of the Corporate Sustainability
Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) and, in particular, contains the
information necessary to understand the impact of the group's activities on sustainability aspects as well as the impact of
sustainability aspects on the group's business development, business results and situation and reports on how this information
was determined. Furthermore, we confirm that the information according to Article 8 Taxonomy Regulation (EU) 2020/852, in
conjunction with Delegated Regulation (EU) 2021/2178, has been determined to the best of our knowledge.
Signed by:
Vienna, 17 February 2026
The Management Board
Johann Strobl m.p.
Chairman of the Board, CEO
Marie-Valerie Brunner m.p.
Member of the Board, CIB Customer Coverage and
CIB Products & Solutions
Andreas Gschwenter m.p.
Member of the Board, COO/CIO
Kamila Makhmudova m.p.
Member of the Board, CFO
Hannes M\u00f6senbacher m.p.
Member of the Board, CRO
Andrii Stepanenko m.p.
Member of the Board, Retail Banking
\u00a0 \u00a0 \u00a0
Signed by:
Vienna, 17 February 2026
The Management Board
Johann Strobl m.p.
Chairman of the Board, CEO
Marie-Valerie Brunner m.p.
Member of the Board, CIB Customer Coverage and
CIB Products & Solutions
Andreas Gschwenter m.p.
Member of the Board, COO/CIO
Kamila Makhmudova m.p.
Member of the Board, CFO
Hannes M\u00f6senbacher m.p.
Member of the Board, CRO
Andrii Stepanenko m.p.
Member of the Board, Retail Banking
Statement of all legal
representatives
pursuant to \u00a7 124 (1) Z
3 Austrian Stock
Exchange Act
We confirm to the best of our knowledge that the financial statement give a true and fair view of the assets, liabilities, finan-
cial positions and profit or loss of the company as required by the applicable accounting standards and that the management
report gives a true and fair view of the development and performance of the business and the position of the company, to-
gether with a description of the principal risks and uncertainties the company faces. Signed by:
Vienna, 17 February 2026
The Management Board
Johann Strobl m.p.
Chairman of the Board, CEO
Marie-Valerie Brunner m.p.
Member of the Board, CIB Customer Coverage and
CIB Products & Solutions
Andreas Gschwenter m.p.
Member of the Board, COO/CIO
Kamila Makhmudova m.p.
Member of the Board, CFO
Hannes M\u00f6senbacher m.p.
Member of the Board, CRO
Andrii Stepanenko m.p.
Member of the Board, Retail Banking
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Raiffeisen Bank
International AG
Annual Financial
Statements
\u00b7 Statement of financial
position
ASSETS
31/12/2025
31/12/2024
in \u20ac
in \u20ac thousand
1.
Cash in hand and balances with central banks
4,458,588,189.11
7,802,335
2.
Treasury bills and other bills eligible for refinancing with central banks
14,024,087,935.66
10,803,280
3.
Loans to banks
11,622,166,349.31
14,596,507
a) Repayable on demand
2,545,805,626.70
2,656,469
b) Other loans and advances
9,076,360,722.61
11,940,039
4.
Loans to customers
28,155,445,147.12
27,618,821
5.
Debt securities and other fixed-income securities
4,226,881,983.17
3,619,755
a) Issued by public bodies
250,561,675.49
147,874
b) Issued by other borrowers
3,976,320,307.68
3,471,881
hereof own financial instruments
1,188,025,228.98
1,207,576
6.
Shares and other variable-yield securities
926,020,656.83
866,527
7.
Equity interests
91,268,442.65
79,984
hereof: in credit institutions
33,909,666.83
28,837
8.
Investments in affiliated companies
9,152,677,391.41
8,939,701
hereof: in credit institutions
938,399,690.89
944,589
9.
Intangible fixed assets
15,255,789.16
17,337
10.
Tangible fixed assets
13,649,571.49
15,830
11.
Other assets
6,310,915,916.46
7,606,944
12.
Deferred income and accrued expenses
112,991,074.58
107,368
13.
Deferred tax assets
644,462.13
738
Total
79,110,592,909.08
82,075,127
EQUITY AND LIABILITIES
31/12/2025
31/12/2024
in \u20ac
in \u20ac thousand
1.
Deposits from banks
21,575,315,232.69
25,503,419
a) Repayable on demand
2,646,965,470.18
4,675,855
b) With agreed maturity dates or periods of notice
18,928,349,762.51
20,827,565
2.
Deposits from customers
17,127,562,052.81
17,740,795
a) Savings deposits
0.00
0
b) Other liabilities
17,127,562,052.81
17,740,795
aa) Repayable on demand
5,645,580,715.72
5,623,419
bb) With agreed maturity dates or periods of notice
11,481,981,337.09
12,117,376
3.
Debt securities issued
20,290,268,452.93
19,165,186
a) Debt securities issued
18,663,908,032.79
17,527,347
b) Other securitized liabilities
1,626,360,420.14
1,637,839
4.
Other liabilities
4,869,688,668.12
4,710,813
5.
Deferred income and accrued expenses
246,900,230.80
239,322
6.
Provisions
1,702,891,452.68
1,533,955
a) Provisions for severance payments
49,172,113.08
53,133
b) Provisions for pensions
43,044,032.18
56,022
c) Provisions for taxation
41,957,977.64
34,604
d) Other
1,568,717,329.78
1,390,196
7.
Supplementary capital pursuant to chapter 4 of title I of part 2 of regulation (EU) no 575/2013
2,027,500,000.00
2,278,528
8.
Additional Tier 1 capital pursuant to chapter 3 of title I of part 2 of regulation (EU) no 575/2013
1,655,072,860.06
1,832,142
9.
Subscribed capital
1,001,134,604.70
1,001,664
a) Share capital
1,003,265,844.05
1,003,266
b) Nominal value of own shares
(2,131,239.35)
(1,602)
10.
Capital reserves
4,425,280,953.46
4,429,136
a) Committed
4,340,692,085.17
4,335,669
b) Uncommitted
84,588,868.29
93,467
11.
Retained earnings
2,405,331,202.96
2,400,734
a) Legal reserve
5,500,000.00
5,500
b) Other reserves
2,399,831,202.96
2,395,234
12.
Liability reserve pursuant to article 57 (5)
535,097,489.59
535,097
13.
Net profit for the year
1,248,549,708.28
704,335
Total
79,110,592,909.08
82,075,127
Items off the statement of financial position
ASSETS
31/12/2025
31/12/2024
in \u20ac
in \u20ac thousand
1.
Foreign assets
44,742,884,592
44,710,442
EQUITY AND LIABILITIES
31/12/2025
31/12/2024
in \u20ac
in \u20ac thousand
1.
Contingent liabilities
7,317,058,803.00
7,477
Guarantees and assets pledged as collateral security
7,317,058,803.00
7,477
2.
Commitments
21,959,510,945.00
20,158
hereof: liabilities from repurchase agreements
0.00
0
3.
Commitments arising from agency services
154,038,207.08
179,909
4.
Eligible own funds according to part 2 of regulation (EU) no 575/2013
11,315,588,587.59
11,921,976
hereof: supplementary capital pursuant to chapter 4 of title I of part 2 of regulation EU) no 575/2013
2,026,487,053.32
2,208,093
5.
Capital requirements pursuant to Article 92 of Regulation (EU) No 575/2013
37,338,375,841.50
37,123,819
hereof: capital requirements pursuant to article 92 (1) (a) to (c) of regulation (EU) no 575/2013
a) hereof: Common Equity Tier 1 capital ratio pursuant to Article 92 (a)
20.6%
21.4%
b) hereof: Tier 1 capital ratio pursuant to Article 92 (b)
24.9%
26.2%
c) hereof: total capital ratio pursuant to Article 92 (c)
30.3%
32.1%
6.
Foreign liabilities
19,033,127,169.44
21,985,750
\u00b7 Income statement
31/12/2025
31/12/2024
in \u20ac
in \u20ac thousand
1.
Interest receivable and similar income
2,118,767,273.20
2,936,955
hereof: from fixed-income securities
371,742,793.96
289,457
2.
Interest payable and similar expenses
(1,793,750,490.53)
(2,608,559)
I.
NET INTEREST INCOME
325,016,782.67
328,396
3.
Income from securities and participating interests
1,388,616,273.15
2,278,249
a) Income from shares and other variable-yield securities
58,346,157.14
62,188
b) Income from participating interests
14,918,359.49
13,760
c) Income from shares in affiliated undertakings
1,315,351,756.52
2,202,301
4.
Fee and commission income
539,579,393.48
568,518
5.
Fee and commission expenses
(194,825,574.37)
(209,790)
6.
Net profit or net loss on financial operations
19,364,908.44
110,859
7.
Sundry operating income
288,602,212.54
300,404
II.
OPERATING INCOME
2,366,353,995.91
3,376,636
8.
General administrative expenses
(964,463,849.40)
(1,018,738)
a) Staff costs
(534,556,252.94)
(534,106)
hereof: aa) Wages and salaries
(421,406,540.60)
(413,293)
bb) Expenses for statutory social contributions and compulsory contributions related to wages and
salaries
(94,829,363.60)
(90,098)
cc) Other social expenses
(10,356,441.15)
(9,852)
dd) Expenses for pensions and assistance
(14,040,984.35)
(14,576)
ee) Allocation/Release of provision for pensions
12,974,095.17
5,452
ff) Expenses for severance payments and contributions to severance funds
(6,897,018.41)
(11,738)
b) Other administrative expenses
(429,907,596.46)
(484,631)
9.
Value adjustments in respect of asset items 9 and 10
(9,367,587.21)
(12,100)
10.
Sundry operating expenses
(448,029,121.50)
(827,649)
III.
OPERATING EXPENSES
(1,421,860,558.11)
(1,858,487)
IV.
OPERATING RESULT
944,493,437.80
1,518,149
11./12.
Net income/expenses from the disposal and valuation of loans and advances and securities classified as
current assets
(185,583,302.71)
(176,110)
13./14.
Net income/expenses from the disposal and valuation of securities evaluated as financial investments and
of shares in affiliated companies and participating interests
207,960,473.13
(1,187,561)
V.
PROFIT ON ORDINARY ACTIVITIES
966,870,608.22
154,478
15.
Current income taxes
19,935,552.99
12,354
16.
Other taxes not reported under item 15
(77,313,349.81)
(23,109)
17.
Result from Business Combinations
0.00
164,185
VI.
PROFIT FOR THE YEAR AFTER TAX
909,492,811.40
307,908
18.
Changes in reserves
(4,596,847.40)
(24,557)
hereof: allocation to liability reserve
0.00
0
VII.
NET INCOME FOR THE YEAR
904,895,964.00
283,351
19.
Profit/Loss brought forward
343,653,744.28
420,984
VIII.
Net profit for the year
1,248,549,708.28
704,335
Notes
General disclosures
Raiffeisen Bank International AG (RBI AG] is registered in the company register at the Commercial Court of Vienna under FN
122119m. Its registered office is at Am Stadtpark 9, 1030 Vienna. The annual financial statements are deposited at the company
register court and published in the Austrian Electronic Announcement and Information Platform of the Federation (EVI).
The annual financial statements for the year ending 31 December 2025 were prepared by the Management Board in
accordance with the Austrian Commercial Code (UGB) as amended by the latest version of the Austrian Financial Reporting
Amendment Act (RAG), taking into account the special provisions of the Austrian Banking Act (BWG), including the CRR
Regulation 575/2013/EU and the Austrian Stock Corporation Act (AktG).
According to Section 221 (Size categories) of the Austrian Commercial Code (UGB), RBI AG qualifies as a large corporation. It is a
public interest entity pursuant to Section 43 (1a) of the Austrian Banking Act (BWG) in conjunction with Section 189a of the
Austrian Commercial Code. RBI AG is a corporate and investment bank for companies in Austria and for large corporate
customers in Western Europe. RBI has one of the largest networks held by Western banking groups in Central and Eastern
Europe (CEE). It transacts business in this region through subsidiary banks, leasing companies and numerous specialized
financial service providers with some 1,300 branches. In Austria, RBI AG is also active in the areas of housing finance, leasing,
asset management, pension funds, factoring and private banking. RBI\u2019s 18.6 million clients include commercial clients, small and
medium-sized entities, private individuals, financial institutions and government entities. In addition, RBI is the lead institution
of the Raiffeisen Banking Group Austria (RBG) and serves as the central institution of the Raiffeisen regional banks as defined
by the Austrian Banking Act (BWG).
RBI AG has branch offices in Bratislava, Frankfurt, London, Warsaw, Singapore and Beijing.
As shares in the company are traded on a regulated market within the meaning of Section 1 (2) B\u00f6rseG (prime market of the
Vienna Stock Exchange) and numerous securities issued by RBI AG are admitted to a regulated market in the EU, RBI AG has to
publish annual consolidated financial statements in accordance with Section 59a of the Austrian Banking Act (BWG) in
compliance with IFRS accounting standards. These consolidated financial statements are published on the Internet (https://
www.rbinternational.com/en/investors/reports.html).
As a credit institution within the meaning of Section 1 of the Austrian Banking Act (BWG), RBI AG is subject to the regulatory
oversight of the Financial Market Authority, Otto-Wagner-Platz 5, A-1090 Vienna (www.fma.gv.at) and the European Central
Bank, Sonnemannstrasse 20 D-60314 Frankfurt am Main (www.bankingsupervision.europa.eu).
The disclosure requirements set out in Part 8 of the EU Regulation 575/2013 on prudential requirements for credit institutions
(Capital Requirements Regulation, CRR) are published online on the bank\u2019s website at https://www.rbinternational.com/en/
investors/reports.html.
Statutory deposit guarantee and investor protection
scheme \u2013Austrian Raiffeisen-Sicherungseinrichtung
eGen
In March 2021, RBI AG, its Austrian subsidiary banks, the regional Raiffeisen banks and the local Raiffeisen banks concluded an
agreement on a new institutional protection scheme (Raiffeisen-IPS) in accordance with Article 113 (7) CRR (Capital
Requirements Regulation of the European Union). Under the agreement, the participating institutions undertake to provide
mutual cover and, in particular, to ensure each other's liquidity and solvency if necessary. This new Raiffeisen-IPS was approved
in May 2021 by the competent supervisory authorities ECB and FMA as an institutional protection scheme within the meaning
of Article 113 (7) CRR with the associated rights and obligations of the participating institutions. According to one of the
provisions of the agreement, exposures between Raiffeisen-IPS members may be assigned a risk weight of zero per cent.
Raiffeisen-IPS is subject to joint regulatory supervision, according to which the capital adequacy requirements must be
complied with on a consolidated basis.
The Austrian Raiffeisen-Sicherungseinrichtung eGen (\u00d6RS) performs early risk identification and reporting tasks for Raiffeisen-
IPS. \u00d6RS also manages the liquid special assets of Raiffeisen-IPS as trustee.
The Raiffeisen-IPS is controlled by a joint risk council, comprising representatives of RBI AG, the regional Raiffeisen banks and
the Raiffeisen banks. Tasks that could be solved on a regional level were delegated to the regional risk councils, each
comprising representatives of the respective regional Raiffeisen banks and Raiffeisen banks, by the joint risk council.
\u00b7 Recognition and
measurement principles
General principles
The annual financial statements are prepared in accordance with the principles of proper accounting, the disclosure and
valuation rules of the Austrian Banking Act, and taking into account standard practice as described in Section 222 (2) of the
Austrian Commercial Code (UGB), to give a true and fair view of the company's net assets, financial position and earnings.
The consolidated financial statements were prepared in compliance with the consistency principle.
Assets and liabilities are valued on the principle of individual valuation and on the assumption that the company will continue
to exist as a going concern. The principle of prudence is applied, taking into account the special characteristics of the banking
business.
Amounts in foreign currencies
Assets and liabilities in foreign currencies are converted at the ECB\u2019s reference exchange rates as at 31 December 2025
pursuant to Section 58 (1) of the Austrian Banking Act (BWG). Forward currency transactions are converted at the forward rate
as at 31 December 2025 pursuant to Section 58 (2) BWG.
As the ECB stopped publishing an official EUR/RUB exchange rate at the beginning of March 2022, RBI AG was forced to
generate a valid alternative exchange rate. For EUR/RUB, official conversion rates (onshore rates), which are set by the Russian
Central Bank or on the basis of data from the Moscow Stock Exchange, and effectively achievable conversion rates (offshore
rates), such as those disseminated by Bloomberg, sprang up on foreign exchange markets. Due to the current restrictions,
payment flows with Russia are assumed to not be convertible at the official exchange rate. Since EUR/RUB transactions with
international banks are usually settled at offshore rates, the latter are more likely to reflect the actual and effectively
achievable exchange rate. Consequently, an offshore EUR/RUB exchange rate is used for the valuation of RUB transactions and
assets in RBI AG as of the reporting date.
Fair value measurement
Stock market prices are used to determine the fair value of listed products. If stock market prices are not available, prices for
original financial instruments and forward transactions are determined based on the calculated present value. The prices for
options are determined based on suitable option price models. The calculation of present value is based on a yield curve
derived from money-market, futures and swap rates and does not include a credit spread. Option pricing formulas as
described by Black-Scholes 1972, Black 1976 and Garman-Kohlhagen are used together with other common models for the
valuation of structured options.
The price definition of OTC derivatives involves both value adjustments for the counterparty\u2019s probability of default (credit
value adjustment \u2013 CVA) as well as adjustments for own credit risk (debit value adjustment \u2013 DVA). The CVA involves, first, the
determination of the expected positive exposure and, second, the counterparty\u2019s probability of default. The DVA is determined
by the expected negative exposure and RBI AGs credit quality.
To determine the expected positive exposure, a large number of scenarios for future points in time are simulated, reflecting all
available risk factors (e.g. currency and yield curves). Having regard to these scenarios, the over-the-counter OTC derivatives
are measured at market value and aggregated at counterparty level to finally determine the positive exposure for all the
dates.
As a further component for the CVA, a probability of default has to be determined for each counterparty. If CDS (credit default
swap) quotes are available, RBI AG derives the market-based probability of default for the respective counterparty and
implicitly the loss-given default (LGD). To determine the probability of default of counterparties that are not actively traded in
the market, the counterparty\u2019s internal rating is assigned to a sector- and rating-specific CDS curve.
The DVA is determined by the expected negative exposure and RBI\u2019s credit quality and represents the value adjustment with
regard to RBI AG\u2019s own probability of default. The calculation is similar to that used for the CVA. From the simulated future
aggregated counterparty market values, negative, rather than positive, exposures are determined. These represent the
expected liability to the counterparty at the respective future dates. RBI uses a CDS index curve for financial institutions
corresponding to its rating to determine its own probability of default.
The capital-guaranteed products (guarantee funds and pension funds) are reported as put options sold on the respective
funds to be guaranteed. Valuation is based on a Monte Carlo simulation and is in accordance with the framework conditions
stipulated by law pursuant to Section 57 of the Austrian Banking Act.
Financial instruments in the banking book
Securities intended to serve business purposes on a permanent basis (investment portfolio) are valued as fixed assets. The
difference between the purchase cost and repayment amount is recognized under financial assets and written off or
recognized over the residual term according to the effective interest method.
Securities held as current assets have been valued at amortized cost or, if lower, at the stock market price or fair value (strict
lower of cost or market principle). If the value increases in the following year, any reversals of impairment losses are
recognized, but only up to a maximum of amortized cost.
RBI AG uses interest management derivatives to hedge interest rate risks in accordance with the accounting regulations
pertaining to hedging relationships and functional units, as outlined in AFRAC 15 Derivatives and Hedging Instruments and the
FMA Circular on Accounting issues relating to interest rate derivatives and valuation adjustments for derivatives.
Derivatives on interest rates (interest rate swaps, interest rate options and forward rate agreements) and derivatives on
exchange rates (cross currency interest rate swaps and forward exchange transactions) are accounted for according to the
accrued interest method, in which interest amounts are accrued for each period.
In designating derivatives as part of effective micro hedging transactions, compensatory valuation of the underlying
transaction and hedging derivative takes place.
RBI AG uses interest rate swaps to hedge the interest rate risk from assets (bonds and loans) and liabilities (own issues,
promissory notes and custodian business) on the statement of financial position. Fixed cash flows are exchanged for variable
cash flows to minimize the interest rate risk. The currency risk is economically hedged by currency-related derivatives such as
cross currency swaps, FX swaps or FX forward contracts.
When the requirements are met, the aforementioned derivatives form part of a valuation unit pursuant to AFRAC 15 Derivative
Financial Instruments. Since the underlying transactions are offset by cash flows recognized through profit and loss, a negative
market value of the derivatives is not reported in the annual financial statements, with the exception of a pro rata negative
derivative market value that exceeds the hidden reserves of the underlying transaction. This must be taken into account as a
provision for impending loss.
The effectiveness of the hedging relationships is measured on a prospective and retrospective basis. On designation, the
effectiveness is reviewed by a prospective effectiveness test with 100 basis point shifts in the yield curve. The effectiveness is
measured retrospectively on a monthly basis using the dollar offset method or a regression analysis. For measuring the
effectiveness using regression analysis, a set of 20 data points is used to determine the required calculation parameters used
for the retrospective effectiveness test. A hedge is deemed to be effective if changes in the fair value of the underlying and
hedging transaction are in a range of 80-125 per cent.
In addition, there are macro hedges for managing interest rate risk in the banking book to offset opposing effects in the
income statement using interest rate swaps. Hedging relationships are also maintained at macro level using sold interest rate
options (interest rate floors) for the purpose of hedging variable financial instruments with embedded floors against the
interest rate and volatility risks received.
Here too, monthly effectiveness tests are employed to secure the effectivity of the macro hedges. Suitable scenarios are used
to demonstrate that the changes in value of the hedged items and hedging transactions largely offset each other. The
scenario calculation includes a parallel shift of +/- 100 basis points. Effectiveness is given, if the changes in the present value of
the underlying and hedging transactions are opposing and changes in the present value of the hedging transactions are lower
than those of the underlying transactions.
Derivatives that do not meet the criteria of a trading book are managed in the banking book. With these, the focus is not on
short-term gains but on achieving income or managing interest rate risk through\u00a0 positioning based on medium- to long-term
market opinion. Provided they are not part of a micro-hedge relationship, these derivatives are administrated in defined
portfolios in order to guarantee a documented mapping to functional units. Within these functional units an imparity-based
valuation takes place. For a negative accounting balance per functional unit a provision for impending loss will be allocated,
while a positive accounting balance will be unrecognized.
Derivatives of the banking book, which are not administered in functional units or hedge relationships, are valued according to
the imparity principle. In the case of negative market values, a provision for impending loss will be allocated. The disclosure is
shown in the income statement under position 7 and/or 10 \u2013 Other operating income/Other operating expenses. Credit default
swaps have the following effect on the income statement: The margins received or paid (including accruals) are reported under
net commission income. Formation and amendment are conducted in adherence to the imparity principle under the tenants of
prudence. A provision for impending losses is recognized for negative market values..
Financial instruments in the trading book
The securities in the trading portfolio are measured at fair value. In the absence of observable market rates or prices, the fair
value is determined using valuation models. All derivatives transactions in the trading book are also recognized at fair value.
Loans and advances
Loans and advances are generally recognized at amortized cost, taking into account the effective interest method. Acquisition
cost is the starting point for the valuation. In the case of an original financial asset, the cost of acquisition is generally equal to
the amount paid out, including any incidental acquisition costs. In the case of acquired loans, the cost of acquisition is
measured by reference to the purchase price. When exercising the above-mentioned measurement option in relation to
securities recognized as fixed assets in accordance with section 56 BWG, any difference between the acquisition cost and the
repayment amount is deferred and reported in net interest income. On every reporting date, an assessment is conducted to
determine whether there is objective evidence that an asset or group of assets is impaired. Impairments are in any case
accounted for by loan loss provisions either in the form of specific loan loss provisions or portfolio-based loan loss provisions. If
the reasons for an impairment no longer apply, the impairment is reversed up to the cost of acquisition after reversing the
difference (premium/discount).
Net provisioning for impairment losses
The IFRS 9 credit risk provisioning model is also applied in accordance with commercial law for the determination of credit risk
provisions. Expected credit losses for credit risks on assets, risks for credit commitments and off-balance sheet credit risks
from financial guarantees and letters of credit are recognized as impairments and determined according to the change in
credit risk from the date of addition. Impairment losses on existing loans are deducted from the carrying amount at amortized
cost in the statement of financial position. Provisions are recognized for impairment losses on loan commitments, financial
guarantees and letters of credit.
Depending on the change in credit risk between the date of initial recognition and the measurement date, the financial
instruments are classified into one of three impairment stages:
\u00b7 Stage 1 covers all newly recognized financial instruments as well as those for which the credit risk has not increased
significantly since initial recognition. In addition, Stage 1 comprises all financial instruments that have a low credit
risk and for which RBI AG makes use of the low credit risk exemption. Selected sovereign debt securities with an
investment-grade level credit rating as of the reporting date are considered to have a low credit risk. This rule is not
applied in the lending business. For loans, an impairment loss is recognized for the expected 12-month loss on initial
recognition. Loans from Stage 2 for which the credit risk has significantly improved are reclassified and recognized in
Stage 1. A Stage 1 impairment loss is added to the portfolio-based impairment allowances in the impairment
allowance reconciliation (12-month loss).
\u00b7 Stage 2 contains financial instruments for which the credit risk has increased significantly since initial recognition
but no default has yet occurred. For these receivables, an impairment loss is calculated on the basis of the lifetime
expected loss and also recognized as a portfolio-based impairment allowance.
\u00b7 Stage 3 covers financial instruments that are classified as impaired as at the reporting date. For the purposes of the
definition of default, RBI AG applies the conditions stipulated under Article 178 CRR. For defaults on financial
instruments in Stage 3, the expected credit loss over the entire remaining term of the financial instrument is also to
be recognized as an impairment loss.
RBI AG employs a range of policies to mitigate credit risk, the most common of which is the acceptance of collateral for loans
and advances provided. A valuation of collateral is performed during the credit approval process. This is subsequently reviewed
and renewed periodically depending on the type of underlying collateral. The main types of collateral which are accepted by
RBI AG are residential and commercial real estate collateral, financial collateral, guarantees, and moveable goods. With
commercial and residential real estate in particular, special attention is paid during the valuation review and revaluation to the
adjustment of the valuation parameters to the market environment and the expected medium-term development, so that the
collateral is valued in a prudent and sustainable manner. Long-term financing is generally secured, while revolving credit
facilities are generally unsecured.
Portfolio-based loan loss provisions
For loans made in Austria by RBI AG, the expected loss for Stages 1 and 2 is calculated on an individual transaction basis
applying statistical risk parameters derived from the IRB approach and adjusted to the requirements of IFRS 9. Stage 1 and 2
impairment allowances for foreign currency-denominated loans are recognized on a portfolio level. Additional details
pertaining to this subject can be referenced in the section addressing litigation risk associated with foreign currency loans in
Poland. The most important inputs for calculating expected credit losses are:
\u00b7 The probability of default (PD) is the probability with which a borrower will be unable to meet its payment
obligations either within the next twelve months or over the entire remaining term.
\u00b7 Exposure at default (EAD) corresponds to the amount at the time of default owed to RBI AG over the next twelve
months or over the entire term.
\u00b7 The loss given default (LGD) corresponds to the expectation at RBI AG relating to the loss amount in the event of
default.
The estimation of risk parameters includes not only historical default information but also the current economic environment
(point-in-time orientation) and forward-looking information. In particular, the bank\u2019s macroeconomic forecasts are reviewed
regularly in relation to their impact on the level of expected credit losses, and such forecasts are integrated into the related
calculations. For this purpose, a baseline scenario is applied based on current RBI Research forecasts relating to key
macroeconomic parameters, supplemented by other model-relevant macroeconomic parameters. In addition to the base
scenario, Raiffeisen Research has also compiled both an optimistic and a pessimistic scenario to ensure that non-linearity is
captured in its models. For the pessimistic and optimistic scenarios, the methodology was adjusted due to the high level of
uncertainty associated with the current geopolitical situation (war in Ukraine).
Models are used to estimate the probability of default (PD), the associated loss-given-default (LGD) and the outstanding
amount at the exposure of default (EAD). In addition to existing, historically reliable modelled risks, new risks arise - such as
geopolitical uncertainties, risks in relation to energy supply and environmental risks. In the absence of sufficient historic data,
these risks cannot be identified using existing statistical models. However, in order to guarantee appropriate risk provisioning,
these risks are incorporated through management overlays in the ECL calculation. They can be broken down as follows:
\u00b7 Overlays: These are adjustments that can be undertaken outside the model, i.e. after the application of the model.
Post-model adjustments (PMA) are included in this category.
\u00b7 In-model adjustments: These are adjustments that are made within the IFRS 9 model. This covers the adjustments to
model inputs, model parameters or ad-hoc adjustments to the model and the model calibration (whereby the
change of model parameters such as LGD or PD, by incorporating forward-looking macroeconomic information, is
not considered a management overlay).
\u00b7
ESG factors are not yet explicitly included in the ECL modelling but are nonetheless incorporated in the calculation via overlays.
Individual loan loss provisions
Impairments are recognized on an individual basis for financial instruments that are classified as having defaulted on the
reporting date. RBI employs the definition of default as the criteria here. RBI AG uses the provisions of Article 178 CRR for the
purposes of the definition of default.
The existence of a default is assessed in relation to quantitative and qualitative triggers. Firstly, an asset is considered to be in
default if contractual payments are more than 90 days past due. Secondly, if there are significant financial difficulties and it is
unlikely that payment obligations can be met. This definition of default has been applied consistently in RBI AG\u2019s expected
credit loss calculations to model the probability of default, the exposure at default and the loss given default.
Objective evidence of impairment leading to the recognition of an individual impairment allowance exists, in particular, if the
counterparty is experiencing significant financial difficulties, a breach of contract (e.g. default or delinquency in interest or
principal payments) has occurred, or a high probability exists bankruptcy or another form of financial reorganization will be
initiated against the borrower.
Loans for which there is objective evidence of impairment are tested for impairment. For this purpose, the expected default
amount is calculated as the difference between the expected repayments of principal, interest payments and collateral
proceeds and the gross carrying amount of the loan. The expected repayment amounts are discounted in accordance with
their probability of occurrence and the scenarios, weighted using the effective interest rate. The loan is recognized in the
balance sheet less the lifetime expected loss. The resulting net carrying amount is used as the basis for calculating future
interest income.
General individual impairment allowances for retail lending in the Polish branch are recognized based on the best statistically
derived estimate of the expected loss after adjusting for indirect costs.
Investments and shares in affiliated companies
Investments and shares in affiliated companies are carried at cost unless sustained losses, a reduction in their equity or other
indicators require them to be written down to their fair value. They are written up to no more than their cost of acquisition if
the reasons for the long-term impairment no longer apply.
Investments and shares in affiliated companies are valued at the end of each financial year (and on ad-hoc basis) by means of
an impairment test. Their fair value is determined during the test.
Fair value is generally calculated using a discounted cash flow model. This calculates the enterprise value as the present value
of future financial profits. The dividend discount model, which is employed for investment companies operating in the financial
services sector, also accounts for the specific characteristics of the banking business, including the need to comply with capital
adequacy regulations. The present value of the expected future dividends that should be distributed to the shareholders after
meeting all appropriate capital adequacy regulations represents the recoverable amount. Accordingly, under the weighted
average cost of capital (WACC) model for investment companies outside the financial services sector, the fair value of total
capital is determined in a first step on the basis of free cash flows and, in a second step, the recoverable amount is determined
by deducting net financial debt. For financial holding structures, the recoverable amount is determined on the basis of a sum-
of-parts observation, where the expected holding costs were deducted accordingly.
The recoverable amount is calculated based in principal on a three to five-year detailed planning period. Significant planning
uncertainties, which came about to some extent as a result of the direct consequences of the crisis in Ukraine, were taken into
account in scenario analyses. The sustainable future (permanent dividend phase) is generally based on a going concern
assumption (perpetuity). In most cases, the income used for the valuation is assumed to grow at a country-specific nominal
rate based on the projected long-term inflation rate. If companies are significantly overcapitalized, an interim phase of five
years is defined without extending the detailed planning phase. During this period, these companies can distribute full
dividends without violating capital adequacy regulations. In the permanent dividend phase, earnings must be retained as the
company grows in order to continue to comply with capital adequacy regulations. Earnings retention is not required if no
growth is expected in the permanent dividend phase.
In the permanent dividend phase, the model assumes a normalized, economically sustainable earnings situation in which the
return on equity and the costs of equity or cost of capital converge.
According to AFRAC 24 (margin no 16), liquidation value is generally the lower bound of any investment valuation absent any
legal or de facto constraints to continue the investee company. Liquidation value is defined as the pro rata breakup value of
the assets minus the liabilities held by the entity.
Tangible and intangible fixed assets
Intangible fixed assets and tangible fixed assets are valued at acquisition or production cost less scheduled depreciation.
Scheduled depreciation is on a straight-line basis (pro rata temporis). An impairment loss is recognized if an asset is
permanently impaired below its carrying amount.
Scheduled depreciation is based on the following periods of use:
Useful life
Years
Useful life
Years
Buildings
50
Software
4 to 10
Office equipment
3 to 5
Hardware
3
Office fixtures and fittings
5 to 10
Business equipment
5 to 10
Vehicles
5
Tenancy rights
currently n/a
Low-value fixed assets are written off in full in the year of acquisition.
Issuance expenses
Issuance and management fees and premiums or discounts for bonds issued are distributed over the given term of the
obligation using the effective interest method. Other issuance expenses are expensed immediately.
Pension and severance payment obligations
The provisions for pension and severance payment obligations are determined in accordance with IAS 19 \u2013 Employee Benefits \u2013
based on the projected unit credit method.
The actuarial calculation of pension obligations for active employees is based on an interest rate of 4.05 per cent (31/12/2024:
3.28 per cent) p.a. and an effective pensionable salary increase of 3.0 per cent in the first year, 2.1 per cent in the second year
and 2.3 per cent in subsequent years (2024: 4.1 per cent in the first year, 3.2 per cent in the second year and 3.1 per cent in the
third year, as well as 3.1 per cent in subsequent years). The parameters for retired employees are calculated using a
capitalization rate of 4.05 per cent (31/12/2024: 3.28 per cent) per year and an expected increase in retirement benefits of 3.0
per cent in the first year, 2.1 per cent in the second year and 2.3 per cent in subsequent years (2024: 4.1 per cent in the first year,
3.2 per cent in the second year and 3.1 per cent in the third year, as well as 3.1 per cent in subsequent years) and in the case of
pension commitments with existing reinsurance policies of 0.5 per cent (31/12/2024: 0.5 per cent). The calculations are based on
an assumed retirement age of 65, subject to transitional statutory requirements for women as well as special arrangements
contained in individual contracts.
The basis for the calculation of provisions for pensions continues to be provided by the AV\u00d6 2018-P Rechnungsgrundlagen f\u00fcr
die Pensionsversicherung (Computational Framework for Pension Insurance), using the variant for salaried employees.
The actuarial calculation of severance provisions is based on an interest rate of 3.96 per cent and of 4.05 per cent for long-
service bonus obligations (31/12/2024: 3.28 per cent for severance payments and long-service bonus obligations) and 3.75 per
cent for death benefits (2024: 3.12 per cent) per annum. Claims to future birthday bonuses no longer exist from 2024. Average
salary increases of 3.0 per cent in the first year, 2.1 per cent in the second year and 2.3 per cent in subsequent years (31/12/2024:
4.1 per cent in the first year, 3.2 per cent in the second year and 3.1 per cent in subsequent years) were applied.
Other provisions
Other provisions are recorded at the level at which they are likely to be required. They take into account all identifiable risks
and liabilities, the level of which is not yet known. Long-term provisions are currently discounted in accordance with \u00a7 211 (2) of
the Austrian Commercial Code (UGB), whereby they are discounted at a standard market rate if the effect of discounting is
deemed material on the basis of the swap rate for zero-coupon euro bonds plus a surcharge calculated on the basis of euro
corporate bonds with a very high credit rating. Provisions for litigation costs for lawsuits filed in connection with foreign
currency loans in Poland (please refer to the section titled Litigation risk for foreign currency loans in Poland for details on the
accounting method applied and any changes made to such method) were discounted at a rate of 3.74 per cent (31/12/2024:
5.27 per cent).
Other provisions include provisions for bonuses for identified staff (pursuant to European Banking Authority CP 42, 46). RBI AG
fulfills the obligations set forth in the Annex to Section 39b of the Austrian Banking Act (BWG) as follows: 60 per cent of the
annual bonus is paid out 50 per cent as an upfront cash payment and 50 per cent by way of a phantom share plan with a
retention period of one year. Forty per cent of the annual bonus is subject to a five-year deferral period and likewise paid out
50 per cent in cash and 50 per cent by way of the phantom share plan. If the bonus accounts for a particularly high amount
(currently defined as bonus amounts that exceed \u20ac 175,000 or 100 per cent of the fixed annual salary), 60 per cent of the bonus
amount is deferred. The phantom shares are converted on allocation and payment each using the average price of the
preceding financial year.
Liabilities
These are recognized at the higher of the nominal value or the repayment amount. The difference between the issue and
repayment amount is allocated according to the effective interest rate.
Zero-coupon bonds are recognized at nominal value plus accrued interest on a pro rata basis up to the reporting date.
\u00b7 Notes to the statement of
financial position
Assets
Loans and advances
Breakdown of maturities
Loans and advances to credit institutions, loans and advances to customers and other assets are broken down by their
residual terms as follows:
in \u20ac thousand
31/12/2025
31/12/2024
Loans to banks
11,622,166
14,596,507
Repayable on demand
2,545,806
2,656,469
Up to 3 months
6,211,592
8,504,886
More than 3 months, up to 1 year
670,967
395,714
More than 1 year, up to 5 years
1,156,952
2,087,005
More than 5 years
1,036,850
952,433
Loans to customers
28,155,445
27,618,821
Repayable on demand
3,240,431
3,858,638
Up to 3 months
4,058,980
4,441,145
More than 3 months, up to 1 year
3,140,585
2,927,251
More than 1 year, up to 5 years
12,593,694
12,371,570
More than 5 years
5,121,755
4,020,218
Other assets
6,310,916
7,606,944
Up to 3 months
4,577,898
4,878,648
More than 3 months, up to 1 year
1,201,815
2,201,690
More than 5 years
531,203
526,606
The risk section of the management report includes more details about the distribution of loans and advances on a regional
basis.
Net provisioning for impairment losses
Credit loss allowances and provisions are determined in line with the section Recognition and measurement principles into
three impairment stages, and are deducted from the corresponding asset items in accordance with Section 226 (5) of the
Austrian Commercial Code (UGB). As at the reporting date, individual impairment allowances (Stage 3) amounted to \u20ac 423,360
thousand (31/12/2024: \u20ac 1,120,695 thousand), of which \u20ac 2,429 thousand (31/12/2024: \u20ac 2,390 thousand) was accounted for by
off-balance sheet commitments that are recognized under provisions. Portfolio-based impairment allowances (Stage 1 and
Stage 2) amounted to \u20ac 176,041 thousand (31/12/2024: \u20ac 108,865 thousand), of which \u20ac 50,994 thousand (31/12/2024: \u20ac 29,094
thousand) was accounted for by off-balance sheet commitments that are recognized under provisions. Changes in impairment
from transfers that moved in the reporting period from 12-month expected losses (Stage 1) to lifetime expected losses (Stage 2
and Stage 3) and vice versa, are as follows:\u00a0 \u00a0
\u00b7 Increase in impairment changes from 12-month expected losses to lifetime expected losses in the amount of
\u20ac\u00a095,417 thousand (2024: \u20ac 93,581 thousand)
\u00b7 Decrease in impairment changes from lifetime expected losses to 12-month expected losses in the amount of
\u20ac\u00a065,262 thousand (2024: \u20ac 37,643 thousand).
Derivative financial instruments
Interest rate management derivatives
Hedges with hedging periods up to 2044 existed as at 31 December 2025, which are found in measurement units as outlined in
AFRAC 15 Derivatives and Hedging Instruments, as well as in macro hedges in accordance with the FMA circular on accounting
issues relating to interest rate derivatives and valuation adjustments for derivatives.
Derivative financial instruments for hedging interest rate risks are used for underlying transactions on both the assets and
liabilities side. As of the reporting date, risks from bonds and loans are hedged on the assets side, and risks from own issues,
registered bonds, promissory note loans and deposits are hedged on the liabilities side using micro and macro hedges (fair
value hedges).
The fair values of the hedging transactions (i.e. excluding accrued interest) for the existing micro and macro hedging
relationships together amount to a positive market value of \u20ac 85,094 thousand (31/12/2024: \u20ac 72,182 thousand), of which in
detail \u20ac 226,208 thousand (31/12/2024: \u20ac 153,661 thousand) is attributable to positive market values and \u20ac 141,114 thousand
(31/12/2024: \u20ac 225,843 thousand) to negative market values.
The following table shows the volumes and market values incl. accrued interest of derivatives in micro hedging relationships:
31/12/2025
31/12/2024
in \u20ac thousand
Nominal amount
Positive values
Negative values
Nominal amount
Positive values
Negative values
Mikro-Hedge active
22,002,546
317,594
0
21,889,795
224,062
0
Mikro-Hedge passive
5,578,342
0
(165,522)
4,611,333
0
(246,126)
As at 31/12/2025, provisions of \u20ac 23,653 thousand for impending losses for ineffectiveness (31/12/2024: \u20ac 27,450 thousand) were
taken into account in the balance sheet for the aforementioned financial instruments. In this context, the change in the market
values of these derivatives resulted in allocations of \u20ac 1,585 thousand in the financial year 2025 (31/12/2024: \u20ac 3,233 thousand)
and reversals of \u20ac 5,382 thousand (31/12/2024: \u20ac 1,585 thousand).
The following table shows the volumes and market values incl. accrued interest of derivatives in macro hedging relationships in
accordance with the FMA circular on accounting issues relating to interest rate derivatives and valuation adjustments for
derivatives.
31/12/2025
31/12/2024
in \u20ac thousand
Nominal amount
Positive values
Negative values
Nominal amount
Positive values
Negative values
Makro-Hedge
2,885,000
19,931
0
4,210,000
28,299
0
Makro-Hedge 6 Monats EURIBOR
35,000
2,369
0
35,000
3,160
0
Makro-Hedge Floor 3 Month EURIBOR
2,330,000
15,821
0
3,355,000
22,265
0
Makro-Hedge Floor 6 Month EURIBOR
520,000
1,741
0
820,000
2,874
0
As part of macro hedges, separated per 3-month and 6-month EURIBOR, variable financial instruments with embedded floors
using sold interest rate options (interest rate floors) are hedged against received interest rate and volatility risks. There is also
an additional macro-hedging relationship for hedging the interest rate risk of securitized liabilities. These macro hedges create
opposing effects in the income statement.
As in the previous year, no material settlement payments were made in the financial year 2025 in connection with derivatives in
hedging relationships. As at 31/12/2025, no provisions for impending losses for ineffectiveness (31/12/2024: \u20ac 0 thousand) were
taken into account in the balance sheet for the aforementioned financial instruments.
Functional units
The portfolio-based management of functional units was summarized according to the interest risk strategy applied for the
currencies contained therein, the type of interest rate derivatives as well as the respective purpose. The table below shows the
following picture for\u00a0 the positive and negative fair values aggregated per currency:
31/12/2025
31/12/2024
2025
2024
in \u20ac thousand
Nominal amount
Positive
portfolio-based
valuation
surplus
Positive
portfolio-based
valuation
surplus
Nominal amount
Positive
portfolio-based
valuation
surplus
Positive
portfolio-based
valuation
surplus
Net change in
Fair Value
Net change in
Fair Value
CHF
10,737
3
0
23,374
0
(13)
16
137
CZK
31,473,116
8,100
(371)
23,332,777
8,210
(1,454)
973
5,754
EUR
65,161,857
62,014
(21,731)
46,710,881
40,954
(13,345)
12,674
4,443
GBP
0
0
0
0
0
0
0
0
HUF
16,518,658
7,028
0
13,313,946
7,210
0
(182)
(2,590)
NOK
17,471
1
0
17,119
0
0
1
(2)
PLN
160,625
36
(2,419)
114,620
0
(111)
(2,272)
1,784
RON
0
0
0
50,258
2
0
(2)
(52)
RUB
249,626
384
0
205,125
1,690
0
(1,306)
680
USD
1,099,756
186
(234)
1,694,530
404
(686)
234
209
Total
114,691,846
77,752
(24,755)
85,462,630
58,470
(15,609)
10,136
10,363
As at 31/12/2025, provisions for impending losses amounting to \u20ac 24,755 thousand (31/12/2024: \u20ac 15,945 thousand) had to be
recognized in the balance sheet for the derivatives above, which are managed in functional units. In this context, the change in
the market values of these derivatives resulted in allocations of \u20ac 10,670 thousand in the financial year 2025 (31/12/2024: \u20ac 0
thousand) and reversals of \u20ac 1,860 thousand (31/12/2024: \u20ac 22,080 thousand).
The main factors driving the valuation result were the change in the level of markets interest rates in EUR, CZK and HUF, as well
as an expansion in volume in EUR, CZK and HUF business, and a reduction in USD business.
Currency derivatives
In the financial year 2025, provisions were recognized in the amount of \u20ac 2,830 thousand (31/12/2024: \u20ac 5,424 thousand) for
impending losses on non-netted UAH transactions that were initially recognized in 2022 based on the geopolitical situation. In
the reporting year, reversals were made in the amount of \u20ac 2,594 thousand (31/12/2024: reversal of \u20ac 775 thousand) for
valuation reasons.
Credit derivatives
To a lesser extent, RBI AG also manages credit derivatives (in the form of credit default swaps), which require individual
valuation (see AFRAC 15 on Derivatives\u00a0 and Hedging Instruments as well as Section 201 (2) No. 3) of the Austrian Commercial
Code (UGB).
The following table shows the volumes and fair values incl. accruals:
31/12/2025
31/12/2024
Valuation effect
Valuation effect
in \u20ac thousand
Nominal amount
Positive values
Negative values
Nominal amount
Positive values
Negative values
2025
2024
EUR
446,681
0
(15,103)
581,649
713
(14,195)
(1,621)
(10,159)
Total
446,681
0
(15,103)
581,649
713
(14,195)
(1,621)
(10,159)
The provisions for impending losses as at the reporting date for the instruments above amount to \u20ac\u00a015,103 thousand
(31/12/2024: \u20ac 14,195 thousand). In this context, the change in the market values of these derivatives resulted in allocations of
\u20ac\u00a02,957 thousand in the financial year 2025 (31/12/2024: \u20ac 6,706 thousand) and reversals of \u20ac 2,049 thousand (31/12/2024: \u20ac 86
thousand).
The following tables show the open forward transactions for the reporting year and the previous year:
31/12/2025
Nominal amount by maturity
Fair value
Carrying amount
in \u20ac thousand
Up to 1
year
More than 1 year,
up to 5 years
More than
5 years
Total
hereof
trading
book
positive
negative
positive
negative
Total
91,985,877
129,231,876
136,031,76
4
357,249,517
206,620,123
4,216,744
3,507,091
3,819,005
3,233,351
a) Interest rate contracts
45,853,030
118,390,435
130,771,878
295,015,343
149,775,432
3,182,809
2,957,883
2,789,452
2,690,175
OTC products
Interest rate swaps
38,675,535
105,373,268
116,285,006
260,333,809
129,911,147
3,038,149
2,866,698
2,667,839
2,603,583
Floating Interest rate swaps
0
Interest rate futures
2,269,147
0
0
2,269,147
2,268,147
390
477
390
477
Interest rate options - buy
1,828,156
5,423,740
6,275,682
13,527,578
7,825,734
81,677
13,790
80,799
9,197
Interest rate options - sell
2,624,980
6,491,712
7,545,032
16,661,724
7,547,319
28,068
71,956
5,899
71,956
Other similar interest rate
contracts
403,169
677,628
403,500
1,484,297
1,484,297
34,525
4,616
34,525
4,616
Products traded on stock exchange
Interest rate futures
16,043
6,481
0
22,524
22,524
0
3
0
3
Interest rate options
36,000
417,606
262,658
716,264
716,264
0
343
0
343
b) Foreign exchange rate
contracts
44,968,589
8,417,848
1,898,939
55,285,376
50,342,574
418,254
352,583
413,872
361,652
OTC products
Cross-currency interest rate
swaps
3,707,800
4,658,203
1,779,907
10,145,910
5,295,530
163,482
87,766
159,100
96,835
Forward foreign exchange
contracts
36,937,622
2,731,543
113,117
39,782,282
39,782,283
242,936
253,074
242,936
253,074
Currency options \u2013 purchased
2,281,630
157,288
5,915
2,444,833
2,353,347
6,247
2,272
6,247
2,272
Currency options \u2013 sold
2,007,591
870,814
0
2,878,405
2,877,468
5,589
9,447
5,589
9,447
Products traded on stock exchange
Currency contracts (futures)
33,946
0
0
33,946
33,946
0
24
0
24
c) Securities-related
transactions
1,079,162
2,322,063
1,430,129
4,831,354
4,831,354
589,973
141,090
589,973
141,090
OTC products
Equity/Index options -buy
616,693
2,306,087
1,420,065
4,342,845
4,342,845
587,871
80
587,871
80
Equity/Index options -sell
309
974
10,064
11,347
11,347
0
125,010
0
125,010
Products traded on stock exchange
Equity/Index options
462,160
15,002
0
477,162
477,162
2,102
16,000
2,102
16,000
d) Commodity contracts
25,096
0
0
25,096
25,096
77
507
77
507
OTC products
Commodities
267
0
0
267
267
77
0
77
0
Products traded on stock exchange
Commodity futures
24,829
0
0
24,829
24,829
0
507
0
507
e) Credit derivative contracts
60,000
101,530
1,930,818
2,092,348
1,645,667
25,631
55,028
25,631
39,925
OTC products
Credit default swap
60,000
101,530
1,930,818
2,092,348
1,645,667
25,631
55,028
25,631
39,925
31/12/2024
Nominal amount by maturity
Fair value
Carrying amount
in \u20ac thousand
Up to 1
year
More than 1 year,
up to 5 years
More than 5
years
Total
hereof
trading book
positive
negative
positive
negative
Total
90,743,351
146,606,951
88,036,070
325,386,372
204,071,015
4,327,146
4,047,618
3,828,076
3,426,945
a) Interest rate contracts
46,424,278
133,314,013
85,411,689
265,149,980
148,879,000
3,295,593
3,215,196
2,787,183
2,679,638
OTC products
Interest rate swaps
38,501,345
117,300,279
81,519,493
237,321,117
132,201,245
3,138,278
3,119,342
2,665,467
2,592,750
Floating Interest rate swaps
0
Interest rate futures
3,723,576
361,326
0
4,084,902
4,068,857
1,521
1,605
1,521
1,605
Interest rate options - buy
1,342,938
6,203,828
1,275,014
8,821,780
5,421,529
73,737
19,636
72,401
10,670
Interest rate options - sell
2,641,255
8,455,384
1,983,194
13,079,833
5,345,021
51,437
68,960
17,174
68,960
Other similar interest rate
contracts
192,976
665,936
491,320
1,350,232
1,350,232
30,585
5,648
30,585
5,648
Products traded on stock exchange
Interest rate futures
11,910
5,428
1,178
18,516
18,516
0
5
0
5
Interest rate options
10,278
321,832
141,490
473,600
473,600
35
0
35
0
b) Foreign exchange rate
contracts
43,402,656
9,641,016
1,515,946
54,559,618
50,096,890
621,757
657,346
631,098
585,711
OTC products
Cross-currency interest rate
swaps
2,849,393
6,351,797
1,515,176
10,716,366
6,315,398
252,073
308,128
261,337
236,493
Forward foreign exchange
contracts
37,947,820
2,604,126
0
40,551,946
40,551,946
347,114
332,737
347,114
332,737
Currency options \u2013 purchased
1,624,858
183,693
770
1,809,321
1,747,560
6,578
7,453
6,578
7,453
Currency options \u2013 sold
964,238
501,400
0
1,465,638
1,465,639
15,992
8,989
16,069
8,989
Products traded on stock exchange
Currency contracts (futures)
16,347
0
0
16,347
16,347
0
39
0
39
c) Securities-related
transactions
831,256
2,529,178
587,310
3,947,744
3,947,744
382,381
120,726
382,381
120,726
OTC products
Equity/Index options -buy
217,549
2,478,632
577,245
3,273,426
3,273,426
368,186
60
368,186
60
Equity/Index options -sell
367
1,283
10,065
11,715
11,715
0
109,602
0
109,602
Products traded on stock exchange
Equity/Index options
613,340
49,263
0
662,603
662,603
14,195
11,064
14,195
11,064
d) Commodity contracts
20,710
220
0
20,930
20,930
152
21
152
21
OTC products
Commodities
1,427
220
0
1,647
1,647
152
0
152
0
Products traded on stock exchange
Commodity futures
19,283
0
0
19,283
19,283
0
21
0
21
e) Credit derivative contracts
64,451
1,122,524
521,125
1,708,100
1,126,451
27,263
54,329
27,263
40,847
OTC products
Credit default swap
64,451
1,122,524
521,125
1,708,100
1,126,451
27,263
54,329
27,263
40,847
The following derivatives shown in the list of open forward transactions are recognized at fair value in the statement of
financial position:
Derivative financial instruments
Positive fair values
Negative fair values
in \u20ac thousand
31/12/2025
31/12/2024
31/12/2025
31/12/2024
Derivatives in the trading book
a) Interest rate contracts
2,232,105
2,324,476
2,255,918
2,323,269
b) Foreign exchange rate contracts
381,244
608,631
338,899
482,020
c) Share and index contracts
589,973
382,369
141,091
120,725
d) Credit derivatives
25,631
27,267
30,616
30,170
e) Commodities
77
152
507
21
In addition to the derivatives presented in this section, the European Bank for Reconstruction and Development (EBRD) holds a
put option with RBI AG. The EBRD acquired a stake in Raiffeisen Bank JSC, Kiev, as part of a capital increase conducted in
December 2015. As part of this transaction, RBI AG entered into an agreement with the EBRD, which was extended in financial
year 2024. According to this agreement \u2013 if the EBRD makes a corresponding request to RBI \u2013 RBI would offer the EBRD shares
in RBI or corresponding payment in USD or another currency in exchange for its stake in Raiffeisen Bank JSC, Kiev, as part of a
share swap (put option) in accordance with the value ratios. It is at the sole discretion of RBI AG whether the consideration is
provided in RBI shares or in the form of payment in USD or another currency. Implementing such a transaction is subject to
regulatory approval and corresponding resolutions passed at the Annual General Meeting and in other bodies. The value of this
option with an exercise price equal to the fair value was zero on initial recognition and subsequently, according to which no
provision for impending losses is to be recognized in RBI AG.
Securities
Debt securities and other fixed-income securities amounting to \u20ac 464,333 thousand (31/12/2024: \u20ac 347,108 thousand) will
mature in the next financial year.
The table below lists the securities admitted to stock exchange trading (asset side), broken down into listed and unlisted
securities (amounts incl. interest accrued):
Securities
Listed
Unlisted
Listed
Unlisted
in \u20ac thousand
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Debt securities and other fixed-income securities
4,221,662
5,220
3,594,576
25,179
Shares and other variable-yield securities
456,460
37
341,108
0
The table below lists securities admitted to stock exchange trading (asset side) measured as fixed assets or current assets
(including trading portfolio):
Securities
Fixed assets
Current assets
Fixed assets
Current assets
in \u20ac thousand
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Debt securities and other fixed-income securities
2,292,348
1,934,534
1,894,710
1,725,045
Shares and other variable-yield securities
0
456,497
0
341,108
The table below shows the disposal of securities from fixed assets. Of this amount, \u20ac 1,521,869 thousand related to repayments
(31/12/2024: \u20ac 1,096,475 thousand).
On-balance
Nominal amount
Net result
Nominal amount
Net result
in \u20ac thousand
31/12/2025
31/12/2025
31/12/2024
31/12/2024
Treasury bills and other bills eligible for refinancing with central banks
1,007,500
(1,331)
281,500
0
Loans to banks
90,522
81
93,676
0
Loans to customers
617,436
1,934
362,556
794
Debt securities and other fixed-income securities
622,170
735
706,498
(878)
Shares and other variable-yield securities
0
0
153,400
(2,575)
Total
2,337,627
1,419
1,597,630
(2,659)
The differences between the acquisition cost and the repayment amount for securities (except zero-coupon bonds) in the
investment portfolio (banking book) are as follows:
The difference between the amortized costs and the repayment amounts is comprised of \u20ac 46,172 thousand (31/12/2024:
\u20ac\u00a047,465 thousand) to be recognized in the future as expenditure, and \u20ac 278,333 thousand (31/12/2024: \u20ac 198,153 thousand) to
be recognized as income.
In the case of securities admitted to stock exchange trading and recognized at fair value that do not have the characteristics
of financial investments, the difference between the acquisition cost in the statement of financial position and the higher fair
value is \u20ac 17,377 thousand (31/12/2024: \u20ac 8,851 thousand) pursuant to Section 56 (4) of the Austrian Banking Act (BWG). As in the
previous year, RBI AG does not hold any securities listed for trading on the stock exchanged that do not qualify as financial
assets and are recognized at the higher market value on the balance sheet date pursuant to Section 56 (5) of the Austrian
Banking Act (BWG).
The item loans and advances to credit institutions contains own bonds that are not admitted for public trading in an amount
of \u20ac 15,747 thousand (31/12/2024: \u20ac 15,323 thousand).
Securities amounting to \u20ac 820,249 thousand (31/12/2024: \u20ac 1,262,835 thousand) are the subject of genuine repurchase
transactions on the reporting date, whereby RBI AG is the seller and the securities continue to be recognized on the statement
of financial position.
The volume of RBI\u2019s trading book pursuant to Article 103 CRR is \u20ac 218,475,571 thousand (31/12/2024: \u20ac 211,117,269 thousand), with
\u20ac 11,855,448 thousand (31/12/2024: \u20ac 8,615,682 thousand) accounted for by securities and \u20ac 206,620,123 thousand (31/12/2024:
\u20ac\u00a0204,071,015 thousand) accounted for by other financial instruments. Securities relates to the carrying amounts of the
instruments, while other financial instruments relates to derivatives, including nominal values.
The fair value is lower than the carrying amount for the following financial instruments that are reported as financial
investments:
Financial investments
Carrying amount
Fair value
Carrying amount
Fair value
in \u20ac thousand
31/12/2025
31/12/2025
31/12/2024
31/12/2024
1.
Treasury bills and other bills eligible for refinancing with central banks
8,470,122
8,092,181
6,306,502
5,878,202
2.
Loans to banks
38,852
38,465
45,777
45,073
3.
Loans to customers
323,346
321,529
293,237
290,812
4.
Debt securities and other fixed-income securities
a) Issued by public bodies
0
0
0
0
b) Issued by other borrowers
1,816,096
1,763,470
1,346,972
1,285,042
5.
Shares and other variable-yield securities
0
0
0
0
Total
10,648,416
10,215,645
7,992,487
7,499,129
An impairment (in accordance with Section 204 (2) of the Austrian Commercial Code (UGB) is not accounted for as the
assessment of the credit rating of the security borrower is such that scheduled interest payments and repayments are
expected to be made.
Investments and shares in affiliated companies
There are cross shareholdings with UNIQA Insurance Group AG, Vienna, and Posojilnica Bank eGen, Klagenfurt. There are no
profit and loss transfer agreements as at 31 December 2025.
Affiliated companies
Company, domicile (country)
Total nominal
value in
thousand
Currency
Direct share
of RBI
Equity in \u20ac
thousand
Result in \u20ac
thousand1
From annual
financial
statements2
Akcenta CZ a.s., Prag3
100,125
CZK
70%
15,382
190
31/12/2024
Angaga Handels- und Beteiligungs GmbH, Wien
35
EUR
100%
15,010
361
31/12/2025
AO Raiffeisenbank, Moskau3
36,711,260
RUB
100%
5,465,510
(118,673)
31/12/2025
BAILE Handels- und Beteiligungsgesellschaft m.b.H.,Wien2
40
EUR
100%
249,257
(22)
31/12/2025
Centralised Raiffeisen International Services & Payments
S.R.L., Bukarest
2,820
RON
100%
23,179
1,208
31/12/2025
Elevator Ventures Beteiligungs GmbH, Wien 2
100
EUR
100%
70,892
3,399
31/12/2024
EV II GmbH & Co KG, Wien
70
EUR
71%
7,162
(1,583)
31/12/2024
Extra Year Investments Limited, Tortola
50
USD
100%
24
(12)
31/12/2024
FARIO Handels- und Beteiligungsgesellschaft m.b.H., Wien
40
EUR
100%
2,014
(56)
31/12/2024
Gabarts Beteiligungs GmbH & Co KG in Liqu.
10
EUR
100%
(6)
(9)
31/12/2024
Golden Rainbow International Limited, Tortola
<1
USD
100%
376
(24)
31/12/2024
Kathrein Privatbank Aktiengesellschaft, Wien (AT)2
20,000
EUR
100%
84,462
24,659
31/12/2025
KAURI Handels und Beteiligungs GmbH, Wien 2
50
EUR
88%
7,067
2,314
31/12/2025
Limited Liability Company FAIRO, Kiew
358,999
UAH
100%
797
(742)
31/12/2024
R.L.H. Holding GmbH, Wien
35
EUR
100%
7,574
(1)
31/12/2024
R.P.I. Handels- und Beteiligungsges.m.b.H., Wien2
36
EUR
100%
119
(20)
31/12/2025
RADWINTER SP.Z.O.O
30
PLN
100%
7,775
(255)
31/12/2024
Raiffeisen Advisory EOOD
700
BGN
100%
0
0
31/12/2024
Raiffeisen Bank Aval JSC, Kiew (UA)
6,154,516
UAH
68%
773,116
229,249
31/12/2025
Raiffeisen Bausparkasse Gesellschaft\u00a0 m.bH., Wien
35,000
EUR
100%
581,330
25,053
31/12/2024
Raiffeisen CIB sp. z .o.o.
2,105
PLN
100%
496
(3)
31/12/2024
Raiffeisen Conversational AI Lab s. r. o.
75
EUR
1%
382
0
31/12/2024
Raiffeisen Digital Assets GmbH
35
EUR
100%
1,556
(1,124)
31/12/2024
Raiffeisen Digital Bank AG
47,599
EUR
100%
76,181
(38,273)
31/12/2025
Raiffeisen Factor Bank AG. Wien
10,000
EUR
100%
50,276
4,278
31/12/2025
RBI Group IT GmbH, Wien2
100
EUR
100%
351
276
31/12/2024
Raiffeisen Investment Advisory GmbH, Wien
35
EUR
100%
986
(11)
31/12/2024
Raiffeisen Kapitalanlage-Gesellschaft m.b.H., Wien
15,000
EUR
100%
61,286
34,450
31/12/2024
Raiffeisen RS Beteiligungs GmbH, Wien2
35
EUR
100%
3,704,299
1,808,352
31/12/2025
Raiffeisen Tech GmbH
35
EUR
100%
60
(12)
31/12/2024
Raiffeisen Wohnbaubank Aktiengesellschaft, Wien
5,100
EUR
100%
8,970
(499)
31/12/2025
Raiffeisen-LeasingGesellschaft m.b.H., Wien
363
EUR
100%
145,380
26,825
31/12/2024
Raiffeisen-Leasing International GmbH, Wien
36
EUR
100%
64,724
4,617
31/12/2024
RALT Raiffeisen Leasing Ges.m.b.H, Wien2
219
EUR
100%
54,906
(38)
31/12/2025
RALT Raiffeisen-Leasing GmbH & Co. KG, Wien 2
20,348
EUR
97%
66,375
1,768
31/12/2025
Company, domicile (country)
Total nominal
value in
thousand
Currency
Direct share
of RBI
Equity in \u20ac
thousand
Result in \u20ac
thousand1
From annual
financial
statements2
RB International Markets (USA) LLC, New York 3
8,000
USD
100%
13,895
874
31/12/2024
RBI Kantinenbetriebs GmbH, Wien
35
EUR
100%
2,168
608
31/12/2024
RBI LEA Beteiligungs GmbH, Wien 2
70
EUR
100%
263,315
6,317
31/12/2025
RBI Leasing GmbH, Wien
100
EUR
75%
32,142
4,116
31/12/2024
RBI PE Handels- und Beteiligungs GmbH, Wien
150
EUR
100%
1,643
957
31/12/2024
RBI Retail Innovation GmbH, Wien
35
EUR
100%
5,626
436
31/12/2024
REC Alpha LLC, Kiew3
1,201,407
UAH
85%
2,626
61
31/12/2025
Regional Card Processing Center s.r.o., Bratislava 3
539
EUR
100%
29,351
3,302
31/12/2025
R-Insurance Services sp. z o.o.
5
PLN
100%
4,178
329
31/12/2025
RL Leasing GmbH, M\u00fcnchen (DE)
26
EUR
25%
21
(9)
31/12/2024
RZB-BLS Holding GmbH, Wien2
500
EUR
100%
731,091
210,291
31/12/2025
Salvelinus Handels- und Beteiligungsges.m.b.H., Wien2
40
EUR
100%
366,356
(1,769)
31/12/2025
Scantius Holding GmbH
35
EUR
100%
60
(12)
31/12/2024
TEG 1 Imm GmbH & CO KG
10
EUR
100%
20,326
(550)
31/12/2024
Ukrainian Processing Center PJSC, Kiew3
180
UAH
100%
37,442
8,735
31/12/2025
Valida Holding AG, Wien
5,000
EUR
57%
42,720
20,069
31/12/2024
ZHS Office- & Facilitymanagement GmbH, Wien
36
EUR
4%
1,155
40
31/12/2025
1 The result (in part from the consolidated financial statements) in \u20ac thousand corresponds to the annual profit/loss
2 Equity and result reported in accordance with IFRS (fully consolidated domestic entities)
3 Equity and result reported in accordance with IFRS (fully consolidated foreign entities)
Fixed assets
The land value of developed land amounts to \u20ac 29 thousand (31/12/2024: \u20ac 32 thousand).
RBI AG itself was not involved in the leasing business as a lessor in 2025. However, with its subsidiary Raiffeisen-Leasing
Gesellschaft m.b.H, RBI commands a strong presence on the Austrian as well as the international leasing market.
Obligations from the use of tangible fixed assets not reported on the statement of financial position amount to \u20ac 38,888
thousand (31/12/2024: \u20ac 41,363 thousand) for the following financial year, of which \u20ac 35,525 thousand were owed to affiliated
companies (31/12/2024: \u20ac 38,417 thousand). The total amount of obligations for the following five years amounts to \u20ac 208,954
thousand (31/12/2024: \u20ac 219,380 thousand), of which \u20ac 190,885 thousand are owed to affiliated companies (31/12/2024:
\u20ac\u00a0203,755 thousand).
The intangible fixed assets item includes no intangible fixed assets acquired from affiliated companies.
The following tables show the changes in fixed assets:
in \u20ac thousand
Cost of acquisition or conversion
Item
Description of fixed assets
As at 1/1/2025
Exchange
differences
Additions
Disposals
Transfers
As at
31/12/2025
1
3
4
5
6
7
1.
Treasury bills and other bills eligible for
refinancing with central banks
9,222,490
0
3,413,580
(1,066,937)
0
11,569,134
2.
Loans to banks
196,648
(4,621)
2,993
(89,231)
0
105,789
3.
Loans to customers
661,256
(4,460)
1,143,135
(615,436)
0
1,184,494
4.
Debt securities and other fixed-income
securities
1,874,891
(13,188)
939,922
(538,928)
0
2,262,698
a)
Issued by public bodies
0
0
186,029
(186,029)
0
0
b)
own debt securities
0
0
0
0
0
0
c)
Issued by other borrowers
1,874,891
(13,188)
753,894
(352,899)
0
2,262,698
5.
Shares and other variable-yield securities
405,000
0
0
0
0
405,000
6.
Equity interests
115,201
0
3,260
(414)
(1)
118,046
7.
Investments in affiliated companies
12,382,695
0
54,675
(25,644)
1
12,411,727
8.
Intangible fixed assets
187,914
35
3,631
(11,404)
0
180,176
9.
Tangible fixed assets
42,737
(48)
1,506
(2,715)
0
41,481
Total
26,963,724
(35,469)
6,502,625
(2,889,637)
0
30,541,243
in \u20ac thousand
Carrying amount
Item
Cumulative
depreciation as
of 1/1/2023
Exchange
differences
Cumulative
depreciation and
amortization
disposal
Write-ups
Depreciation
Transfers
Cumulative
depreciation
as of
31/12/2023
31/12/2025
31/12/2024
8
10
11
12
13
14
15
16
17
1.
(17,512)
0
15,900
43,867
(14,550)
0
27,705
11,596,839
9,204,979
2.
715
(60)
(176)
1,002
(94)
0
1,386
107,175
197,363
3.
312
1
(895)
1,140
(1,176)
0
(618)
1,183,876
661,568
4.
1,669
99
(4,510)
7,838
(4,502)
0
594
2,263,292
1,876,560
a)
0
0
(1,466)
1,571
(105)
0
0
0
0
b)
0
0
0
0
0
0
0
0
0
c)
1,669
99
(3,045)
6,267
(4,397)
0
594
2,263,292
1,876,560
5.
0
0
0
0
0
0
0
405,000
405,000
6.
(35,217)
0
0
10,730
(2,291)
0
(26,778)
91,268
79,984
7.
(3,442,994)
0
22,012
247,604
(85,672)
0
(3,259,050)
9,152,677
8,939,701
8.
(170,578)
(16)
11,393
0
(5,720)
0
(164,921)
15,256
17,336
9.
(26,907)
9
2,713
0
(3,647)
1
(27,831)
13,650
15,830
(3,688,843)
132
41,926
320,019
(122,154)
1
(3,448,919)
27,092,325
23,274,881
Other assets
As at 31 December 2025, other assets totaled \u20ac 6,310,916 thousand (31/12/2024: \u20ac 7,606,944 thousand). This item also contains
loans and advances from treasury transactions (positive market values arising from derivatives in the trading book, including
derivatives for capital guarantees, as well as accrued interest from derivatives in the banking book \u2013 for details, refer to the
table on open forward transactions) in the amount of \u20ac 3,819,005 thousand (31/12/2024: \u20ac 3,828,076 thousand). This item also
includes loans and advances (special fund) to the Austrian Raiffeisen Deposit Guarantee scheme (\u00d6RES) relating to the
Raiffeisen-IPS contribution of \u20ac 531,203 thousand (31/12/2024: \u20ac 526,606 thousand), holdings of precious metals in coin and
other forms in the amount of \u20ac 169,843 thousand (31/12/2024: \u20ac 514,952 thousand), loans and advances to Group members
arising from tax transfers in the amount of \u20ac 84,513 thousand (31/12/2024: \u20ac 73,374 thousand) and dividends receivable totaling
\u20ac 1,202,811 thousand (31/12/2024: \u20ac 2,202,506 thousand), loans and advances to the tax administration in the amount of
\u20ac\u00a067,203 thousand (31/12/2024: \u20ac 64,596 thousand), including advance payments for corporation tax in the amount of \u20ac 14,877
thousand (31/12/2024: \u20ac 8,065 thousand).
The other assets also contain income of \u20ac 1,758,261 thousand (31/12/2024: \u20ac 2,657,094 thousand) which is not payable until after
the reporting date.
Deferred tax assets
The deferred tax assets of \u20ac 644 thousand (31/12/2024: \u20ac 738 thousand) shown in the statement of financial position result
from tax loss carryforwards against American tax authorities of the subsidiary RB International Finance (USA), LLC, New York,
which was liquidated in 2017. They are based on the planned future taxable profit of the subsidiary RB International Markets
(USA) LLC, New York (tax rate: 25.7 per cent). No deferred tax assets were recognized for asset-side temporary differences of
\u20ac\u00a082,497 thousand (31/12/2024: \u20ac 131,664 thousand) and \u20ac 1,844,187 thousand (31/12/2024: \u20ac 1,765,4625 thousand) from domestic
tax loss carry forwards as it does not appear that they can be realized within a reasonable time from today\u2019s perspective.
For the calculation of deferred tax assets and liabilities, the applicable tax rate is that which is likely to be applied upon
realization (reversal) of the underlying temporary difference. For deferred tax assets, a tax rate of 11.5 per cent is therefore to
be applied. For deferred tax liabilities, the corresponding tax rates are 23 per cent, or 11.5 per cent where such liabilities can be
offset against loss carryforwards or deferred tax assets.
The rationale behind recognizing deferred tax assets at half the statutory corporate tax rate is grounded in the certainty of
future relief at this rate, as stipulated by the relevant group allocation agreement. Any additional relief cannot be reliably
estimated for the respective group member, given the member\u2019s lack of influence on the determination of the taxable profit
share at group level. Deferred tax liabilities are recognized at 23 per cent (in the absence of the possibility of offsetting them
with deferred tax assets) due to the agreed allocation rate for positive results. This rate is only lower when there is a taxable
profit share.
Subordinated assets
Subordinated assets contained under assets:
in \u20ac thousand
31/12/2025
31/12/2024
Loans to banks
845,876
896,489
hereof to affiliated companies
844,168
894,786
hereof to companies linked by virtue of a participating interest
1,709
1,702
Loans to customers
215,095
25,340
hereof to affiliated companies
0
0
hereof to companies linked by virtue of a participating interest
0
0
Debt securities and other fixed-income securities
58,747
55,888
hereof to affiliated companies
0
0
hereof to companies linked by virtue of a participating interest
93
0
Shares and other variable-yield securities
456,706
450,862
hereof to affiliated companies
428,440
431,043
hereof to companies linked by virtue of a participating interest
728
0
The table above incorporates proprietary holdings of Tier 2 and AT1 instruments, delineated in finer granularity within the
respective liability line item.
Restrictions related to asset availability
As at the reporting date, there were restrictions related to asset availability (in accordance with Section 64 (1) 8 BWG):
in \u20ac thousand
31/12/2025
31/12/2024
Indemnification for securities lending transactions
133,936
294,921
Loans assigned to Oestereichische Kontrollbank (OeKB)
2,503,364
3,040,411
Indemnification for OeNB tender
0
0
Loans assigned to European Investment Bank (EIB)
9,399
19,736
Loans assigned to Kreditanstalt f\u00fcr Wiederaufbau (KfW)
198,978
143,032
Institutional Protection Scheme
531,203
526,606
Margin requirements
0
0
Treasury call deposits for contractual netting agreements
1,631,500
1,618,473
Total
5,008,380
5,643,180
In addition, securities collateral in the form of Austrian government bonds with book values of \u20ac 186,241 thousand (31/12/2024:
\u20ac 229,857 thousand) was applied for securitization transactions. Furthermore, RBI AG has assets with usage restrictions in an
amount of \u20ac 2,822,330 thousand (31/12/2024: \u20ac 2,549,968 thousand) for covered bonds as part of its cover funds management
on the assets side.
RBI AG recognizes derivatives with carrying amounts of \u20ac 3,819,005 thousand (31/12/2024: \u20ac 3,828,076 thousand) under other
assets, of which \u20ac 3,580,485 thousand (31/12/2024: \u20ac 3,415,768 thousand) are collateralized by cash collateral. The item other
liabilities also includes derivatives with a carrying amount of \u20ac 3,233,351 thousand (31/12/2024: \u20ac 3,426,945 thousand), of which
\u20ac 3,013,187 thousand (31/12/2024: \u20ac 3,159,250 thousand) are collateralized by cash collateral. These carrying amounts of
derivatives classified under other assets include carrying amounts attributable to members of the Austrian resolution group in
the amount of \u20ac 1,902 thousand (31/12/2024: \u20ac 991 thousand) and carrying amounts attributable to other liabilities in the
amount of \u20ac 14,806 thousand (31/12/2024: \u20ac 19,647 thousand), which are also collateralized by cash collateral.
None of the balance sheet items are netted out, as each contracting party is granted the right to offset recognized amounts,
which is enforceable only if an event such as insolvency or bankruptcy occurs. Moreover, there is no intention to settle on a net
basis.
Asset items for affiliated companies and companies linked by virtue of a
participating interest
Loans and advances as well as debt securities and other fixed-income securities to and from affiliated companies and
companies linked by virtue of a participating interest:
in \u20ac thousand
31/12/2025
31/12/2024
Loans to banks
To affiliated companies
2,704,957
2,788,851
To companies linked by virtue of a participating interest
425,790
325,399
Loans to customers
To affiliated companies
1,289,568
1,254,460
To companies linked by virtue of a participating interest
40,946
54,077
Debt securities and other fixed-income securities
To affiliated companies
63,417
38,369
To companies linked by virtue of a participating interest
109,416
74,881
Equity and liabilities
Liabilities
Breakdown of maturities
Liabilities to credit institutions, liabilities to customers, securitized liabilities and other liabilities break down by their residual
terms as follows:
in \u20ac thousand
31/12/2025
31/12/2024
Deposits from banks
21,575,315
25,503,420
Repayable on demand
2,646,966
4,675,855
Up to 3 months
13,075,928
14,379,888
More than 3 months, up to 1 year
1,164,284
1,378,692
More than 1 year, up to 5 years
3,261,912
3,542,636
More than 5 years
1,426,227
1,526,349
Deposits from customers
17,127,562
17,740,795
Repayable on demand
5,645,581
5,623,419
Up to 3 months
8,442,794
7,515,171
More than 3 months, up to 1 year
1,814,471
3,290,398
More than 1 year, up to 5 years
808,752
749,359
More than 5 years
415,964
562,448
Debt securities issued
20,290,268
19,165,186
Up to 3 months
2,049,113
1,114,318
More than 3 months, up to 1 year
2,339,295
1,808,202
More than 1 year, up to 5 years
14,313,940
15,700,247
More than 5 years
1,587,921
542,418
Other liabilities
4,869,689
4,710,813
Up to 3 months
4,869,689
4,710,813
Bonds and notes issued amounting to \u20ac 4,388,407 thousand (31/12/2024: \u20ac 2,983,223 thousand) will become due in the next
financial year.
Liabilities to affiliated companies and companies linked by virtue of a participating interest:
in \u20ac thousand
31/12/2025
31/12/2024
Deposits from banks
From affiliated companies
3,855,050
4,645,805
From companies linked by virtue of a participating interest
4,745,536
5,274,440
Deposits from customers
From affiliated companies
2,703,716
3,604,793
From companies linked by virtue of a participating interest
71,744
76,003
Other liabilities
As at 31 December 2025, other liabilities amounted to \u20ac 4,869,689 thousand (31/12/2024: \u20ac 4,710,813 thousand). This item also
contains liabilities from treasury transactions (primarily negative market values arising from derivatives in the trading book, as
well as accrued interest from derivatives in the banking book \u2013 for details, refer to the table on open forward transactions) in
the amount of \u20ac 3,233,351 thousand (31/12/2024: \u20ac 3,426,945 thousand) and liabilities from short positions in bonds and stocks
of \u20ac 1,250,154 thousand (31/12/2024: \u20ac 941,554 thousand). The fair market value of the hedges for capital guarantees for funds
is \u20ac 4,670 thousand (31/12/2024: \u20ac 5,701 thousand). The item also includes accrued interest for Tier 2 capital of \u20ac 39,027
thousand (31/12/2024: \u20ac 22,446 thousand), liabilities from tax transfers (corporate income tax) and liabilities from creditable
capital yields and withholding tax toward Group members totaling \u20ac 18,540 thousand (31/12/2024: \u20ac 19,285 thousand).
The other liabilities also contain expenses in the amount of \u20ac 500,678 thousand (31/12/2024: \u20ac 487,482 thousand), for which
payment is to be made after the reporting date.
Provisions
Provisions amount to \u20ac 49,172 thousand (31/12/2024: \u20ac 53,133 thousand) for severance payments, \u20ac 43,044 thousand
(31/12/2024: \u20ac 56,022 thousand) for pensions, \u20ac 41,958 thousand (31/12/2024: \u20ac 34,604 thousand) for tax provisions, and
\u20ac\u00a01,568,717 thousand (31/12/2024: \u20ac 1,390,196 thousand) for other provisions (for additional information about other provisions,
please refer to the breakdown in the table below). Reinsurance policies for pension provisions are in place in the amount of
\u20ac\u00a07,703 thousand (31/12/2024: \u20ac 8,613 thousand). In the financial year under review these were offset with claims of the same
amount.
The tax provisions of \u20ac 41,958 thousand mainly relate to provisions for corporate income tax from 2020 in the amount of
\u20ac\u00a07,800 thousand, with an additional \u20ac 1,800 thousand related to 2022, \u20ac 7,300 thousand to 2023, and \u20ac 8,400 thousand to 2024.
The item also includes a provision of \u20ac 15,155 thousand on account of the Minimum Taxation Act (Mindestbesteuerungsgesetz).
The increase in other provisions to \u20ac 178,521 thousand resulted primarily from higher provisions for litigation risks mainly
related to legal disputes for foreign currency loans repaid in Poland (taking into account the provisions for reductions in the
carrying amount for active loans, provisions for foreign currency loans in Poland have decreased overall year-on-year: see also
the following explanation). Provisions for other expenses declined \u20ac 48,718 thousand year-on-year. This includes \u20ac 35,000
thousand at year-end 2024 for an agreed shareholder contribution to Raiffeisen Digital Bank AG, paid in January 2025.
As of 31 December 2025, provisions for impending losses were recognized in the amount of \u20ac 66,341 thousand (31/12/2024:
\u20ac\u00a063,013 thousand) for derivatives valued as functional units, ineffective portions of valuation units, credit derivatives managed
according to the principle of individual valuation, and unsettled foreign currency derivatives in UAH.
Litigation risk for foreign currency loans in Poland
In Poland, a significant number of civil lawsuits are pending in relation to certain contractual stipulations connected with
consumer mortgage loans denominated in or indexed to foreign currencies. As at 31 December 2025, the total amount in
dispute was approximately PLN 8,926 million (\u20ac 2,115 million). The number of such lawsuits continues to increase.
In this context, a Polish court requested the Court of Justice of the European Union (CJEU) to clarify whether certain clauses in
these agreements breach European law and are unfair. The CJEU\u2019s preliminary ruling (C-260/18) in October 2019 does not
answer whether the loan agreements are invalid in whole or part but merely gives interpretative guidance on the principles
according to which the national courts must decide in each individual case. According to this, a loan agreement without unfair
terms should remain valid provided that it is in conformity with national law. If a loan agreement cannot remain valid without
the unfair term, the entire contract would have to be annulled. If the annulment of the entire contract triggers material
negative consequences for the borrower, the Polish courts can replace the unfair term by a valid term in accordance with
national law. The consequences of the contract being annulled must be carefully examined so that the borrower can consider
all potential negative consequences of annulment.
In another proceeding involving RBI, the District Court for Warszawa-Wola in Warsaw requested the CJEU to issue a preliminary
ruling concerning the way in which the contractual provisions concerning the rules for determining the buying and selling rates
for foreign currency are to be formulated in the case of consumer mortgage loans indexed to a foreign currency. In the
judgement of 18 November 2021 in case C-212/20, the CJEU considered that the content of a clause of a loan agreement that
sets the buying and selling prices of a foreign currency to which the loan is indexed must enable a reasonably well informed
and reasonably observant consumer, based on clear and intelligible criteria, to understand the way in which the foreign
currency exchange rate used to calculate the amount of the repayment installments is set. Based on information specified in
such a provision, the consumer must be able to determine on his or her own, at any time, the exchange rate applied by the
entrepreneur. In the justification the CJEU specified that a provision that does not enable the consumer to determine the
exchange rate himself or herself is unfair. Moreover, the CJEU indicated in said judgement that the national court, when the
considered term of a consumer contract is unfair, is not allowed to interpret that term in order to remedy its unfairness, even if
that interpretation would correspond to the common intention of the parties to that contract. Only if the invalidity of the
unfair term were to require the national court to annul the contract in its entirety, thereby exposing the consumer to
particularly unfavorable consequences, so that the consumer would thus be penalized, the national court might replace that
term with a supplementary provision of national law. The CJEU therefore did not entirely preclude national courts hearing such
cases from supplementing the contract with supplementary provisions of national law, but gaps may not be filled solely with
national provisions of a general nature and such remedy may be applied only in strictly limited cases as specified by the CJEU.
The assessment of an unfair nature of contractual provisions as well as the decision concerning supplementation of the
contract after removal of unfair contractual clauses, however, still falls within the competence of the national court hearing
the case. The CJEU did not determine at all whether, in the consequence of the above-mentioned actions, the entire foreign
currency contract is to be annulled.
On 15 June 2023, the CJEU announced its judgment in case C-520/21 on the consequences of the annulment of a mortgage loan
agreement vitiated by unfair terms. The consumer mortgage loan agreement indexed to CHF had been annulled on the ground
that the conversion clauses determining the rate of exchange into PLN for purposes of the monthly installments were
considered to be unfair and that the loan agreement could not continue in existence after removal of the unfair terms. The
CJEU observed that EU law does not expressly govern the consequences of the annulment of a consumer contract which are to
be determined by domestic legislation in the individual EU member states. Such domestic legislation has to be compatible with
EU law and its objectives, in particular to restore the situation which the consumer would have been in had the annulled
contract not existed as well as not to undermine the deterrent effect sought by EU law. According to the CJEU, EU law does not
preclude consumers from seeking compensation from the bank going beyond the reimbursement of the monthly installments
paid and the expenses paid in respect of the performance of the mortgage loan agreement together with the payment of
penalty interest at the statutory rate from the date on which notice is served. Nevertheless, it is a matter for the national
courts to determine whether upholding such claims on the part of the consumers is in accordance with the principle of
proportionality. By contrast, EU law precludes the bank from being able to claim from the consumer compensation going
beyond reimbursement of the capital paid in respect of the performance of the mortgage loan agreement together with the
payment of penalty interest at the statutory rate from the date on which notice is served.
Further specifications on the consequences of the annulment of a consumer mortgage loan agreement vitiated by unfair
terms was provided by the CJEU in its judgments in cases C-756/22 of 11 December 2023, C-488/23 of 12 January 2024 and
C-424/22 of 8 May 2024. None of these proceedings involved RBI directly. In all three cases, the CJEU considered that the
interpretation of EU law requested by the referring courts can be clearly derived from the previous CJEU\u2019s judgments, in
particular from judgement in case C-520/21 of 15 June 2023 comprehensively described in the paragraph above. In the case
C-756/22 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms without which it
cannot continue to be in force, the bank is not allowed to demand the consumer to pay amounts other than the capital paid in
performance of that contract and statutory penalty interest from the time of the demand for payment. In the case C-488/23
the CJEU stated that EU law precludes banks from being able to claim from the consumer \u2013 in addition to the reimbursement
of the capital sums paid in performance of the contract and statutory penalty interest from the date of the demand for
payment - compensation consisting of a judicial adjustment of the benefit of the capital sum paid in the event of a material
change in the purchasing power of the currency in question after that capital was paid to the consumer concerned. In the case
C-424/22 of 8 May 2024 the CJEU stated that if a loan agreement is annulled on the ground that it contains unfair terms and
the bank is therefore obliged to make restitutory payments to a consumer, the bank is not entitled to apply the right of
retention. This means that the bank is not allowed to withhold such payment until the debtor has repaid all sums that he or
she had received from the bank under the loan agreement.
Which impact the above mentioned CJEU judgments will have on the decisions made by Polish courts in individual civil cases
cannot be assessed finally due to the complexity and variability of case-specific factors, as well as the potential differing
contexts and legal nuances involved in each case.
On 25 April 2024, the full Civil Chamber of the Polish Supreme Court (the SC) adopted a resolution concerning legal issues
concerning loans indexed to or denominated in a foreign currency. In line with CJEU judgments, the SC ruled that if a
contractual term referring to an indexation mechanism is considered unlawful and is not binding, it cannot be replaced by
another method of determining the foreign exchange rate resulting from provisions of law or established customs and the
loan agreement shall not be binding in the remaining scope. The decision whether a contractual term is unfair is up to the
court hearing the case concerning an individual loan agreement. If a loan agreement is not binding due to its unlawful terms,
each party has a separate claim for the return of undue payments: the bank for the return of capital and the borrower for the
return of payments. The SC found no justification for mutual settlement of the parties\u2019 claims by the court during the hearing
of the case. The limitation period of the bank\u2019s claim for reimbursement of amounts paid under the loan shall, as a rule,
commence on the day following the day on which the borrower challenged the binding force of the loan agreement against
the bank. Thus, the start of the limitation period depends on the consumer's action and should therefore be analyzed
individually in relation to each contract. This decision modified a previous decision of the SC which provided that the limitation
period of the bank\u2019s claim would start after the consumer is informed about the potential consequences of declaring the loan
agreement invalid and the consumer consents to such a declaration of invalidity. The SC also excluded the possibility for any
party to claim interest or any other remuneration for the use of its funds in the period between the undue payment and the
delay in reimbursing the payment. Despite the fact the resolution was adopted to resolve the arising interpretation issues
connected with disputes concerning loans in Swiss francs, the conclusions arising from it are applicable to loans in other
currencies, including loans in euro, as well.
The above resolution of the SC, combined with the earlier CJEU ruling, means that banks operating in Poland and holding
foreign currency loan portfolios, including RBI, shall not be able to claim any additional remuneration and/or valorization in
connection with such annulled agreements as set out above. Banks shall be limited then only to the possibility to claim the
return of the capital made available to the customer when the loan was originated. This does not affect the possibility of
demanding payment of penalty interest, provided that the conditions for which the bank may demand such interest are met.
As regards the banks\u2019 claim of the return of capital, the guidance provided by the resolution of the SC and the current practice
may be affected by the CJEU judgment dated 19 June 2025 set out below.
On 19 June 2025, the CJEU issued another judgment in case C-396/24, ruling that Directive 93/13/EEC on unfair terms in
consumer contracts prevents banks from demanding full repayment of the disbursed nominal amount of a loan when such
loan agreements are considered null and void, without considering prior repayments made by the consumer (set-off theory).
This ruling may influence the current judicial practice of Polish courts, which, pursuant to the resolution of the Polish Supreme
Court from 25 April 2024 (described in detail above), applies the \"two claims\" theory. Under this theory, banks may claim full
repayment of amounts paid under a contract declared void, irrespective of the repayments made and the remaining balance
owed. This theory has also served as the basis for banks suing former borrowers to secure capital repayment. Furthermore, the
judgment prohibits the immediate enforceability of rulings favouring banks unless adequate consumer protections are in place.
The potential impact on Polish jurisprudence remains uncertain, with possible outcomes ranging from the adoption of a set-off
theory to the continuation of existing legal frameworks, as the judicial interpretation of this CJEU ruling may vary.
On 27 November 2025, the CJEU delivered a judgment in case C-746/24 which precludes national procedural rules that impose
disproportionately higher court costs on consumers defending against bank-initiated restitution claims for capital compared
to costs incurred in consumer-led actions for contract annulment. It was held that such a disparity in legal expenses
undermines the deterrent effect of Council Directive 93/13/EEC and may discourage consumers from exercising their rights
under the protective framework for unfair contract terms. The Polish civil procedural law provides for a limitation of the
maximum amount of court fees for claims initiated by consumers in cases related to banking activity. Conversely, a bank
initiating legal proceedings against a consumer cannot benefit from such preferential treatment and is required to bear court
fees in accordance with general rules, which results in significantly higher initial costs for the financial institution. Irrespective
of the CJEU's ruling, Polish courts retain the authority to invoke specific domestic procedural regulations to determine the final
allocation of costs, whereby courts are permitted to deviate from general cost-sharing principles based on the principle of
equity or the specific conduct of the parties. Consequently, the ultimate impact of the judgment on RBI\u2019s litigation expenses
depends on the discretionary assessment by national courts in individual cases. RBI continues to monitor the judicial trends and
may adjust its legal risk provisions and procedural strategies to mitigate potential adverse financial effects arising from this
jurisprudence.
Polish common courts have referred further multiple questions to the CJEU regarding interpretation of the Directive 93/13/EEC
on unfair terms in consumer contracts in relation to foreign exchange loan agreements. The issues include i.a. the legality of
requiring consumers to pay legal costs, the interruption of limitation periods for the banks\u2019 claims, treatment of time-barred
claims, banks' set-off rights, reimbursement of insurance costs, and the validity of contractual annexes. These inquiries seek to
clarify how national laws align with EU consumer protection standards.
A significant Inflow of lawsuits has been observed since the beginning of 2020 mainly as a result of the CJEU ruling in case
C-260/18 and of intensified marketing activity by law firms acting on behalf of borrowers. In 2025, RBI\u2019s Polish branch recorded
4,334 new lawsuits (previous year: nearly 6,150 lawsuits) with an average of around 361 new lawsuits per month in 2025 (of
which CHF lawsuits 268 and 93 lawsuits for Euro loans). The inflow could continue to decrease as a result of the increasing
number of settlements being reached between RBI\u2019s Polish branch and borrowers as well as the fact that a significant portion
of the loan portfolio is already subject to ongoing litigation, which naturally limits the potential inflow of new claims.
Furthermore, Polish courts have approached the CJEU with further requests for a preliminary ruling in other civil proceedings
which could lead to further CJEU\u2019s clarifications that could influence how court cases concerning foreign currency loans are
decided by national Polish courts.
The impact assessment in relation to affected FX-indexed or FX-denominated loan agreements may also be influenced by the
outcome of an ongoing administrative court proceeding resulting from the RBI Polish Branch\u2019s appeal against the decision of
the President of the Office of Competition and Consumer Protection (UOKiK).The contested decision stated that RBI\u2019s Polish
branch was engaged in practices violating the collective consumer interests and resulted in an administrative fine on RBI\u2019s
Polish branch and an obligation to provide borrowers information on the violation in case the administrative decision becomes
final. In June 2025, the Court of Competition and Consumer Protection (SOKIK) fully dismissed RBI's appeal against the decision.
In August 2025, RBI lodged\u00a0 an\u00a0 appeal against this judgment to the Court of Appeal in Warsaw.
Moreover, the Polish Financial Ombudsman, acting on behalf of two borrowers, has initiated a civil proceeding against RBI
alleging employment of unfair commercial practices towards consumers in respect of a case in which RBI \u2013 following the
annulment of a loan agreement \u2013 claimed the full loan amount originally disbursed without taking into account repayments
made in the meantime as well as amounts due for the use of capital by the borrowers based on the principle of unjust
enrichment, and has demanded that RBI discontinue such practices. In May 2023, the claim of the Financial Ombudsman was
dismissed by the court of first instance. The Financial Ombudsman lodged an appeal against this judgment, which was served
on RBI and duly responded to.\u00a0
RBI is also plaintiff in a number of ongoing civil lawsuits related to mortgage loans denominated in or indexed to Swiss Franc
and Euro which are already terminated. As of 31 December 2025, the total amount in dispute is in the region of approximately
PLN 298.5 million (\u20ac 71 million). The claims of RBI are for principal and interest which had not been paid due to legal objections.
The lawsuits are raised on contractual grounds or on the basis of unjust enrichment.
In addition, RBI has initiated a number of lawsuits based on counterclaims for the reimbursement of capital against borrowers
in case the borrower challenges the validity of the foreign currency mortgage loan against RBI. The filing of the lawsuits aims
at securing RBI\u2019s claims and should prevent that they become time-barred. As of 31 December 2025, the total amount in
dispute in these proceedings amounted to PLN\u00a0 2.662 million (\u20ac631 million). A further bunch of proceedings is expected to be
initiated until the end of 2025. In the coming years, the decision to file such lawsuits will depend on the ultimate impact of the
CJEU judgment in case C-746/24 described above, the development of national jurisprudence and potential legislative
initiatives.
Polish legislation topics
At the end of September 2025, the Polish Government adopted a draft law, introducing special procedures for civil cases
involving loans denominated in or indexed to Swiss francs (CHF). In early October 2025, the draft was submitted to the Sejm
(the lower house of the Polish Parliament) to begin the legislative process. The primary objective of the draft law is to
accelerate litigations related to CHF loans, reduce the burden on the courts, and strengthen consumer protection, in line with
the case law of the Court of Justice of the European Union. As drafted, the law would apply to civil cases between consumers
and banks concerning loans denominated in or indexed to CHF, including loans converted by annex into CHF-denominated or
CHF-indexed agreements. Loans denominated in or indexed to other currencies (notably EUR) would fall outside the scope of
the law. Overall, the proposed framework significantly strengthens the legal position of consumers in litigation against banks.
Upon service of the consumer\u2019s lawsuit or counterclaim on the bank, loan repayments are automatically suspended by
operation of law until the relevant court proceedings are finally concluded. The suspension of the borrower\u2019s repayment
obligations shall not constitute a default or improper performance under the loan agreement and shall not be reported to any
loan or debt registries. Moreover, any entries recorded in such registries prior to service of the statement of claim or
counterclaim on the bank must be deleted. For cases in which the consumer\u2019s lawsuit or counterclaim was served on the bank
before the act enters into force, the suspension of repayment obligations shall take effect from the act\u2019s effective date.
Consequently, from that date, repayments under all affected loan agreements will be automatically suspended by law,
potentially leading to a further reduction in cash inflows from the CHF loan portfolio. Notwithstanding the above, the bank
remains obliged to accept payments if the total amount repaid by the borrower remains below the total loan disbursed.
Importantly, consumers are not required to submit individual requests for suspension of repayments, and courts will no longer
need to issue or review rulings granting such interim measures or related appeals.
The procedural measures proposed in the draft aim to streamline case handling. Under the draft, cases may be heard in closed
sessions notwithstanding a party\u2019s request for a public hearing, parties may submit testimony in writing, and witness
examination may be conducted remotely, even if a party objects to such methods. In addition, a simplified procedure\u00a0 to
terminate proceedings following the voluntary withdrawal of claims or appeals was introduced at court. To facilitate
settlement and mutual reconciliation, the proposal allows the defendant to raise a set\u2011off defence up until the close of the
hearing before the court of second instance, or\u2014if the case is heard in a closed session\u2014until the verdict of the
second\u2011instance court is announced. Similarly, a counterclaim may be filed up to the conclusion of the hearing before the court
of first instance, or\u2014if the case is heard in a closed session\u2014until the first\u2011instance court judgment is announced. The draft\u00a0 bill
further incentivizes amicable dispute resolution by providing that, if a claim, appeal, or cassation appeal is withdrawn within
six months from the act\u2019s effective date, half of the court fee will be refunded. The draft act also provides for limitations on
the Supreme Court\u2019s ability to hear cassation appeals in cases concerning CHF-related loans.
The act is scheduled to enter into force 14 days after its publication in the official journal of laws. The compressed vacatio legis
underscores the urgency of the measure and may pose significant challenges for the banking sector in implementing its
provisions. In addition to financial effects (reduced inflows from repayments of disputed loans), the proposed provisions may
accelerate the resolution of proceedings before the courts, thereby accelerating the outflow of funds from banks due to the
need to settle final judgments. They may also encourage consumers who have not yet brought claims against banks to initiate
litigation.
Financial Impact
RBI has recognized a provision for filed and expected lawsuits in Poland regarding Swiss Franc and Euro loans, including default
interest that will be payable to customers. As lawsuits have been filed by a number of customers, the provision is based on a
statistical approach that takes into account both statistical data, where relevant, and expert opinions.
RBI has around 17,2 thousand CHF loans to customers outstanding with a total volume of around \u20ac 1.3 billion and a further 10.1
thousand CHF loans have been repaid. These also include loans that are not expected to be the subject of litigation.
Furthermore, RBI has around 8.7 thousand Euro denominated loans to customers outstanding with a total volume of nearly
\u20ac 360 million and a roughly 9.3 thousand loans have been repaid.
The resulting provision amounted to \u20ac 1,956 million (31/12/2024: \u20ac 2.071 million), of which \u20ac 1,774 million for CHF loans and
\u20ac 182 million for Euro loans. As at the reporting date of 31/12/2025, RBI AG reported provisions for litigation risks for repaid loans
in connection with this matter in the amount of \u20ac 1,269 million (31/12/2024: \u20ac 1,060 million), which are included in the following
table on other provisions under Process risks. In addition, reductions in the carrying amount for active loans in the amount of
\u20ac 687 million are taken into account as at the reporting date of 31/12/2025 (31/12/2024: \u20ac 1,011 million).
The total amount of the provision in Poland represents RBI\u2019s best estimate of the future outflow of economic benefits. In
calculating the provision for lawsuits filed in Poland, it is nevertheless necessary to form an opinion on matters that are
inherently uncertain, such as regulatory announcements, the number of future lawsuits, the extent to which these will be
upheld and the impact of legal decisions that may be relevant to the lawsuits received.
Thus a number of risks and uncertainties remain. Consequently the actual costs could differ from RBI\u2019s estimates and the
underlying assumptions. This could result in the need for an additional provision. The main measurable uncertainties
associated with the calculation of the provision relate to a potential reduction in the discount period, a decrease in discount
rates, an increase in the number of total expected lawsuits for outstanding and repaid loans as well as the success rate of out-
of-court settlements.
Sensitivity analysis
The sensitivity analysis refined during the reporting year for potential changes in the actual parameters over the next 12
months, while holding all other parameters constant, is shown in the following two tables, separated by CHF and EUR loans:
CHF-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
1,774
Reduction in discounting period in years (provisions for carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
11
Reduction in discounting period in years (provision)
20 months
-6 months
14 months
7
Decrease in discount rate (provision for asset)
1.1 %
- 0.3 PP
0.8 %
5
Increase in propensity to litigate active loans
95 %
+ 1.0 PP
96 %
12
Increase in average loss coverage on outstanding loans
145 %
+ 1.0 PP
146 %
6
Decrease in discount rate ( provision)
3.7 %
- 1.0 PP
2.7 %
11
Increase in propensity to litigate repaid loans
43 %
+ 1.0 PP
44 %
3
Reduction of number of expected future settlements
2,497
- 10.0%
2,247
6
Increase of settlement offer for customers (in % of loss in case of
annulment)
79%
+ 5.0 PP
84%
11
EUR-Portfolio 2025
Actual parameter
Increase/Decrease
of the parameter
New parameter
Increase/Decrease
in provision (in \u20ac
million)
Provision amount in \u20ac million
182
Reduction in discounting period in years (provisions for carrying amount
adjustment)
3,5 years
-1.0 years
2,5 years
8
Reduction in discounting period in years (provision)
20 months
-6 months
14 months
0
Decrease in discount rate (provisions for carrying amount adjustment)
6.0 %
- 0.3 PP
5.7 %
1
Increase in propensity to litigate active loans
52 %
+ 1.0 PP
53 %
2
Increase in average loss coverage on outstanding loans
93 %
+ 1.0 PP
94 %
1
Decrease in discount rate (provision)
3.7 %
- 1.0 PP
2.7 %
1
Increase in propensity to litigate repaid loans
15 %
+ 1.0 PP
16 %
2
The assumptions are based on internal statistics as well as on market observations. The increase in provision is linear for each
change, with the exception of the discount rate changes which are logarithmic increases. Furthermore, the model does not
take into account changes related to unexpected developments in jurisprudence.
For the fiscal year 2025, the sensitivity analysis was slightly expanded. Firstly, a distinction was made between provisions for
carrying amount adjustment and provision regarding the sensitivity of the discounting period, due to the different discounting
periods. Secondly, the CHF portfolio was supplemented with new sensitivities related to settlement offers, as these were
numerically more significant in 2025. These new sensitivities were not determined for the 2024 comparison period.
CHF-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
1,965
Reduction in discounting period in years
3,5 years
- 1,0 year
2,5 years
27
Decrease in discount rate (provisions for carrying
amount adjustment)
2.3 %
-0,3 PP
2.0 %
8
Increase in propensity to litigate active loans
91.5 %
+1,0 PP
92.5 %
12
Increase in average loss coverage on outstanding loans
117 %
+1,0 PP
118 %
10
Decrease in discount rate (provision)
5.3 %
-1,0 PP
4.3 %
9
Increase in propensity to litigate repaid loans
53 %
+1,0 PP
54 %
4
EUR-Portfolio 2024
Actual parameter
Increase/Decrease of
the parameter
New parameter
Increase/Decrease in
provision (in \u20ac million)
Provision amount in \u20ac million
106
Reduction in discounting period
3,5 years
- 1,0 year
2,5 years
7
Decrease in discount rate (provisions for carrying
amount adjustment)
7.2 %
-0,3 PP
6.9 %
1
Increase in propensity to litigate active loans
32.9 %
+1,0 PP
33.9 %
2
Increase in average loss coverage on outstanding loans
83 %
+1,0 PP
84 %
2
Decrease in discount rate (provision)
5.3 %
-1,0 PP
4.3 %
1
Increase in propensity to litigate repaid loans
35 %
+1,0 PP
36 %
1
Settlement program
Already in 2023 an out-of- court settlement program based on the proposal by the Chairman of the Polish Financial Supervisory
Authority (KNF) have been launched. The major goal of the settlement program is to limit the expected losses resulting from
the current negative jurisprudence that in most case cancels the mortgage contract. Due to a tepid response to this program,
an improved model was developed in 2024 to enhance acceptance. Instead of recalculating the issued loan contract with
adjusted parameters, the revised settlement program focuses on the repayment amount to customers in the event of
annulment, minus a percentage deduction. In both scenarios, a settlement is achieved. Both cases lead to a write-off of a
portion of the loan balance depending on the individually negotiated settlement offer. The settlements are offered through a
mediation proceeding conducted by the Polish Financial Supervisory Authority.
As at 31/12/2025 RBI made 21,630 individual settlement proposals, out of which 4,541 customers already agreed and in addition
855 customers have signed agreements to enter a mediation process. The bank included in the provisioning calculation the
estimated number of settlements to be signed with customers reflecting the adjusted level of future losses in these settlement
cases. The consideration of settlements in the provision calculation is affected by factors such as the repayment amount and
the development of the ruling practice and the duration of proceedings.
Other provisions
in \u20ac thousand
31/12/2025
31/12/2024
Losses on bankbook derivatives
66,341
63,013
Guarantee loans
53,423
31,484
Process risks
1,270,080
1,061,941
Bonus payments
53,472
48,729
Anniversary payments and birthday payments
23,774
27,030
Overdue vacation
25,536
31,677
Restructuring costs
631
923
Supervisory Board fees
1,489
1,397
Operational risk/losses/other
21,354
22,537
Audit costs
1,524
1,651
Other expenses
51,094
99,813
Total
1,568,717
1,390,196
Tier 2 capital according to part two, title I, chapter 4 of regulation (EU) no.
575/2013
As at 31 December 2025, tier 2 capital amounts to \u20ac 2,027,500 thousand (31/12/2024: \u20ac 2,278,528 thousand).
Company tier 2 capital according to CRR:
in \u20ac thousand
31/12/2025
31/12/2024
RBI SUB.CALL.NTS 20-32
2,521
391
RBI NFS 19-30/S193T1
0
1,710
RBI SUB. BONDS 21-33
0
184
RBI SUB.CALL.NTS 20-32
6,522
0
RBI NTS 22-32 S258/T1
1,172
1,082
In the reporting year, AT1 issuances in the amount of \u20ac 674,200 thousand (31/12/2024: \u20ac 475,800 thousand), covered bonds in
the amount of \u20ac 0 thousand ((31/12/2024: \u20ac 1,294,000 thousand) and other issuances in the amount of \u20ac 12,200 thousand
(31/12/2024: \u20ac 334,449 thousand) were redeemed, resulting in total income for the financial year 2025 in the amount of \u20ac 113
thousand (31/12/2024: income of \u20ac 4,359 thousand).
Subordinated liabilities
List of subordinated loans (including tier 2 capital) that exceed 10 per cent of the total subordinated liabilities of \u20ac 2,027,500
thousand (i.e. that exceed \u20ac 202,750 thousand):
Name
ISIN
Nominal value
in \u20ac thousand
Emission
Due
Currency
Interest
rate
Call date
Subordination
Subordinated Notes 2032 Serie 215
XS2189786226
500.000
18/06/2020
18/06/2032
EUR
2.875%
18/06/2027
Tier 2
Subordinated Notes 2033 Serie 231
XS2353473692
500.000
17/06/2021
17/06/2033
EUR
1.375%
17/03/2028
Tier 2
Subordinated Notes 2032 Serie 258
XS2534786590
500.000
20/09/2022
20/12/2032
EUR
7.375%
20/09/2027
Tier 2
Subordinated Notes 2035 Serie 301
XS2904849879
500.000
02/10/2024
02/01/2035
EUR
5.250%
02/11/2029
Tier 2
Subordinated liabilities also include two subordinated schuldschein loans with maturities of between three and ten years,
which are denominated in euro.
Claims by creditors for repayment of these liabilities are subordinated to other creditors and, in the event of bankruptcy or
liquidation, may only be repaid after all non-subordinated creditors have been repaid.
No contractual regulations exist in relation to the aforementioned liabilities concerning any conversion or early termination.
Expenses for subordinated liabilities
The expenses for subordinated liabilities in the financial year amount to \u20ac 90,525 thousand (31/12/2024: \u20ac 77,345 thousand).
Additional tier 1 capital
Additional tier 1 capital of \u20ac 500,000 thousand was issued in 2025. In addition, additional tier 1 capital of \u20ac 674,200 thousand
was repurchased. No price loss (\u20ac 8,921 thousand in 2024) was realized on the repurchase in the past financial year. With the
additional tier 1 capital placed up to 31/12/2025 in the volume of \u20ac 1,650,200 thousand (\u20ac 500,000 thousand in 2020, \u20ac 650,000
thousand in 2024, and \u20ac 500,000 thousand in 2025), RBI AG has thereby completed its planned AT1 issuance program for the
past financial year. Additional tier 1 capital, including accrued interest, as at 31 December 2025 amounts to \u20ac 1,655,073
thousand (31/12/2024: \u20ac 1,832,142 thousand). The discount in the amount of \u20ac 6,460 thousand (31/12/2024: \u20ac 10,761 thousand) is
carried as a deferred expense until the respective first call date (15 June 2026, 15 June 2030, and 15 December 2031).
RBI AG holds the following amounts of its own AT1 instruments:
in \u20ac thousand
31/12/2025
31/12/2024
RBI FIX TO FLR 17/UD
0
612
RBI FIX TO FLR 18/UD
0
2,450
RBI FIX TO RES RTE TIER 1
1,214
8,734
RBI AT1 NTS 25-OE
2,038
0
RBI SUB.CALL.NTS 24-OE
9,206
4,656
Assets and liabilities in foreign currency
in \u20ac thousand
31/12/2025
31/12/2024
Assets in foreign currency
10,165,857
15,689,069
Liabilities in foreign currency
10,703,364
15,597,267
Equity
Subscribed capital
As at 31 December 2025, the company\u2019s share capital amounted to \u20ac 1,003,265,844.05 and was divided into 328,939,621 voting
common bearer shares. As at 31 December 2025, 698,767 (31 December 2024: 525,274) of those were own shares, and
consequently 328,240,854 shares were outstanding at the reporting date.
Own shares
The Annual General Meeting held on 4 April 2024 authorized the Management Board pursuant to \u00a7 65 (1) 8, \u00a7 65 (1a) and \u00a7 65 (1b)
of the AktG to purchase own shares and to retire them if appropriate without requiring any further prior resolutions to be
passed by the Annual General Meeting, though with the approval of the purchase by the Supervisory Board can also be
effected off-exchange under the exclusion of the shareholders\u2019 pro rata tender right. Own shares, whether already purchased
or to be purchased, may not collectively exceed 10 per cent of the company\u2019s share capital. The authorization to purchase own
shares expires 30 months after the date of the Annual General Meeting resolution, i.e. until 4 October 2026. The acquisition
price for repurchasing the shares may be no lower than \u20ac 3.05 per share and no higher than 10 per cent above the average
unweighted closing price over the 10 trading days prior to exercising this authorization. The authorization may be exercised in
full or in part or also in several partial amounts, for one or more purposes \u2013 with the exception of securities trading \u2013 by the
company, by a subsidiary (\u00a7 189a (7) of the UGB) or by third parties for the account of the company or a subsidiary.
The Management Board was further authorized, pursuant to \u00a7 65 (1b) of the AktG, to decide, with the approval of the
Supervisory Board, on the sale of own shares by means other than the stock exchange or a public tender, to the full or partial
exclusion of shareholders\u2019 subscription rights, and to stipulate the terms of sale. Shareholders\u2019 subscription rights may only be
excluded if the own shares are used to pay for a contribution in kind, to acquire enterprises, businesses, operations or stakes in
one or several companies in Austria or abroad. Furthermore, shareholders\u2019 subscription rights may be excluded in the event
that convertible bonds are issued in future, in order that (own) shares may be issued to such convertible bond creditors that
have exercised their right of conversion into or subscription to shares in the company, and also in the event of a conversion
obligation stipulated in the convertible bonds\u2019 issuance conditions in order to fulfil this conversion obligation. This authorization
may be exercised in whole, in part or in several partial amounts for one or more purposes by the company, a subsidiary (\u00a7 189a
7 UGB) or by third parties for the account of the company or a subsidiary and remains in force for five years from the date of
this resolution, i.e. until 4 April 2029.
Since then, no treasury shares have been acquired under this authorization of April 2024.
The Annual General Meeting of 4 April 2024 also authorized the Management Board, under the provisions of \u00a7 65 (1) 7 of the
AktG, to purchase own shares for the purpose of securities trading, which may also be conducted off-market, during a period
of 30 months from the date of the resolution (i.e. until 4 October 2026), provided that the trading portfolio of shares purchased
for this purpose does not at the end of any given day exceed 5 per cent of the company's respective share capital. The
consideration for each share to be acquired must not be less than half the closing price at the Vienna Stock Exchange on the
last day of trading preceding the acquisition and must not exceed twice the closing price at the Vienna Stock Exchange on the
last day of trading preceding the acquisition. This authorization may be exercised in full or in part or also in several partial
amounts by the company, by a subsidiary (\u00a7 189a (7) UGB) or by third parties acting for the account of the company or a
subsidiary.
Since then, no own shares have been purchased for the purpose of securities trading on the basis of the authorization of April
2024.
Authorized capital
Pursuant to \u00a7 169 of the Austrian Stock Corporation Act (AktG), the Management Board has been authorized since the Annual
General Meeting of 4 April 2024 to increase the share capital with the approval of the Supervisory Board \u2013 in one or more
tranches \u2013 by up to \u20ac 501,632,920.50 through the issuance of up to 164,469,810 new voting common bearer shares in exchange
for contributions in cash and/or in kind (including by way of the right of indirect subscription by a bank pursuant to \u00a7 153 (6) of
the AktG) by 16 May 2029 at the latest and to fix the offering price and terms of the issue with the approval of the Supervisory
Board. The Management Board is further authorized to exclude shareholders\u2019 subscription rights with the approval of the
Supervisory Board (i) if the capital increase is carried out in exchange for contributions in kind, or (ii) if the capital increase is
carried out in exchange for contributions in cash and the shares issued under the exclusion of subscription rights do not exceed
10 per cent of the company\u2019s share capital (exclusion of subscription rights). The (i) utilization of authorized capital with
exclusion of the statutory subscription right in the event of a capital increase in return for a contribution in cash, and the (ii)
implementation of the conditional capital resolved upon in the Annual General Meeting on 26 March 2025 in order to grant
conversion or subscription rights to convertible bond creditors may not exceed 10 per cent in total of the share capital of the
company. The utilization of the authorized capital in the form of a capital increase in return for a contribution in kind is not
covered by this restriction.
Since then, this authorization from April 2024 has not been utilized.
Capital reserves
The committed capital reserves amounted to \u20ac 4,340,692 thousand (31/12/2024: \u20ac 4,335.669 thousand), while the uncommitted
capital reserves totaled \u20ac 84,589 thousand (31/12/2024: \u20ac 93,467 thousand). The change resulted from the recognition of
treasury shares in accordance with section 229 (1a) and (1b) UGB.
Retained earnings
Retained earnings consist of legal reserves of \u20ac 5,500 thousand (31/12/2024: \u20ac 5,500 thousand) and other free reserves
amounting to \u20ac 2,399,831 thousand (31/12/2024: \u20ac 2,395,234 thousand). Of the other free reserves, an amount of \u20ac 531,203
thousand (31/12/2024: \u20ac 526,606 thousand) is allocated to the Raiffeisen-IPS. An amount of \u20ac 4,597 thousand (31/12/2024:
\u20ac\u00a024,557 thousand) was allocated to other reserves in the 2025 financial year as a reserve for the Raiffeisen institutional
protection scheme (Raiffeisen-IPS) based on the agreement to establish an institutional protection scheme and a
corresponding resolution by the Raiffeisen-IPS Joint Risk Council. The Raiffeisen-IPS reserve is not eligible for inclusion in the
calculation of own funds pursuant to CRR.
Liability reserves
As at 31 December 2025, liability reserves stood unchanged at \u20ac 535,097 thousand (31/12/2024: \u20ac 535,097 thousand).
Additional notes
Notes on liability arrangements
In the government-promoted, subsidized forward private planning scheme, RBI AG has issued capital guarantee obligations in
accordance with Section 108h (1) 3 of the Income Tax Act (EStG). In this context, the bank guarantees that in the event of
transferring the capital into a perpetual annuity the payment amount available for this annuity is not less than the sum of the
contributions made by the taxpayer plus the premiums credited to this taxpayer pursuant to Section 108g EStG. As at 31
December 2025, the volume of these guarantees stood at \u20ac 799,271 thousand (31/12/2024: \u20ac 903,761 thousand).
Raiffeisen Customer Guarantee Scheme (RK\u00d6)
RBI AG is a member of Raiffeisen-Kundengarantiegemeinschaft Austria (Raiffeisen Customer Guarantee Scheme Austria (RK\u00d6).
The members of this association have a contractual obligation to guarantee jointly the punctual fulfillment of the entirety of
an insolvent association member\u2019s commitments arising from customer deposits and its own issues up to the limit of the sum
of the individual capacities of the remaining association members. The individual capacity of an association member is
measured on the basis of its freely available reserves subject to the pertinent provisions of the Austrian Banking Act (BWG).
In view of the change in the legal and regulatory framework and implementation of an institutional protection scheme, the
RK\u00d6 and its respective member institutions decided in 2019 to discontinue the scheme for new transactions. Accordingly, the
supplementary protection by RK\u00d6 may only be granted to protected transactions entered into before 1 October 2019. The
rights of customers with regard to statutory deposit insurance are not affected and remain fully in place.
Institutional protection scheme (Raiffeisen-IPS)
Raiffeisen Bank International AG and its Austrian bank subsidiaries, the regional Raiffeisen banks and the local Raiffeisen
banks, are part of the agreement on an institutional protection scheme (Raiffeisen-IPS) as well as the Austrian Raiffeisen-
Sicherungseinrichtung eGen (\u00d6RS), as a statutory protection scheme.
In the agreement on the Raiffeisen-IPS, the member institutions agree to ensure one another\u2019s security and in particular, join
forces to ensure liquidity and solvency when required. The Raiffeisen-IPS was recognized by the relevant supervisory authorities
(ECB and FMA) as an institutional protection scheme according to Article 113 (7) CRR (Capital Requirements Regulation of the
European Union) and its related rights and obligations of the participating member institutions. This allows, among other
things, for receivables to be risk-weighted at zero per cent between Raiffeisen-IPS members. The Raiffeisen-IPS is subject to
joint regulatory supervision and capital requirements must also be met on a consolidated basis.
The Raiffeisen-IPS was recognized together with \u00d6RS by the Austrian Financial Market Authority (FMA) as a statutory deposit
guarantee and investor protection scheme according to the Austrian Deposit Guarantee and Investor Protection Act
Einlagensicherungs- und Anlegerentsch\u00e4digungsgesetz (ESAEG).
\u00d6RS is mandated to operate the reporting and early risk assessment systems for the Raiffeisen-IPS. \u00d6RS acts as trustee and
manages the liquid assets for the Raiffeisen-IPS.
The Raiffeisen-IPS is controlled by a joint risk council, comprising representatives of RBI AG, the regional Raiffeisen banks and
the Raiffeisen banks. Tasks that could be solved on a regional level were delegated to the regional risk councils, each
comprising representatives of the respective regional Raiffeisen banks and Raiffeisen banks, by the joint risk council.
Letters of comfort and other financial obligations
As at 31 December 2025, soft letters of comfort in the amount of \u20ac 22,642 thousand (31/12/2024: \u20ac 95,881 thousand) had been
issued. Open capital commitments on share capital in the total amount of \u20ac 62,904 thousand were recorded at 31 December
2025 (31/12/2024: \u20ac 122,781 thousand).
Contingent liabilities recorded in the statement of financial position of RBI AG of \u20ac 7,317,059 thousand were reported as at
31\u00a0December 2025 (31/12/2024: \u20ac 7,477,261 thousand). Of that amount, \u20ac 6,374,973 thousand (31/12/2024: \u20ac 6,330,724 thousand)
was attributable to guarantees and \u20ac 942,086 thousand (31/12/2024: \u20ac 1,146,536 thousand) to letters of credit. Of the
guarantees, an amount of \u20ac 438,958 thousand (31/12/2024: \u20ac 486,748 thousand) relates to guarantees to affiliated companies.
As at 31 December 2025, \u20ac 21,959,511 thousand (31/12/2024: \u20ac 20,157,817 thousand) in credit risk was reported under liabilities in
the statement of financial position. In the reporting year, \u20ac 10,786,815 thousand of that amount relates to irrevocable loan
commitments not yet drawn down (31/12/2024: \u20ac 10,051,873 thousand) and \u20ac 11,172,696 thousand to revocable loan
commitments (31/12/2024: \u20ac 10,105,944 thousand).
Pending legal issues
RBI AG is involved in various legal, administrative or arbitration proceedings before various courts and authorities, both as a
plaintiff and a defendant. The proceedings generally arise in the ordinary course of business in contractual, employment and
other matters.
A provision is recognized for contingent liabilities, impending losses from pending transactions and expenses that are
attributable to the financial year under review or to previous financial years and that are probable or certain on the closing
date, but the amount or time of occurrence is uncertain. A contingent liability that arises from a past event is disclosed unless
payment is highly unlikely. In the following description, no amount is specified in those cases in which it would be severely
detrimental to do so..
Banking business
RBI AG provides services for corporate customers that increase litigation risk at the operating level. The most important cases
are as follows:
Following the insolvency of Alpine Holding GmbH (Alpine) in 2013, a number of lawsuits were filed by retail investors in Austria
against RBI and another credit institution in connection with a bond which had been issued by Alpine in 2012 in an aggregate
principal amount of \u20ac 100 million. The claims asserted against RBI originally amounted to approximately \u20ac 10 million. In total,
claims of approximately \u20ac 8 million had been filed in court by investors either directly or indirectly through a 'class action' of the
Austrian Federal Chamber for Workers and Employees (Bundeskammer f\u00fcr Arbeiter und Angestellte). Owing to the termination
of some of the proceedings and claim reductions in other proceedings, the value in dispute of the pending court proceedings
against RBI decreased to approximately \u20ac 6.3 million. Among other things, it is claimed that the banks acted as joint lead
managers of the bond issue and were or at least should have been aware of financial problems of Alpine at the time of the
issue. Thus, they should have known that Alpine was not in a position to redeem the bonds as set forth in the terms and
conditions of the bonds. It is alleged that the capital market prospectus in relation to the bond issue was misleading and
incomplete and that the joint lead managers including RBI, were aware of that fact. In December 2023, in several joint
proceedings the court of first instance issued a partial judgment and dismissed the claims of the investors based on
prospectus liability in the amount of in total approximately \u20ac 5.9 million regarding RBI related claims. The judgment of the court
of first instance was confirmed by the court of second instance. The plaintiffs filed an appeal against this decision with the
Austrian Supreme Court (Oberster Gerichtshof) in September 2024. The amount of RBI related claims subject to these appellate
proceedings was reduced from \u20ac 5.9 million to \u20ac 5.7 million. The OGH rejected the plaintiff's appeal in this class action with its
decision of 23 July 2025. Furthermore, RBI was able to settle a number of other proceedings and receive partial reimbursement
of its legal costs. Following the proceedings settled by the appeal decision of the OGH, the number of all other pending
proceedings has fallen to just two (with a total value in dispute of around \u20ac 0.5 million).
In the first quarter of 2021, RBI learned about a claim already filed against it in Jakarta by an Indonesian company in November
2020. The amount of the alleged claim is approximately USD 129 million (\u20ac 110 million) in material damages and USD 200 million
(\u20ac 170 million) in immaterial damages. The claim was served upon RBI in May 2022. On 27 June 2023, the South Jakarta District
Court (Pengadilan Negeri Jakarta Selatan), held that RBI has committed an unlawful act against the Indonesian company and
ordered RBI to pay damages in the amount of USD 119 million (\u20ac 101 million). In view of the facts of the case and the legal
situation, RBI filed an appeal against the judgment with the High Court of Jakarta (Pengadilan Tinggi Jakarta). In March 2024
the High Court of Jakarta ruled in favour of RBI and rejected the claim due to lack of Indonesian jurisdiction. In June 2024, the
plaintiff filed an appeal to the Supreme Court of Indonesia (Mahkamah Agung Republik Indonesia) which was opposed by RBI.\u00a0
While the South Jakarta District Court's website indicates the dismissal of the appeal, the delivery of this decision by the
Supreme Court of Indonesia to RBI is still pending.
RBI is involved in a dispute with a Cayman Islands Company (Cayman Islands Company) and other parties (including several
subsidiaries of and a director of the Cayman Islands Company) centered on non-payment of guarantees given by the former
parent company of the Cayman Islands Company (Parent Company). In August 2019, RBI began proceedings against the
Cayman Islands Company (and other parties) in the Grand Court of the Cayman Islands, Financial Services Division (the Cayman
Islands Court). In those proceedings, RBI alleges in general terms that through a series of fraudulent transfers (the Fraudulent
Scheme) the Parent Company was stripped of its assets, to frustrate the enforcement of RBI's guarantees. In September 2019,
RBI obtained an order against the Cayman Islands Company, restricting its ability to deal with its assets (the Freezing Order),
pending determination of the proceedings before the Cayman Islands Court. In November 2019, the Cayman Islands Company
filed its defense and counterclaim to the proceedings before the Cayman Islands Court, including a \u20ac 203 million counterclaim
against RBI. The Cayman Islands Company's purported counterclaim is founded on documents that the Cayman Islands
Company has, to date, refused to provide. Further defendant parties were added to the proceedings before the Cayman
Islands Court in 2020. In December 2021, the Cayman Islands Court of Appeal refused attempts by the Cayman Islands
Company and other parties to challenge the Freezing Order and the jurisdiction of the Cayman Islands Court. Those attempts
were rejected with costs ordered in RBI's favor. In 2023, RBI amended its claim, added a director of the Cayman Islands
Company (Director) as a party to the proceedings before the Cayman Islands Court, and increased its claim for damages from
approximately \u20ac 44 million to approximately \u20ac 106 million plus interest and costs. An application by the Director to challenge
jurisdiction and his joinder to the proceedings before the Cayman Islands Court was heard in February 2025 and refused in April
2025, with costs awarded in RBI's favour. The Director\u2019s defense was filed in August 2025. Following a case management
conference in September 2025, a trial has been ordered to commence on the first available date after 2 April 2027.\u00a0 Also in
September 2025, a new party (a subsidiary of the Cayman Islands Company) was added to the proceedings. That party gave
undertakings to the Cayman Islands Court in materially the same form as the Freezing Order and both the Cayman Islands
Company and the new party were ordered to give disclosure of all of their assets with a value above \u20ac 3 million, with the
provision of further information to come from the Cayman Islands Company's auditors, to aid in the policing of the Freezing
Order.\u00a0 Other related proceedings have been brought against RBI by parties within the Cayman Islands Company\u2019s group,
including in Malta and\u00a0 British Columbia (Canada).\u00a0 Those proceedings are being defended by RBI.\u00a0 They are for declaratory
relief only, and no damages are claimed.
Regulatory enforcement
RBI AG and its subsidiaries are subject to numerous national and international regulatory authorities.
In March 2018, an administrative fine of \u20ac 2.7 million (which was calculated by reference to the annual consolidated turnover of
RBI and constitutes 0.06 per cent of the last available annual consolidated turnover) was imposed on RBI by FMA in the course
of administrative proceedings based on alleged non-compliance with formal documentation requirements relating to the
know-your-customer principle (Initial FMA Decision). According to the interpretation of the Austrian Financial Market Authority
(FMA), RBI had failed to comply with these administrative obligations in a few individual cases. FMA did not allege that any
money laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. RBI took
the view that it had duly complied with all due diligence obligations regarding know-your-customer requirements and
appealed against the Initial FMA Decision in its entirety. The Federal Administrative Court (Bundesverwaltungsgericht \u2013 BVwG)
confirmed the Initial FMA Decision (First Appellate Decision) and \u2013 again- RBI appealed against this decision in its entirety. In
December 2019, the Austrian Supreme Administrative Court (Verwaltungsgerichtshof\u2013 VwGH) revoked the First Appellate
Decision and referred the case back to the BVwG. In the retrial on 6 May 2021, the BVwG again confirmed the Initial FMA
Decision in general but reduced the administrative fine down to \u20ac 824 thousand and allowed another (second) appeal before
the VwGH (Second Appellate Decision). Such appeal was filed by RBI. In July 2023, the VwGH revoked the Second Appellate
Decision and, again, referred the case back to the BVwG. In the retrial on 25 April 2024, the BVwG again confirmed the Initial
FMA Decision in general but reduced the administrative fine down to \u20ac 2 million (from the amount of \u20ac 2.7 million imposed by -
the Initial FMA Decision) and allowed another (third) appeal before the VwGH (Third Appellate Decision). Such appeal was filed
by RBI on 7 June 2024. A provision of an appropriate amount has been recognized.
In September 2018, two administrative fines totaling PLN 55 million (\u20ac 13 million) were imposed on Raiffeisen Bank Polska S.A.
(RBPL), the former Polish subsidiary of RBI in the course of administrative proceedings based on alleged non-performance of
duties as the depositary and liquidator of certain investment funds. RBPL as custodian of investment funds assumed the role
of liquidator of certain funds in February 2018. According to the interpretation of the Polish Financial Supervision Authority \u2013
which is known by its Polish abbreviation, KNF \u2013 RBPL failed to comply with certain obligations in its function as depository
bank and liquidator of the funds. In the course of the transactions related to the sale of the core banking operations of RBPL to
Bank BGZ BNP Paribas S.A., the responsibility for said administrative proceedings and related fines was assumed by RBI. RBI
filed appeals against these fines in their entirety. In September 2019, in relation to the PLN 5 million (\u20ac 1 million) fine regarding
RBPL\u2019s duties as depositary bank, the Voivodship Administrative Court considered RBI\u2019s appeal and overturned the KNF decision
in its entirety. However, the KNF filed an appeal in cassation against the judgement. In relation to the PLN 50 million (\u20ac 12
million) fine regarding RBPL\u2019s function as liquidator, the Voivodship Administrative Court decided to dismiss the appeal and
uphold the KNF decision in its entirety. RBI has raised appeal in cassation to the Supreme Administrative Court because it takes
the view that RBPL has duly complied with all its duties. In April 2023, the Supreme Administrative Court decided to refer the
case regarding the PLN 5 million (\u20ac 1 million) fine back to the Voivodship Administrative Court for reconsideration. Furthermore,
the Supreme Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 50 million (\u20ac 12 million) fine
which is now final. However in October 2023 RBI filed a complaint to the European Court of Human Rights over this verdict. In
October 2023, the Voivodship Administrative Court dismissed RBI\u2019s appeal and upheld the KNF decision imposing the PLN 5
million (\u20ac 1 million) penalty on RBI AG in relation to the alleged violations of RBI's duties as depositary of certain investment
funds. A cassation appeal against this judgment to the Supreme Administrative court was submitted. In February 2025, the
Supreme Administrative Court dismissed RBI\u2019s appeal in cassation in connection with the PLN 5 million (\u20ac 1 million) fine which is
now final. In July 2025, RBI AG also filed a complaint to the European Court of Human Rights over this verdict. Both fines, i.e. the
PLN 5 million (\u20ac 1 million) fine and the PLN 50 million (\u20ac 12 million) fine, have already been paid.
In this context, several individual lawsuits and four class actions, aggregating claims of holders of certificates in the above-
mentioned investment funds, were filed against RBI, whereby the total amount in dispute as at 31 December 2025 equals
approximately PLN\u00a0 81 million (\u20ac 19 million). Additionally, RBI was informed that two modifications of a statement of claim had
been submitted to the court which could result in an increase of the total amount in dispute by approximately PLN 93 million
(\u20ac 22 million). However, the first of such modifications for an amount of approximately \u20ac 91 million\u00a0 has not yet been served
upon RBI. The plaintiffs of the class actions demand the confirmation of RBI\u2019s responsibility for the alleged improper
performance of RBPL (in respect of which RBI is the legal successor) as custodian bank. Such confirmation would secure and
facilitate their financial claims in further lawsuits. Due to RBI\u2019s legal assessment, no provision has been recognized.
Additionally, RBI received a number of claim notices from BNP in connection with certain bank operations in respect of which
BNP is the legal successor to RBPL. Said claim notices primarily relate to administrative proceedings conducted by the KNF
(Polish Financial Supervision Authority) in connection with alleged failures of RBPL/BNP in acting as a depository of investment
funds and could lead to cash penalties. Furthermore, claims in this context have been raised by investors to BNP, and as a
mitigating measure RBI supports BNP in this regard. The financial impact can not be estimated at this time.
In January 2023, RBI was informed by FMA that an administrative proceeding has been started based on the alleged non-
compliance with certain legal requirements regarding the know-your-customer principle in connection with three customers of
RBI\u2019s correspondent banking business. The transactions relevant for the administrative proceedings had been processed by RBI
between 2017 and 2020. According to the interpretation of FMA, RBI had not sufficiently convinced itself that these banks had
appropriate due diligence procedures in place regarding customers of their own correspondent banking business. Thus, in the
view of FMA, RBI failed to fully comply with its administrative obligations in this regard. FMA did not state that any money
laundering or other crime had occurred, or that there was any suspicion of, or any relation to, any criminal act. In June 2024,
FMA terminated the administrative proceeding in relation to one bank without a fine, but imposed a fine of \u20ac 2.07 million
against RBI in relation to the other two banks. In July 2024 RBI filed an appeal to the Federal Administrative court
(Bundesverwaltungsgericht - BVwG) and, thus the fine is not yet final or legally binding. The BVwG meanwhile has requested
the CJEU to issue a preliminary ruling concerning the involvement and treatment of natural persons acting for a legal entity as
prerequisite for fining said legal entity. The proceeding before the CJEU is currently on-going.
In January 2023, RBI received a Request for Information (RFI) from the Office of Foreign Assets Control (OFAC) of the US
Department of the Treasury. OFAC administers and enforces economic and trade sanctions based on US foreign policy and
national security goals. A breach of US sanctions may, among others, result in fines, the freezing of accounts or the termination
of business relationships with US correspondent banks. The questions raised by OFAC in the RFI seek to clarify payments
business and related processes maintained by RBI with respect to US correspondent banks in light of the developments related
to Russia and Ukraine. RBI has also been cooperating with the U.S. Department of Justice ( DOJ) since March 2023 in connection
with a DOJ inquiry into RBI's compliance with sanctions against Russia. A breach of U.S. criminal law related to sanctions may,
among others, result in fines or the appointment of a monitor. As a matter of principle, RBI maintains policies and procedures
that are designed to ensure compliance with applicable embargoes and financial sanctions and is cooperating fully with OFAC
and DOJ in relation to their requests to the extent permitted by applicable laws and regulations.
In August 2023 the Austrian Financial Markets Authority (FMA) instigated administrative fining proceedings against RBI AG
regarding a suspected breach by Raiffeisen Centrobank AG (RCB) of insider trading rules according to EU Regulation 596/2014
(MAR) in September 2022 in respect of a financial instrument for which RCB acted as market maker. RCB was a fully
consolidated Austrian subsidiary of RBI AG and RBI AG became the legal successor of the relevant parts of RCB\u2019s business by
way of a demerger by absorption in December 2022. The relevant transaction which is the basis of the allegations amounts to
approximately \u20ac 85 thousand.
Tax litigation
On 7 July 2024, the Austrian Federal Finance Court (Bundesfinanzgericht) submitted a request for a preliminary ruling to the
Court of Justice of the European Union (CJEU), asking whether the following value-added tax (VAT) exemption in \u00a7 6(1) No. 28
second sentence of the Austrian VAT Act constitutes state aid according to Article 107(1) of the Treaty on the Functioning of
the European Union. According to \u00a7 6(1) No. 28 second sentence of the Austrian VAT Act, services provided between companies
that predominantly carry out banking, insurance, or pension fund transactions are exempt from tax, provided that these
services are directly used to carry out the aforementioned tax-exempt transactions, and for personnel leasing by these
companies to the associations (Zusammenschl\u00fcsse) mentioned in the first sentence of \u00a7 6(1) No. 28 of the Austrian VAT Act.
Based on this regulation, RBI has provided and received VAT-exempt services. Should the CJEU rule that the tax exemption
constitutes (forbidden) state aid, it is to be expected that such state aid would be reclaimed for the past (for a maximum of
ten years). It is expected that this might result in repayment obligations of RBI\u00a0 in the amount of approximately \u20ac 17 million.\u00a0 In
this context a provision of \u20ac 17 million has been recognized. In July 2024, an amendment to the Austrian VAT Act was adopted,
according to which the VAT exemption in \u00a7 6(1) No. 28 second sentence of the Austrian VAT Act was deleted as from
1 January 2025. On 5 May 2025, the CJEU ruled that the preliminary request of the Austrian Federal Finance Court was
inadmissible. The Austrian Federal Finance Court submitted a new request for a preliminary ruling on 30 May 2025.
In Germany, a tax liability totaling approximately \u20ac 23 million rose in connection with real estate transfer taxes. The tax
authority\u2019s decision has been contested at the Federal Fiscal Court in Munich. As the taxes have already been settled, the
establishment of a provision is deemed unnecessary.
Total capital according to CCR
in \u20ac thousand
31/12/2025
31/12/2024
Capital instruments and the related share premium accounts
5,406,416
5,410,799
Retained earnings
343,654
342,502
Accumulated other comprehensive income (and other reserves)
2,409,226
2,409,226
Minority interests (amount allowed in consolidated CET1)
0
0
Common equity tier 1 (CET1) capital before regulatory adjustments
8,159,295
8,162,527
Additional value adjustments (negative amount)
(35,884)
(41,373)
Intangible assets (net of related tax liability) (negative amount)
(15,256)
(17,337)
Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of related tax
liability where the conditions in Article 38 (3) are met) (negative amount)
(644)
(738)
Fair value reserves related to gains or losses on cash flow hedges
0
0
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing
0
0
Direct and indirect holdings by an institution of own CET1 instruments (negative amount)2
(20,000)
(20,000)
Exposure amount of the following items which qualify for a risk weight of 1250%, where the institution opts for the
deduction alternative
(9,084)
(38,031)
hereof: qualifying holdings outside the financial sector (negative amount)
0
0
hereof: securitization positions (negative amount)
(9,084)
(38,031)
hereof: securitization positions (negative amount)
0
0
Other regulatory adjustments
(415,124)
(98,384)
Total regulatory adjustments to common equity tier 1 (CET1)
(495,992)
(215,862)
Common equity tier 1 (CET1) capital
7,683,303
7,946,665
Capital instruments and the related share premium accounts
1,638,799
1,800,218
hereof: classified as equity under applicable accounting standards
0
0
hereof: classified as liabilities under applicable accounting standards
0
0
Amount of qualifying items referred to in Article 484 (4) and the related share premium accounts subject to phase out
from AT1
0
0
Qualifying tier 1 capital included in AT1 capital (including minority interests not included in row 5) issued by subsidiaries
and held by third parties
0
0
Additional Tier 1 (AT1) capital before regulatory adjustments
1,638,799
1,800,218
Direct and indirect holdings by an institution of own AT1 instruments (negative amount)
(33,000)
(33,000)
Total regulatory adjustments to Additional Tier 1 (AT1) capital
(33,000)
(33,000)
Additional tier 1 (AT1) capital
1,605,799
1,767,218
Tier 1 capital (T1 = CET1 + AT1)
9,289,102
9,713,883
Capital instruments and the related share premium accounts
2,026,487
2,238,093
Qualifying own funds instruments included in T2 capital (including minority interests and AT1 instruments not included in
rows 5 or 34) issued by subsidiaries and held by third parties
0
0
Credit risk adjustments
0
0
Tier 2 (T2) capital before regulatory adjustments
2,056,487
2,238,093
Tier 2 (T2) capital: regulatory adjustments
0
0
Direct and indirect holdings by an institution of own T2 instruments and subordinated loans (negative amount)
(30,000)
(30,000)
Total regulatory adjustments to Tier 2 (T2) capital
(30,000)
(30,000)
Tier 2 (T2) capital
2,026,487
2,208,093
Total capital (TC = T1 + T2)
11,315,589
11,921,976
Risk-weighted assets in respect of amounts subject to pre-CRR treatment and transitional treatments subject to
phase out as prescribed in Regulation (EU) No 575/2013 (i.e. CRR residual amount)
37,338,376
37,123,819
Total risk-weighted assets (RWA)
37,338,376
37,123,819
A presentation of consolidated own funds in accordance with CRR can be found in the consolidated financial statements in the
chapter Capital management and total capital according to CRR/CRD IV and Austrian Banking Act (BWG)
Own funds requirements and risk-weighted assets
The following table shows the risk-weighted exposure in accordance with Regulation (EU) 2024/1623 (CRR III/Basel IV), which
came into force on 1 January 2025. Until the end of 2024, the risk-weighted exposure was calculated in accordance with the
requirements of Regulation (EU) No. 575/2013 (CRR II/Basel III). The entry into force of Regulation (EU) 2024/1623 (CRR III) on
1\u00a0January 2025 led to significant changes in the calculation of risk-weighted assets and capital requirements, in particular
through revised standards for credit and operational risk. These regulatory changes form the basis for shifts within the
individual risk positions, including the cancellation or redefinition of individual categories. As a consequence, comparability with
historical figures is no longer fully possible.
in \u20ac thousand
31/12/2025
31/12/2024
Risk-weighted
exposure
Capital
requirement
Risk-weighted
exposure
Capital
requirement
Total risk-weighted assets (RWA)
37,338,376
2,987,070
37,123,819
2,969,906
Risk-weighted exposure amounts for credit, counterparty credit and
dilution risks and free deliveries
26,777,948
2,142,236
30,059,228
2,404,738
Standardized approach (SA)
11,826,268
946,101
1,255,003
100,400
Exposure classes excluding securitization positions
11,826,268
946,101
1,255,003
100,400
Central governments and central banks
12,811
1,025
12,258
981
Regional governments or local authorities
86,761
6,941
53,668
4,293
Public sector entities
43,772
3,502
54,837
4,387
Multilateral development banks
573
46
90,509
7,241
International organizations
0
0
0
0
Institutions
1,552
124
2,118
169
Corporates
19,599
1,568
0
0
Retail
312,954
25,036
283,665
22,693
Secured by mortgages on immovable property
492,498
39,400
735,336
58,827
Exposure in default
21,841
1,747
27,301
2,184
Items associated with particular high risk
0
0
0
0
Covered bonds
0
0
0
0
Claims on institutions and corporates with a short-term credit assessment
0
0
0
0
Collective investments undertakings (CIU)
0
0
0
0
Equity interests
10,817,219
865,377
65,508
5,241
Other items
16,689
1,335
19,406
1,552
Securitization positions
0
0
0
0
Hereof: Resecuritization
0
0
0
0
Internal ratings based approach (IRB)
14,096,446
1,127,716
27,798,922
2,223,914
IRB approaches when neither own estimates of LGD nor conversion
factors are used
13,295,457
1,063,637
15,067,993
1,205,439
Central governments and central banks
0
0
0
0
Institutions
2,352,903
188,232
2,393,947
191,516
Corporates - Purchased receivables1
244,349
19,548
Corporates - SME 1
171,801
13,744
Corporates - Specialized lending
1,451,682
116,135
1,260,987
100,879
Corporates - Other
9,246,524
739,722
11,241,258
899,301
IRB approaches when own estimates of LGD and/or conversion factors
are used
Equity interests
193,810
15,505
12,192,884
975,431
Other non-credit obligation assets
607,179
48,574
538,045
43,044
Securitization positions
855,233
68,419
1,005,303
80,424
in \u20ac thousand
31/12/2025
31/12/2024
Risk-weighted
exposure
Capital
requirement
Risk-weighted
exposure
Capital
requirement
Total risk exposure amount for settlement/delivery
22,253
1,780
18,873
1,510
Settlement/delivery risk in the non-trading book
48
4
0
0
Settlement/delivery risk in the trading book
22,205
1,776
18,873
1,510
Total risk exposure amount for position, foreign exchange and
commodities risk
3,616,078
289,286
3,065,494
245,240
Risk exposure amount for position, foreign exchange and commodities
risks under standardized approaches (SA)
1,359,713
108,777
1,777,764
142,221
Traded debt instruments
426,274
34,102
288,139
23,051
Equity interests
160,490
12,839
120,844
9,668
Particular approach for position risk in CIUs
28,963
2,317
5,259
421
Foreign exchange
722,071
57,766
1,335,732
106,859
Commodities
21,915
1,753
27,790
2,223
Risk exposure amount for position, foreign exchange and commodities
risks under internal models (IM)
2,256,365
180,509
1,287,730
103,018
Total risk exposure amount for operational risk (OpR)
6,528,109
522,249
3,788,531
303,082
Total risk exposure amount for credit valuation adjustments
289,851
23,188
191,694
15,335
Reduced Basic approach (R-BA)1
289,851
23,188
Standardized method1
191,694
15,335
Other risk exposure amounts
104,137
8,331
413
33
Of which: Transitional risk exposure amount related to crypto assets due to
Article 501d (2) of Regulation (EU) No 575/2013 1
13,952
1,116
1 Repeal or redefinition of individual categories
Equity ratios
in per cent
31/12/2025
31/12/2024
Common equity tier 1 ratio
20.6%
21.4%
Tier 1 ratio
24.9%
26.2%
Total capital ratio
30.3%
32.1%
Leverage ratio
in \u20ac thousand
31/12/2025
31/12/2024
Leverage exposure
76,882,225
92,997,127
Tier 1 capital
9,289,102
9,713,883
Leverage ratio in per cent
12.1%
10.4%
\u00b7 Notes to the income
statement
Income by geographic market in accordance with
section 64 (1) 9 BWG
A regional allocation to segments according to the business outlets\u2019 registered offices results in the following distribution:
2025
in \u20ac thousand
Total
Austria
Rest of Europe
Asia
Interest receivable and similar income
2,118,767
2,079,917
37,455
1,395
hereof: from fixed-income securities
371,743
371,638
0
104
Income from variable-yield securities and participations
1,388,616
1,388,616
0
0
Fee and commission income
539,579
538,737
842
0
Net profit or net loss on financial operations
19,365
15,853
1,957
1,555
Sundry operating income
288,602
252,777
31,149
4,676
2024
in \u20ac thousand
Total
Austria
Rest of Europe
Asia
Interest receivable and similar income
2,936,955
2,858,504
76,497
1,953
hereof: from fixed-income securities
289,457
289,271
0
185
Income from variable-yield securities and participations
2,278,249
2,278,249
0
0
Fee and commission income
568,518
567,383
1,135
0
Net profit or net loss on financial operations
110,859
108,991
2,881
(1,013)
Sundry operating income
300,404
263,896
31,957
4,552
Negative interest rates
In principle, RBI AG shows negative interest from loans and advances under interest income, and negative interest from
liabilities under interest expense. However, this topic is currently not relevant due to the development of interest rates in the
financial year under review and the previous financial year.
Other operating income
Other operating income includes staff and administrative expenses passed on for services in the amount of \u20ac 172,549 thousand
(2024: \u20ac 144,199 thousand), income from releases of provisions for impending losses from derivatives in the amount of \u20ac 10,300
thousand (2024: \u20ac 26,174 thousand), and income from close-out fees for derivatives on the banking book in an amount of
\u20ac 30,228 thousand (2024: \u20ac 26,393 thousand), income from the release of other provisions in the amount of \u20ac 6,209 thousand
(2024: \u20ac 7,653 thousand), and income from recharging of services to and services to be recharged to network banks of RBI AG in
connection with the takeover of the digitalization projects of RBI Retail Innovation GmbH in the amount of \u20ac 26,798 thousand
(2024: \u20ac 34,027 thousand).
Staff expenses
Expenses for severance payments and benefits for occupational employee pension funds in the amount of \u20ac 6,897 thousand
(2024: \u20ac 11,685 thousand) include \u20ac 1,394 thousand (2024: \u20ac 6,473 thousand) in expenses for severance payments.
Expenses for severance payments and pension expenses contain effects from the changes in actuarial parameters used to
determine provisions as well as discounting effects.
Other administrative expenses
The auditor expenses for the financial year, broken down by service, are presented in the consolidated financial statements.
Sundry operating expenses
The sundry operating expenses fell \u20ac 379,620 thousand to \u20ac 448,029 thousand in 2025. This includes allocations for provisions
for impending losses for banking book derivatives in an amount of \u20ac 13,627 thousand (2024: \u20ac 6,706 thousand), allocations for
other provisions for liabilities and charges (see also the item Provisions in the statement of financial position and the section
Litigation risk for foreign currency loans in Poland) of \u20ac 81,256 thousand (2024: \u20ac 545,111 thousand), as well as expenses deriving
from close-out fees for banking book derivatives in an amount of \u20ac 33,797 thousand (2024: \u20ac 39,108 thousand). Also included
are expenses from staff and administrative costs passed on in the amount of \u20ac 62,092 thousand (2024: \u20ac 37,231 thousand),
expenses from the takeover of the digitalization projects of RBI Retail Innovation GmbH in the amount of \u20ac 28,852 thousand
(2024: \u20ac 34,169 thousand), and expenses in connection with out-of-court settlements regarding foreign currency loans in the
Poland branch in the amount of \u20ac 215,779 thousand (2024: \u20ac 109,760 thousand).
Disposal and valuation of loans and advances and
securities classified as current assets
Net income/expenses from the disposal and valuation of loans and advances and securities classified as current assets
recorded a negative balance \u2013 as in the previous year \u2013 of \u20ac 185,583 thousand (2024: \u20ac 176,110 thousand). This change derived,
firstly, from a positive net gain/loss on the valuation and disposal of current assets including losses on contractual
adjustments as well as banking book derivatives in the total amount of \u20ac 4,076 thousand (2024: minus \u20ac 7,458 thousand) and
from a reduction in the net gain/loss on the valuation of loans and advances as well as guarantees to an amount of minus
\u20ac 189,659 thousand (2024: minus \u20ac 168,651 thousand).
In the area of individual impairment allowances, RBI AG recorded a net addition to impairment allowances of \u20ac 122,903
thousand. This represents a decrease in the allocation of \u20ac 140,593 thousand compared to the previous year. This development
compared to the previous year is due to lower default and loss rates among major customers, particularly in the property and
industrial financing segments. In the area of portfolio-based impairment allowances, in contrast to 2024 an increase in
impairment allowances for non-defaulted receivables was recorded in the reporting year. Accordingly, a net allocation to
portfolio-based impairment allowances was recognized in an amount of \u20ac 67,996 thousand in the financial year under review
(2024: net release of \u20ac 84,993 thousand). This development is mainly due to changes in management overlays and the updating
of the risk assessment (in particular due to rating changes). In the previous year, there were also several cancellations and
resultant transfers to Stage 3. For substantial as well as non-substantial contract modifications, losses in carrying amounts of
minus \u20ac 7,506 thousand (2024: minus \u20ac 9,445 thousand) were realized in the financial year under review. Net income from
extraordinary disposals of loan receivables amounted to minus \u20ac 858 thousand (2024: minus \u20ac 545 thousand). As in the
previous year, no significant gains or losses were realized on shares in investment funds.
Disposal and valuation of securities evaluated as
financial investments and of shares in affiliated
companies and participating interests
In the financial year 2025, an amount of \u20ac 918 thousand net in price gains was realized on the disposal of securities evaluated
as financial investments. In the comparable period 2024, the price loss was \u20ac 3,515 thousand.
In addition, in the financial year, the item net income/expenses from the disposal and valuation of securities evaluated as
financial investments and of shares in affiliated companies and participating interests included reversals of write-downs in the
total amount of \u20ac 258,335 thousand, of which \u20ac 210,281 thousand was attributable to RZB-BLS Holding GmbH, \u20ac 31,801
thousand to Raiffeisenbank JSC (AVAL), and \u20ac 5,073 thousand to Posojilnica Bank eGen. In total, positive net gains of \u20ac 2,097
thousand (2024: \u20ac 2,008 thousand) were realized on the sale of shares in affiliated companies and participating interests in the
financial year.
Furthermore, a total amount of \u20ac 52,963 thousand in shares in affiliated companies and participating interests was written
down in the financial year under review. This included write-downs of \u20ac 37,991 thousand for Raiffeisen Bausparkasse
Gesellschaft m.b.H. and of \u20ac 4,142 thousand for LOTA Handels- und Beteiligungs-GmbH.
The valuation of the participating interest in AO Raiffeisenbank as at 31 December 2025 is unchanged compared to 31
December 2024 (2024: write-down of \u20ac 1,212,000) and is based on a company value determined in accordance with the
professional standard for business valuations KFS/BW 1, which is based on a dividend discount model of different probability-
weighted scenarios and is supported by an external valuation report. Taking into account \u00a7 204 (2) UGB and \u00a7 208 (1) UGB, the
fact that all scenarios are adequately reflected in the existing valuation approach and the continued existence of the reasons
for impairment, RBI AG determined the valuation as at 31 December 2025 should remain unchanged from the previous year.
A total of \u20ac 207,469 thousand in gains (2024: \u20ac 1,184,950 thousand in losses) from both the valuation and disposal of shares in
affiliated companies and participating interests has therefore been recognized.
Tax on profit or loss
The tax on profit or loss shows net positive income from taxes in the amount of \u20ac 19,936 thousand for the financial year 2025
(2024: \u20ac 12,354 thousand). The item includes income from current income taxes of \u20ac 23,821 thousand (2024: \u20ac 18,817 thousand),
a deferred tax expense of \u20ac 8 thousand (2024: deferred tax income of \u20ac 300 thousand) and a tax expense for previous years of
\u20ac 11 thousand (2024: \u20ac 3,445 thousand). Furthermore, foreign withholding taxes are included in an amount of \u20ac 3,867 thousand
(2024: \u20ac 3,320 thousand).
RBI AG is the group parent of a corporate group pursuant to Section 9 of the Corporation Tax Act (KStG). As of 31 December
2025, 65 companies (including the parent company) were members of the group of companies (31/12/2024: 66 companies)
pursuant to Section 9 of the Corporation Tax Act (KStG). If a group company achieves a positive taxable result, the tax
allocation to be paid for the tax-deductible profit share is 11.5 per cent and for the non-deductible profit share 23 per cent. In
addition, the positive tax levy amounts to 11.5 per cent if a positive result of a group company reduces the balance on the
record account (i.e. an off-book account that the group parent keeps for the group company for the purpose of keeping
records of negative results of the group member and later offsetting them against positive results of the group member). In
the event of negative results for tax purposes, the group member has a claim against the group parent amounting to 11.5 per
cent of the negative result.
At the end of 2022, the EU adopted the Directive on implementing a global minimum tax rate of 15 per cent on profits of
multinational companies in accordance with the OECD\u2019s Base Erosion and Profit Shifting Project. In Austria, the Directive was
implemented through the Minimum Taxation Act (MinBestG). The above-mentioned net income from current income taxes of\u00a0
\u20ac 23,821 thousand includes an expense of \u20ac 7,899 thousand (2024: \u20ac 7,266 thousand) in this connection.
Result from Business Combinations
Through holding companies, Raiffeisen Bank International AG holds participating interests in several Austrian subsidiaries. The
aim of an optimization project in 2024 was to simplify the holding structure through restructurings. This reduced the number of
intermediate holding companies, which resulted in a more streamlined and more transparent ownership structure. The
optimization was achieved through several restructuring steps in the financial year 2024 (transfers, upward and downward
mergers) as well as capital adjustments and contributions.
The restructuring result shown in the financial year 2024 of \u20ac 164,185 thousand originated from the difference between the
diminishing equity investment in RBI Beteiligungs GmbH and the balance of the net assets acquired.
Branches on a consolidated basis
2025
in \u20ac thousand
Bratislava
Frankfurt
London
Beijing
Singapore
Warsaw
Domicile state
Slovakia
Germany
Great Britain
China
Singapore
Poland
Net interest income
(803)
0
0
868
104
36,445
Operating income
(14,179)
4
(27)
2,419
104
43,193
Profit on ordinary activities
(16,146)
(1,845)
(4,575)
(969)
(1,815)
(322,431)
Income taxes
(237)
(56)
(72)
(175)
0
0
Number of employees (average)
20
7
12
15
5
333
Public subsidies received
None
None
None
None
None
None
2024
in \u20ac thousand
Bratislava
Frankfurt
London
Beijing
Singapore
Warsaw
Domicile state
Slovakia
Germany
Great Britain
China
Singapore
Poland
Net interest income
0
0
0
1,223
185
75,674
Operating income
(20,124)
29
154
197
185
83,879
Profit on ordinary activities
(21,933)
(1,889)
(4,432)
(3,438)
(1,510)
(653,645)
Income taxes
(278)
(51)
(105)
(192)
0
0
Number of employees (average)
20
7
13
15
4
321
Public subsidies received
None
None
Keine
None
None
None
With regard to the business areas in which the branches operate, please refer to the chapter Branches and representative
offices in the management report
Overall return on assets
The overall return on assets (net loss or profit after tax divided by the average total assets) in 2025 was 1.13 per cent (2024:
0.37 per cent).
Profit contribution from 2024
On 26 March 2025, the Annual General Meeting resolved to distribute a dividend of \u20ac 1.10 per dividend-bearing share for the
2024 financial year. This equates to a distribution amount of \u20ac 360,681,550.
Proposal for the appropriation of profits
The Management Board will make a proposal to the Annual General Meeting on 9 April 2026 to distribute a dividend of \u20ac 1.60
per share. Based on the shares issued, this would result in a maximum amount of \u20ac 525 million.
Other
Transactions with related parties (companies and individuals) are limited to banking business transactions that are carried out
at fair market conditions.
In the financial year the company had an average of 3,938 employees (2024: 3,870).
Expenses for severance payments and pensions
Pension
Severance payments
in \u20ac thousand
2025
2024
2025
2024
Members of the management board and senior staff
6,958
4,819
(1,948)
1,377
Employees
(8,025)
4,305
8,845
10,361
Total
(1,067)
9,125
6,897
11,738
Severance and pension expenses from provisions also include effects from changes in actuarial parameters used to calculate
provisions as well as interest rate effects. The actuarial gains in the financial year 2025 resulted from lower salary increases
affecting pensions and severance payments as well as higher actuarial interest rates. Both parameters have the effect of
reducing provisions and are included in the table above.
Boards
Management Board
Members of the Management Board
Initial appointment
End of term
Johann Strobl, Chairman
10 October 2010
30 June 2026
Marie-Valerie Brunner
1 November 2023
31 October 2026
Andreas Gschwenter
1 July 2015
30 June 2029
\u0141ukasz Januszewski
1 March 2018
30 April 2025
Kamila Makhmudova
1 January 2026
31 December 2028
Hannes M\u00f6senbacher
18 March 2017
28 February 2030
Rainer Schnabl
1 March 2026
28 February 2029
The Supervisory Board resolved to realign the allocation of responsibilities within the Management Board and appointed two
new members to the Management Board in October 2025. The CFO function will once again form a separate Management
Board division and will be assumed by Kamila Makhmudova effective 1 January 2026. The new Management Board member for
CIB Products & Solutions will be Rainer Schnabl, who will succeed \u0141ukasz Januszewski on 1 March 2026. Furthermore, the
Supervisory Board has decided to appoint Michael H\u00f6llerer as the new CEO effective 1 July 2026 as well as to extend the term
of office of Andreas Gschwenter until 30 June 2029. The management of the Retail division will be carried out by the CEO after
the conclusion of Andrii Stepanenko\u2019s Management Board mandate on 28 February 2026.
Supervisory Board
Supervisory Board members
Initial appointment
End of term
Erwin Hameseder, Chairman
10 October 2010
Annual General Meeting 2030
Martin Schaller, 1st Deputy Chairman
4 June 2014
Annual General Meeting 2029
Reinhard Schwendtbauer, 2nd Deputy Chairman
26 March 2025
Annual General Meeting 2030
Heinrich Schaller, 2nd Deputy Chairman1
20 June 2012
Annual General Meeting 2025
Michael Alge
31 March 2022
Annual General Meeting 2027
Eva Eberhartinger
22 June 2017
Annual General Meeting 2027
Andrea Gaal
21 June 2018
Annual General Meeting 2028
Michael H\u00f6llerer
31 March 2022
Annual General Meeting 2026
Rudolf K\u00f6nighofer
22 June 2017
Annual General Meeting 2027
Heinz Konrad
20 October 2020
Annual General Meeting 2030
Reinhard Mayr1
20 October 2020
Annual General Meeting 2025
Birgit Noggler
22 June 2017
Annual General Meeting 2027
Christof Splechtna
26 March 2025
Annual General Meeting 2030
Manfred Wilhelmer
21 November 2023
Annual General Meeting 2028
Natalie Egger-Grunicke2
18 February 2016
Until further notice
Peter Anzeletti-Reikl2
10 October 2010
Until further notice
Rudolf Kortenhof 2
10 October 2010
Until further notice
Gebhard Muster2
22 June 2017
Until further notice
Helge Rechberger 2
10 October 2010
Until further notice
Denise Simek2
1 October 2021
Until further notice
1 Resigned with the Annual General Meeting 2025
2\u00a0 Delegated by the Staff Council
State Commissioners\u00a0
\u00b7 Johann Kinast, State Commissioner (since 1 June 2024)
\u00b7 Matthias Falkensteiner-Kudweis, Deputy State Commissioner (since 1 April 2021)
Remuneration of members of the Management
Board
The following remuneration was paid to the Management Board:
in \u20ac thousand
2025
2024
Fixed remunerations
4,676
4,922
Bonus (performance-based)
4,131
3,423
Payments to pension funds and reinsurance policies
418
411
Other remunerations
1,286
1,223
Total
10,511
9,979
hereof remuneration from affiliated companies (Supervisory board remuneration)
1,147
1,041
The fixed remunerations shown in the table include salaries and non-cash benefits.
The performance-based components of the Management Board\u2019s remuneration cover bonus payments. The bonuses reported
above are immediately payable bonus amounts for 2024 and deferred bonus amounts for previous years. A provision of \u20ac 4,491
thousand was recognized for bonuses for members of the Management Board for the financial year 2025, of which \u20ac 898
thousand will be paid out in the financial year 2026 and \u20ac 3,593 thousand in subsequent years (see details on the recognition of
bonus provisions in the section on recognition and measurement principles).
The bonus agreement is linked to the achievement of annually agreed objectives. The respective step-in criteria as well as the
individual performance targets can be found in the current remuneration policy (www.rbinternational.com \u2192 Corporate
Governance & Remuneration \u2192 Remuneration Policy).
The amount of the bonus depends on the return on equity and on the cost/income ratio, and the objectives are derived from
the Group\u2019s target medium-term ROE. Payment is made according to the applicable regulations of the Austrian Banking Act
(BWG) implemented in the internal regulations.
Other remuneration covers remuneration for functions in the boards of affiliated subsidiaries, insurance policies and grants.
An amount of \u20ac 1,601 thousand (2024: \u20ac 1,610 thousand) was paid in pension benefits to former members of the Management
Board and to their surviving dependents in the 2025 financial year. In addition to these amounts, short-term benefits and
deferred bonus components as well as severance payments totaling \u20ac 448 thousand (2024: \u20ac 813 thousand) were paid to
former members of the Management Board.
In addition to the amounts presented above, there are expenses of \u20ac 6,450 thousand (31/12/2024: \u20ac 4,807 thousand) as portions
of the bonus provision, which relate to deferred bonus portions payable in cash and retained portions payable in instruments.
In the case of the latter, valuation changes due to exchange rate fluctuations are also taken into account.
Remuneration of members of the Supervisory Board
in \u20ac thousand
2025
2024
Remunerations Supervisory Board
1,489
1,397
At the Annual General Meeting held on 4 April 2024, a remuneration model for the Supervisory Board was approved, starting
from 1 April 2024, and for subsequent years, unless the General Meeting decides otherwise in the future.
The following distribution of compensation was determined:
\u00b7 For the Chairman of the Supervisory Board \u20ac 160 thousand
\u00b7 For the Deputy Chairman of the Supervisory Board \u20ac 110 thousand each
\u00b7 For each additional elected member of the Supervisory Board \u20ac 70 thousand
\u00b7 For the Chairman of the Audit Committee and the Risk Committee an additional \u20ac 20 thousand each
\u00b7 For the Chairman of the Digitalization Committee an additional \u20ac 10 thousand
The annual compensation for the respective fiscal year will be allocated proportionally or in full according to the duration of
the respective supervisory board mandate. Each elected member of the Supervisory Board will also receive an attendance fee
of \u20ac 1.2 thousand for attending a meeting.
In the 2025 financial year, no contracts subject to approval within the meaning of \u00a7 95 (5) 12 of the Austrian Stock Corporation
Act (AktG) were concluded with members of the Supervisory Board.
Remuneration of members of the Advisory Council
in \u20ac thousand
2025
2024
Remuneration Advisory Council
201
193
At the Annual General Meeting held on 21 June 2018, a remuneration model for the Advisory Council was approved, starting
from 1 January 2017, and for subsequent years, unless the General Meeting decides otherwise in the future.
The following distribution of compensation was determined:
\u00b7 For the Chairman of the Advisory Council \u20ac 25 thousand
\u00b7 For the Deputy Chairman of the Advisory Council \u20ac 20 thousand
\u00b7 For each additional member of the Advisory Council \u20ac 15 thousand each
The annual compensation for the respective fiscal year will be allocated proportionally or in full according to the duration of
the respective advisory board mandate. Each member of the Advisory Council will also receive an attendance fee of \u20ac 1
thousand for attending a meeting.
Amounts of loans and grants extended to members of the Management
Board and Supervisory Board, as well as other legal transactions
The relationships of members of the Management Board and Supervisory Board to RBI AG are as follows:
in \u20ac thousand
2025
2024
Debt securities
1,911
1,554
Shares
6,533
3,516
Deposits and other receivables
1,207
641
Loans and other liabilities
184
204
Lease liabilities
\u2014
13
\u00b7 Events after the reporting
date
There were no significant events after the reporting date.
Signed by:
Vienna, 17 February 2026
The Management Board
Johann Strobl m.p.
Chairman of the Board, CEO
Marie-Valerie Brunner m.p.
Member of the Board, CIB Customer Coverage and
CIB Products & Solutions
Andreas Gschwenter m.p.
Member of the Board, COO/CIO
Kamila Makhmudova m.p.
Member of the Board, CFO
Hannes M\u00f6senbacher m.p.
Member of the Board, CRO
Andrii Stepanenko m.p.
Member of the Board, Retail Banking
Market development
Industry and trade policy creates headwinds for Europe\u2019s economy
The year of 2025 was marked by various geopolitical uncertainties. The US tariffs announced in April intensified trade policy
tensions. Economic momentum weakened in the US, but the growth rate was still far from recessionary levels. Although
industry showed signs of stabilization over the course of the year, in Western Europe, economic headwinds were felt
particularly keenly by countries that were more reliant on manufacturing, such as Germany or Austria, while more service-
driven economies experienced above-average momentum. Most economies of the CE/SEE region managed to offset industrial
weakness with solid consumer spending and investment momentum. Fiscal policy came under more scrutiny in Europe due to
Germany\u2019s announcement of extensive defense and infrastructure investments and France\u2019s strained finances. These
developments were also reflected in government bond markets and drove up government bond yields and risk premiums.
Inflation in the euro area settled at around two per cent over the course of the year, while prices in Austria bucked the general
trend and rose again in 2025. The ECB subsequently ended its gradual rate cuts in June and kept the key interest rate level
stable through year-end. Given the uncertainty over how US tariffs would affect consumer prices, the US Federal Reserve did
not continue the rate-cutting cycle that began in 2024. However, this only held true for the first half of 2025: Lower inflationary
effects of tariffs, but especially a more pronounced weakening of the US labor market, prompted the US Federal Reserve to
resume interest rate cuts in the fall.
The euro area economy proved remarkably resilient in 2025 despite a challenging global environment (US tariffs). Despite
temporary fluctuations caused by volatile US export trends, the euro area economy managed to gain momentum slightly
compared to the previous year. The service sector continued to serve as the main pillar of the economy, while the
manufacturing sector showed improvement from a low level. Against this backdrop, national divergence within the euro area
persisted, with service-oriented economies such as Spain once again recording significantly better momentum than
manufacturing-heavy countries such as Germany. The labor market situation in the euro area remained resilient, characterized
by a low unemployment rate and solid employment levels. Inflation finally returned to the two per cent target over the course
of the year, driven by the weakening of previously persistent upward pressures on core service prices.
The ECB lowered its deposit rate 100 basis points in the first half of 2025. That means the ECB deposit rate has stood at 2 per
cent since June 2025. While the rate-cutting cycle came to an end, the ECB continued to trim its balance sheet. Bond holdings
were no longer reinvested at maturity in either bond purchase program. The supply of liquidity in the euro area shrank as a
result, although it did remain sufficient. Consequently, there were no disruptions in the money markets. The Euribor money
market rates stabilized just above 2 per cent after having trended downward during the rate-cutting cycle. The monetary
policy outlook was not the only factor shaping the German government bond market. The primary driver was Germany\u2019s
revised fiscal policy; US tariff policy had an influence as well. In summary, the European markets in 2025 were predominantly
marked by a steepening of the monetary and yield curve structures.
The Austrian economy managed to return to a growth trajectory in 2025 after two consecutive years of recession. However,
with GDP growth of just 0.6 per cent, Austria remained among the worst performers in the euro area. Economic momentum
remained modest throughout the year. Significant impetus came from both private and public consumption, while foreign
trade proved to be a drag on growth. While the industrial recession came to an end in 2025, the downward trend in the
construction sector continued. Unlike in the euro area, inflation in 2025 was significantly higher than in the previous year. It was
driven by persistently high service-sector inflation and the expiration of temporary interventions in the energy market.
CEE: Significant disparities within the region
Due to the trade openness and economic structure of countries in Central Europe (CE), growth was hampered by US tariffs
and Germany\u2019s sluggish economic performance. Nevertheless, economic performance remained resilient in Poland, which has
benefited from an acceleration in\u00a0 NGEU fund disbursements since the second half of 2025, as well as the Czech Republic.
Hungary and Slovakia were held back by their strong export dependence, close integration with the German automotive
industry and subdued consumption. The Slovak economy was also negatively affected by fiscal consolidation.
Growth in Southeastern Europe (SEE) exceeded the euro area average, with several rapidly expanding economies standing
out. Albania and Croatia, for example, benefited from persistently strong tourism and consumption. Weaknesses emerged in
some countries as well: Serbia recorded relatively subdued growth due to lower investment, while Romania\u2019s economy suffered
from fiscal consolidation, making it the laggard of the region. In Bosnia and Herzegovina, local political issues compounded an
already challenging global environment. Persistent inflation and uncertainty also had a dampening effect on consumption,
although this was offset by a robust labor market. Both initial disbursements under the Growth Plan for the Western Balkans
and the NGEU funds once again made the EU an important driver of investment in the region in 2025.
The ongoing war continued to weigh heavily on the Ukrainian economy in 2025. Increasing attacks on civilian targets, energy
infrastructure and industries involved in extracting resources such as natural gas posed major challenges and increased the
need for energy imports. Despite these obstacles, the economy demonstrated remarkable resilience and adaptability. External
support, even without direct assistance from the US, formed an important foundation for Ukraine\u2019s resilience.
The Russian economy cooled down noticeably in 2025. It struggled under growing burdens posed by a lack of investment,
driven by high interest rates and sanctions. Lower domestic demand simultaneously drove down inflation, giving the central
bank leeway to initiate a rate-cutting cycle.
Annual real GDP growth in per cent compared to the
previous year
Region/country
2024
2025e
2026f
2027f
Poland
3.0
3.6
3.5
3.1
Slovakia
1.9
0.8
1.5
1.7
Czech Republic
1.1
2.5
2.2
2.6
Hungary
0.6
0.4
1.8
2.3
Central Europe
2.1
2.6
2.8
2.8
Albania
4.0
3.7
3.8
3.9
Bosnia and Herzegovina
3.2
2.0
2.5
2.8
Croatia
3.8
3.2
2.6
2.5
Kosovo
4.6
3.3
3.9
4.0
Romania
0.9
0.8
1.3
2.5
Serbia
3.9
2.0
2.8
3.0
Southeastern Europe
2.3
1.8
2.1
2.8
Russia
4.3
0.9
0.9
0.9
Ukraine
2.9
2.1
3.0
4.5
Austria
(0.7)
0.6
1.0
1.3
Euro area
0.9
1.4
1.4
1.9
Source: Raiffeisen Research, as of beginning of February 2025, (e: estimate, f: forecast); subsequent revisions are possible for years already completed
Banking sector in Austria
In 2025, the Austrian banking sector carried on the good performance from 2024, albeit with more moderate results. The
operating business continued to be supported by sound net interest income and positive performance in the commission
business. In addition to rising operating costs, increased risk costs also had a dampening effect on the domestic banking
sector\u2019s net income. The funding environment for the Austrian banking sector was challenging in 2025. Nevertheless, Austrian
banks once again held their own in the primary market and continued to successfully place respectable volumes, especially in
the senior segment.
The growth rates of issued loan volumes managed to move out of negative territory in the household segment, while the
corporate loan segment continued to show weak momentum in 2025. The household segment was supported by lower interest
rates and solid demand in residential construction; an annual growth rate (p.a.) of 1.3 per cent was reported as of December
2025. New lending volumes in residential construction increased as well. In contrast, the corporate segment reported annual
growth of 2.4 per cent (December 2025 vs. December2024) compared to growth of 1.9 per cent in the previous year. Monthly
annual growth rates in this segment showed neutral momentum in 2025. The banking sector\u2019s capitalization increased further
compared to the start of 2025, reaching 18.4 per cent (common equity tier 1 ratio) as of September 2025. On 1 July 2025, the
systemic risk buffer for commercial real estate financing of 1 per cent came into effect. The buffer was evaluated at the
December meeting of the Financial Market Stability Board.
Development of the banking sector in CEE
Following the easing of key monetary policy cycles, first at the national level and then by the ECB, profitability at CE/SEE banks
softened from previous peak levels. Nevertheless, the region\u2019s aggregate return on equity (RoE) remained at a solid 17 per cent
in 2025 and maintained a lead of 7 percentage points over the euro area average. Inevitable setbacks in net interest margins
were partially offset by new loan volumes that were supported by the overall optimistic trend in the retail lending business,
while corporate loan growth was more polarized (leading in SEE, lagging in CE). Strong household credit demand was partly
supported by policy measures (government-subsidized residential construction loans) but also based on robust labor markets
and real wage growth. However, wage growth also contributed to inflation in banks\u2019 cost base along with the ongoing
extraordinary tax charges. The sector\u2019s liquidity situation remained quite favorable, with generally healthy loan-to-deposit
ratios and good access to market funding (MREL, covered bonds), which banks used to improve resource allocation toward
interest-bearing assets. Credit quality remained solid despite risk costs \u201cnormalizing\u201d at higher levels in some markets and
industries (such as steel, automotive). In this regard, the effects of tariff risks were largely cushioned by IFRS 9 overlays, while
actual cases of borrower defaults have so far proven to be manageable.
Business performance at
Raiffeisen Bank International
AG
Business development
RBI AG is one of Austria\u2019s leading corporate and investment banks. In the Corporates business area, it serves major
international and multinational customers as well as Austria's largest companies. They benefit from RBI AG\u2019s comprehensive
expertise and service portfolio in areas such as capital markets, export finance, trade finance, cash management and
sustainable finance.\u00a0
The Institutional Clients segment encompasses business relationships with banks, insurance companies, asset managers,
payment service providers, and other financial intermediaries. It also includes engagements with public institutions such as
finance ministries, export credit agencies, and supranational banks. This segment represents an integrated, client-centric
approach, ensuring tailored solutions for institutional partners. RBI Group supports these clients with a comprehensive range of
products and services, including clearing, settlement, and payment solutions, as well as custody and depository banking. In
addition, institutional clients benefit from access to capital market products, securities transactions, and wholesale funding
through debt capital markets, loans, securitization, investment products and fund finance structures. A key strength of the
Institutional Clients segment lies in its advisory capabilities, particularly in supporting ESG-related transactions and helping
clients in emerging markets in their transition to ESG standards. Our goal is to help clients advance their sustainability
objectives and foster long-term, responsible growth.
The Capital Markets business includes trading on own account and for third parties. RBI AG offers its customers individually
tailored solutions for liquidity and balance-sheet management, and for managing interest rate and currency risks as well. Its
particular strengths are interest rate, currency and credit products for the DACH and CEE regions. Cash products, derivatives
and structured products are also offered, as well as debt capital raising via bond issuance. A professional structuring team as
well as strong sales and placement power ensure successful project execution.
In the Raiffeisen Certificates, Retail Bonds & Equity Trading business area, RBI AG, as a leading and multi-award-winning
Austrian certificate provider, offers more than 6,000 investment and leverage products that allow risk/opportunity-optimized
investing, particularly for retail customers. This is a cross-asset offering aimed at customers in the DACH region as well as
many markets in Central and Eastern Europe. Raiffeisen certificates and retail bonds are publicly offered in 12 countries in both
the primary and secondary markets through stock exchanges, trading platforms and via RBI as a systematic internalizer. The
business area also includes market making and proprietary trading activities in equities, equity derivatives and commodities,
with a focus on Central and Eastern Europe. RBI is one of the leading market makers on various stock exchanges in this
segment.
The Treasury and Group Subsidiaries and Equity Investments businesses are, respectively,\u00a0 areas of internal control for the
bank\u2019s refinancing and the equity investment portfolio.
Corporates
The Corporates business area manages Austrian and international corporate customers. In addition to Austria\u2019s biggest
companies, it focuses on Western European corporate customers with operations in CEE, large Central and Eastern European
customers and multinational commodity and trading companies.
Despite a demanding geopolitical and economic environment, the corporate banking business managed from Vienna delivered
a solid performance in the year under review. Its position as a relationship bank was maintained and strengthened by providing
comprehensive support to corporate customers.
The Corporates business continued to deliver solid results, although income fell below the previous year\u2019s strong performance,
primarily due to the changing interest rate environment.
While investment activity and demand for credit remained subdued across the region at the start of the financial year,
momentum increased slightly as the year progressed. The traditional lending business remained a major income driver. Other
important income streams fueled by deep product expertise included cash management, capital markets, structured project
and acquisition finance as well as real estate, trade and export finance. Deposits also made a significant contribution, albeit
less than in the previous year due to the changing interest rate environment. The strict reduction plan for the remainder of the
Russian business continued to be executed in line with regulatory requirements.
Risk costs remained elevated in 2025 as well due to the subdued economic situation. Overall, the Corporates business area
delivered solid results despite the challenging environment.
Following a successful partnership in equity research and sales, RBI and the ODDO BHF financial group have agreed to expand
their relationship into mergers and acquisitions (M&A) for Austria and CEE, pursuing a joint growth strategy for the region. As
part of this process, RBI\u2019s M&A team was transferred to an ODDO BHF subsidiary in Vienna in the fourth quarter of 2025.
The customer care approach for corporate customers served in several countries was refined further in order to enable more
consistent service across the RBI Group.
Institutional Clients
The Institutional Clients (IC) segment demonstrated strong performance throughout FY 2025, with gross income levels\u00a0
significantly surpassing expectations.
Key performance drivers included Certificates, supported by heightened client demand in Austria and CEE, and Capital Markets
Sales, driven by successful transactions in Special Situations Investments and Banknotes, alongside increased custody volumes
across NWUs and robust activity in Debt Capital Markets.
On the other hand, Cash Management saw a modest decline, primarily due to lower interest rates, reduced liquidity premiums,
and the impact of SEPA migrations in several CEE countries. Additionally, Trade Finance experienced a decrease linked to
compliance and risk constraints regarding CIS countries. These challenges are expected to be addressed through the
International Banking and other growth Initiatives.
We remain committed to accompanying our clients across all regions, delivering comprehensive support and services tailored
to their needs.
ESG remained a key focus with increasing demand from clients\u2014ranging from those just beginning their ESG journey to those
already in transition\u2014for sustainable banking solutions, including investments, trade finance and financing.
The IC Business is further pursuing the One Business Bank strategy, fully leveraging the introduced segment-oriented approach.
This ensures tailored and enhanced support for global banks\u2014key infrastructure partners for RBI Group\u2014and for local banks
that demand depend on RBI\u2019s products and services to access international markets. By embracing this segment-focused
model, we are strengthening relationships, optimizing coverage and delivering even greater value to our institutional clients
through more focused approach.
Our data-driven initiatives, powered by AI technologies, are designed to maximize the time relationship managers can dedicate
to their clients by reducing internal, non-client-related tasks. By leveraging advanced analytics to boost Trade Finance sales,
implementing intelligent sales signals for Capital Markets transactions and rolling out an AI Sales Assistant, we are
streamlining processes and improving efficiency. These innovations enable relationship managers to focus on building stronger
client relationships while driving better sales performance
Capital Markets
In 2025, our Capital Markets business delivered resilient results amid continued market uncertainty and evolving client needs.
Strategic investments in technology, product development and client relationships supported strong trading performance and
improved operational resilience.
Money market and securities financing activity remained stable and trading results exceeded expectations. New distribution
channels and product initiatives were launched to broaden client reach and diversify revenue sources.
Foreign exchange trading matched the prior year\u2019s strong performance despite tighter bid\u2011ask spreads and margin
compression. This outcome was driven by disciplined positioning across a wide range of currencies, increased activity in
structured FX solutions, and further optimization of FX flow internalization via electronic trading. Profitability in physical gold
and banknotes improved on higher bullion demand.
Interest rate derivatives delivered another very successful year and met ambitious budget targets despite lower market
volatility. Corporate client volumes were lower than the previous year but were more than offset by increased flows from
institutional clients and business through the network in both EUR and local currencies. Continued investment in
market\u2011making technology and deeper institutional relationships materially supported these results and will be pursued
further.
Fixed\u2011income trading generated very positive revenue and business\u2011development outcomes. Credit and asset\u2011swap spreads
tightened while interest rates rose; the bank reinforced its market position and achieved a top placement in primary dealership
rankings (#1 for Austrian government bonds, #3 for Slovenian government bonds).
Data & Solutions made significant progress in monitoring, visualization and pricing capabilities. Machine\u2011learning based margin
optimization was deployed on FX trading platforms, and the proprietary pricing library was extended to cover risk\u2011free\u2011rate
swaps and integrated with a new fixed\u2011income pricing engine. Large parts of the tech stack were migrated to AWS to improve
scalability and cost efficiency, accompanied by substantial efforts to meet enhanced IT\u2011security standards. The team also
broadened the use of large language models, expanding from central\u2011bank statement analysis to client\u2011feedback analytics
and initiating an ask\u2011your\u2011data chatbot project.
Treasury
For medium to long-term refinancing, RBI AG uses long-term deposits and bond issues. Issuance is mainly done under RBI AG\u2019s
\u20ac\u00a025,000,000,000 Debt Issuance Program, which enables bonds to be issued in different currencies, formats and structures. RBI
AG also has\u00a0 two dedicated programs for issuing small-volume bonds and certificates since the integration of Raiffeisen
Centro Bank AG.
In 2025, RBI AG\u00a0 was again very active in the international capital markets in benchmark format to fulfil its funding plan. One\u00a0
\u20ac\u00a0500 million senior preferred issue in February was followed by a \u20ac 500 million senior non-preferred issues in August and \u20ac 500
million senior preferred issue in November. In September RBI AG also placed \u20ac 500 million of additional core capital (Additional
Tier 1). RBI AG\u2019s remaining refinancing requirements were covered by certificates and small private placements.
The total volume of multi-year deposits and issuance taken up in 2025 amounted to approximately \u20ac 5,011 million and had a
weighted maturity of approximately five years. At year-end 2025, the total volume of outstanding issued unsecured bonds
excluding AT1 amounted to approximately \u20ac 8,043 million.
Certificates and Equity Trading
Raiffeisen Certificates and retail bonds
Capital markets performed well in 2025. The domestic ATX index and many international equity indices climbed to record highs
despite ongoing economic and geopolitical uncertainty. In this environment, certificates \u2013 particularly full and partial capital-
protected products \u2013 reached new record levels as an investment solution for retail investors.
As a result, total issuance increased 46 per cent year-on-year in 2025, making a significant contribution to RBI AG\u2019s funding. The
volume outstanding at the end of 2025 is thus at an all-time high (up 25 per cent from the end of 2024). A total of \u20ac 3.3 billion in
Raiffeisen certificates and retail bonds were traded in 2025.\u202f
In the Austrian Raiffeisen sector, the outstanding volume of Raiffeisen certificates and retail bonds reached a record level at
the end of 2025 (up 33 per cent from 2024). Newly placed volume in 2025 achieved an 85 per cent increase compared to 2024,
driven by investor education initiatives and tailored issuances.
The launch of the AI-powered chatbot RAIA also enhanced the digital services provided at raiffeisenzertifikate.at.
Raiffeisen certificates and retail bonds are now actively offered in 10 countries in Central and Eastern Europe. In addition to the
continued expansion of business in the core markets of Slovakia, the Czech Republic, Hungary, Croatia and Poland, significant
growth was achieved in Romania in particular. An overall increase in volumes sold (up 4.35 per cent from 2024) underscores the
importance and future potential of this region.
Furthermore, digital distribution through the online broker EDI (Easy Digital Investing) generated substantial sales growth (up
202 per cent from 2024). In addition to Raiffeisenbank Czech Republic, EDI was also rolled out for Raiffeisenbank Croatia
customers in July 2025.
Raiffeisen Certificates also received several awards for its products and services in 2025. Raiffeisen Certificates was named
Austria\u2019s Best Certificate House for the 19th time in a row at the Zertifikate Awards Austria ceremony. Furthermore,
international awards such as Best Structured Products Bank CEE 2025 from Capital Finance International (CFI), Capital Markets
Leader in Certificates from the Warsaw Stock Exchange, and the SPi Award in Milan highlight the expertise of the entire team.
Equity Trading
The technology sector and enthusiasm surrounding artificial intelligence fueled an upward trend in global equity markets in
2025. Geopolitical issues had less influence on price trends in equity markets, and temporary corrections \u2013 particularly the
downturn related to US tariffs and Liberation Day in April \u2013 were quickly reversed.
Market-making conditions in the Austrian home market remained challenging. However, they were offset by equity and
exchange-traded derivative business in Western and Eastern European markets as well as by structured solutions for
institutional and corporate customers, enabling us to surpass the previous year\u2019s financial results.
The number of market-making mandates for equities and exchange-traded derivatives on the Central and Eastern European
exchanges decreased from 240 to 228 mandates in 2025. In addition, RBI AG acted as a systematic internalizer for 37 equities.
Looking at the number of market-making mandates at various equity and futures exchanges, RBI managed 117 mandates on
the Polish Stock Exchange in Warsaw, 30 mandates on the Vienna Stock Exchange, 14 mandates on the Bucharest Stock
Exchange, 30 mandates on the Prague Stock Exchange, 1 mandate on the Ljubljana Stock Exchange, and 36 mandates on
German equity and futures exchanges. .
Group Subsidiaries and Equity Investments
RBI AG\u2019s participation strategy aims to safeguard and expand the strategic interests of RBI AG and to steadily increase the
value of the overall portfolio.
The business operations of RBI AG and its bank subsidiaries are complemented by numerous additional Austrian and
international subsidiaries in the strategic financial services sector as well as other participations, mostly in banking-related
ancillary services.
Material value changes were limited to a write-up of RZB-BLS Holding GmbH (\u20ac 210 million) which is a financial holding for the
bank\u2019s insurance investment in Uniqa and of Raiffeisenbank JSC (AVAL) (\u20ac 32 million). A write-off was recorded\u00a0 regarding the
value of\u00a0 Raiffeisen Bausparkasse Gesellschaft m.b.H. (\u20ac 38 million). Excluding the significant effects mentioned above, whose
root causes were largely firm-specific, the rest of the portfolio exhibited a stable development.
Governance, management and administration of the participation portfolio is done by RBI Group Subsidiaries and Equity
Investments.
Retail
RBI AG's retail business comprises on the one hand the portfolio of foreign currency retail mortgage loans in the Polish branch
in Warsaw. As at 31 December 2025, the net carrying value of credit exposures (net of impairment losses) was approximately
\u20ac\u00a00,9 billion, comprising \u20ac 0,66 billion (2024: \u20ac 0,6 billion) of Swiss franc loans, \u20ac 0,23 billion (2024: \u20ac 0,3 billion) of euro loans and\u00a0
\u20ac 0,01 billion (2024: \u20ac 0,01 billion) of Polish zloty loans.\u00a0
The branch does not currently engage in deposit gathering or new customer acquisition, focusing instead on servicing the
foreign currency loans transferred to the branch until their final maturity and on providing services to the borrowers.
In 2025, as in previous years, the business environment was marked by a legal dispute between customers holding residential
mortgages denominated in Swiss francs and the banks. A provision of \u20ac 1.956 million (2024: \u20ac 2.071 million) was made for this
still unresolved legal issue).
Polish banks continued their strong run in 2025 maintaining sector-wide profitability (RoE) around 16 per cent. A pause in NBP's
monetary easing has been supportive to core income, though many players also managed to defend their lending margins
through other means. Meanwhile, regulatory costs and legal provisions for CHF loan risks will remain part of the fundamental
narrative, although the latter might be somewhat abating. Polish banks and also RBI-PL attempt to reach out of court
settlement agreements with customers \u2013 proactive pre-court settlements (before customers file a lawsuit) and in-court
settlements (once customers filed a lawsuit).
Furthermore the business segment contains the credit card business in Austria. In 2025, credit card business in Austria
continued its strong performance, delivering sustained positive business development and further portfolio expansion. In
addition to robust ongoing organic growth, a major driver of this momentum was the migration of Raiffeisen card complete
customers across both the retail and corporate segments. The migration project was successfully completed in line with the
defined strategic objectives, further strengthening RBI\u2019s position in the Austrian credit card market.
Also part of the retail segment is cashpresso, RBI AG\u2019s Buy Now, Pay Later (BNPL) solution. Cashpresso in 2025 achieved a 19 per
cent growth in customer base and a 43 per cent growth in e-commerce volumes. This strong performance was driven by an
expansion of the partner shop network and a growing demand for BNPL solutions. Cashpresso is offered in Austria and
Germany, embedded in partner shops and enables consumers to finance online purchases and repay in small, flexible
installments.
To further enhance its BNPL offering, cashpresso launched new product - Split Pay. It allows consumers to buy products in
online shops, try at home and pay only for what they\u00a0 keep in three interest-free installments.
\u00b7 Branches and representative
offices
RBI AG operates a total of six branches in Beijing, Bratislava, Frankfurt, London, Singapore and Warsaw. As service branches,
these branches support RBI AG in Vienna and the network banks in customer care and sales activities. In addition to these
branches, RBI AG also operates representative offices in Paris, Stockholm, Mumbai, Seoul and Ho Chi Minh City.
The Beijing branch primarily supports the CIB business line of RBI and its network banks in providing customer services and
sales activities relating to China. Chinese business activity in Central and Eastern Europe continues to increase strongly,
resulting in a need for local banking services. The branch in Beijing supports CEE and Austrian corporates in the region and
provides Chinese companies with access to RBI AG\u2019s home markets. Cooperation was also sustainably positive in the 2025
financial year, with a continued business increase in the areas of new energy, digitalization and e-mobility. In particular, RBI AG
is increasingly involved in the transcontinental cash management and trading business of these companies and financial
institutions and is well positioned to offer local banking products in CEE to support the increasing Chinese investments in
certain sectors.
The branch in Slovakia covers a broad range of services and structured products (certificates) for retail customers of Tatra
banka a.s. in Slovakia. Following the integration into RBI AG, it has extended its range of services to include Group procurement
services and Group reporting services.
The Frankfurt branch successfully continued its consulting and structuring services within the RBI Group in 2025. Focusing on
business with German corporate customers with business requirements in the CEE region or operations in the home markets of
RBI Group, several new mandates for working capital financing or other transactions were obtained, supporting the expansion
of German corporate customers in RBI\u2019s focus markets. Due to the challenges of the current geopolitical environment, the
evaluation of delivery chains and the topic of near shoring increased the attention towards the CEE region and an increased
number of inquiries from German SMEs was processed. In particular, the close dialogue with decision makers at customers\u2019
head offices in Germany opens additional cross-selling potential and strengthens the relationships with RBI AG as well as with
its network banks in CEE. With the arrival of a new General Manager to the branch in Q4 2025, the customer focus of the office
will be further strengthened and new customer segments, such as Institutional Clients, will be approached as well.
RBI AG has been present in London since 1989 and offers a broad range of services for different customer segments.
Institutional customers are served by our Capital Market Bond Desk, which offers primary and secondary sales of sovereign and
corporate bonds, including special CEE and CIS bonds in local currencies, as well as private placements and structured
products. A special focus is on fund financing and alternative investments, where the branch offers products such as
subscription credit facilities as part of its global asset-based finance activities. The London corporate desk provides corporate
customers based in the United Kingdom and Ireland with an extensive range of financial products and services offered by RBI
AG and the Group\u2019s network banks.
Through its extensive knowledge of the local markets in Southeast Asia and its contacts with companies, banks and
authorities, the Singapore branch supports customers in sales activities, and also in establishing branches or partnerships with
local companies. Vice versa, the branch provides assistance to companies from the region to forge contacts with companies
and banks in Austria and Central and Eastern Europe.
The Polish branch portfolio mainly comprises retail customers\u2019 foreign-currency mortgage loans. The branch focuses on the
administration of the foreign currency loans until their maturity. It also develops digital solutions for the market and
investment banking business of RBI AG, as well as its digital cloud solutions. In 2022, a competence center for the core banking
system Temenos T24 was established.
Financial Performance
Indicators
Statement of Financial Position
RBI AG\u2019s total assets were down \u20ac 2,964,534 thousand, or 3.6 per cent, to \u20ac 79,110,593 thousand in the 2025 financial year. On
the assets side, the decrease is mainly due to lower balances at central banks and a decline in loans to banks. On the liabilities
side, it mostly relates to a decline in deposits from banks.
The \u20ac 3,343,747 thousand, or 42.9 per cent, fall in cash reserves and balances at central banks to \u20ac 4,458,188 thousand resulted
mainly from decreased investment of surplus liquidity in the form of deposits at the Austrian National Bank.
Treasury bills and other bills eligible for refinancing with the central bank increased \u20ac 3,220,808 thousand, or 29.8 per cent, to
\u20ac\u00a014,024,088 thousand in the past financial year, mainly as a result of the higher volume of government bonds.
Loans and advances to banks decreased \u20ac 2,539,367 thousand, or 20.4 per cent, year-on-year to \u20ac 11,622,166 thousand, mainly
due to a decline in repo and lending business.
Loans and advances to customers increased \u20ac 536,624 thousand, or 1.9 per cent, year-on-year to \u20ac 28,155,445 thousand. There
was notably an increase in securitized loans, which were up \u20ac 619,295 thousand. Reflecting muted credit demand, especially at
the start of the year, loan volume adjusted for value adjustments showed a slight net fall of \u20ac 221,754 thousand, or 1.0 per cent.
Loan loss provisions on loans to customers declined \u20ac 660,368 thousand year-on-year to \u20ac 545,807 thousand due to a fall in
specific loan loss provisions, partly in connection with the derecognition of uncollectible loans.
Debt securities and other fixed-income securities increased \u20ac 607,127 thousand, or 16.8 per cent, compared to the previous
year-end, to \u20ac 4,226,882 thousand. This is mainly due to a \u20ac 523,990 thousand increase in debt securities and other fixed-
income securities from non-public issuers.
Shares and other non-fixed-income securities increased \u20ac 59,494 thousand, or 6.9 per cent, year-on-year to \u20ac 926,021
thousand, which is due to a \u20ac 99,682 thousand increase in holdings of shares.
Investments in affiliated companies increased \u20ac 212,977 thousand, or 2.4 per cent, to \u20ac 9,152,677 thousand. This is primarily due
to write-ups of \u20ac 210,281 thousand at RZB \u2013 BLS Holding GmbH and of \u20ac 31,801 thousand at Raiffeisen Bank JSC (AVAL). A write-
down of \u20ac 37,991 thousand was recognized at Raiffeisen Bausparkasse Gesellschaft m.b.H.
Other assets decreased \u20ac 1,296,028 thousand, or 17.0 per cent, with a year-end carrying amount of \u20ac 6,310,916 thousand. This is
mainly due to \u20ac 999,695 thousand decrease in dividends receivable. In addition, the carrying amount of coined and uncoined
precious metals decreased \u20ac 345,109 thousand.
On the liabilities side, deposits from banks showed a decline of \u20ac 3,928,104 thousand, or 15.4 per cent, to \u20ac 21,575,315 thousand.
Deposits from banks represent a significant source of funding for RBI AG, at 27 per cent of total assets. Short-term clearing
business decreased \u20ac 1,644,610 thousand, while short-term money market transactions were down \u20ac 384,867 thousand. Long-
term money market transactions decreased \u20ac 1,003,707 thousand compared to the end of the previous year. There were also
declines in repo business (\u20ac 526,810 thousand) and time deposits (\u20ac 360,340 thousand).
Deposits from customers decreased \u20ac 613,233 thousand, or 3.5 per cent, to \u20ac 17,127,562 thousand. The decrease is mainly due to
lower time deposits and repo business, which were down \u20ac 786,878 thousand and \u20ac 247,910 thousand, respectively, on the
previous year-end. In contrast, long-term money market transactions increased \u20ac 460,546 thousand.
Securitized liabilities and supplementary capital according to CRR rose \u20ac 874,054 thousand, or 4.1 per cent, year-on-year to
\u20ac\u00a022,317,768 thousand. During the reporting year, RBI AG issued a further unsecured, non-subordinated senior non-preferred
bond for \u20ac 500,000 thousand (2024: \u20ac 500,000 thousand) with a maturity of six years. The issuer has the option of early
repayment after five years, in 2030.
Other liabilities showed a slight rise of \u20ac 158,876 thousand, or 3.4 per cent, year-on-year to \u20ac 4,869,689 thousand. The increase
related to \u20ac 308,600 thousand higher short positions in trading. This was partly offset by a \u20ac 192,561 thousand decrease in
liabilities from treasury transactions (negative market values from derivative financial instruments in the trading book and
accrued interest from derivatives in the banking book).
The provisions increased \u20ac 168,936 thousand, or 11.0 per cent, and included provisions of \u20ac 49,172 thousand for severance
payments (31/12/2024: \u20ac 53,133 thousand), provisions of \u20ac 43,044 thousand for pensions (31/12/2024: \u20ac 56,022 thousand), tax
provisions of \u20ac 41,958 thousand (31/12/2024: \u20ac 34,604 thousand), and other provisions of \u20ac 1,568,717 thousand (31/12/2024: \u20ac
1,390,196 thousand). The increase in tax provisions is mainly due to an allocation for 2025 in the amount of \u20ac 7,889 thousand to
the provision for implementation in Austria of the EU directive ensuring a global minimum level of taxation.
The rise in other provisions mainly relates, in the amount of \u20ac 178,521 thousand, to higher provisions for litigation risks, the main
item being the provisions concerning foreign currency loans in Poland (taking into account the provisions for active loans
deducted from the carrying amount, the provisions for foreign currency loans in Poland decreased in total compared to the
previous year). There was also a year-on-year decrease in provisions for other expenses, which were down \u20ac 48,718 thousand.
At the end of 2024, an amount of \u20ac 35,000 thousand was included for a pledged irrevocable shareholder contribution to
Raiffeisen Digital Bank AG that was paid in January 2025.
In relation to derivatives measured in functional units, hedge ineffectiveness, loan derivatives subject to individual valuation
and non-settled foreign currency derivatives in UAH, there are provisions for impending losses in the amount of \u20ac 66,341
thousand as of 31 December 2025 (31/12/2024: \u20ac 63,013 thousand).
Until the end of 2024, the risk-weighted exposure was calculated in accordance with the requirements of Regulation (EU) No
575/2013 (CRR II/Basel III). The entry into force of Regulation (EU) 2024/1623 (CRR III) on 1 January 2025 led to significant changes
in the calculation of risk-weighted assets and capital requirements, in particular due to revised standards for credit and
operational risk.
Total risk exposure at year-end 2025 amounted to \u20ac 37,338,376 thousand (2024: \u20ac 37,123,819 thousand). Of that amount, credit
risk accounted for \u20ac 26,777,948 thousand (2024: \u20ac 30,059,228 thousand), market risk for \u20ac 3,616,078 thousand (2024: \u20ac 3,065,494
thousand), and operational risk for \u20ac 6,528,109 thousand (2024: \u20ac 3,788,531 thousand). Total risk exposure thus remained
virtually unchanged with only a minor year-on-year increase of \u20ac 214,557 thousand.
Common equity tier I (CET1) capital stood at \u20ac 7,683,303 thousand at year-end 2025 (2024: \u20ac 7,946,665 thousand). Tier 1 capital
amounted to \u20ac 9,289,102 thousand (2024: \u20ac 9,713,883 thousand). Additional Tier 1 capital of \u20ac 500,000 thousand was issued in
2025. In addition, additional Tier 1 capital of \u20ac 674,200 thousand was repurchased. Including accrued interest, additional Tier 1
capital before regulatory adjustments amounted to \u20ac 1,638,799 thousand as at 31 December 2025 (31/12/2024: \u20ac 1,800,218
thousand). Tier 2 capital amounted to \u20ac 2,026,487 thousand (2024: \u20ac 2,208,093 thousand). All in all, total capital amounted to \u20ac
11,315,589 thousand, compared to \u20ac 11,921,976 thousand at the end of the previous year. The CET1 ratio fell 0.8 percentage
points year-on-year to 20.6 per cent (2024: 21.4 per cent). The core tier 1 ratio was 24.9 per cent, compared to 26.2 per cent in
the previous year. The total capital ratio was 30.3 per cent (2024: 32.1 per cent). All capital ratios were comfortably above the
respective requirements (including all buffer and Pillar 2 capital requirements).
The committed capital reserves of \u20ac 4,340,692 thousand (31/12/2024: \u20ac 4,335,669 thousand) were virtually unchanged in the
financial year. The uncommitted capital reserves amounted to \u20ac 84,589 thousand (31 December 2024: \u20ac 93,467 thousand). The
slight decrease is due to trading in treasury shares in connection with the Certificates and Equity Trading business segment.
The number of treasury shares related to the share incentive program (SIP) for key personnel in the company (Management
Board and senior executives) and members of the management boards of associated bank subsidiaries where the treasury
shares were acquired in the years 2005 to 2009 amounted to 322,204 shares at year-end 2025. With a nominal value of \u20ac 983
thousand, this represented 0.1 per cent of share capital. As the share incentive programs expired in 2018, there is no further
obligation to allocate treasury shares under them. The total number of treasury shares was 698,767 shares at year-end 2025
(2024: 525,274 shares).
Retained earnings covered legal reserves of \u20ac 5,500 thousand (31/12/2024: \u20ac 5,500 thousand) and other free reserves of \u20ac
2,399,831 thousand (31/12/2024: \u20ac 2,395,234 thousand). Of the other free reserves, an amount of \u20ac 531,203 thousand (31/12/2024:
\u20ac 526,606 thousand) was earmarked for the Raiffeisen IPS. As a result of the agreement on the establishment of the
institutional protection scheme and a corresponding decision of the Raiffeisen IPS Risk Council, a contribution of \u20ac 4,597
thousand (31 December 2024: \u20ac 24,557 thousand) was allocated to other reserves in 2025 as a reserve for the Raiffeisen IPS. The
reserve for the Federal IPS is not eligible for inclusion in the calculation of own funds under the CRR.
The liability reserve of \u20ac 535,097 thousand was unchanged at 31 December 2025 (31/12/2024: \u20ac 535,097 thousand).
Earnings performance
In the 2025 financial year, RBI AG reported a slight decrease in net interest income of 1.0 per cent, or \u20ac 3,379 thousand, to
\u20ac\u00a0325,017 thousand. The interest rate environment during the reporting period was marked by a further decrease in the ECB\u2019s
key interest rates to 2.15 per cent at the end of 2025 (31/12/2024: 3.15 per cent). The decline in net interest income at RBI AG is
attributable to lower income from balances with central banks and a cyclical decline in the business environment. The
decreases were largely offset by an increase in net interest income from the interbank and securities business.
Income from securities and participating interests decreased \u20ac 889,632 thousand, or 39.0 per cent, to \u20ac 1,388,616 thousand, due
to lower dividend income from affiliated companies. The income from participating interests in the 2025 financial year mainly
related, in the amount of \u20ac 1,200,000 thousand, to Raiffeisen RS Beteiligungs GmbH.
The net amount of fee and commission income and fee and commission expenses showed a decrease in the past financial
year of \u20ac 13,974 thousand, or 3.9 per cent, to \u20ac 344,754 thousand. Of this, \u20ac 3,539 thousand was attributable to a reduced
volume of transactions in clearing, settlement and payment services, partly due to a reduction in transactions with Russia.
There was also a decline in net fee and commission income from securities and custody business and from bond issues (\u20ac 5,877
thousand), from foreign currency, notes/coins and precious metals business (\u20ac 5,436 thousand) and from the service business
(\u20ac 2,386 thousand), which includes M&A business as a major item. In contrast, net fee and commission income from lending
business increased by \u20ac 5,088 thousand compared to the previous year.
The net profit on financial operations was positive at \u20ac 19,365 thousand in the 2025 financial year, but was \u20ac 91,494 thousand,
or 82.5 per cent, below the previous year\u2019s level (2024: \u20ac 110,859 thousand). \u20ac 59,069 thousand of this related to net trading
income from interest-based derivatives business, which however also includes interest rate hedging positions matching the
certificates business and equity and index-based transactions. Net income from currency-based derivative, foreign currency
and notes/coins business also decreased \u20ac 61,448 thousand, mainly due to a decline in net income from derivatives trading.
Fixed-income securities in the trading portfolio made a positive contribution to earnings in the amount of \u20ac 32,056 thousand,
but were a slight \u20ac 9,448 thousand below the previous year\u2019s level. There was a year-on-year increase in net trading income
from issues and certificates and from equity and index-based transactions, which improved \u20ac 38,417 thousand due to a higher
issue volume and the positive market environment.
Other operating income includes staff and administrative expenses passed on for services in the amount of \u20ac 172,549 thousand
(2024: \u20ac 144,199 thousand), income from releases of provisions for impending losses from derivatives in the amount of \u20ac 10,300
thousand (2024: \u20ac 26,174 thousand), income from close-out fees for derivatives on the banking book in an amount of \u20ac 30,228
thousand (2024: \u20ac 26,393 thousand), income from the release of other provisions in the amount of \u20ac 6,209 thousand (2024:
\u20ac 7,653 thousand) and income from on-charging, or services to be on-charged, to network banks of RBI AG in connection with
the takeover in the first half of 2024 of the digitalization projects of RBI Retail Innovation GmbH in the amount of \u20ac 26,798
thousand (2024: 34,027 thousand).
Operating income therefore totaled \u20ac 2,366,354 thousand, corresponding to a decrease of \u20ac 1,010,282 thousand, or 29.9 per
cent, on the previous year\u2019s figure of \u20ac 3,376,636 thousand.
Operating expenses were down \u20ac 436,626 thousand, or 23.5 per cent, relative to the 2024 financial year, to \u20ac 1,421,861 thousand.
Staff expenses remained largely constant with an increase of just \u20ac 450 thousand to \u20ac 534,556 thousand. An \u20ac 8,113 thousand
increase in expenses for wages and salaries due to inflation-related wage and salary increases and the larger headcount was
largely offset by lower allocations to and releases of social capital provisions.
Due to cost optimization initiatives, other administrative expenses decreased a significant \u20ac 54,724 thousand, or 12.7 per cent,
to \u20ac 429,908 thousand. This is primarily due to a decrease in legal, advisory and consulting expenses to \u20ac 90,529 thousand
(2024: \u20ac 118,012 thousand) and in IT expenses to \u20ac 194,000 thousand (2024: \u20ac 207,739 thousand). Over and above this, other
administrative expenses consisted of rent of \u20ac 35,930 thousand (2024: \u20ac 38,737 thousand), communication expenses of
\u20ac\u00a024,798 thousand (2024: \u20ac 25,669 thousand) and advertising, PR and marketing expenses of \u20ac 17,828 thousand (2024: \u20ac 19,473
thousand). Depreciation of tangible and intangible fixed assets showed a decrease of \u20ac 2,732 thousand to \u20ac 9,368 thousand in
the reporting period (2024: \u20ac 12,100 thousand).
Other operating expenses fell \u20ac 379,620 thousand, or 84.7 per cent compared to the previous year, to \u20ac 448,029 thousand. This
includes provisions for impending losses on banking book derivatives in the amount of \u20ac 13,627 thousand (2024: \u20ac 6,706
thousand), allocations of other provisions at the Poland branch (see also the Provisions item and under the heading Litigation
risk for foreign currency loans in Poland) in the amount of \u20ac 81,256 thousand (2024: \u20ac 545,111 thousand) and expenses of
\u20ac\u00a033,797 thousand (2024: \u20ac 39,108 thousand) from close-out fees for banking book derivatives. Also included are expenses for
staff and administrative expenses passed on for services in the amount of \u20ac 62,092 thousand (2024: \u20ac 37,231 thousand),
expenses from the takeover of digitalization projects of RBI Retail Innovation GmbH in the amount of \u20ac 28,852 thousand (2024:
\u20ac 34,169 thousand) and expenses of \u20ac 215,779 thousand (2024: \u20ac 109,760 thousand) in connection with out-of-court settlements
concerning foreign currency loans at the Poland branch.
After deducting operating expenses from operating income, RBI AG generated an operating result of \u20ac 944,493 thousand for
the 2025 financial year. This represents a year-on-year decrease of \u20ac 573,656 thousand, or 37.8 per cent. As a consequence, the
cost/income ratio (operating expenses divided by operating income) was 60.09 per cent (2024: 55.04 per cent).
Net income/expenses from the disposal and valuation of loans and advances and securities classified as current assets
resulted in a net expense \u2013 as in the previous year \u2013 of \u20ac 185,583 thousand (2024: \u20ac 176,110 thousand). This was due, firstly, to
positive valuation results and proceeds from disposals in relation to current assets, including losses from contract adjustments,
and in relation to banking book derivatives, in a total amount of \u20ac 4,076 thousand (2024: minus \u20ac 7,458 thousand) and,
secondly, to a net loss from the valuation of loans and guarantees of minus \u20ac 189,659 thousand (2024: minus \u20ac 168,651
thousand).
With regard to individual loan loss provisions, RBI AG reported a net allocation to provisions of \u20ac 122,903 thousand. Compared
to the previous year, this represented a \u20ac 140,593 thousand decrease in allocations. This is due to lower default and loss rates
among large corporate customers, notably in the real estate and industrial finance segment. In portfolio-based loan loss
provisions, the reporting year \u2013 in contrast to 2024 \u2013 saw an increase in risk provisioning for non-defaulted loans and advances.
The result was a net allocation of portfolio-based loan loss provisions in the amount of \u20ac 67,996 thousand (2024: net release of
\u20ac 84,993 thousand). This is mainly due to changes in management overlays and updating of the risk assessment (in particular
due to rating changes). In the previous year, there were also a number of defaults and resulting transfers to Stage 3. Material
and non-material contractual amendments generated book losses of \u20ac 9,643 thousand in the financial year (2024: book losses
of \u20ac 9,445 thousand). The net loss from exceptional disposals of loan receivables amounted to minus \u20ac 858 thousand in the
financial year (2024: minus \u20ac 545 thousand). As in the previous year, shares in investment funds did not realize significant
income or losses in the financial year.
Net income/expenses from the disposal and valuation of securities valued as financial investments and of shares in affiliated
companies and equity participations included write-ups totaling \u20ac 258,335 thousand in the financial year, including \u20ac 210,281
thousand at RZB-BLS Holding GmbH, \u20ac 31,801 thousand at Raiffeisenbank JSC (AVAL) and \u20ac 5,073 thousand at Posojilnica Bank
eGen. Shares in affiliated companies and equity participations were written down by a total of \u20ac 52,963 thousand in the
financial year, including \u20ac 37,991 thousand at Raiffeisen Bausparkasse Gesellschaft m.b.H. and \u20ac 4,142 thousand at LOTA
Handels- und Beteiligungs-GmbH.
Disposals of shares in affiliated companies and equity participations resulted in a positive contribution to earnings in the
amount of \u20ac 2,097 thousand in the financial year (2024: \u20ac 2,008 thousand). In total, \u20ac 207,469 thousand in gains (2024:
\u20ac\u00a01,184,950 thousand in losses) were reported on the valuation and disposal of shares in affiliated companies and equity
participations. In the 2025 financial year, income of \u20ac 492 thousand (2024: expenses of \u20ac 2,612 thousand) accrued from the sale
and valuation of securities held as financial assets.
As a result, the profit on ordinary activities for the year under review amounted to \u20ac 966,871 thousand (2024: \u20ac 154,478
thousand).
The return on equity before tax (profit before tax divided by average equity in the financial year, including AT1 instruments)
was 9.2 per cent in the financial year (2024: 1.6 per cent).
The net reorganization gain of \u20ac 164,185 thousand shown for the 2024 financial year relates to a project implemented in the
financial year to simplify the holding structure for various Austrian subsidiaries. In detail, it corresponds to the difference
between the written-down carrying amount of the investment in RBI Beteiligungs GmbH and the net assets acquired.
The income tax item shows net income of \u20ac 19,936 thousand for the 2025 financial year (2024: \u20ac 12,354 thousand). This includes
income from current income taxes of \u20ac 23,821 thousand (2024: \u20ac 18,817 thousand), deferred tax expense of \u20ac 8 thousand (2024:
tax income of \u20ac 300 thousand) and tax expense for previous years of \u20ac 11 thousand (2024: \u20ac 3,445 thousand). Also included is
foreign withholding tax in the amount of \u20ac 3,867 thousand (2024: \u20ac 3,320 thousand).
Other taxes mainly include the Austrian stability levy, including the special payment for 2025, totaling \u20ac 77,538 thousand (2024:
\u20ac 24,427 thousand).
The return on equity after tax (net income after tax divided by average equity in the financial year, including AT1 instruments)
was 8.7 per cent (2024: 3.1 per cent).
The profit after tax in 2025 was thus \u20ac 909,493 thousand (2024: \u20ac 307,908 thousand).
After movements in reserves of minus \u20ac 4,597 thousand and profit of \u20ac 343,654 thousand brought forward from the previous
year, net profit was \u20ac 1,248,550 thousand (2024: \u20ac 704,335 thousand).
Capital, share, voting and
control rights
The following disclosures satisfy the provisions of \u00a7 243a (1) of the Austrian Commercial Code (UGB):
(1) As at 31 December 2025, the company\u2019s share capital amounted to \u20ac 1,003,265,844.05 and was divided into 328,939,621
voting common bearer shares. As at 31 December 2025, 698,767 (31 December 2024: 525,274) of those were own shares, and
consequently 328,240,854 shares were outstanding at the reporting date.
(2) The Articles of Association contain no restrictions concerning voting rights or the transfer of shares. The regional Raiffeisen
banks and direct and indirect subsidiaries of the regional Raiffeisen banks are parties to a syndicate contract (syndicate
agreement) regarding RBI AG. The terms of this syndicate agreement include not only a block voting agreement and
preemption rights, but also a prohibition on sales of the RBI shares held by the regional Raiffeisen banks (with few exceptions) ,
if the sale would reduce the regional Raiffeisen banks\u2019 aggregate shareholding in RBI AG (direct and/or indirect) to less than 40
per cent of the share capital plus one share.
(3) Raiffeisenlandesbank Nieder\u00f6sterreich-Wien AG holds directly and indirectly total around 25.00 per cent of the share capital
of the company. By virtue of the syndicate agreement regarding RBI AG, the regional Raiffeisen banks and their direct and
indirect subsidiaries as parties acting in concert as defined in \u00a7 1 (6) of the Austrian Takeover Act (\u00dcbG). The regional Raiffeisen
banks hold a total of around 61.17 per cent of the voting rights. The remaining shares of RBI AG are held in free float, with no
other direct or indirect shareholdings amounting to 10 per cent or more known to the Management Board.
(4) The Articles of Association do not contain any special rights of control associated with holding shares. According to the
syndicate agreement for RBI AG, the regional Raiffeisen banks can nominate nine members of the RBI AG Supervisory Board. In
addition to the members nominated by the regional Raiffeisen banks, the RBI AG Supervisory Board should also include three
independent representatives of free-float shareholders who are not attributable to the Austrian Raiffeisen Banking Group.
(5) There is no control of voting rights arising from interests held by employees in the share capital.
(6) Pursuant to the Articles of Association, a person who is aged 68 years or older may not be appointed as a member of the
Management Board or be reappointed for another term in office. The rule for the Supervisory Board is that a person who is
aged 75 years or older may not be elected as a member of the Supervisory Board or be re-elected for another term in office.
Moreover, no person who already holds eight supervisory board mandates in publicly traded companies may be a member of
the Supervisory Board. Holding a position as chairman of the supervisory board of a publicly traded company would count
twice for this purpose. The Annual General Meeting may choose to waive this restriction through a simple majority of votes if
permitted by law. Any candidate who has more mandates for, or chairman positions on, supervisory boards in publicly traded
companies must disclose this to the Annual General Meeting. There are no further regulations regarding the appointment or
dismissal of members of the Management Board and the Supervisory Board beyond the provisions of the relevant laws. The
Articles of Association stipulate that the resolutions of the Annual General Meeting are, provided that there are no mandatory
statutory provisions to the contrary, adopted by a simple majority of the votes cast. Where the law requires a capital majority
in addition to the voting majority, resolutions are adopted by a simple majority of the share capital represented in the votes. As
a result of this provision, members of the Supervisory Board may be dis-missed prematurely by a simple majority. The
Supervisory Board is authorized to adopt amendments to the Articles of Association that only affect the respective wording.
This right may be delegated to committees. Furthermore, there are no regulations regarding amendments to the company
Articles of Association beyond the provisions of the relevant laws.
(7) Pursuant to \u00a7 169 of the Austrian Stock Corporation Act (AktG), the Management Board has been authorized since the
Annual General Meeting of 4 April 2024 to increase the share capital with the approval of the Supervisory Board \u2013 in one or
more tranches \u2013 by up to \u20ac 501,632,920.50 through the issuance of up to 164,469,810 new voting common bearer shares in
exchange for contributions in cash and/or in kind (including by way of the right of indirect subscription by a bank pursuant to \u00a7
153 (6) of the AktG) by 16 May 2029 at the latest and to fix the offering price and terms of the issue with the approval of the
Supervisory Board. The Management Board is further authorized to exclude shareholders\u2019 subscription rights with the approval
of the Supervisory Board (i) if the capital increase is carried out in exchange for contributions in kind, or (ii) if the capital
increase is carried out in exchange for contributions in cash and the shares issued under the exclusion of subscription rights do
not exceed 10 per cent of the company\u2019s share capital (exclusion of subscription rights). The (i) utilization of authorized capital
with exclusion of the statutory subscription right in the event of a capital increase in return for a contribution in cash, and the
(ii) implementation of the conditional capital resolved upon in the Annual General Meeting on 26 March 2025 in order to grant
conversion or subscription rights to convertible bond creditors may not exceed 10 per cent in total of the share capital of the
company. The utilization of the authorized capital in the form of a capital increase in return for a contribution in kind is not
covered by this restriction.
Since then, this authorization from April 2024 has not been utilized.
The share capital is conditionally increased (conditional capital) pursuant to \u00a7 159 (2) 1 of the AktG by up to \u20ac 100,326,584 by
issuing of up to 32,893,962 ordinary bearer shares. The conditional capital increase will only be implemented to the extent that
use is made of an irrevocable right of conversion into or subscription to shares which the company grants to the creditors
holding convertible bonds issued on the basis of the resolution passed at the Annual General Meeting on 26 March 2025 within
five years from the date of the resolution, thus by March 25, 2030, or in the event of having to fulfil a conversion obligation set
out in the convertible bonds\u2019 terms of issuance. In both cases, the Management Board does not decide to allocate own shares.
The issue price and the conversion ratio are to be calculated in accordance with recognized quantitative financial
methodologies and the price of the company\u2019s shares in a recognized pricing procedure (calculation basis of the issuance
price); the issue price may not be below the proportionate amount of the share capital. The newly issued shares from the
conditional capital increase are entitled to a dividend equivalent to those of the existing shares. The Management Board was
authorized, to determine the further details of the share issuance based on the terms and conditions of the convertible bonds..
The Management Board was further authorized pursuant to \u00a7 174 (2) of the AktG by the Annual General Meeting on 26 March
2025, within 5 years from the date of the resolution, i.e. until 25 March\u00a0 2030, with the consent of the Supervisory Board, to issue
also in several emissions, convertible bonds with rights to convert into or subscribe to shares of the company or convertible
bonds with conversion obligations (contingent convertible bonds pursuant to \u00a7 26 of the Banking Act), including convertible
bonds that meet the requirements for Additional Tier 1 capital instruments pursuant to Regulation (EU) No. 575/2013 of the
European Parliament and the Council of 26 June 2013 on supervisory requirements for credit institutions and investment firms,
as amended, with full exclusion of shareholders\u2019 subscription rights. The authorization includes the issuance of convertible
bonds in a total nominal amount of up to \u20ac 1,000,000,000 with rights to convert into or subscribe to up to 32,893,962 ordinary
bearer shares of the company with a proportionate amount of the share capital up to \u20ac 100,326,584. The issue price and the
conversion ratio are to be calculated in accordance with recognized quantitative financial methodologies and the price of the
company shares in a recognized pricing procedure (calculation basis of the issuance price); the issue price of the convertible
bonds may not be below the proportionate amount of the share capital. In this respect, the Management Board is authorized
to determine all further issuance and structural features as well as the issuance terms and conditions of the convertible bonds,
in particular the interest rate, issue price, term of validity and denomination, provisions protecting against dilution, conversion
period, conversion rights and obligations, conversion ratio and conversion price. The convertible bonds may also be issued \u2013
observing the limit of the corresponding equivalent value in euros \u2013 in the currency of the United States of America and in the
currency of any other Organization for Economic Cooperation and Development (OECD) member state.
This authorization supersedes the authorization resolved by the General Meeting on 20 October 2020 pursuant to section 174
(2) of the Austrian Stock Corporation Act (AktG) for the issuance of convertible bonds, which was revoked with effect from 26
March 2025. No convertible bonds have been issued either on the basis of the revoked authorization of October 2020 or under
the currently valid authorization of March 2025
(8) The following material agreements exist, to which the company is a party, and which take effect, change, or come to an
end upon a change of control in the company as a result of a takeover bid:
\u00b7 RBI AG is insured under a group-wide D&O policy. In the event of a merger with another legal entity, the insurance
policy would automatically cease at the end of the insurance period in which the merger took effect. In such cases,
insurance cover only exists for claims for damages arising from breaches of obligations that occurred before the
merger, which are reported to the insurer prior to the termination of RBI AG\u2019s group-wide D&O insurance cover.
\u00b7 RBI AG is a member of the Professional Association of Raiffeisen Banks. Upon a change in control of RBI AG which
results in the attainment of control by shareholders outside of the Raiffeisen Banking Group Austria, membership of
the Professional Association of Raiffeisen Banks, as well as that of the Raiffeisen-IPS pursuant to Art. 113 (7) of the
CRR, the \u00d6sterreichische Raiffeisen-Sicherungseinrichtung eGen and of the Raiffeisen Customer Guarantee Scheme
Austria may be terminated. RBI AG also serves as the central institution of the Raiffeisen Banking Group at a national
level. Upon a change in control of RBI AG, related contracts (central institution of the liquidity group pursuant to \u00a7 27a
of the BWG may end or change.
\u00b7 The company\u2019s refinancing agreements and agreements concerning third-party financing for subsidiaries, which are
guaranteed by the company, stipulate in some cases that the lenders can demand early repayment of the financing
in the event of a change in control.
(9) There are no indemnification agreements between the company and its Management Board and Supervisory Board
members or employees that would take effect in the event of a public takeover bid.
Non-financial Performance
Indicators
RBI AG is exempt from the obligation to prepare a non-financial statement pursuant to Section 243b (7) UGB. The sustainability
issues of RBI AG are presented in the consolidated non-financial statement in the Group management report of RBI. The Group
management report with detailed information on developments in sustainability management is available in the Vienna
Commercial Register and on the website at www.rbinternational.com
\u00b7 Intangible resources
In a very dynamic business environment, intangible resources are becoming increasingly important and represent a key driver
for sustainable business and key value drivers for companies. These intangible value drivers can only be inadequately
represented in standard financial reporting. There are a large number of intangible resources such as product and technology
innovations, brands, customer satisfaction, employee qualifications and motivation.
RBI AG sees its main intangible resources primarily in the human resources and innovation areas.
For further information on RB AG's intangible resources, please refer to the following chapters in the group management
report:
\u00b7 Research and development
\u00b7 Human resources
Research and Development
Digitalization
In 2025, RBI's retail digitalization strategy continued to focus on enhancing customer experiences and promoting sustainable
growth via digital channels. Mobile banking remains a pivotal aspect of this strategy, with 70 per cent of customers actively
using these services.
Customer acquisition via digital channels is a priority 63 per cent of new retail customers were initiated digitally in 2025, up
from 48 per cent in 2024.
RBI expanded its digital offerings, with 70 per cent of personal cash loans now being facilitated through digital platforms and
38 per cent being end-to-end digital.
Innovative solutions, such as end-to-end mobile account opening for SMEs and integration of conversational AI assistants in
apps aims to position RBI as a leader in digital banking. These solutions increased the lifetime contribution value from digital
sales in total Retail sales from 44 per cent in 2024 to above 56 per cent in 2025.
In Corporate and Investment Banking, the myRaiffeisen digital platform had 12.000 registered users at the end of 2025.
Digitized key products (e. g. KYC, accounts, lending) resulted in a digital service penetration ratio of approx. 45 per cent.
Future priorities will focus on improving digital onboarding, providing group-wide cash management solutions and broadening
the API offering beyond traditional payment integrations.
Innovation areas
In line with its commitment to innovation, RBI offered group-wide educational programs and events to its employees in 2025.
Its central innovation team additionally continued exploring new business models, with a specific focus on small and mid-sized
enterprises.
In 2025, RBI also continued to integrate artificial intelligence (AI) into business through three pillars: group AI governance, use
case evaluation and implementation, and change management and employee development. All employees have access to AI-
powered tools, and are supported by a network of internal change agents known as the AI pioneers.\u00a0
RBI\u2019s innovation research continued to focus on blockchain technology in 2025. An internal strategy for crypto and digital assets
was adopted, outlining future plans for new business models and infrastructure development.
In September 2025 RBI announced its participation as a founding member of a cross-European stablecoin consortium together
with eight other banks. The consortium plans to launch an MiCAR (Markets in Crypto-Assets Regulation)-compliant euro-
denominated stablecoin and aims to become a trusted European payment standard in the digital ecosystem. The stablecoin
consortium has formed a new company in the Netherlands, which expects to start issuing stablecoins in the second half of
2026. Individual banks will be able to provide value added services and build products based on stablecoins, such as a
stablecoin wallet.
IT
The digitalization measures approved by the Management Board in the areas of cloud migration, technological leadership, and
data centricity continued to be pursued in 2025. According to AWS benchmarking within the peer group of banks, RBI is among
the leaders in cloud technology both in Europe and globally. More than 55 per cent of all IT applications run in the cloud,
compared to 13 per cent in 2021. In the data domain, RBI established powerful group-wide platforms to ensure data scaling to
create value for its customers, for internal steering purposes and to meet regulatory requirements. All data platforms operate
on cloud environments to optimize costs and increase flexibility, thereby positioning RBI effectively to meet evolving artificial
intelligence demands. Additionally, RBI has launched a comprehensive internal AI transformation to ensure responsible
adoption across the organization. In recognition of these efforts, RBI was named the regional winner for Western Europe in the
category Best Corporate/Institutional Bank for AI in Finance) in the Finance Awards 2025.
Human Resources
The Group People, Culture & Organization (PC&O) division combines the areas of Human Resources (HR) and Organizational
Development and Change Management. Combining these areas into a single division enables the Group to forge an integrated
approach to staff leadership, culture and organizational development. In this respect, the PC&O division makes a significant
contribution to the implementation of the RBI strategy and corporate objectives. A particular focus is placed on the efficient
and seamless execution of personnel processes, encompassing tasks such as data administration, contract preparation or
recruitment. In addition, the division is responsible for personnel development, career management, leadership development as
well as professional education and training. In the area of organizational development, PC&O extends support for all
restructurings and transformations within the Group, not least through change management and organizational design.
In 2025, RBI AG was honored multiple times as an employer of choice; these awards included Kununu Top Company 2025, Trend
& Statista: Best Place to Work and Leading Employers Top 1 per cent Austria 2025. To maintain this position in future too, it is
important for the company to be aware of the expectations and demands of employees and potential applicants, and to
position itself accordingly. Current labor market trends show that employees have a considerable need for job security, while
at the same time placing great value on flexibility, work-life balance and mental wellbeing. People, and therefore also the
employees, are greatly concerned about factors such as inflation which results in a high need for security and stability. .
Innovations such as artificial intelligence (AI) are met with great curiosity on the one hand and with caution on the other. The
rapid developments in the area of generative AI offers many opportunities for RBI. AI holds the potential to revolutionize the
way people work and enhance efficiency. RBI\u2019s employees are therefore encouraged to explore the technology and consider
how it could be used. Besides the possibility for using a version of ChatGPT tailored specifically to RBI, an AI platform available
in the intranet provides information about current developments and learning opportunities. In addition, new, AI-based
systems were introduced to make HR processes simpler, more efficient and more effective. This represents another step in
RBI\u2019s technology and automation strategy.
The employer value proposition (EVP) is the essence of a brand from the employer perspective and comprises offers,
advantages, incentives and the working environment a company provides to its employees. In its Glocal EVP approach, RBI
combines the EVP of the entire Group with the local EVPs of the subsidiary banks. This creates an international employer brand
that guarantees consistency but takes special local features into account at the same time.
Promoting an attractive and high-performing work culture is decisive for corporate success. Employee surveys offer a
representative overview of the experiences within the company as a whole, and serves as input for discussions and targeted
initiatives aimed at further increasing employees\u2019 commitment. Following the implementation of a new group-wide survey tool,
another survey of the employees at head office was conducted in September.
Against the backdrop of the strong international structure, there was an increase in employees\u2019 desire to also work in other
countries. Since July 2023, RBI AG is the first bank in Austria to allow its employees to work at locations in other EU countries for
a certain period of time. The offer has been well received across all hierarchical levels.\u00a0
As learning and continuous development contribute significantly to career satisfaction, learning as a matter of course in
everyday work in order to keep pace with technological developments. The focus is on:
\u00b7 Promoting a culture of learning, thereby repositioning learning as a priority within the company culture
\u00b7 Developing a competency in and a flexible approach to leaning
\u00b7 Achieving a higher level of automation and simplification through the use of new technologies
\u00b7 Producing a portfolio of relevant learning content
\u00b7 Devising uniform standards and quality criteria for learning formats and content (in terms of their approach to
didactics, learning psychology and technology)
The retention of employees is influenced by various factors, including the quality of work relationships, the level of job and
career satisfaction, and personal performance. To enhance retention, teams receive development support through a series of
workshops, with a special focus on fostering mutual trust, open communication, and effective collaboration methods.
Managers receive support to optimize their role and guide their teams through periods of uncertainty and change, while giving
due consideration to the individual needs and expectations of their team members. The training concentrated on bolstering
individual resilience, fostering a common understanding of managerial expectations, and incorporating peer coaching and
communication techniques.
An internal team specializing in change management and change communication provides optimal support for a wide array of
transformations, ranging from minor reorganizations to significant overhauls. The goal is to properly equip managers and
employees for the transformation process, guide them through the process, garner their commitment to the change, and
provide support to individuals and teams throughout the change journey.
Artificial Intelligence (AI) holds the potential to revolutionize the way people work and enhance overall efficiency. Employees
are encouraged to explore AI and consider how it could be used at RBI. Diverse learning formats, including eLearning, are
offered to deepen employees\u2019 comprehension of AI and machine learning and discover the possibilities of this new technology
while gaining insights into its limitations and potential challenges. With the AI Pioneers Program, there are around 200
employees at head office and around 1,700 across the group who are acquiring knowledge about AI and passing it on to their
colleagues, thereby bringing efficiency to their teams.
Corporate Governance
Further information can be found in the corporate governance report chapter of the annual report, as well as on the RBI
website (www.rbinternational.com \u2192 Investors \u2192 Corporate Governance & Remuneration).
Risk report
Active risk management is a core competency of RBI AG. In order to effectively identify, measure, and manage risks the bank
continues to develop its comprehensive risk management system. The management of ESG risks (environmental, social,
corporate governance) is implemented in a cross-departmental project and covers all risk areas. Risk management is an
integral part of overall bank management. In particular, in addition to legal and regulatory requirements, it takes into account
the nature, scale, and complexity of the business activities and the resulting risks. The risk report describes the principles and
organization of risk management and describes current risk exposure in all material risk categories.
Risk management principles
RBI AG has a system of risk principles and procedures in place for measuring and monitoring risk, which is aimed at controlling
and managing the bank\u2019s risks. The risk policies and risk management principles are laid out by the Management Board of RBI
AG. These are regularly reported and discussed in the Supervisory Board committees. The fundamental risk policy principles
include:
\u00b7 Risk awareness
A risk culture is promoted which consciously deals with the risks inherent in the banking business, in particular
through the transparent presentation of information and the use of suitable methods.
\u00b7 Risk appetite
Risk-taking is cautious and requires a pre-defined minimum return on the risk.
\u00b7 Risk management
State-of-the-art risk management and risk controlling technologies are implemented which correspond to the
materiality of the risks; risk data and risk report technologies are also effectively combined.
\u00b7 Regulatory requirements
All provisions and requirements of the supervisory authorities relating to risk management are taken into account
and complied with.
\u00b7 Integrated risk management
Credit, country, market, liquidity, participation and operational risks are managed as key risks on a bank-wide basis.
For this purpose, these risks are measured, limited, aggregated, and compared to available risk coverage capital.
\u00b7 Standardized methodologies
Risk measurement and risk limitation methods are standardized in order to ensure a consistent and coherent
approach to risk management. This forms the basis for consistent overall bank management across all countries
and business lines in RBI Group.
\u00b7 Continuous planning
Risk strategies and risk capital are reviewed and approved in the course of the annual budgeting and planning
process, whereby special attention is paid to preventing risk concentrations.
\u00b7 Independent control
A clear personnel and organizational separation is maintained between business operations and all risk
management or risk controlling activities.
\u00b7 Ex ante and ex post control
Risks are consistently measured within the scope of product selling and in risk-adjusted performance measurement.
Thereby it is ensured that business in general is conducted only under risk-return considerations and that there are
no incentives for taking high risks.
\u00b7 New business areas
New products and market launches are subject to a prior, specific risk analysis and risk assessment and are decided
on by the relevant committees and bodies.
Organization of risk management
The Management Board of RBI AG ensures the proper organization and ongoing development of risk management. It decides
which methods are to be employed for identifying, measuring, and monitoring risks, and makes steering decisions according to
the risk reports and analyses. The Management Board is supported in undertaking these tasks by independent risk
management units and special committees.
RBI AG\u2019s risk management functions are performed on different levels. RBI AG develops and implements the relevant concepts
as the parent credit institution and in cooperation with the subsidiaries of the Group. The central risk management units are
responsible for the adequate and appropriate implementation of the risk management processes throughout the company. In
addition, they implement the risk policy in the respective risk categories and manage RBI AG\u2019s activities within the approved
risk budget. The implementation and management of ESG risks (environmental, social, corporate governance) is implemented
and covers all risk areas.
The central and independent risk controlling function under the Austrian Banking Act is performed by the Group Risk Controlling
organizational area. Its responsibilities include developing the company-wide framework for overall bank risk management
(integrating all risk types) and preparing independent reports on the risk profile for the Supervisory Board\u2019s Risk Committee, the
Management Board and the heads of individual business units.
Risk committees
The Group Risk Committee is the most senior decision-making body for all of the Group\u2019s risk-related topic areas. It decides
on the risk management methods and on the control concepts used for the overall Group and for key subdivisions, and is
responsible for ongoing development and implementation of methods and parameters for risk quantification and for refining
steering instruments. This also includes setting the risk appetite and the various risk budgets and limits at overall bank level as
well as monitoring the current risk situation with respect to internal capital adequacy and the corresponding risk limits. It
approves risk management and controlling activities (such as the allocation of risk capital) and advises the Management Board
on these matters. The Group Risk Committee\u2019s scope of responsibility also includes resolution-related topics and decisions
reflecting the respective guidelines & requirements of the Single Resolution Board (SRB).
The Group Asset/Liability Committee assesses and manages the statement of financial position structure and liquidity risks
and defines the standards for internal funds transfer pricing. It plays an important role in planning long-term funding and the
hedging of structural interest rate and foreign exchange risks. The Group Capital Management Committee and the Structural
FX Committee are sub-committees of the Group Asset/Liability Committee and analyze, control and manage the regulatory
capital ratios as well as the structural currency and interest rate risk of the capital position.
The Market Risk Committee controls market risks arising from trading and banking book transactions and establishes
corresponding limits and processes. In particular, it relies on profit and loss reports, the risks calculated and the limit utilization,
as well as the results of scenario analyses and stress tests with respect to market risks.
The Credit Committees are staffed by front office and back office representatives, with the staff assignments depending on
the type of customer (corporate customers, banks and sovereigns). The committees decide upon the specific lending criteria
for the different customer segments and countries and make all credit decisions concerning those segments and countries in
connection with the credit approval process (depending on rating and exposure size).
The Problem Loan Committee is the most important committee in the evaluation and decision-making process concerning
problem loans. It primarily comprises decision-making authorities; its chairman is the Chief Risk Officer (CRO) of RBI AG. Further
members with voting rights are those members of the Management Board responsible for the customer divisions, the Chief
Financial Officer (CFO), and the relevant division and department managers from risk management and special exposures
management.
The Securitization Committee is the decision-making committee for limit requests in relation to securitization positions
within the specific decision-making authority framework. It develops proposals for modifications to the securitization strategy
for the Management Board. In addition, the Securitization Committee offers a platform for exchanging information regarding
securitization positions and market developments.
The Group Operational Risk Management & Controls Committee comprises representatives of the business areas (retail,
market and corporate customers) and representatives from Compliance (including financial crime, regulatory compliance),
Internal Control System, Operations, Security, IT Risk Management and Risk Controlling, under chairmanship of the CRO. This
committee is responsible for managing operational risk (including conduct risk). It derives and sets the operational risk strategy
based on the risk profile and the business strategy and also makes decisions regarding measures, controls and risk
acceptance.
The Group Security Committee is responsible for the implementation of and compliance with the Security Policy and the IT
Risk Management Policy within the Group. This includes, inter alia, approving the Security Policy and the IT Risk Management
Policy, defining key performance indicators and key risk indicators, which must be reported on at Group level and in the local
security committees, and defining and checking the risk appetite in relation to IT risk and security.
The Data Governance Committee is the Group\u2019s senior decision-making body for all subject areas relating to data
governance. This also includes in particular topics relating to data quality as well as to compliance with the BCBS 239 principles.
The Artificial Intelligence Committee is the cross-functional, senior steering committee for the RBI Group regarding Artificial
Intelligence (AI) topics. These include strategic and regulatory oversight, performance monitoring, change management,
education & learning, transparent communication, stakeholder engagement, advisory of the Management Board and reporting,
as well as being the escalation authority for AI related topics.
The Contingency/Recovery/Resolution Committee is a decision-making body convened by the Management Board. The
composition of the committee varies as circumstances require depending on the intensity and focus of the specific
requirements pertaining to the situation (e.g. capital and/or liquidity). The core task of the committee is to maintain or recover
financial stability in accordance with the Federal Act on the Recovery and Resolution of Banks (BaSAG) and the Banking
Recovery and Resolution Directive (BRRD) in the event of a critical financial situation.
Quality assurance and internal audit
Quality assurance with respect to risk management refers to ensuring the integrity, soundness, and accuracy of processes,
models, calculations, and data sources. This is to ensure that RBI AG adheres to all legal requirements and that it can achieve
the highest standards in risk management operations. Two very important functions in assuring independent oversight are
performed by the divisions Audit and Compliance. Independent internal auditing is a legal requirement and a central pillar of
the internal control system. Internal Audit periodically assesses all business processes and contributes considerably to securing
and improving them. It sends its reports directly to the Management Board of RBI AG, which discusses them on a regular basis
in its board meetings. The Compliance Office is responsible for all issues concerning compliance with legal requirements in
addition to and as an integral part of the internal control system. Thereby compliance with existing regulations in daily
operations is monitored. Moreover, an independent and objective audit, free of potential conflicts of interest, is carried out
during the audit of the annual financial statements by the independent auditors.
Overall bank risk management
Maintaining an adequate level of capital is a core objective of the Company\u2019s risk management. Capital requirements are
monitored regularly based on the risk level measured by internal models, and in choosing appropriate models the materiality of
risks annually assessed is taken into account. This concept of overall bank risk management provides for meeting capital
requirements from both a regulatory perspective (normative perspective) and from an economic point of view (economic
perspective). Thus it covers the quantitative aspects of the internal capital adequacy assessment process (ICAAP) as legally
required and as described in the ICAAP Directive published by the European Central Bank. RBI AG\u2019s overall ICAAP process is
audited during the supervisory review process for the RBI credit institution group (RBI Kreditinstitutsgruppe) on an annual basis.
The Risk Appetite Framework (RAF) limits the Group\u2019s overall risk in line with the strategic business objectives and allocates the
risk capital calculated to the different risk categories and business areas. The primary aim of the RAF is to limit risk, particularly
in adverse scenarios and for major singular risks, in such a way as to guarantee compliance with regulatory minimum ratios.
The Risk Appetite Framework is therefore closely linked with the ICAAP and the ILAAP (Internal Liquidity Adequacy Assessment
Process) and sets concentration limits for the risk types identified as significant in the risk assessment. There is also a
connection to the recovery plan as the risk capacity and risk tolerance limits in the RAF are aligned with the corresponding
thresholds in the recovery plan. In addition, the risk appetite decided by the Management Board and the Group\u2019s risk strategy
and its implementation are reported regularly to the Supervisory Board\u2019s Risk Committee.
Approach
Risk
Measurement technique
Confidence level
Economic perspective
Economic capital
Risk that unexpected losses from the
economic point of view exceed the
internal capital
The unexpected loss for the risk horizon of one
year (economic capital) may not exceed the
current value of the tier 1 capital.
99.90 per cent
Normative perspective
Stress scenarios
Risk of falling below a sustainable
tier 1 ratio throughout an economic
cycle
Capital and earnings projection for a three-year
planning period based on assumptions of a
significant downturn in the economy
Around 95 per cent, based on potential
management decisions to reduce risk
temporarily or raise additional equity
capital
Economic perspective \u2013 economic capital approach
In this approach, risks are measured on the basis of economic capital, which represents a comparable risk indicator across all
material risk types. Economic capital is calculated as the sum of unexpected losses stemming from different risk categories. In
addition, a general buffer is held to cover risk types not explicitly quantified.
The following table shows the risk distribution of individual risk types to economic capital:
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
Participation risk
4,776,313
77.2%
4,673,816
73.8%
Credit risk corporate customers
389,599
6.3%
479,599
7.6%
Credit risk sovereigns
162,828
2.6%
342,875
5.4%
Market risk
283,517
4.6%
193,679
3.1%
Operational risk
76,893
1.2%
147,278
2.3%
Other assets
77,181
1.2%
90,753
1.4%
Credit risk banks
48,537
0.8%
66,328
1.0%
Credit risk retail customers
51,667
0.8%
23,790
0.4%
CVA risk
22,195
0.4%
14,770
0.2%
Risk buffer
294,437
4.8%
301,645
4.8%
Total
6,183,167
100.0%
6,334,535
100.0%
The economic capital decreased year-on-year to \u20ac 6,183,167 thousand. For RBI AG, the participation risk is the most material
risk type in terms of amount, which also contributed significantly to the year-on-year decline. The strongest decreases were
recorded in credit risk for corporate customers and for sovereigns, while market risk decreased.
RBI AG uses a confidence level of 99.90 per cent to calculate economic capital.
Economic capital is an important instrument in overall bank risk management and is used in allocating risk budgets. Economic
capital limits are allocated to individual business areas during the annual budgeting process and are supplemented in day-to-
day management by volume, sensitivity, and value-at-risk limits. At RBI AG, this is planned on a revolving basis for the
upcoming three years and incorporates the future development of economic capital as well as available internal capital.
Economic capital thus substantially influences plans for future lending activities and the overall limit for taking market risk.
Risk-adjusted performance measurement is also based on the indicator for economic capital. The profitability of a business
unit is examined in relation to the amount of economic capital attributed to the unit in question (risk-adjusted profit in relation
to risk-adjusted capital, RORAC), which yields a comparable performance indicator for all business units in the bank. That
indicator is used in turn as a key figure in overall bank management and for future capital allocations to business units, and
influences the remuneration paid to the Bank\u2019s executive management.
Normative perspective \u2013 stress scenarios
The analysis of the stress scenarios in the normative perspective of the ICAAP is intended to ensure that RBI AG has sufficiently
high capital ratios in a multi-year planning period, even in a severe macroeconomic downturn scenario. The analysis is based
on a multi-year macroeconomic stress test where hypothetical market developments in a severe but realistic economic
downturn scenario are simulated. The risk parameters considered include interest rates, foreign exchange rates and securities
prices, as well as changes in default probabilities and rating migrations in the credit portfolio as well as losses from
operational risks.
The integrated stress test focuses primarily on the capital ratios at the end of the multi-year observation period. These should
not fall below a sustainable level, meaning that they should not require the bank to substantially increase capital or to
significantly reduce its business activities. The current minimum amount of capital is therefore determined by the size of a
potential economic downturn. The stress scenarios assumed incorporates recognition of the necessary loan loss provisions and
potential pro-cyclical effects (which increase the minimum regulatory capital requirement) along with the impact of foreign
exchange rate fluctuations and other valuation and earnings effects. Regulatory changes already known are taken into
account for the planning period.
This perspective thus also complements traditional risk measurement methods based on the value-at-risk concept (which is in
general based on historical data). Therefore, it can account for exceptional market situations that have not been observed in
the past, and also permits estimation of the potential impact of such developments. The stress test also allows for analyzing
risk concentrations (e.g. individual positions, industries, or geographical regions) and gives insight into profitability, liquidity
situation, and solvency under extreme situations. Building on these analyses, RBI AG\u2019s risk management actively contributes to
portfolio diversification, for example via limits for the total exposure to individual industry segments and countries and through
ongoing updates to lending standards.
Credit risk
RBI AG\u2019s credit risk stems mainly from default risks that arise from business with retail and corporate customers, other banks
and sovereign borrowers. It is by far the most important risk category for RBI AG, which is also indicated by internal and
regulatory capital requirements. Credit risk is therefore analyzed and monitored both on an individual loan and customer basis
as well as on a portfolio basis. Credit risk management and lending decisions are based on the respective credit risk policies,
credit risk manuals, and the tools and processes which have been developed for this purpose. The internal control system for
credit risks includes different types of monitoring measures, which are tightly integrated into the workflows to be monitored \u2013
from the customer\u2019s initial credit application, to the bank\u2019s credit approval, and finally to the repayment of the loan.
No lending transaction is performed in the non-retail segments before the limit application process has been completed. This
process applies not only to new lending, but also to increases in existing limits, roll-overs, overdrafts, and to cases in which the
borrower\u2019s risk profile is no longer the same as the profile that formed the basis for the original lending decision (e.g. with
respect to the financial situation of the borrower, purpose or collateral). It also applies to the setting of counterparty limits in
trading and new issuance operations, other credit limits, and to participations.
Credit decisions are made within the context of a competence authority hierarchy based on the size and type of the loan.
Approval from the business and the credit risk management divisions is always required when making individual limit decisions
or performing regular rating renewals. If the individual decision-making parties disagree, the potential transaction is decided
upon by the next higher-ranking credit authority.
Credit exposure by asset classes (rating models):
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
Corporate customers
42,532,140
46.8%
42,753,549
46.2%
Project finance
3,649,628
4.0%
2,970,052
3.2%
Retail customers
3,983,840
4.4%
3,025,698
3.3%
Banks
22,039,074
24.2%
24,064,062
26.0%
Sovereigns
18,765,905
20.6%
19,786,454
21.4%
Total
90,970,586
100.0%
92,599,814
100.0%
Credit portfolio \u2013 Corporate customers
The internal rating models for corporate customers take into account qualitative parameters, various ratios from the
statement of financial position, and profit ratios covering different aspects of customer creditworthiness for various industries
and countries. In addition, the model for smaller corporates also includes an account behavior component.
The following table shows the total credit exposure according to internal corporate ratings (large corporates, mid-market and
small corporates). For presentation purposes, the individual grades of the rating scale have been combined into nine main
rating grades.
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
1
Minimal risk
2,213,837
5.2%
1,396,903
3.3%
2
Excellent credit standing
5,007,629
11.8%
6,083,777
14.2%
3
Very good credit standing
12,416,557
29.2%
13,129,807
30.7%
4
Good credit standing
12,459,128
29.3%
12,593,522
29.5%
5
Sound credit standing
6,690,654
15.7%
5,498,715
12.9%
6
Acceptable credit standing
2,204,555
5.2%
1,693,830
4.0%
7
Marginal credit standing
549,563
1.3%
437,974
1.0%
8
Weak credit standing/sub-standard
91,479
0.2%
158,347
0.4%
9
Very weak credit standing/doubtful
267,916
0.6%
215,148
0.5%
10
Default
596,152
1.4%
1,545,506
3.6%
NR
Not rated
34,670
0.1%
21
0.0%
Total
42,532,140
100.0%
42,753,549
100.0%
The total credit exposure for corporate customers decreased \u20ac 221,409 thousand compared to year-end 2024 to \u20ac 42,532,140
thousand.
The decline for corporate customers was primarily due to a reduction in credit and facility financing in Austria, Luxembourg,
Indonesia and Great Britain, which was partly offset by increases of facility financing in Switzerland. In addition, there was a
decline of swap and foreign exchange transactions in Austria. The decrease was partly offset by higher repo transactions in
Singapore and guarantees issued in Austria.
The five grades rating model for project finance is based on the slotting criteria in accordance with EBA/RTS/2016/02.
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
6.1
Excellent project risk profile \u2013 very low risk
1,813,681
49.7%
1,978,649
66.6%
6.2
Good project risk profile \u2013 low risk
1,033,513
28.3%
522,743
17.6%
6.3
Acceptable project risk profile \u2013 average risk
105,643
2.9%
205,387
6.9%
6.4
Poor project risk profile \u2013 high risk
56,500
1.5%
0
0.0%
6.5
Default
640,289
17.5%
263,273
8.9%
NR
Not rated
2
0.0%
0
0.0%
Total
3,649,628
100.0%
2,970,052
100.0%
Credit exposure to loans reported under project financing showed an increase of \u20ac\u00a0679,577 thousand to \u20ac\u00a03,649,628 thousand
as at 31 December 2025. The increase in Germany was mainly due to a reclassification of three existing defaulted customers
from corporate customers to project finance, coordinated with the regulator.\u00a0
Credit portfolio \u2013 Retail customers
Credit exposure to retail customers according to internal rating:
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
0.5
Minimal risk
343,934
8.6%
408,157
13.5%
1.0
Excellent credit standing
357,277
9.0%
323,957
10.7%
1.5
Very good credit standing
200,609
5.0%
98,169
3.2%
2.0
Good credit standing
646,567
16.2%
41,158
1.4%
2.5
Sound credit standing
1,031,672
25.9%
32,499
1.1%
3.0
Acceptable credit standing
354,586
8.9%
17,953
0.6%
3.5
Marginal credit standing
202,308
5.1%
8,932
0.3%
4.0
Weak credit standing/sub-standard
133,652
3.4%
8,861
0.3%
4.5
Very weak credit standing/doubtful
82,430
2.1%
12,733
0.4%
5.0
Default
97,673
2.5%
135,485
4.5%
NR
Not rated
533,134
13.4%
1,937,793
64.0%
Total
3,983,840
100.0%
3,025,698
100.0%
The not rated credit exposure includes mainly credit card limits in Austria. The decline in not rated customers was mainly due
to the fact that most of the credit card business in Austria received a rating in the first quarter of 2025.
Credit portfolio \u2013 Banks
The following table shows the total credit exposure by internal rating for banks (excluding central banks). Due to the small
number of customers (or observable defaults), the default probabilities of individual rating grades in this asset class are
calculated based on a combination of internal and external data. The shifts within the individual rating categories partly
resulted from the regular recalibration of the rating models for credit institutions.
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
1
Minimal risk
3,859,713
17.5%
3,030,603
12.6%
2
Excellent credit standing
927,454
4.2%
1,839,065
7.6%
3
Very good credit standing
12,742,749
57.8%
15,535,808
64.6%
4
Good credit standing
3,800,460
17.2%
2,928,456
12.2%
5
Sound credit standing
372,254
1.7%
481,004
2.0%
6
Acceptable credit standing
141,636
0.6%
85,491
0.4%
7
Marginal credit standing
123,540
0.6%
59,240
0.2%
8
Weak credit standing/sub-standard
484
0.0%
7,866
0.0%
9
Very weak credit standing/doubtful
70,498
0.3%
96,011
0.4%
10
Default
226
0.0%
343
0.0%
NR
Not rated
60
0.0%
175
0.0%
Total
22,039,074
100.0%
24,064,062
100.0%
Total credit exposure to banks as at 31 December 2025 amounted to \u20ac\u00a022,039,074 thousand, an decrease of \u20ac\u00a02,024,988
thousand compared to year-end 2024. This decrease resulted mainly from lower repo transactions in France, Italy and the
Netherlands, which was partly offset by a increases in Germany, Ireland, the United Arab Emirates and Singapore.
Credit portfolio \u2013 Sovereigns
Another asset class is formed by central governments, central banks, and regional municipalities as well as other public sector
entities. The credit exposure to sovereigns includes local and regional governments.
Credit exposure to sovereigns (including central banks) by internal rating:
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
1
Excellent credit standing
2,788,750
14.9%
2,503,512
12.7%
2
Very good credit standing
13,548,883
72.2%
15,806,016
79.9%
3
Good credit standing
1,529,569
8.2%
1,095,342
5.5%
4
Sound credit standing
795,460
4.2%
319,194
1.6%
5
Average credit standing
62,827
0.3%
25,778
0.1%
6
Mediocre credit standing
13,828
0.1%
4,030
0.0%
7
Weak credit standing
17
0.0%
410
0.0%
8
Very weak credit standing
0
0.0%
21
0.0%
9
Doubtful/high default risk
18,389
0.1%
19,496
0.1%
10
Default
7,984
0.0%
8,657
0.0%
NR
Not rated
198
0.0%
3,998
0.0%
Total
18,765,905
100.0%
19,786,454
100.0%
Credit exposure to sovereigns decreased \u20ac\u00a01,020,549 thousand to \u20ac\u00a0 18,765,905 thousand compared to year-end 2024. The
highest decrease was recorded in rating grade 2, which was mainly due to decreased money market transactions with the
Austrian national bank, partly offset by an increase of Austrian government bonds
Credit portfolio management
RBI AG\u2019s credit portfolio is managed, among other factors, on the basis of the portfolio strategy. This limits the exposure to
different countries, industries and product types to avoid undesired risk concentrations. In addition, the long-term
opportunities in the single markets are regularly analyzed. This enables future lending activities to be strategically repositioned
at an early stage.
RBI AG\u2019s credit portfolio is broadly diversified by region and sector. The geographical breakdown of the loans on and off the
statement of financial position reflects the broad diversification of the credit business in the European markets. These loans
are broken down by region according to the borrower\u2019s country of risk as follows (countries with credit exposure greater than
\u20ac\u00a01 billion are shown separately):
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
Austria
36,229,792
39.8%
37,536,679
40.5%
Germany
12,552,492
13.8%
11,140,401
12.0%
France
5,193,624
5.7%
8,564,605
9.2%
Switzerland
3,522,857
3.9%
2,988,497
3.2%
Great Britain
3,394,561
3.7%
3,390,935
3.7%
Far East
2,431,386
2.7%
2,111,369
2.3%
Netherlands
2,305,223
2.5%
2,359,228
2.5%
Spain
2,207,392
2.4%
1,858,192
2.0%
United States of America
1,894,356
2.1%
1,445,368
1.6%
Poland
1,848,383
2.0%
2,296,422
2.5%
Luxembourg
1,781,584
2.0%
2,227,740
2.4%
Italy
1,709,934
1.9%
2,460,820
2.7%
Belgium
1,468,034
1.6%
1,292,464
1.4%
Romania
1,353,196
1.5%
1,245,909
1.3%
Ireland
1,037,906
1.1%
717,154
0.8%
Czech Republic
1,005,425
1.1%
1,253,212
1.4%
Other
11,034,441
12.1%
9,710,818
10.5%
Total
90,970,586
100.0%
92,599,814
100.0%
RBI AG\u2019s loan portfolio decreased \u20ac\u00a01,629,228 thousand to \u20ac\u00a090,970,586 thousand. The largest decline was recorded in France of
\u20ac\u00a03,370,981 thousand to \u20ac\u00a05,193,624 thousand which resulted mainly from reduced repo transactions. The decrease in Austria of
\u20ac\u00a01.306.887 thousand to \u20ac\u00a036,229,792 thousand was mainly due to a decline of money market business, which was partly offset
by an increase of bond portfolios, and credit and facility financing. The increase in Germany resulted mainly from higher repo
transactions, credit and facility financing, and bond transactions. Italy recorded a decrease due to lower repo transactions,
which was partly offset by increased bond transactions.
Risk policies and the assessment of credit ratings at RBI AG also take account of the borrowers\u2019 industries. Banking and
insurance represent the largest industry class in the credit portfolio. However, this is largely attributable to exposures to
members of the Austrian Raiffeisen Group. Sovereigns mainly includes securities of the Republic of Austria as issuer.
Credit exposure broken down by industry classification:
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
Financial Intermediation
30,903,983
34.0%
36,553,646
39.5%
Manufacturing
14,685,998
16.1%
13,832,753
14.9%
Public administration and defense and social insurance institutions
13,280,626
14.6%
10,548,895
11.4%
Wholesale and retail trade; repair of motor vehicles, motorcycles and
personal and household goods
7,687,799
8.5%
8,641,886
9.3%
Real estate, renting and business activities
6,576,208
7.2%
7,200,845
7.8%
Private households
3,895,512
4.3%
2,990,525
3.2%
Electricity, gas and water supply
3,841,500
4.2%
3,439,538
3.7%
Construction
2,092,047
2.3%
1,872,765
2.0%
Transport, storage and communication
1,493,149
1.6%
1,381,820
1.5%
Education; health and social work; other community, social and personal
service activities
983,389
1.1%
905,840
1.0%
Agriculture, hunting and forestry; fishing; mining and quarrying
673,370
0.7%
638,453
0.7%
Other
4,857,005
5.3%
4,592,848
5.0%
Total
90,970,586
100.0%
92,599,814
100.0%
The detailed credit portfolio analysis shows the breakdown by rating grade. Customer rating assessments are performed
separately for different asset classes using internal risk classification models (rating and scoring models), which are validated
by a central organizational unit. The default probabilities assigned to individual rating grades are calculated separately for
each asset class. However, the use of a master scale enables rating grades to be compared even across business segments.
For retail asset classes, country-specific scorecards are developed based on uniform Group standards. Corresponding tools are
used to produce and validate ratings (e.g. business valuation tools, rating and default databases).
Collateralization is one of the main strategies and an actively pursued measure for reducing potential credit risks. The value of
collateral and the effects of other risk mitigation techniques are determined during the limit application process. The risk
mitigation effect taken into account is the value that RBI AG expects to receive when it sells the collateral within a reasonable
period. Types of eligible collateral are defined in the collateral list and relevant valuation guidelines. The collateral value is
calculated according to uniform methods, including standardized calculation formulas based on market values, predefined
minimum discounts, and expert assessments.
Credit default and workout process
The credit portfolio and individual borrowers are subject to constant monitoring. The main objectives of monitoring are to
ensure that the borrower meets the terms and conditions of the contract and to keep track of the borrower\u2019s financial
position. Such a review is conducted at least once annually in the non-retail asset classes (corporates, financial institutions, and
sovereigns). This includes a rating review and the revaluation of financial and tangible collateral.
Problem loans (where debtors might run into material financial difficulties or a delayed payment is expected) need special
treatment. If restructuring is necessary, problem loans are assigned either to a designated specialist or to a restructuring unit
(workout department),which work independently of the market side and are also subject to a separate responsibility. Involving
employees of the workout departments at an early stage can help reduce losses from problem loans and/or optimize the
collateral structure of the loan.
Credit default is assessed on the basis of quantitative and qualitative criteria. First, a borrower is considered to be in default if
its contractual payments are more than 90 days overdue. Second, a borrower is considered to be in default if it meets the
criteria of unlikely payment, which indicate that the customer is in significant financial difficulty and is unlikely to meet its
payment obligations. Any existing collateral (such as real estate, guarantees, etc.) is evaluated annually and on an ad hoc basis
by collateral experts outside of the restructuring units. Only the values determined by these experts are used for calculations,
such as impairments. A loan obligation is no longer classified as default if - after a period of at least three months (six months
after a non-performing retail restructuring, and 12 months after a non-performing non-retail restructuring) \u2013 the customer has
shown good payment discipline during this period and no further indications of a high probability of default have been
identified.
As of end of December 2025, the NPE ratio of RBI AG was 2.5 per cent (December 31, 2024: 3.2 per cent), the NPE coverage ratio
was 28.5 per cent (December 31, 2024: 50.9 per cent).
The following table shows the development of impairment losses on loans and provisions for liabilities off the statement of
financial position during the financial year and the corresponding asset classes:
in \u20ac thousand
As at 1/1/2025
Allocation
Release2
Usage1
Reclassifications,
exchange differences3
As at 31/12/2025
Individual loan loss provisions
1,120,695
449,236
(317,922)
(824,382)
(4,267)
423,360
Banks
319
0
(108)
0
0
211
Corporate customers
1,025,748
431,811
(282,527)
(821,608)
(5,053)
348,371
Retail customers
85,471
12,263
(29,551)
(2,379)
791
66,595
Sovereigns
6,767
2,140
(2,758)
(395)
0
5,754
Off-balance sheet obligations
2,390
3,022
(2,978)
0
(5)
2,429
Portfolio-based loan loss
provisions
108,865
519,451
(451,456)
0
(819)
176,041
Banks
6,869
3,710
(9,518)
0
(2)
1,059
Corporate customers
61,294
376,098
(325,464)
0
(553)
111,375
Retail customers
11,390
9,664
(8,787)
0
137
12,404
Sovereigns
218
296
(305)
0
0
209
Off-balance sheet obligations
29,094
129,683
(107,382)
0
(401)
50,994
Total
1,229,560
968,687
(769,378)
(824,382)
(5,086)
599,401
1 This contains unwinding interest income from impaired customers and changes in internal interest exemptions
2 This contains changes in internal interest exemptions
3 This contains reclassifications of provisions and changes in customer categories
Country risk
Country risk includes transfer and convertibility risks as well as political risk and macroeconomic risk in a broader sense, which
arises from cross-border transactions in foreign countries. Activities in core markets are given particular attention in this
respect.
As part of an established approach across all RBI Group units, RBI AG\u2019s active country-risk management is ensured based on
the country risk policy, which is set regularly and approved by the Management Board. This policy is part of the credit portfolio
limit system and sets a strict limitation on cross-border risk exposure to individual countries. At the same time, the policy is
designed to incentivize risk-taking within the RBI Group\u2019s core markets. The limit levels for individual countries are established
using an internal model based on pillars such as the RBI Group\u2019s own capitalization, the internal sovereign rating and
respectively the internal country risk score, and the size and dynamics of the country and its banking sector. Over the past
years geopolitical risks have gained in importance and attention within RBI\u2019s internal steering framework.
Country risk is also reflected through the internal funds transfer pricing system in product pricing and in risk-adjusted
performance measurement. In this way, the bank offers the business units an incentive to hedge country risks (e.g. by seeking
insurance with export credit insurance organizations or guarantors in third countries). The insights gained from the country risk
analysis are not only used to limit total cross-border exposure, but also to manage the total credit exposure in each individual
country (i.e. including the exposure that is funded by local deposits). RBI AG thus aligns its business activities with the expected
economic development in different markets and enhances the broad diversification of its credit portfolio.
Counterparty credit risk
The default of a counterparty in a derivative, repurchase, securities lending transaction can lead to losses from reestablishing
an equivalent contract. At RBI AG this risk is measured by the mark-to-market approach where a predefined add-on is added
to the current positive fair value of the contract in order to account for potential future changes. For internal management
purposes potential price changes, which affect the fair value of an instrument, are calculated specifically for different contract
types based on historical market price changes.
For derivative contracts the standard limit approval process applies, where the same risk classification, limitation, and
monitoring process is used as for traditional lending. Credit risk mitigation instruments such as netting agreements and
collateralization represent an important strategy for reducing counterparty credit risk. In general, RBI AG strives to establish
standardized ISDA master agreements with all major counterparties for derivative transactions in order to be able to perform
close-out netting and credit support annexes (CSA) for full risk coverage for positive fair values on a daily basis.
Participation risk
The risks from listed and unlisted participations are also considered to be part of the banking book. They are reported
separately under this risk category. Most of RBI AG\u2019s direct or indirect participations are fully consolidated in the consolidated
financial statements and their risks are therefore captured in detail. Accordingly, the management, measurement and
monitoring methods described for the other types of risk are used for the risks arising out of such participations.
The roots of participation risk and default risk are similar: a deterioration in the financial situation of a participation is normally
followed by a rating downgrade (or default) of that unit. The calculation of the economic capital for participations is based on
an extension of the credit risk approach according to Basel III.
RBI AG\u2019s participations are managed by RBI Group Subsidiaries & Equity Investments. It monitors the risks that arise from long-
term participations in equity and is also responsible for the ensuing results. New investments are made only by RBI AG\u2019s
Management Board on the basis of a separate due diligence.
Market risk
RBI AG defines market risk as the risk of possible losses arising from changes in market prices of trading and banking book
positions. Market risk estimates are based on changes in exchange rates, interest rates, credit spreads, equity and commodity
prices and other relevant market parameters (e.g. implied volatilities).
Market risks from the customer divisions are transferred to the Treasury division using the transfer price method. Treasury is
responsible for managing structural market risks and for complying with the bank\u2019s overall limit. The Capital Markets division is
responsible for proprietary trading, market making, and customer business in money market and capital market products.
Organization of market risk management
RBI AG measures, monitors, and manages all market risks for the bank as a whole.
The Market Risk Committee is responsible for strategic market risk management issues. It is responsible for managing and
controlling all market risks. The bank\u2019s overall limit is set by the Management Board on the basis of the risk-taking capacity
and income budget. This limit is apportioned to sub-limits in coordination with business divisions according to strategy,
business model and risk appetite. The Market Risk Management department ensures that the business volume and product
range comply with the defined and agreed strategy and risk appetite. It is responsible for developing and enhancing risk
management processes, manuals, measurement techniques, risk management infrastructure and systems for all market risk
categories and credit risks arising from market price changes in derivative transactions. Furthermore, Market Risk
Management independently measures and reports all market risks on a daily basis.
All products in which open positions can be held are listed in the product catalog. New products are added to this list only after
successfully completing the product approval process. Product applications are investigated thoroughly for any risks. They are
approved only if the new products can be implemented in the bank\u2019s front- and back-office and risk management systems.
Limit system
RBI AG uses a comprehensive risk management approach for both the trading and the banking books (total-return approach).
Market risk is therefore managed consistently in all trading and banking books. The following indicators are measured and
limited on a daily basis in the market risk management system:
\u00b7 Value-at-Risk (VaR) confidence level 99 per cent
Value-at-Risk is the main market risk steering instrument in liquid markets and normal market situations. Two
different methods of calculation are used, depending on the steering approach. The consistency between P&L and
risk figures is in parallel necessary with the economic scope of RBI AG in order to ensure comprehensive control. For
the overall portfolio including the banking book, a model is used that is based on a historical simulation and which is
suitable for longer-term steering of the market risks from the banking books (ALL model, confidence level 99 per
cent, risk horizon 20 days). The calculation is based on overlapping 20-day returns of the last seven years and is also
used for allocating economic capital. For all market risks with a direct impact on the income statement, a model is
used that provides a good forecast of short-term volatility (IFRS P&L model, confidence level 99 per cent, risk horizon
1 day). The Austrian Financial Market Authority has approved this approach as an internal model for calculating the
total capital requirement for market risks for RBI AG\u2019s trading book. Both models calculate value-at-risk indicators
for changes in the risk factors foreign currencies, interest rate trend, credit spreads, implicit volatility, stock indices
and basis spreads.
\u00b7 Sensitivities (to changes in exchange rates and interest rates, gamma, vega, equity and commodity prices)
Sensitivity limits are to ensure that concentrations are avoided in normal market situations and are the main
steering instrument under extreme market situations and in illiquid markets or in markets that are structurally
difficult to measure.
\u00b7 Stop loss
Stop loss limits serve to strengthen the discipline of traders such that they do not allow losses to accumulate on
their own proprietary positions but strictly limit them instead.
A comprehensive stress testing concept complements this multi-level limit system. It simulates potential present value
changes of defined scenarios for the total portfolio. The results on market risk concentrations shown by these stress tests are
reported to the Market Risk Committee and taken into account when setting limits. Stress test reports for individual portfolios
are included in daily market risk reporting.
Value-at-Risk and theoretical market price changes of trading book
The following tables show the VaR (VaR ALL 99 per cent, 20 days and VaR IFRS P&L 99 per cent, one day) for the individual
market risk categories in the trading books, while the overall risk is shown for the banking book. The IFRS-P&L model aims to
measure short-term market fluctuations, while the ALL model focuses on measuring structural interest rate risks. Structural
equity positions, structural interest rate risks, especially in euro, and also spread risks from bond books maintained as a
liquidity buffer dominate RBI AG\u2019s VaR.
Model IFRS-P&L trading book VaR (99%, 1d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac thousand
31/12/2025
31/12/2024
Currency risk
505
616
99
1,532
392
Interest rate risk
2,085
1,611
883
2,408
895
Credit spread risk
2,719
1,914
621
3,102
734
Total
2,078
1,753
944
2,617
1,025
Model IFRS-P&L total VaR (99%, 1d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac thousand
31/12/2025
31/12/2024
Currency risk
1,742
2,994
1,514
7,493
1,928
Interest rate risk
2,046
2,160
1,149
7,202
1,545
Credit spread risk
2,833
2,291
1,341
4,154
1,893
Total
2,962
4,305
2,466
8,891
3,352
Model ALL VaR (99%, 20d)
VaR as at
Average VaR
Minimum VaR
Maximum VaR
VaR as at
in \u20ac thousand
31/12/2025
31/12/2024
Economic capital ALL
80,616
62,802
26,102
94,517
43,405
Total ALL (Risk categories)
Currency risk
4,728
3,622
946
94,517
5,246
Interest rate risk
70,851
55,301
14,372
85,867
36,681
Credit spread risk
38,581
33,136
17,384
48,384
21,298
Banking book (99%, 20d)
Interest rate risk in the banking book1
67,153
61,446
17,239
81,965
50,180
1 Previous year figure adapted due to method change
Besides qualitative analysis of profitability, back-testing and statistical validation techniques are regularly used to monitor the
risk measurement methods employed. If model weaknesses are identified, the methods are adjusted. In the 2025 reporting
year, there was a hypothetical back-testing violation due to increased market volatility and sharp movement in rates. The
following chart compares VaR with the hypothetical profits and losses on a daily basis. VaR denotes the maximum loss that will
not be exceeded with a 99 per cent confidence level within a day. It is compared to the respective theoretical gain or loss which
would arise on the following day due to the actual market conditions at the time.
\"1325\"
Interest rate risk in the trading book
The following table shows the largest present value changes in the trading book given a parallel one-basis-point interest rate
increase (significant currencies shown separately). The trading book sensitivities presented are calculated as the total position
of each node without considering the banking book positions.
31/12/2025
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
in \u20ac thousand
CHF
(32)
(7)
0
(1)
(1)
(1)
(9)
(1)
(4)
(5)
(3)
0
CNY
2
0
0
2
0
0
0
0
0
0
0
0
CZK
(28)
(2)
3
3
(18)
(3)
(3)
(11)
8
(2)
(1)
(2)
EUR
(1174)
86
(74)
(21)
46
(13)
(101)
(400)
(311)
(392)
9
(4)
GBP
(5)
0
(3)
(3)
0
0
1
0
0
0
0
0
HUF
(17)
2
4
(7)
(2)
2
(5)
(6)
6
(9)
(1)
(1)
NOK
0
0
0
0
0
0
0
0
0
0
0
0
PLN
(6)
(6)
(6)
(8)
17
(4)
4
(5)
2
0
0
0
RON
(9)
2
(2)
(1)
(3)
(3)
(1)
(1)
0
0
0
0
RUB
(4)
0
0
2
(4)
0
0
(1)
(1)
0
0
0
USD
(25)
10
(8)
(15)
(8)
1
5
(17)
(2)
10
(7)
5
Other
(6)
0
0
(1)
0
0
(1)
(1)
(1)
(1)
(1)
0
31/12/2024
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
in \u20ac thousand
CHF
0
(2)
2
1
0
0
0
0
0
1
0
0
CNY
4
0
0
4
0
0
0
0
0
0
0
0
CZK
(4)
5
(7)
(10)
6
4
(3)
8
(5)
1
(1)
(4)
EUR
21
13
8
1
(20)
16
14
(27)
80
(52)
(26)
16
GBP
1
0
0
0
1
0
0
0
0
0
0
0
HUF
8
3
2
0
(2)
10
1
1
(2)
(5)
(1)
0
NOK
1
0
0
0
0
0
0
0
0
0
0
0
PLN
(3)
(5)
(3)
3
2
0
(5)
4
0
0
0
0
RON
(4)
0
0
2
(2)
2
(4)
0
0
0
0
0
RUB
(1)
0
0
0
0
0
(1)
0
0
0
0
0
USD
(41)
(1)
(1)
(7)
(7)
(18)
(8)
0
0
(3)
(2)
6
Other
(8)
0
0
0
(5)
4
(3)
135
0
0
0
0
Interest rate risk in the banking book
Different maturities and repricing schedules of assets and the corresponding liabilities (i.e. deposits and financing from money
markets and capital markets) cause interest rate risk in RBI AG. This risk arises in particular from different interest rate
sensitivities, rate adjustments, and other optionality of expected cash flows. Interest rate risk in the banking book is material
for the euro and US dollar as major currencies.
This risk is mainly hedged by a combination of transactions on and off the statement of financial position where in particular
interest rate swaps and \u2013 to a smaller extent \u2013 also interest rate forwards and interest rate options are used. Management of
the statement of financial position is a core task of the Treasury division, which is supported by the Group Asset/Liability
Committee. The latter uses scenarios and interest income simulations that ensure proper interest rate sensitivity in line with
expected changes in market rates and the overall risk appetite. Interest rate risk in the banking book is not only measured in a
value-at-risk framework but also managed by the traditional tools of nominal and interest rate gap analyses. The following
table shows the change in the present value of the banking book given a one-basis-point parallel interest rate increase. The
main currencies are shown separately.
31/12/2025
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
in \u20ac thousand
CHF
(31)
(5)
0
(1)
0
(1)
(8)
(2)
(4)
(6)
(3)
0
CNY
(2)
0
0
(1)
0
0
0
0
0
0
0
0
CZK
(5)
4
0
2
(4)
2
(9)
(1)
3
0
0
0
EUR
(976)
51
(75)
(12)
24
1
(160)
(201)
(367)
(209)
(23)
(4)
GBP
(6)
(1)
(3)
(2)
0
0
0
0
0
0
0
0
HUF
(9)
2
(1)
1
(1)
(2)
(7)
(2)
0
0
0
0
PLN
(5)
(3)
(3)
(1)
4
0
(1)
0
0
0
0
0
SGD
0
0
0
0
0
0
0
0
0
0
0
0
USD
7
11
0
(6)
(3)
0
5
0
0
0
0
0
Other
(6)
(1)
0
2
(4)
1
(1)
(1)
0
(1)
(1)
0
31/12/2024
Total
< 3 m
> 3 to
6 m
> 6 to
12 m
> 1 to
2 y
> 2 to
3 y
> 3 to
5 y
> 5 to
7 y
> 7 to
10 y
> 10 to
15 y
> 15 to
20 y
> 20 y
in \u20ac thousand
CHF
(49)
(17)
(2)
0
1
0
(8)
(5)
(6)
(7)
(5)
(1)
CNY
(2)
0
(1)
(1)
0
0
0
0
0
0
0
0
CZK
(13)
3
0
0
(6)
(2)
(1)
(7)
4
(3)
0
0
EUR
(333)
144
20
118
(9)
43
(392)
(108)
89
(119)
(136)
17
GBP
(9)
0
0
(5)
(4)
0
0
0
0
0
0
0
HUF
(11)
1
(2)
(1)
1
(5)
(6)
0
0
0
0
0
PLN
(2)
0
(3)
(2)
(1)
3
0
0
0
0
0
0
SGD
0
0
0
0
0
0
0
0
0
0
0
0
USD
(8)
8
(12)
(3)
(5)
3
2
(1)
0
0
0
0
Other
(1)
0
0
0
5
(4)
2
0
0
(1)
(2)
0
Credit spread risk
The market risk management framework uses time-dependent bond and CDS-spread curves as risk factors in order to
measure credit spread risks. It captures all capital market instruments in the trading and banking book.
Liquidity management
Principles
Internal liquidity management is an important business process within general bank management, because it ensures the
continuous availability of funds required to cover day-to-day demands.
Liquidity adequacy is ensured from both an economic and a regulatory perspective. In order to approach the economic
perspective RBI AG established a governance framework comprising internal limits and steering measures which complies with
the Principles for Sound Liquidity Risk Management and Supervision set out by the Basel Committee on Banking Supervision and
the Kreditinstitute-Risikomanagement-Verordnung (KI-RMV) issued by the Austrian regulatory authority.
The regulatory component is addressed by compliance with reporting requirements under Basel III (Liquidity Coverage Ratio,
Net Stable Funding Ratio and Additional Liquidity Monitoring Metrics) as well as by complying with the regulatory limits.
Liquidity risk management during the war in Ukraine
Despite the ongoing war in Ukraine and intense media coverage of RBI, the liquidity position remained stable throughout the
financial year.
The ILAAP framework and governance once again proved to be solid and functioning even in times of crisis. Daily monitoring of
the liquidity position using dynamic dashboards showed that the infrastructure and monitoring are effective and support quick
reactions in times of crisis.
Organization and responsibility
Responsibility for ensuring adequate levels of liquidity lies with the overall Management Board. The board members with
functional responsibility are the Chief Financial Officer (Treasury) and the Chief Risk Officer (Risk Controlling). Accordingly, the
processes regarding liquidity risk are essentially run by two areas within the bank: Firstly the Treasury unit, which takes on
liquidity risk positions within the strategy, guidelines and parameters set by the responsible decision-making bodies. Secondly,
they are monitored and supported by the independent Risk Controlling unit, which measures and models liquidity risk positions,
sets limits and supervises compliance with them.
Besides the responsible units in the line functions, the Asset/Liability Management Committee (ALCO) acts as the decision-
making body with respect to all matters affecting the management of the liquidity position and statement-of-financial-
position structure of RBI AG, including the definition of strategies and policies for managing liquidity risks. The ALCO takes
decisions and provides standard reports on liquidity risk to the respective Management Boards at least on a monthly basis.
Liquidity strategy
Treasury units are committed to achieving KPIs and to complying with risk-based principles. The current set of KPIs includes
general targets (e.g. for return on risk-adjusted capital (RORAC) or coverage ratios), as well as specific Treasury targets for
liquidity such as a minimum survival period in defined stress scenarios or minimum liquidity targets in regulatory indicators.
While generating an adequate structural income from maturity transformation which reflects the liquidity and market risk
positions taken by the bank, Treasury has to follow a prudent and sustainable risk policy when steering the balance sheet.
Strategic goals comprise a reduction in parent funding within the group, the sustainable management of the depositor base
and of credit growth as well as continuous compliance with regulatory requirements and the internal limit framework.
Liquidity Risk Framework
Regulatory and internal liquidity reports and ratios are generated and determined based on particular modelling assumptions.
Whereas the regulatory reports are calculated on specifications given by authorities, the internal reports are modelled with
assumptions from empirical observations.
RBI AG has a substantial database along with expertise in forecasting cash flows arising from all material on- and off-balance
sheet positions. The modelling of liquidity inflows and outflows is carried out on a sufficient granular level, differentiating
between product and customer segments, and, where applicable, currencies as well. Modelling of customer deposits includes
assumptions concerning the retention times for deposits after maturity. The model assumptions are quite prudent, e.g. there is
a \"no rollover\" assumption on funding from banks and all funding channels and the liquidity buffer are stressed simultaneously.
The cornerstones of the economic liquidity risk framework are the Going Concern (GC) and the Time to Wall (TTW) scenario.
The Going Concern report shows the structural liquidity position. It covers all main risk drivers which could detrimentally affect
RBI AG in a business-as-usual scenario. The Going Concern models are important input factors for the liquidity contribution to
the internal funds transfer pricing model. On the other hand, the Time to Wall report shows the survival horizon for defined
adverse scenarios and stress models (market, reputational and combined crisis) and determines the minimum level of the
liquidity buffer (and/or the counter-balancing capacity) for each Group unit.
The liquidity scenarios are modelled using a group-wide approach which considers local specifics where warranted due to
influencing factors such as the market or the legal environment or certain business characteristics. When modelling cash
inflows and outflows a distinction is at minimum made between products, customer segments and individual currencies (where
applicable). For products without a contractual maturity, the distribution of cash inflows and outflows is calculated using a
geometric Brownian motion which derives statistical forecasts for future daily balances from the observed, exponentially
weighted historical volatility of the corresponding products. For market crisis scenario a special model for assessment of the
potential liquidity outflow due to margin calls is in place. This model relies on Value-at-Risk calculations to estimate the
potential depreciation of derivative portfolios involving counterparties with CSA or variation margin agreements. By
incorporating this outflow into the liquidity risk stress test, a corresponding buffer is maintained to account for potential
margin calls in extremely adverse situations.
The liquidity risk framework is continuously developed. The technical infrastructure is further enhanced in numerous projects
and data availability is improved in order to meet the increasing regulatory and internal reporting and management
requirements for this area of risk.
Risk appetite and liquidity limits
The liquidity position is monitored at the level of RBI AG and at the level of its branches and is restricted by means of a
comprehensive limit system. Limits are defined both under a business-as-usual as well as under a stress perspective. In
accordance with the defined risk appetite, each unit must demonstrate a survival horizon of several months (TTW) in a severe,
combined stress scenario (reputational and market stress). This can be ensured either by a structurally positive liquidity profile
or by a sufficiently high liquidity buffer. In a normal going-concern environment (GC), maturity transformation must be fully
covered by the available liquidity buffer in the medium term. This means that the cumulative liquidity position over a period of
up to one year must be positive. In the long term (one year or more), maturity transformation is permitted up to a certain level.
For internal models, these limits are supplemented by limits for compliance with regulatory liquidity ratios, such as the liquidity
coverage ratio (LCR). All limits must be complied with on a daily basis.
Liquidity monitoring
The bank uses a range of customized measurement tools and early warning indicators that provide board members and senior
management with timely and forward-looking information. The limit framework ensures that the bank can continue to
operate in a period of severe stress.
Monitoring of limits and reporting limit compliance is performed regularly and effectively. Any breach by Group units is
reported to the Group ALCO and escalated. In such cases, appropriate steps are undertaken in consultation with the relevant
unit or contentious matters are escalated to the next highest responsible body.
Liquidity stress test
Stress tests are conducted for RBI AG on a daily basis on Group level. The tests cover three scenarios (market, reputational and
combined crisis), consider the effects of the scenarios for a period of several months and demonstrate that stress events can
simultaneously result in a time-critical liquidity requirement in several currencies. The stress scenarios include the principal
funding and market liquidity risks; all units of RBI AG are simultaneously subject to a severe combined crisis for all their major
products. The results of the stress tests are reported to the Management Board and other members of management on a
weekly basis; they also form a key component of the monthly ALCO meetings and are included in the bank\u2019s strategic planning
and contingency planning.
A conservative approach is adopted when establishing outflow ratios based on historical data and expert opinions. The
simulations assume a lack of access to the money or capital markets and simultaneously significant outflows of customer
deposits. In this respect, the deposit concentration risk is also considered by assigning higher outflow ratios to large customers.
Furthermore, stress assumptions are formulated for the drawdown of guarantees and credit obligations. In addition, the
liquidity buffer positions are adapted by haircuts in order to cover the risk of disadvantageous market movements, and the
potential outflows resulting from collateralized derivative transactions are estimated. The bank continuously monitors
whether the stress assumptions are still appropriate or whether new risks need to be considered.
The time to wall concept has established itself as the main control instrument for day-to-day liquidity management and is
therefore a central component of funding planning and budgeting. It is also fundamental to determining performance ratios
relating to liquidity.
Liquidity buffer
As shown by the daily liquidity risk reports, the main Group units actively maintain and manage liquidity buffers, including high-
quality liquid assets (HQLA) which are always sufficient to cover the net outflows expected in crisis scenarios. RBI AG has
sizeable, unencumbered and liquid securities portfolios and favors securities eligible for Central Bank tender transactions in
order to ensure sufficient liquidity in various currencies. The main Group units ensure the availability of liquidity buffers, test
their ability to utilize central bank funds, constantly evaluate their collateral positions as regards their market value and
encumbrance and examine the remaining counterbalancing capacity, including the funding potential and the salability of the
assets.
Stress assumptions are applied to all positions in the liquidity buffer. This is reflected in the stress test liquidity report (time-to-
wall) and includes both a central bank haircut and a specific write-down assumption. The central bank haircut is applied to
each individual security eligible as collateral. The write-down assumption is modeled for the portfolio of eligible securities
based on historical market indicators and reduces the volume of the liquidity buffer in the stress test scenario.
Intraday liquidity management
In compliance with regulatory requirements for intraday liquidity risk management, the available liquidity is calculated daily on
the basis of the outflow assumptions of the regular liquidity stress report (time-to-wall) for RBI AG. In case of limit breaches,
the intraday contingency and escalation process is triggered.
Contingency funding plan
Under difficult liquidity conditions, the units switch to a contingency process in which they follow predefined liquidity
contingency plans. These contingency plans also constitute an element of the liquidity management framework and are
mandatory for all significant Group units and thus also for RBI AG. The emergency management process is designed so that
the Group can retain a strong liquidity position even in serious crisis situations.
Liquidity position
Funding is founded on a strong deposit base. Funding requirements are regularly updated to take account of balance sheet
developments and to ensure that liquidity ratios are maintained in accordance with management requirements. The ability to
procure funds is precisely monitored and evaluated by Treasury.
In the past year and to date, RBI AG\u2019s excess liquidity was significantly above all regulatory and internal limits (with a few
exceptions in the area of internal sub-limits). The result of the internal time to wall stress test demonstrates that RBI AG would
survive throughout the modelled stress phase of several months even without applying contingency measures.
The results of the going-concern scenario are shown in the following table. It illustrates excess liquidity and the ratio of
expected cash inflows plus the counterbalancing capacity to cash outflows (liquidity ratio) for selected maturities on a
cumulative basis. Based on assumptions employing expert opinions, statistical analyses and country specifics, this calculation
also incorporates estimates of the stability of the customer deposit base, outflows from off-balance sheet items and
downward market movements in relation to positions which influence the liquidity counterbalancing capacity.
in \u20ac thousand
31/12/2025
31/12/2024
Maturity
1 month
1 year
1 month
1 year
Liquidity gap
9,344,507
11,044,396
11,610,973
12,894,391
Liquidity ratio
122%
114%
125%
116%
Liquidity coverage ratio (LCR)
The liquidity coverage ratio (LCR) requires the short-term resilience of banks by ensuring that they have an adequate stock of
unencumbered high-quality liquid assets (HQLA) to meet potential liability run offs that might occur in a crisis, which can be
converted into cash to meet the liquidity needs for a minimum of 30 calendar days in a liquidity stress scenario.
The calculation of the expected cash inflows and outflows of funds and the HQLAs is based on regulatory guidelines. The
regulatory limit for the LCR is 100 per cent.
in \u20ac thousand
31/12/2025
31/12/2024
Average liquid assets
19,353,838
18,836,725
Net outflows
12,365,957
10,522,081
Inflows
7,290,083
10,275,099
Outflows
19,656,040
20,797,180
Liquidity Coverage Ratio
157%
179%
Net Stable Funding Ratio (NSFR)
The NSFR is defined as the ratio of available stable funding to required stable funding. Available stable funding is defined as
that portion of equity and debt which is expected to be a reliable source of funds over the time horizon of one year covered by
the NSFR. A bank\u2019s required stable funding depends on the liquidity characteristics and residual maturities of the various assets
held and of off-balance sheet positions.
RBI AG targets a balanced funding position.
in \u20ac thousand
31/12/2025
31/12/2024
Required stable funding
38,332,665
38,090,243
Available stable funding
44,945,044
44,944,826
Net Stable Funding Ratio
117%
118%
Operational risk
Operational risk is defined as the risk of losses resulting from inadequate or failed internal processes, people and systems or
from external events, including legal risks, model risks or information and communication technology (ICT) risks, but excluding
strategic and reputational risks. In this risk category internal risk drivers such as unauthorized activities, fraud or theft,
conduct-related losses, modelling errors, execution and process errors, or business disruption and system failures are
managed. External factors such as damage to physical assets or fraud are managed and controlled as well.
This risk category is analyzed and managed based on RBI AG\u2019s own historical loss data and the results of risk assessment. As
with other risk types the principle of firewalling of risk management and risk controlling is also applied to operational risk at
RBI AG. To this end, individuals are designated and trained as Operational Risk Managers for each division. Operational Risk
Managers provide central Operational Risk Controlling with reports on risk assessments, loss events, indicators and measures.
They are supported in their work by Dedicated Operational Risk Specialists (DORS).
Operational risk controlling units are responsible for reporting, implementing the framework, developing control measures and
monitoring compliance with requirements. Within the framework of the annual risk management cycle, they also coordinate
the participation of the relevant second line of defense departments (Financial Crime Management, Compliance, Insurance
Management, Information Security, Physical Security, Business Continuity Management, Internal Control System, Technology
Risk Management) and all first line of defense contacts (Operational Risk Managers).
Risk identification
Identifying and evaluating risks that might endanger the bank\u2019s existence (but the occurrence of which is highly improbable)
and areas where losses are more likely to arise more frequently (but have only limited impact) are important aspects of
operational risk management.
Operational risk assessment is executed in a structured manner according to risk categories such as business processes and
event types. Moreover, risk assessment applies to new products as well. The impact of high probability/low impact events and
low probability/high impact events is measured over a one-year and a ten-year horizon. Low probability/high impact events
are quantified on the basis of scenarios. The internal risk profile, losses arising and external changes determine which cases
are dealt with in detail. In addition, scenario analyses for focus topics such as ESG, model risks or cyber risks are specified via
the Group.
Monitoring
In order to monitor operational risks, early warning indicators are used that allow prompt identification and minimization of
losses.
Loss data is collected in a central database called Archer (an overall non-financial risk platform) in a structured manner
according to the event type and the business line. In addition to the requirements for internal and external reporting,
information on loss events is exchanged with international data pools to further develop operational risk management tools as
well as to track measures and control effectiveness. Since 2010, RBI AG has been a participant in the ORX data pool
(Operational Risk Data Exchange Association), whose data are currently used for internal benchmark purposes and analyses
and as part of the operational risk model. The ORX data consortium is an association of banks and insurance groups for
statistical purposes. The results of the analyses as well as events resulting from operational risks are reported in a
comprehensive manner to the relevant Operational Risk Management Committee on a regular basis.
Quantification and mitigation
At year-end 2025, the equity requirement for operational risk was calculated using the Business Indicator Components (BIC)
method, based on the new approach according to CRR/Basel IV. Due to the size of the underlying business indicator (BI), the
relevant formula for a medium-sized bank is applied for RBI AG.
The economic capital is based on an internal model with the input factors from the external and internal loss events and the
group-wide scenarios. Risk-based management is carried out with the allocation on the basis of the input factors of the
corresponding units and operating income for stabilization. The implementation of these high qualitative standards has
already been rolled out in broad sections of the Group.
To reduce operational risk, business managers decide on preventive risk reduction actions such as risk mitigation or risk
transfer. The progress and effectiveness of these actions is monitored by Risk Control. The former also define contingency
plans and nominate responsible persons or departments for initiating the defined actions if losses in fact occur. In addition,
several dedicated organizational units provide support to business units for preventing operational risks. An important role in
connection with operational risk activities is taken on by Financial Crime Management and by Technology Risk Management.
Financial Crime Management provides support for the prevention and identification of fraud. Technology Risk Management
has an important role in defining and monitoring IT risks. RBI AG also organizes regular extensive staff training programs and
has a range of contingency plans and back-up systems in place.
Loss data per category of operational risk for RBI AG is distributed across the Basel risk categories as follows, but do not
include any loss events that are already reflected in the credit risk provisions:
in \u20ac thousand
31/12/2025
Share
31/12/2024
Share
Clients, Products and Business Practices
373,904
99.0%
732,676
99.1%
Excecution, Delivery and Process Management
2,923
0.8%
5,080
0.7%
External Fraud
633
0.2%
1,653
0.2%
Employment Practices and Workplace Safety
134
0.0%
100
0.0%
Technology and Infrastructure Failures
50
0.0%
41
0.0%
Disasters and Public Safety
0
0.0%
0
0.0%
Total
377,644
100.0%
739,549
100.0%
In 2025, the external reporting for calculating operational losses was aggregated as follows based on the causal relationship. A
group of individual events with a related cause is counted as one event (parent event) and the total loss amount of this group
(sum of all effects/bookings which belong to the group) is assigned to the parent event.
Number of OpRisk events
31/12/2025
Share
31/12/2024
Share
External Fraud
351
45.8%
940
76.9%
Excecution, Delivery and Process Management
406
53.0%
272
22.3%
Clients, Products and Business Practices
5
0.7%
5
0.4%
Technology and Infrastructure Failures
2
0.3%
3
0.2%
Employment Practices and Workplace Safety
2
0.3%
2
0.2%
Disasters and Public Safety
0
0.0%
0
0.0%
Total
766
100.0%
1,222
100.0%
Internal control and risk
management system in
relation to the accounting
process
Introduction
The establishment and definition of a suitable internal control and risk management system with regard to the accounting
process is extremely significant for RBI AG. The Finance Services Banking department, which is part of Group Accounting and is
located in the CFO unit under the CEO, prepares and coordinates the annual financial statements of RBI AG. The foreign
branches deliver financial statements to the head office. They themselves are responsible for preparing the financial
statements, taking into account the applicable UGB/BWG accounting manual of RBI AG.
The annual financial statements are prepared on the basis of the relevant Austrian laws, above all the Austrian Banking Act
(BWG) and the Austrian Commercial Code (UGB), which deal with the preparation of annual financial statements.
RBI AG\u2019s general ledger is maintained in SAP S4 HANA. The GEBOS core banking system fulfills important sub-ledger functions
such as credit and deposit processing, and clearing, settlement and payment services. Other sub-ledgers exist in addition to
GEBOS, including in particular:
\u00b7 Wall Street Systems and Murex (Treasury transactions)
\u00b7 GEOS and GEOS Nostro (securities settlement and nostro securities management)
\u00b7 VEGA (Certificates and Equity-Trading)
\u00b7 Clearing, settlement and foreign payment services
\u00b7 Trade finance (guarantees and letters of credit)
\u00b7 SERNOVA (stock exchange traded securities derivatives)
\u00b7 ARTS/SE4 (Repo and lending business)
\u00b7 SAP sub-ledgers (accounts receivable/accounts payable/fixed asset accounting)
\u00b7 FineVare (loan loss provisioning)
\u00b7 Cognos Controller for preparing the consolidated financial statements of RBI AG including branches
The accounting process can be described as follows:
\u00b7 Day-to-day accounting
Day-to-day accounting records of business transactions are mainly posted to the respective integrated subledgers. The
relevant accounting data is directly and automatically transferred to the general ledger. In addition, individual postings are
recorded directly in the SAP general ledger.
The SAP general ledger has multi-GAAP functionality, meaning two equivalent general ledgers are maintained in parallel: one in
accordance with UGB/BWG reporting standards and also a parallel ledger in accordance with IFRS. An operational chart of
accounts exists for both of the general ledgers; depending on the respective content, all postings are effected either in both
general ledgers simultaneously or only in one of the two. The parallelism of the entries and existence of the two parallel
general ledgers removes the need for reconciliation from UGB/BWG to IFRS.
\u00b7 Individual financial statements for RBI head office in accordance with UGB/BWG
The SAP trial balance in accordance with UGB/BWG results from the posting data of the respective subsystems of the banking
operations which is delivered via automated interfaces. In addition, supplementary ledger-specific closing entries are made
directly in SAP. These are independent of the respective subsystems. The sum of all these entries gives the statement of
financial position and the income statement pursuant to UGB/BWG for RBI\u2019s head office excluding branches.
\u00b7 Individual financial statements of RBI AG
In a final step, the financial statements of RBI AG in accordance with UGB/BWG are produced. These include head office and
also the branches. Both the branch data and the closing data of head office are provided by automated transfer from the
accounting systems into the IBM Cognos Controller consolidation system. The data are consolidated in this system, on the
basis of which RBI AG\u2019s individual financial statements are prepared.
Control environment
In general, all Group-internal instructions can be retrieved from the Group Internal Law Database. With regard to accounting,
mention should be made above all of the Group Accounts Manual, which contains a description of the following points in
particular:
\u00b7 Accounting rules for general and special transactions
\u00b7 Measurement methods
\u00b7 Required (quantitative) information in the notes
Further guidelines relate solely to RBI AG or only deal with functions within departments. The Corporate Directive Accounting
Guidelines for example apply to the accounting system. These deal with the instruction process for the settlement of purchase
invoices, cost refunds and the management of clearing accounts. Regulations in connection with bookkeeping and accounting
within the framework of the separate financial statements according to the Austrian Commercial Code/Austrian Banking Act
are set out in the UGB/BWG Accounting Manual.
Risk assessment
The assessment of the risk of incorrect financial reporting is based on various criteria taking into account appropriate
escalation mechanisms. Valuations of complex financial instruments may lead to an increased risk of error. In addition, asset
and liability items have to be valued for the preparation of the annual financial statements; in particular the assessment of the
impairment of receivables, securities and participations, which are based on estimates of future developments, gives rise to a
risk.
Control measures
The control measures encompass a wide range of reconciliation processes, notably the reconciliation between the general
ledger in SAP and the sub-ledgers. Besides the four eyes principle, automation-aided controls and monitoring instruments
dependent on risk levels are used, such as the reconciliation between accounting and balance sheet risk management. The
duties assigned to individual positions are documented and updated on an ongoing basis. Particular emphasis is placed on
effective deputizing arrangements to ensure that deadlines are not missed due to the absence of one person. The controls in
the core processes are important for the financial statements process. These primarily involve measurement-related
processes whose results have a significant influence on the financial statements (e.g. loan loss provisioning, derivatives, equity
participations, personnel provisions, market risk).
The Audit Committee of the Supervisory Board considers the annual financial statements and the management report, which
are also approved and adopted by the Supervisory Board in accordance with \u00a7 96(4) of the Austrian Stock Corporation Act
(AktG). They are published via the online platform Verlautbarungs- und Informationsplattform (EVI) and filed with the
commercial register.
Information and communication
Information on the accounting treatment of the respective products is regularly exchanged with the specialist departments.
For example, regular monthly meetings take place with the Capital Markets and Treasury departments, in which among other
topics accounting for complex products is addressed. Accounting experts for banking products are also represented at
regularly scheduled jour-fixe meetings during the product launch process in order to provide information on the technical
aspects of accounting and their implications for product launches. Regular department events ensure that employees receive
ongoing training on changes to accounting rules under UGB, BWG and IFRS.
As part of the reporting process, the Management Board receives monthly and quarterly reports analyzing the results of RBI
AG. The Supervisory Board is also regularly informed about the results at its meetings.
RBI yearly publishes the annual report. During the year external reports are available quarterly for the consolidated results of
RBI AG. The reporting cycle is quarterly: besides the consolidated financial statements, a semi-annual financial report and
interim quarterly reports for the Group are published. In addition, reports have to be regularly provided to the banking
supervisory authority.
Monitoring
Financial reporting is an important part of the ICS, in which the accounting processes are subject to additional monitoring and
control, the results of which are presented to the Management Board and Supervisory Board. The Audit Committee is also
responsible for monitoring the accounting process. The Management Board is responsible for ongoing company-wide
monitoring. In accordance with the target operating model, three successive lines of defense are in place to meet the
increased requirements for internal control systems.
The first line of defense is formed by the individual departments, where department heads are responsible for monitoring their
business areas. Controls and plausibility checks are conducted on a regular basis within the departments, in accordance with
the documented processes.
The second line of defense is provided by issue-specific specialist areas. These include, for example, Compliance, Data Quality
Governance, Operational Risk Controlling or Security & Business Continuity Management. Their primary aim is to support the
individual departments when carrying out control steps, to validate the actual controls and to introduce state-of-the-art
practices within the organization.
Internal audits are the third line of defense in the monitoring process. Responsibility for auditing lies with Group Internal Audit
at RBI AG. All internal auditing activities are subject to the Group Audit standards, which are based on the Austrian Financial
Market Authority\u2019s minimum internal auditing requirements and international best practices. Group Audit\u2019s internal rules are
additionally applicable (notably the Audit Charter). Group Audit regularly and independently verifies compliance with the
internal rules within the RBI Group units. The head of Group Internal Audit reports directly to the Management Board.
\u00b7 Outlook
Economic outlook
Economic trends in the euro area in 2026 are expected to slightly accelerate. Growth is expected to be somewhat more
balanced across industries and countries. Manufacturing is likely to emerge from the recession and thereby catch up
somewhat with the service sector. Differences among the countries should also diminish, although Austria is likely to remain
among the worst performers in the euro area in 2026. While US tariffs are dampening exports, economic activity is being
supported by higher defense spending, German infrastructure investments and the latest ECB rate cuts. The ECB is expected to
keep the deposit rate unchanged, while the US Federal Reserve is likely to continue lowering interest rates. There is a risk that
the US Federal Reserve might overshoot its target somewhat for political reasons. Trade barriers are likely to continue exerting
pressure on global commerce in 2026, although trade disputes are not expected to escalate significantly. Despite initial hopes
sparked by Trump\u2019s peace efforts at the beginning of his presidency, a swift end to the war in Ukraine remains unlikely. Russia
appears to be playing for time as the negative effects of sanctions are becoming increasingly evident. In general, the
geopolitical environment remains challenging, which is reflected in a higher degree of uncertainty in forecasts.
Growth in Central Europe (CE) is expected to accelerate modestly in 2026. However, fiscal consolidation in Hungary, Poland
and Slovakia poses a risk to growth and is likely to emerge as a key issue for the current year. A robust labor market and
continued strong wage growth (albeit at a slower pace) remain positive factors for consumption. While the geopolitical
backdrop is likely to remain challenging, there is hope that Germany\u2019s investment package and EU defense spending could
provide a stimulus that might ease fiscal pressures. EU funds are expected to continue driving investment in 2026 (except in
Hungary). Growth is expected to be strongest in Poland, which is benefiting from the delayed disbursement of EU funds. The
Czech Republic is likely to remain resilient, whereas Slovakia and Hungary face the largest downside risks.
Growth should remain solid in most economies in Southeastern Europe (SEE) in 2026. Expansion is expected to be driven
primarily by consumption, supported by robust wage growth amid tight labor markets, and by investment, including projects
associated with the EU\u2019s Western Balkans enlargement. Romania is expected to remain the laggard in the region due to long-
overdue fiscal consolidation. Although the risk of sanctions against Serbia has recently decreased, uncertainty surrounding
possible new elections and the political environment is creating downside risks for the investment-driven growth model.
Ongoing attacks on civilian targets and energy infrastructure pose significant challenges for Ukraine. Compounding the
situation is the risk presented by the US\u2019s changing stance on providing support. Even so, the economy is expected to remain
resilient in the fifth year of the war. Reconstruction efforts and the adaptability of Ukrainian businesses should persist. In
addition, there are impulses from the war economy and support for consumption from rising wages due to tight labor markets.
The Russian economy is expected to continue cooling in 2026, keeping the country on a low-growth trajectory. Additional
sanctions imposed by Trump and heightened pressure on importers of Russian oil represent downside risks. Nevertheless, the
Russian economy is still assumed to be headed for a soft landing. Easing inflation should give the central bank room to cut
interest rates.
Austria\u2019s growth rate is expected to pick up slightly in 2026; however, at an estimated 1.0 per cent, its growth will still likely fall
behind that of the euro area. Private consumption is expected to provide momentum, while investment is assumed to offer
only limited support. Manufacturing is likely to expand moderately, though pricing competitiveness, which declined sharply in
prior years, is anticipated to reduce the pace. For the construction sector, however, a continuation of the recession cannot be
ruled out. Inflation is expected to be down significantly year on year due to the elimination of energy-related base effects that
drove up inflation in the previous year.
Banking sector in Austria
The decline in interest rates left its mark on both loan growth and the profitability of Austrian banks in 2025. Positive demand
for residential construction loans throughout 2025, along with rising demand in the corporate segment toward year-end,
points to a partial, ongoing recovery in lending in 2026. Stronger growth (p.a.) is expected in residential construction loans,
whereas growth rates (p.a.) in the corporate segment are likely to remain subdued given the macroeconomic outlook.
Household loan portfolios (including residential construction) are expected to maintain a very solid performance (NPL ratio),
while corporate loan portfolios and their asset quality remain a key focus for the banking sector. Corporate loan segments in
the commercial real estate sector and SME segments are particularly likely to drive elevated risk costs again in 2026. Expected
interest rates could increase margin and cost pressure over the course of 2026 and, together with the aforementioned risk
costs, affect profitability. That said, a generally steeper yield curve should provide some support for profitability. On balance,
the Austrian banking sector appears fundamentally well positioned to master the challenges ahead.
CEE banking sector
A solid private consumption trend and stabilized interest rates should benefit the retail lending business, though growth will
likely weaken somewhat from its relatively high level in 2025. At the same time, the potential for additional macroprudential
tightening (such as extra capital buffers or borrower-based measures) should be factored in since central banks may seek to
limit excessive credit expansion in certain products. For example, the positive trajectory in residential construction lending has
already contributed to rising residential real estate prices (particularly in Hungary, Croatia, Slovakia, and the Czech Republic).
This trend could continue in 2026, both nominally and in real terms. In the corporate segment, loan volumes are expected to be
somewhat supported by a moderate investment recovery. This recovery, in turn, will likely be driven by the ongoing inflow of EU
funds and potential positive spillover effects from Germany\u2019s investment package. Poland is likely to stand out particularly
positively in this context with near double-digit growth in corporate loans. In the larger CE/SEE markets, country-specific risks
(notably in Hungary and Romania) are expected to impede a broader catch-up process and will also shape asset quality trends.
Net interest margins are expected to stabilize in 2026, with positive effects on earnings, while banks will continue to grapple
with inflation-driven cost pressures and special bank taxes, including planned increases in Poland, Hungary and Romania.
RBI AG\u2019s outlook for 2026
RBI AG anticipates interest rate trends to diverge across its main currencies, the EUR and USD, in 2026. Euro area interest rates
are expected to remain stable at year-end 2025 levels for the 2026 to 2028 period. In the USD area, interest rates are projected
to continue their general downward trend through 2026 before following a flat trajectory through 2028. In 2026, growth
forecasts stand at 1.5 per cent for the euro area and 1.0 per cent for Austria. Euro area growth rates are projected to improve
slightly in 2027 and 2028, while Austria\u2019s growth is expected to remain steady at 1.0 per cent over the same period. Inflation is
forecast to decline further across both the euro area and Austria.
In the corporate customer business, euro area interest rates are \u2013 as noted above \u2013 anticipated to remain stable in 2026, while
interest margins in the deposit business will likely shrink slightly. Corporate loan margins are projected to remain stable.
The anticipated slight growth in average customer loan volumes is likely to bolster interest income. RBI AG also forecasts net
fee and commission income to grow moderately until 2028, driven by stronger customer demand and intensified cross-selling.
Operating expenses are expected to remain below the rate of inflation. Cautious investment activity is also expected.
The risk costs are based on expected loss levels, macroeconomic assumptions and risk model forecasts. The sanctions and
compliance risk for Russia is closely monitored for all transactions. The volume of cross-border Russia-related business is
expected to continue to decrease.
Regarding the provisions for foreign currency loans in Poland, RBI AG expects a significant decline in these provisions in 2026
and a continued downward trend in 2027 and 2028 as the number of pending court cases decreases.
Russia
RBI AG holds a 100 per cent direct stake in AO Raiffeisenbank, Moscow. Significant events of the financial year that influence
the outlook for future periods in this context are presented below.
Business reduction
RBI continued to reduce its business in Russia. Since the start of the war, the loan volume in local currency has been reduced by
60 per cent, while deposit volume has decreased by 40 per cent. Clearing, settlement and payment services have also been
considerably reduced: the international clearing, settlement and payment services business out of Russia are only offered to a
limited extent. AO Raiffeisenbank does not pay interest on customer deposits in order to keep them as low as possible. At the
same time, AO Raiffeisenbank is obliged to invest liquidity with the Russian central bank at the key interest rate (in 2025, this
averaged 19 per cent), which accounted for over 70 per cent of net interest income in Russia.
Rasperia
In January 2025, STRABAG SE and its Austrian core shareholders were ordered by the arbitration court of the Kaliningrad region
to pay damages of \u20ac 2,044 million, which can be enforced against AO Raiffeisenbank\u2019s assets. The damages awarded to
Rasperia Trading Limited (Rasperia) in the amount of \u20ac 2,109 million (including interest) were withheld from AO Raiffeisenbank\u2019s
correspondent account by the Russian Central Bank in the first half of the year, resulting in an expense of \u20ac 1,269 million
(including interest)\u00a0 and the usage of the provision of \u20ac 840 million recognized in the previous year.
On 18 December, 2025, the arbitration court of the Kaliningrad region announced its ruling in a second legal dispute between
Rasperia and STRABAG SE and its Austrian core shareholders. The court ruled that STRABAG SE and its Austrian core
shareholders are obliged to pay \u20ac 339 million to Rasperia, which can be enforced against AO Raiffeisenbank\u2019s assets. An appeal
with suspensive effect has been lodged against this ruling. AO Raiffeisenbank recognized a provision of \u20ac 339 million in
December 2025.
Statement of all legal
representatives
pursuant to \u00a7 124 (1) Z
3 Austrian Stock
Exchange Act
We confirm to the best of our knowledge that the financial statement give a true and fair view of the assets, liabilities, finan-
cial positions and profit or loss of the company as required by the applicable accounting standards and that the management
report gives a true and fair view of the development and performance of the business and the position of the company, to-
gether with a description of the principal risks and uncertainties the company faces. Signed by:
Vienna, 17 February 2026
The Management Board
Johann Strobl m.p.
Chairman of the Board, CEO
Marie-Valerie Brunner m.p.
Member of the Board, CIB Customer Coverage and
CIB Products & Solutions
Andreas Gschwenter m.p.
Member of the Board, COO/CIO
Kamila Makhmudova m.p.
Member of the Board, CFO
Hannes M\u00f6senbacher m.p.
Member of the Board, CRO
Andrii Stepanenko m.p.
Member of the Board, Retail Banking
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "1.60", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-559": { "value": "525000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:9ZHRYM6F437SQJ6OUG95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fn-2": { "value": "
1 Other adjustments (net) mainly include the deduction of net interest income and dividend income; the corresponding cash flows are shown under the items interest received, interest paid and
dividends received.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } }, "fn-1": { "value": "
1 In the previous period, the item \"Result from discontinued operations\" consists of the deconsolidation result and the ongoing result of the Belarusian Group units. In the comparison period, this item
reported the ongoing result of the Belarusian Group units.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-3": { "value": "
2 The negative net amount from the disposal of subsidiaries in the previous year resulted from the sales price of \u20ac215 million less the cash and cash equivalents disposed of in the amount of \u20ac1,177
million.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } } } }