Rabobank is an international financial services provider operating on the basis of cooperative principles. Our global focus is on the food & agri sectors and selected energy transition sectors. In the Netherlands, we offer private and commercial customers a wide variety of financial products and services. Rabobank's subsidiaries BPD, Obvion, and DLL, provide respectively, real estate, mortgage, and leasing solutions. Rabobank's Consolidated Financial Statements include the financial information of Co\u00f6peratieve Rabobank U.A. and its consolidated subsidiaries in the Netherlands and abroad. Co\u00f6peratieve Rabobank U.A. is a cooperation and has its registered seat in Amsterdam and registered office at Croeselaan 18, 3521 CB in Utrecht, The Netherlands. Co\u00f6peratieve Rabobank U.A. is registered under Chamber of Commerce number 30046259 and its principal place of business is the Netherlands. The name of the ultimate parent of the group is Co\u00f6peratieve Rabobank U.A..
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "descriptionofnatureofentitysoperationsandprincipalactivities-inlinetag-i16808": { "value": "Rabobank is an international financial services provider operating on the basis of cooperative principles. Our global focus is on the food & agri sectors and selected energy transition sectors. In the Netherlands, we offer private and commercial customers a wide variety of financial products and services. Rabobank's subsidiaries BPD, Obvion, and DLL, provide respectively, real estate, mortgage, and leasing solutions.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nameofreportingentityorothermeansofidentification-inlinetag-i16809": { "value": "Co\u00f6peratieve Rabobank U.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "domicileofentity-inlinetag-i16810": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nameofparententity-inlinetag-i16811": { "value": "Co\u00f6peratieve Rabobank U.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "legalformofentity-inlinetag-i16812": { "value": "cooperation", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "addressofregisteredofficeofentity-inlinetag-i16813": { "value": "Croeselaan 18, 3521 CB in Utrecht", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "countryofincorporation-inlinetag-i16814": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "principalplaceofbusiness-inlinetag-i16815": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "nameofultimateparentofgroup-inlinetag-i16816": { "value": "Co\u00f6peratieve Rabobank U.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16818": { "value": "Rabobank's Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted in the European Union (E.U.) and the applicable articles of Part 9 of Book 2 of the Dutch Civil Code. The consolidated financial statements have been prepared on the basis of the accounting policies set out in this section.
Minor amendments have been made to IAS 21 The Effects of Changes in Foreign Exchange Rates which became effective for annual periods beginning on or after January 1, 2025. These amendments clarify the estimation of the spot exchange rate when a currency is not exchangeable. The implementation of these amendments did not affect profit or equity.
The IASB amended requirements related to assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance (ESG)-linked contingent features, and settling financial liabilities using an electronic payment system. The IASB also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. These amendments will be effective for annual periods beginning on or after January 1, 2026.
Rabobank has provided financial assets with ESG-linked contingent features, predominantly via its mortgages and sustainability-linked loans where interest discounts are provided when certain ESG KPI\u2019s are achieved by the client. As the cashflows of these financial assets with and without the contingent features are not significantly different, Rabobank does not expect that the implementation of these amendments changes the measurement category of these financial assets and therefore does not expect that these amendments affect profit or equity.
This Standard sets out general and specific requirements for the presentation of information in the Statement(s) of Income, the Statement of Financial Position and the Statement of Changes in Equity. This Standard also sets out requirements for the disclosure of information in the notes. This Standard supersedes IAS 1 and will be effective for annual periods beginning on or after January 1, 2027. The implementation of this Standard will not affect profit or equity and will not change recognition or measurement of items in the financial statements, but it will impact the structure of the income statement and is expected to lead to more information about management-defined performance measures (MPMs) will be included such as a reconciliation of each MPM to the most comparable IFRS-specified subtotal.
This Standard is intended for subsidiaries without public accountability and specifies the disclosure requirements that such an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. This Standard will be effective for annual periods beginning on or after January 1, 2027. This standard is not applicable for Rabobank's consolidated financial statements.
Minor amendments have been made to IFRS 9 and IFRS 7 with regard to Contracts Referencing Nature-dependent Electricity and minor amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 have been made via the Annual Improvements Volume 11. These amendments will be effective for annual periods beginning on or after January 1, 2026. Although these new requirements are currently being analyzed and their impact is not yet known, Rabobank does not expect the implementation of these amendments to affect profit or equity.
The Managing Board considers it appropriate to adopt the going concern basis of accounting in preparing these financial statements. This is based on Rabobank\u2019s medium-term planning (MTP) and budget process which supports the going concern assumption.
In preparing the consolidated financial statements management applied judgment with respect to estimates and assumptions that affects the amounts reported for assets and liabilities, the reporting of contingent assets and liabilities on the date of the consolidated financial statements, and the amounts reported for income and expenses during the reporting period. The accounting principles listed below require critical estimates that are based on assessments and assumptions. Although management estimates are based on the most careful assessment of current facts and circumstances on the basis of available financial data and information, the actual results may deviate from these estimates.
Rabobank applies three-stage expected credit loss impairment models for measuring and recognizing expected credit losses which involve management judgment. Rabobank uses estimates and management judgment to determine the expected credit losses for the model-based impairment allowances. In certain circumstances Rabobank applies Management Adjustments (MAs) in addition to the model outcomes; these are described in this section. The MAs often require a significant degree of management judgment.
Further information regarding the model-based impairment allowances is included in Section 4.3.6 \"Judgments and estimates on Model Based Impairment Allowances on Financial Assets\u201d. For credit-impaired financial assets that are assessed on an individual basis, a discounted cash flow calculation is performed. In many cases, judgment is required for the estimation of the expected future cash flows and the weighting of used scenarios (three).
The Geopolitical Risk MA of EUR 128 million (December 31, 2024: EUR 76 million) ) aims to cover the risk stemming from geopolitical tensions such as uncertainties around US tariffs, the war in Ukraine, conflicts in the Middle East and increasing tensions between US and China.
For mortgages (most notably for Interest Only mortgages (IOM)) the risk of future unaffordability is not fully reflected in the IFRS 9 model outcomes. The MAs for these future affordability risks have been re-assessed. As part of the MA mortgages, an IOM Backstop MA of EUR 5 million (December 31, 2024: EUR 7 million) has been recognized for clients for which no sufficient up to date information is available to assess future affordability. The total MA Mortgages increased to EUR 86 million (December 31, 2024: EUR 39 million) mainly due to including the expected LGD impact from concentration risk when IOM loans will mature. Ongoing supervisory scrutiny on IOM may affect future capital requirements and impairment levels.
The Livestock MA amounted to EUR 29 million (December 31, 2024: EUR 23 million), which is applied to the full Dutch livestock portfolio. Farmers in the livestock sector are scored on the profitability and sustainability of their business model, which determines the associated additional expected credit losses.
Risks are expected to mainly materialize in the future as regulation becomes more stringent, which introduces transition risks, and as a result of anticipated future chronic climate changes, increasing the probability and intensity of events such as droughts and floods (\u2018physical risks\u2019). The Climate Risk MA covers this chronic increase in forward looking C&E risks and amounts to EUR 59 million (December 31, 2024: EUR 87 million). The MA covers the mortgage portfolio and the entire business loans portfolio including DLL. Furthermore, it is noted that a big part of the MA C&E Risks (EUR 26 million) is included directly in the new IFRS 9 model for the Corporate Portfolio, this largely explains the decrease.
For the individual provisions we have narrowed the scenario weightings to reduce biases due to individual judgment and enhance consistency. Per December 31, 2025 an MA of EUR 43 million (December 31, 2024: nil) is needed for the expected impact of the amended methodology for calculating stage 3 individual provisions for segment W&R.
This new MA for stage 3 corporate acquisition finance (CAF) exposures with high leverage in segment DRB amounts to EUR 38 million (December 31, 2024: nil). These CAF loans are typically granted to clients backed by a Private Equity (PE) sponsor, resulting in an asset-light business model that relies more on cashflow\u2013based lending rather than collateral as a risk mitigant. Management considers the IFRS 9 model outcome for this sub portfolio to be not fully sufficient, warranting an additional MA.
The total of the remainder of the MAs is EUR 67 million (December 31, 2024: EUR 105 million).
Information regarding the determination of the fair value of financial assets and liabilities is included in Section 4.8 \"Fair Value of Financial Assets and Liabilities\" and Section 11 \"Derivatives\".
The other intangible assets and the investments in associates and joint ventures are tested for impairment when specific triggers are identified; goodwill is tested at least once a year. When the recoverable value is lower than the carrying amount, an impairment loss is recognized. Determining the recoverable amount in an impairment assessment of these assets requires estimates based on quoted market prices, prices of comparable businesses, present value, or other valuation techniques, or a combination thereof, which necessitate management to make subjective judgments and assumptions. Because these estimates and assumptions could result in significant differences to the amounts reported if the underlying circumstances were to change, these estimates are considered to be critical. The important assumptions for determining recoverable value of goodwill are set out in Section 15 \"Goodwill and Other Intangible Assets\"; the assumptions for investments in associates and joint ventures are set out in Section 14 \"Investments in Associates and Joint Ventures\".
Estimates are used when determining the income tax charge and the related current and deferred tax assets and liabilities. The tax treatment of transactions is not always clear or certain and, in a number of countries, prior year tax returns often remain open and subject to approval by the tax authorities for lengthy periods. The tax assets and liabilities reported here are based on the best available information, and where applicable, on external advice. Differences between the final outcome and the original estimates are accounted for in the current and deferred tax assets and liabilities in the period in which reasonable certainty is obtained.
Judgment is involved in the application of IAS 37 when determining whether a present obligation exists and in estimating the probability, timing, and amount of any outflows. More information on judgments regarding provisions is included in Section 25 \"Provisions\" and for legal and arbitration proceedings in Section 4.9 \u201cLegal and Arbitration Proceedings\u201d.
The participating interests over which Rabobank has control are its subsidiaries (including structured entities) and these are consolidated. Control is exercised over a participating interest if the investor is entitled to receive variable returns from its involvement in the participating interest and has the ability to influence these returns through its power over the participating interest. The assets, liabilities and profit and loss of these companies are fully consolidated.
Subsidiaries are consolidated as from the date on which Rabobank acquires effective control and subsidiaries are deconsolidated as of the date on which this control is ceded. Transactions, balances and unrealized gains and losses on transactions between and among Rabobank and its subsidiaries are eliminated.
A list of principal subsidiaries is included in Section 50 \"Principal subsidiaries\".
Investments in associates and joint ventures are initially recognized at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Rabobank's share of post-acquisition profits and losses is recognized in the statement of income and its share of post-acquisition movements in reserves is recognized directly in other comprehensive income. The cumulative post-acquisition movements are included in the carrying amount of the investment.
Associates are entities over which Rabobank can exercise significant influence and in which it generally holds between 20% and 50% of the voting rights but does not have control. A joint venture is an agreement between one or more parties under which the parties jointly have control and are jointly entitled to the net assets under the agreement. Unrealized profits on transactions between Rabobank and its associates and joint ventures are eliminated in proportion to Rabobank\u2019s interest in the respective associates and joint ventures. Unrealized losses are also eliminated unless the transaction indicates that an impairment loss should be recognized on the asset(s) underlying the transaction.
Derivatives generally comprise foreign exchange contracts, currency and interest rate futures, forward rate agreements, currency and interest rate swaps and currency and interest rate options (written or acquired). Derivatives are recognized at fair value (excluding transaction costs) determined on the basis of listed market prices (with mid-prices being used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments and reflecting the time value of money, yield curves and the volatility of the underlying assets and liabilities. Derivatives are included under assets if their fair value is positive and under liabilities if their fair value is negative.
Realized and unrealized gains and losses on derivatives held for trading are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\".
Derivatives are used for asset and liability management of interest rate risks, credit risks and foreign currency risks. Rabobank applies IFRS 9 for non-portfolio hedge accounting. IFRS 9 does not offer a solution for fair value hedge accounting for a portfolio hedge of interest rate risk. Rabobank opted to use the EU policy choice of IFRS 9 to continue to apply the IAS 39 for such portfolio hedge accounting (EU carve out).
At the time of inception of a hedge accounting relationship, derivatives are designated as one of the following: (1) a hedge of the fair value of an asset, a group of assets or a liability in the statement of financial position (fair value hedge); (2) a hedge of future cash flows allocable to an asset or liability in the statement of financial position, an expected transaction or a firm commitment (cash flow hedge); or (3) a hedge of a net investment in a foreign operation (net investment hedge). Hedge accounting is applied for derivatives designated in this manner provided that certain criteria are met, including the following:
Formal documentation of the hedging instrument, the hedged item, the objective of the hedge, the hedging strategy, and the hedge relationship;
Documentation of the assessment and analysis of the sources of hedge ineffectiveness and how the hedges ratio is determined (IFRS 9);
Effectiveness of 80% to 125% (IAS 39), in covering changes in the hedged item\u2019s fair value to the hedged risks during the entire reporting period;
Continuous effectiveness from the moment of the hedge's inception; and
An economic relationship between the hedged item and hedging instrument (IFRS 9).
Changes in the fair value of derivatives that are designated as fair value hedges and are effective in terms of the hedged risks are recognized in the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019\" together with the corresponding changes in the fair values of the assets or liabilities hedged.
As and when the hedge no longer meets the criteria for hedge accounting (applying the fair value hedge model), the cumulative adjustment to the fair value of a hedged interest-bearing financial instrument is amortized through profit and loss over the relevant interest repricing period.
Changes in the fair value of derivatives that are designated (and qualify) as cash flow hedges and that are effective in relation to the hedged risks are recognized in other comprehensive income. Ineffective elements of the changes in the fair value of derivatives are recognized in the statement of income. Deferred amounts included in other comprehensive income are taken to the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" in the periods during which the hedged expected cash flows affect the statement of income.
The hedging instruments used to hedge net investments in foreign operations are measured at fair value, with changes in the fair value being recognized in other comprehensive income for the portion that is determined to be an effective hedge. Changes in the hedged equity instrument resulting from exchange-rate fluctuations are also recognized in other comprehensive income. Gains and losses accumulated in other comprehensive income are reclassified to profit or losses when the equity instrument is disposed of.
The cross-currency basis spreads of cross-currency interest rate swaps and (resettable) cross-currency basis swaps in hedge accounting relationships designated with issued debt securities and loans (intra group monetary items between entities with a different functional currency) at amortised cost in foreign currency is excluded from designation. The cross-currency basis spread volatility is taken through other comprehensive income as costs of hedging and is reclassified to profit or loss in the same periods as when the hedged expected future cash flows\u00a0affect profit or loss until maturity of the issued bond or loan.
Although derivatives are used as economic hedges under Rabobank\u2019s managed risk positions, certain derivative contracts do not qualify for hedge accounting under the specific IFRS rules. Interest on derivatives held for economic hedging purposes are shown under interest expense, both the receive and pay leg of the derivative.
Financial assets held for trading are financial assets acquired with the objective of generating profit from short-term fluctuations in prices or trading margins or they are financial assets that form part of portfolios characterized by patterns of short-term profit participation. Financial assets held for trading are recognized at fair value based on listed bid prices and all realized and unrealized results therefrom are recognized in\"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019. Interest earned on financial assets is recognized as interest income. Dividends received from financial assets held for trading are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019.
Financial liabilities held for trading are mainly negative fair values of derivatives and delivery obligations that arise on the short selling of securities. Securities are sold short to realize gains from short-term price fluctuations. The securities needed to settle short sales are acquired through securities lending and repurchasing agreements. Securities sold short are recognized at fair value on the reporting date.
On initial recognition, financial assets and financial liabilities may be classified as \"Financial Assets and Liabilities designated at Fair Value\" if this accounting eliminates or significantly reduces any inconsistent treatment that would otherwise have arisen upon measurement of the assets or liabilities or recognition of profits or losses on the basis of different accounting policies.
Interest earned and due on such assets and liabilities is recognized as interest income and expense, respectively. Other realized and unrealized gains and losses on the revaluation of these financial instruments to fair value are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" except for fair value changes due to own credit risk of financial liabilities designated at fair value. These fair value changes after tax are presented in other comprehensive income (OCI) under line item \"Fair Value Changes Due to Own Credit Risk on Financial Liabilities Designated at Fair Value\". Presenting these effects of changes in credit risk in OCI does not create or enlarge an accounting mismatch in profit or loss.
When using fair value accounting at the inception of a financial instrument, any positive or negative difference between the transaction price and the fair value (referred to as \"day one gain/ loss\") is accounted for immediately under \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" where the valuation method is based on observable inputs from active markets. In all other cases, the entire day one gain/loss is deferred and accounted for as \"Other liabilities\" or \"Other assets\". After initial recognition the deferred day one gain/ loss is recognized as a gain/ loss to the extent it results from a change in a factor (including time effects).
Debt instruments that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows solely represent payments of principal and interest on the principal amount outstanding, are measured at fair value through other comprehensive income and presented as \"Financial Assets at Fair Value through Other Comprehensive Income\".
Financial assets at fair value through other comprehensive income are initially recognized at fair value, including transaction costs. The fair values of unlisted equity instruments are estimated on the basis of appropriate price/earnings ratios and adjusted to reflect the specific circumstances of the respective issuer.
Movements in the carrying amount are taken through OCI, except for the recognition of impairment losses, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss. Interest from these financial assets is included in net interest income using the effective interest rate method.
Impairment losses are included in \"Impairment Charges on Financial Assets\" in the statement of income.
Where Rabobank has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when Rabobank\u2019s right to receive payments is established.
Financial assets that are sold subject to related sale and repurchase agreements are included in the consolidated statement of financial position under \"Financial Assets Held for Trading\" or \"Financial Assets at Fair Value through Other Comprehensive Income\", as applicable. The liability to the counterparty is included under \"Deposits from Credit Institutions\" or \"Deposits from Customers\", as applicable.
Financial assets acquired under reverse sale and reverse repurchase agreements are not recognized in the consolidated statement of financial position. The consideration paid to purchase financial assets is recognized as \"Loans and Advances to Credit Institutions\" or \"Loans and Advances to Customers\", as applicable. The difference between the sales and repurchasing prices is recognized as interest income or expense over the term of the agreement using the effective interest method.
Purchases and sales of financial assets and liabilities at fair value through profit or loss and financial assets at fair value through other comprehensive income which are required to be delivered within a regulatory-prescribed period or in accordance with market conventions are recognized on the transaction date. Financial instruments carried at amortized cost are recognized on the settlement date.
Rabobank securitizes and sells various financial assets. These assets are sometimes sold to a special purpose entity (SPE) which then issues securities to investors. Rabobank has the option of retaining an interest in these assets in the form of subordinated interest-only strips, subordinated securities, spread accounts, servicing rights, guarantees, put and call options or other constructions.
A financial asset (or a portion thereof) is derecognized where:
The rights to the cash flows from the asset expire;
The rights to the cash flows from the asset and substantially all the risks and rewards of ownership of the asset are transferred;
A contractual obligation is assumed to transfer the cash flows from the asset and substantially all the risks and rewards have been transferred; or
Substantially all the risks and rewards are neither transferred nor retained but where control over the asset is not retained.
Continuing involvement is recognized if Rabobank neither retains nor transfers substantially all the risks and rewards and control is retained. The asset is recognized to the extent of Rabobank's continuing involvement in it. A financial liability or a part thereof is derecognized if it ceases to exist, i.e. after the contractual obligation has been fulfilled or cancelled or after it has expired.
Where a transaction does not meet these conditions for derecognition, it is recognized as a financial asset for which security has been provided. To the extent that the transfer of a financial asset does not qualify for derecognition, Rabobank\u2019s contractual rights are not separately recognized as derivatives if recognition of these instruments and the transferred asset, or the liability arising from the transfer, were to result in the double recognition of the same rights and obligations.
Profits and losses on securitizations and sale transactions depend partly on the carrying amounts of the assets transferred. The carrying amounts of these assets are allocated to the interests sold and retained using the relative fair values of these interests on the date of sale. Any gains and losses are recognized through profit and loss at the time of transfer. The fair value of the interests sold and retained is determined based on listed market prices or as the present value of the future expected cash flows based on pricing models that involve several assumptions regarding credit losses, discount rates, yield curves, payment frequency or other factors.
Cash equivalents are highly liquid short-term assets held at central banks to meet current cash obligations rather than for investments or other purposes. These assets have terms of less than 90 days from inception. Cash equivalents are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.
Where there is legal right to offset recognized amounts and it is intended to settle the expected future cash flows on a net basis or to realize the asset and settle the liability simultaneously, financial assets and liabilities are offset and the net amount is recognized in the statement of financial position. This relates predominantly to derivatives and reverse repurchase agreements. The offsetting of taxes is addressed in Section 2.26 \"Tax\".
Transactions and balances included in the financial statements of individual entities within Rabobank are reported in the currency that best reflects the economic reality of the individual entity\u2019s underlying operating environment (the functional currency).
The consolidated financial statements are presented in euros, which is the parent company\u2019s functional currency. The statements of income and cash flows of foreign operations are translated into Rabobank\u2019s presentation currency at the exchange rates prevailing on the transaction dates, which approximate the average exchange rates for the reporting period. The statements of financial position are translated at the rates prevailing at the end of the reporting period. Exchange differences arising on net investments in foreign operations and on loans and other currency instruments designated as hedges of these investments are recognized in other comprehensive income. Upon the sale of a foreign operation, these translation differences are transferred to the statement of income as part of the profit or loss on the sale.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Differences arising on the settlement of transactions or on the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as foreign exchange gains and losses and differences that qualify as net investment hedges are recognized in other comprehensive income. Translation differences on non-monetary items measured at fair value through profit or loss are recognized as part of the fair value gains or losses. Translation differences on non-monetary assets at fair value through other comprehensive income are included in the revaluation reserves for equity instruments at fair value through other comprehensive income.
Interest income and expense are recognized in the statement of income using the effective interest method. This method is used for calculating the amortized cost of a financial asset or a financial liability and for allocating the interest income or interest expense to the relevant period. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for credit-impaired financial assets. For those financial assets, Rabobank applies the effective interest rate to the amortized cost of the financial asset in subsequent reporting periods.\u00a0Interest income on financial assets using the effective interest method includes interest income on \"Cash and Cash Equivalents\", \"Loans and Advances to Credit Institutions\", \"Loans and Advances to Customers\", \"Financial Assets at Fair Value through Other Comprehensive Income\" and \"Derivatives used for Fair Value Hedge Accounting\". Interest on derivatives held for economic hedging purposes are shown under interest expense, both the receive and pay leg of the derivative. Interest on financial liabilities with a negative interest rate are presented as interest income. Interest on financial assets with a negative interest are presented as interest expense.
Rabobank earns fee and commission income from a diverse range of services it provides to its customers. Commissions earned for the provision of services such as payment services, insurance intermediation, and advisory fees are generally recognized as the service is provided. Commissions received for negotiating a transaction or for involvement in negotiations on behalf of third parties (for example the acquisition of a portfolio of loans, shares or other securities or the sale or purchase of companies) are recognized upon completion of the underlying transaction. Fee and commission expenses mainly relate to payment services and are recognized over the period in which the services were received.
Financial assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest on the principal amount outstanding are measured at amortized cost and presented as \"Loans and Advances to Credit Institutions\" or \"Loans and Advances to Customers\". At initial recognition, Rabobank measures these financial assets at its fair value plus transaction costs that are directly attributable to the acquisition of the financial asset.
Interest income from these financial assets is included in net interest income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in \"Gains/ (Losses) Arising from the Derecognition of Financial Assets Measured at Amortized Cost\".
Impairment losses are included in \"Impairment Charges on Financial Assets\" in the statement of income.
Impairment allowances apply to financial assets at amortized cost and financial assets at fair value through OCI, as well as to lease receivables, contract assets, trade receivables, certain loan commitments and financial guarantees. At initial recognition, an allowance is formed for the amount of the expected credit losses from possible defaults in the coming 12 months (stage 1). If credit risk increased significantly since origination (but remains non-credit impaired), an allowance is required for the amount that equals the expected credit losses stemming from possible defaults during the expected lifetime of the financial asset (stage 2). If the financial instrument becomes credit-impaired the allowance will remain at the Lifetime ECL (stage 3). For these instruments the interest income is recognized by applying the effective interest rate on the net carrying amount (including the impairment allowance). Financial instruments become credit-impaired when one or more events have occurred that had a detrimental impact on estimated future cash flows. Rabobank does not use the low credit risk exemption.
Two fundamental drivers of the IFRS 9 impairments requirements are a) the methodology for the measurement of 12-Month and Lifetime Expected Credit Losses and b) the criteria used to determine whether a 12-month ECL, Lifetime ECL non-credit-impaired, or Lifetime ECL credit-impaired should be applied (also referred to as stage determination criteria).
In order to determine ECLs Rabobank utilizes point-in-time Probability of Default (PD) x Loss Given Default (LGD) x Exposure at Default (EAD) models for the majority of the portfolio in scope. Three macro-economic scenarios are incorporated into these models and probability weighted in order to determine the expected credit losses. When unexpected external developments or data quality issues are not sufficiently covered by the outcome of the ECL models, a management adjustment will be made (refer to paragraph 2.1 under Judgement and Estimates).
In order to allocate financial instruments in scope between stage 1, stage 2 and stage 3 Rabobank has a framework of qualitative and quantitative factors. The criteria for allocating a financial instrument to stage 3 are aligned with the criteria for assigning a defaulted status, for example 90 days past due status, or if a debtor is likely to become unable to pay its credit obligations without liquidation of collateral by the bank. In order to allocate financial instruments between stages 1 and 2, Rabobank assesses whether the credit risk on financial instruments has increased significantly since initial recognition (SICR).
For portfolios without individual PDs or with PDs that are not updated on a frequent basis such that an assessment of the change in PD is not possible, a collective assessment on groups of financial instruments with shared credit risk characteristics is made.
At each reporting date, Rabobank assesses whether the credit risk on financial instruments has increased significantly since initial recognition. The main parameter taken into account in the SICR assessment for financial instruments is the lifetime probability of default and its development from origination to reporting date. A relative change that is above a certain threshold in combination with an absolute threshold are considered to be indicators for a significant increase in credit risk. For loan commitments, Rabobank considers changes in the lifetime probability of default occurring on the loan to which a loan commitment relates. For financial guarantee contracts, Rabobank considers the changes in the risk that the specified debtor will default on the contract. The assessment of changes in credit risk analysis is a multifactor and holistic analysis. Whether a specific factor is relevant (and its weight compared to other factors) depends on the type of product, characteristics of the financial instruments and the borrower as well as the geographical region. Refer to paragraph 4.5 \u2018Criteria for identifying a significant increase in credit risk\u2019 for more information on relative and absolute PD thresholds.
Rabobank also relies on a number of qualitative indicators to identify and assess SICR. These include:
Internal credit rating: Financial difficulties (situation where the client is facing or about to face difficulties in meeting its financial commitments)
Forbearance status for non-defaulted exposures
30 days past due
Vulnerable sector
Rabobank\u2019s definition of default is entirely based on external EU regulation (CRR and EBA). This means that a default is assigned when i) an exposure is more than 90 days materially past due, or when ii) Rabobank considers that the obligor is unlikely to pay its credit obligations in full, without recourse by the institution to actions such as realizing security.
Some factors or indicators may not be identifiable on an individual instrument level. In that case, the factors or indicators are assessed for appropriate portfolios, groups of portfolios or a portion of a portfolio to determine whether the requirements for recognition of lifetime ECL have been met. The aggregation of financial instruments to assess whether there are changes in credit risk on a collective basis may change over time when new information becomes available on groups of, or individual, financial instruments.
Depending on the nature of the financial instruments and the credit risk information available for particular groups of financial instruments, Rabobank may not be able to identify SICR for an individual instrument before that instrument becomes past due. This may be the case for financial assets (such as retail loans) for which there is little or no updated credit risk information routinely obtained and monitored on an individual instrument level until a customer breaches the contractual terms. If changes in the credit risk for an individual instrument are not captured before it becomes past due, a loss allowance based solely on credit information at an individual instrument level would not faithfully represent the changes in credit risk since initial recognition.
In some circumstances, Rabobank has no reasonable and supportable information available without undue cost or effort to measure lifetime ECL on an individual instrument basis. Lifetime ECL is then recognized by collectively considering comprehensive credit risk information, which not only incorporates past due information but also all relevant credit information (including forward-looking macro-economic information) to approximate the result of recognizing lifetime ECL when there has been a SICR since initial recognition.
For the purpose of determining SICR and recognizing a loss allowance on a collective basis, Rabobank may group financial instruments based on shared credit risk characteristics with the objective of facilitating an analysis designed to enable SICR to be identified in a timely fashion. However, when Rabobank is unable to group those financial instruments for which the credit risk is considered to have increased significantly since initial recognition based on shared credit risk characteristics, it recognizes lifetime ECL on a portion of the financial instruments for which credit risk is deemed to have increased significantly.
Shared credit risk characteristics may include but are not limited to: instrument types, credit risk ratings, collateral types, initial recognition dates, remaining terms to maturity, industries, geographic location, collateral value relative to the financial instrument if it has an impact on the PD (e.g. non-recourse loans in some jurisdictions or LTV ratios).
The contractual terms of a financial asset may be modified for a commercial reason or due to a forbearance measure. A commercial modification is a change to the previous terms and conditions of a contract (financial asset) that alters the timing or amount of the contractual cash flows of the financial asset. Rabobank typically considers a modification as non-substantial if it does not impact multiple aspects of the contract at the same time, for example a change in the fixed interest period, repayment type or obligors. At Rabobank, forbearance measures are normally non-substantial modifications.
Substantial modifications lead to a derecognition of the financial asset and non-substantial modifications lead to modification accounting. In the event of modification accounting, Rabobank recalculates the gross carrying amount based on the revised cash flows of the financial asset and recognizes a modification gain or loss in profit or loss. The new gross carrying amount is recalculated by discounting the modified cash flows at the original effective interest rate.
Goodwill is the amount by which the acquisition price paid for a subsidiary exceeds the fair value on the date on which the share of net assets and contingent liabilities of the entity was acquired. With each acquisition, the other non-controlling interests are recognized at fair value or at its share of the identifiable assets and liabilities of the acquired entity. Tests are performed annually, or more frequently if indications so dictate, to determine whether there has been an impairment.
Costs directly incurred in connection with identifiable and unique software products over which Rabobank has control and which will likely provide economic benefits exceeding the costs for longer than one year are recognized as other intangible assets. Direct costs include the personnel costs of the software development team, financing costs and an appropriate portion of the relevant overhead.
Expenditures that improve the performance of software as compared with their original specifications are added to the original cost of the software. Software development costs are recognized as other intangible assets and are amortized on a straight-line basis over a period not exceeding five years. Costs related to the maintenance of software are recognized as an expense at the time they are incurred.
Goodwill is allocated to cash-generating units for the purpose of impairment testing, which is undertaken at the lowest level of assets that generate largely independent cash inflows. During the fourth quarter of each financial year, or more frequently if there are indications of impairment, goodwill is tested for impairment and any excess of carrying amount over recoverable amount is provided. The recoverable amount is the higher of the value in use and the fair value less selling costs.
The value in use of a cash flow generating unit is determined as the present value of the expected future pre-tax cash flows of the cash flow generating unit in question. The key assumptions used in the cash flow model depend on the input data and they reflect various judgmental financial and economic variables, such as risk-free interest rates and premiums reflecting the risk inherent in the entity concerned. Impairments of goodwill are included in \"Impairment losses on goodwill\" in the statement of income, if applicable.
At each reporting date, an assessment is made as to whether there are indications of impairment of other intangible assets. If there are such indications, impairment testing is carried out to determine whether the carrying amount of the other intangible assets is fully recoverable. The recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash generating unit to which the asset belongs is determined. An impairment loss is recognized if the carrying amount exceeds the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income.
Regardless of any indication of impairment, intangible assets not yet available for use are tested for impairment annually by comparing their carrying amount with their recoverable amount.
Property for own use consists mainly of office buildings and is recognized at cost less accumulated depreciation and impairment, as is equipment for own use. Assets are depreciated to their residual values over the following estimated useful lives on a straight-line basis:
| Property | \u00a0 |
| - Land | Not depreciated |
| - Buildings | 25 - 40 years |
| Equipment | \u00a0 |
| - Computer equipment | 1 - 5 years |
| - Other equipment and vehicles | 3 - 8 years |
\u200bAn annual assessment is made as to whether there are indications of impairment of property and equipment. If the carrying amount of an asset exceeds its estimated recoverable amount, the carrying amount is written down to the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income. Gains and losses on the disposal of property and equipment are determined on the basis of their carrying amounts and are included in \"Other Administrative Expenses\".
Repair and maintenance work is charged to the statement of income at the time the costs are incurred. Expenditures to extend the economic life or increase the economic value of land and buildings as compared with their original economic value are capitalized and subsequently depreciated.
Investment properties, primarily office buildings and housing units, are held for their long-term rental income and are not used by Rabobank or its subsidiaries. Investment properties are recognized as long-term investments and included in the statement of financial position at cost net of accumulated depreciation and impairment. Investment properties are depreciated on a straight-line basis to their residual values over an estimated useful life of 40 years.
Rabobank offers several products that relate to financing commodities. Some of these products are recognized as loans with commodities as collateral, others as loans with embedded derivatives and others as commodities. The classification is mainly dependent on the transfer of risk and rewards of the commodity from the client to Rabobank.
Building sites are carried at cost, including allocated interest and additional expenses for purchasing the sites and making them ready for construction or, if lower, the net realizable value. Interest is not recognized in the statement of financial position for land which has not been zoned for a particular purpose if there is no certainty that the land will be built on. Possible decreases in value as a result of future change of designated use of the relevant land are not included in the cost of land, but are included in the determination of the net realizable value.
The net realizable value of all building sites is reviewed at least once a year or earlier, in case of any indications of impairment. The net realizable value for building sites is the direct realizable value or, if higher, the indirect realizable value. The direct realizable value is the estimated value upon sale less the estimated costs for achieving the sale. The indirect realizable value is the estimated sale price within the context of normal operations less the estimated costs of completion and the estimated costs necessarily incurred to realize the sale. The calculation of the indirect realizable value is based on an analysis of scenarios that includes as many site-specific aspects and company-specific parameters and conditions as possible. A write-down is recognized if the carrying value exceeds the net realizable value.
Properties on building sites are classified as investment property if the current use of Rabobank is leasing them out under one or more operating leases.
Work in progress concerns unsold residential projects under construction or in preparation, as well as unsold commercial property projects. Work in progress is carried at the costs incurred plus allocated interest or, if lower, the net realizable value. Revenues from projects for the construction of real estate are recognized when the related performance obligations are satisfied. Expected losses on projects are immediately deducted from the work in progress. If Rabobank transfers (parts of) a project to a customer before the customer pays instalments, Rabobank recognizes a contract asset. If a customer pays instalments, or if Rabobank has an unconditional right to instalments, Rabobank recognizes a contract liability, before transferring (parts of) a project to a customer.
The carrying amount of unsold work in progress is reviewed annually for indications of a decline in value. If there is such an indication, the indirect realizable value of the work in progress is estimated; in most cases this is done by means of an internal or external appraisal. The indirect realizable value is the estimated sale price within the context of normal operations less the estimated costs of completion and the estimated costs necessarily incurred to realize the sale. A downward value adjustment is recognized if the carrying value exceeds the expected indirect net realizable value, to the extent that this difference must be borne by Rabobank.
Unsold residential and commercial properties developed in-house are carried at cost or, if lower, the net realizable value. The net realizable value of finished properties is reviewed at least once a year or if there are any indications for a decline in value. For finished properties, the net realizable value is generally equal to the direct realizable value, which is mostly determined by means of an internal or external appraisal. A downward value adjustment is recognized if the carrying value exceeds the expected direct net realizable value, to the extent that the difference is for Rabobank's account.
As a lessee, Rabobank recognizes a right-of-use asset representing its right to use the underlying leased asset and a corresponding liability representing its obligation to make lease payments at the date on which the leased asset is available for use. Each lease payment is allocated between the lease liability and interest expense. The interest expenses are charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use assets are depreciated over the lease term on a straight-line basis. The lease liability is measured at the present value of the lease payments. The lease payments comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:
Fixed payments less any lease incentives received;
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
Amounts expected to be payable by the lessee under residual value guarantees;
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.
The present value of the lease payments is determined by using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, which is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Rabobank defines the incremental borrowing rate as the internal funding rate (Funds Transfer Pricing (FTP) rate) plus an asset-specific premium.
By using the FTP rate as a basis the discount rate is defined for each time bucket and consists of the following elements:
Base rate: the risk-free rate;
Credit spread: based on credit risk of the group company;
Country specific risk: based on location of the group company; and
Currency risk: based on the functional currency of the group company;
The right-of-use asset is measured at an amount equal to the lease liability, adjusted by the lease payments made at or before the commencement date less any lease incentives received and any initial direct costs and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Rabobank recognizes the right-of-use assets as part of the line-item Property and Equipment and the lease liability as part of line-item Other Liabilities in the consolidated statement of financial position.
A finance lease is recognized as a receivable under \"Loans and Advances to Credit Institutions\" or \"Loans and Advances to Customers\", as applicable, at an amount equal to the net investment in the lease. The net investment in the lease is the present value of the nominal minimum lease payments and the unguaranteed residual value. The difference between the gross investment and the net investment in the lease is recognized as unearned finance income. Lease income is recognized as interest income over the term of the lease using the net investment method, which results in a constant rate of return on the investment.
Assets leased under operating leases are included in the statement of financial position under \"Property and Equipment\". The assets are depreciated over their expected useful lives in line with those of comparable items of property and equipment. Rental income (fewer write-offs and discounts granted to lessees) is recognized under \"Net Income from Other Operating Activities\" on a straight-line basis over the term of the lease.
Provisions are recognized for obligations (both legal and constructive) arising as a result of a past event where it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. If Rabobank expects a provision to be reimbursed, for example under an insurance policy, the reimbursement is recognized as a separate asset but only if the reimbursement is virtually certain. The provisions are carried at the discounted value of the expected future cash flows. The additions to and releases of provisions are recognized in the statement of income under \"Other Administrative Expenses\".
Restructuring provisions comprise payments under redundancy schemes and other costs directly attributable to restructuring programs. These costs are recognized during the period in which the legal or actual payment obligation arises, a detailed plan has been prepared for redundancy pay and there are realistic expectations among the affected parties that the restructuring will be implemented.
The provision for legal issues is based on the best estimates available at the end of the reporting period, taking legal advice into account. The timing of the cash outflow of these provisions is uncertain because the outcome of the disputes and the time involved are unpredictable.
Other provisions include provisions for onerous contracts, potential settlements, and credit related contingent liabilities. See Section 2.16 for the accounting policy of impairment allowances on credit related contingent liabilities.
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of Rabobank; or a present obligation that arises from past events but is not recognized because it is either not probable that an outflow of economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured reliably. Contingent liabilities are not recognized in the statement of financial position, but are rather disclosed in the notes unless the possibility of the outflow of economic benefits is remote.
Rabobank has various pension plans in place based on the local conditions and practices of the countries in which it operates. In general, the plans are financed by payments to insurance companies or to trustee administered funds determined by periodic actuarial calculations. A defined benefit pension plan is one that incorporates an obligation to pay an agreed amount of pension benefit, which is usually based on several factors such as age, number of years\u2019 service and remuneration. A defined contribution plan is one in which fixed contributions are paid to a separate entity (a pension fund) with no further legal or constructive obligation on the part of the employer should the fund have insufficient assets to settle its obligations to employee-members of the plan.
The obligation under defined benefit pension plans is the present value of the defined benefit pension obligation at the end of the reporting period reduced by the fair value of the fund investments. The defined benefit obligation is calculated annually by independent actuaries based on the projected unit credit method. The present value of the defined benefit obligation is determined as the estimated future outflow of cash funds based on the interest rates of high-quality corporate bonds with terms that approximate those of the corresponding obligation. The majority of pension plans are career-average plans. The costs of these plans (being the net pension charge for the period after deducting employee contributions and interest) are included under \u2018Staff costs\u2019. Net interest expense/income is determined by applying the discount rate at the beginning of the reporting period to the asset or liability of the defined benefit pension plan.
Actuarial gains and losses arising from events and/or changes in actuarial assumptions are recognized in the statement of comprehensive income.
Under defined contribution plans, contributions are paid into publicly or privately managed pension insurance plans on a compulsory, contractual or voluntary basis. These regular contributions are recognized as expense in the year in which they are due and they are included under \"Staff costs\".
Some of Rabobank\u2019s business units provide other post-employment benefits. To become eligible for such benefits, the usual requirement is that the employee remains in service until retirement and has been with the company for a minimum number of years. The expected costs of these benefits are accrued during the years of service, based on a system similar to that for defined benefit pension plans. The obligations are calculated annually by independent actuaries.
Variable remuneration payable unconditionally and in cash is recognized in the year in which the employee renders the service. Conditional cash remuneration is included, on a straight line basis, in staff costs in the statement of income over the period of the year in which the employee\u2019s services are received and the remaining three years of the vesting period (i.e. over four years). The liability is recognized in \"Other liabilities\". The accounting treatment of payments based on equity instruments is disclosed in Section 2.25.
For certain identified staff, remuneration for services rendered is settled in the form of cash payments based on equity instruments that are similar to, and have the same characteristics as, Rabobank Certificates. The costs of the services received are based on the fair value of the equity instruments on the award date and are restated annually to fair value. The costs related to the award of equity instruments during the period of the employee\u2019s contract are included in staff costs in the statement of income over the period of the year of award and the remaining three years of the vesting period of the equity instruments (i.e. over four years). The liability is recognized in \"Other liabilities\".
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. These temporary differences arise primarily on depreciation of tangible fixed assets, revaluation of certain financial assets and liabilities (including derivatives), employee benefits, loan impairment allowances and other impairments, tax losses and fair value adjustments to net assets acquired in business combinations. Deferred tax assets and liabilities are also recognized on the revaluation of financial assets at fair value through other comprehensive income and cash flow hedges that are taken directly to other comprehensive income. When realized, they are recognized in the statement of income at the same time as the respective deferred gain or loss is recognized. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the losses can be utilized and are measured at the tax rates that have been enacted or substantively enacted as at the reporting date. In case of a history of recent losses, deferred tax assets arising from unused tax losses are recognized only to the extent that sufficient taxable temporary differences exist or there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilized. Rabobank considers all deferred taxes to be non-current.
Taxes on profit are calculated in accordance with the tax legislation of the relevant jurisdictions in which Rabobank operates and are recognized as an expense in the period in which the profit is realized. The tax effects of loss carry forwards are recognized as an asset if it is probable that future taxable profits will be available against which the losses can be utilized.
These liabilities are initially recognized at fair value, which is the issue price minus transaction costs that are directly attributable to the issue, and thereafter at amortized cost. Own issued debt securities that are repurchased are derecognized, and the difference between the carrying amount and the consideration paid is recognized in the statement of income.
The proceeds of the issue of Rabobank Certificates are available to Rabobank in perpetuity and are subordinate to all liabilities and to the Capital Securities. As there is no obligation to (re)pay the principal or to pay dividend, the Rabobank Certificates are classified as equity. As the payment of distributions is wholly discretionary, the proceeds received and dividends paid on them are recognized directly in equity.
As there is no obligation to (re)pay the principal or to pay dividend, the Capital Securities are classified as equity and dividends paid on these instruments are recognized directly in equity.
Financial guarantee contracts require the issuer to compensate the holder for losses incurred when the debtor fails to meet its obligations under the terms of the related debt instrument. The guarantees are initially recognized at fair value and subsequently measured at the higher amount of the impairment allowance and the amount initially recognized less cumulative amortization.
An operating segment is a component of Rabobank that engages in business activities from which it may earn revenues and incur expenses. The operating segments' operating results are regularly reviewed by Rabobank's Managing Board to make decisions about resources to be allocated to the segment and assess its performance, and discrete financial information is available about them.
Cash and cash equivalents include cash resources, money market deposits and deposits at central banks. The cash flow statement is prepared using the indirect method and provides details of the source of the cash and cash equivalents that became available during the year as well as their application during the year. The net pre-tax cash flow from operating activities is adjusted for non-cash items in the statement of income and for non-cash changes in items in the statement of financial position.
The Consolidated Statement of Cash Flows presents the cash flows from operating, investing and financing activities separately. Cash flows from operating activities include net changes in loans and advances, interbank deposits, deposits from customers and acquisitions, disposals and repayment of financial investments. Investment activities include acquisitions and disposals of subsidiaries, investments in associates and property and equipment. Financing activities include issues and repayments of Rabobank Certificates, Capital Securities, subordinated liabilities and debt securities in issue.
The difference between the net change presented in the statement of cash flows and the change in cash and cash equivalents included in the statement of financial position is due to foreign exchange differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16819": { "value": "Rabobank's Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted in the European Union (E.U.) and the applicable articles of Part 9 of Book 2 of the Dutch Civil Code. The consolidated financial statements have been prepared on the basis of the accounting policies set out in this section.
Minor amendments have been made to IAS 21 The Effects of Changes in Foreign Exchange Rates which became effective for annual periods beginning on or after January 1, 2025. These amendments clarify the estimation of the spot exchange rate when a currency is not exchangeable. The implementation of these amendments did not affect profit or equity.
The IASB amended requirements related to assessing contractual cash flow characteristics of financial assets, including those with environmental, social and governance (ESG)-linked contingent features, and settling financial liabilities using an electronic payment system. The IASB also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. These amendments will be effective for annual periods beginning on or after January 1, 2026.
Rabobank has provided financial assets with ESG-linked contingent features, predominantly via its mortgages and sustainability-linked loans where interest discounts are provided when certain ESG KPI\u2019s are achieved by the client. As the cashflows of these financial assets with and without the contingent features are not significantly different, Rabobank does not expect that the implementation of these amendments changes the measurement category of these financial assets and therefore does not expect that these amendments affect profit or equity.
This Standard sets out general and specific requirements for the presentation of information in the Statement(s) of Income, the Statement of Financial Position and the Statement of Changes in Equity. This Standard also sets out requirements for the disclosure of information in the notes. This Standard supersedes IAS 1 and will be effective for annual periods beginning on or after January 1, 2027. The implementation of this Standard will not affect profit or equity and will not change recognition or measurement of items in the financial statements, but it will impact the structure of the income statement and is expected to lead to more information about management-defined performance measures (MPMs) will be included such as a reconciliation of each MPM to the most comparable IFRS-specified subtotal.
This Standard is intended for subsidiaries without public accountability and specifies the disclosure requirements that such an entity is permitted to apply instead of the disclosure requirements in other IFRS Accounting Standards. This Standard will be effective for annual periods beginning on or after January 1, 2027. This standard is not applicable for Rabobank's consolidated financial statements.
Minor amendments have been made to IFRS 9 and IFRS 7 with regard to Contracts Referencing Nature-dependent Electricity and minor amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 have been made via the Annual Improvements Volume 11. These amendments will be effective for annual periods beginning on or after January 1, 2026. Although these new requirements are currently being analyzed and their impact is not yet known, Rabobank does not expect the implementation of these amendments to affect profit or equity.
The Managing Board considers it appropriate to adopt the going concern basis of accounting in preparing these financial statements. This is based on Rabobank\u2019s medium-term planning (MTP) and budget process which supports the going concern assumption.
In preparing the consolidated financial statements management applied judgment with respect to estimates and assumptions that affects the amounts reported for assets and liabilities, the reporting of contingent assets and liabilities on the date of the consolidated financial statements, and the amounts reported for income and expenses during the reporting period. The accounting principles listed below require critical estimates that are based on assessments and assumptions. Although management estimates are based on the most careful assessment of current facts and circumstances on the basis of available financial data and information, the actual results may deviate from these estimates.
Rabobank applies three-stage expected credit loss impairment models for measuring and recognizing expected credit losses which involve management judgment. Rabobank uses estimates and management judgment to determine the expected credit losses for the model-based impairment allowances. In certain circumstances Rabobank applies Management Adjustments (MAs) in addition to the model outcomes; these are described in this section. The MAs often require a significant degree of management judgment.
Further information regarding the model-based impairment allowances is included in Section 4.3.6 \"Judgments and estimates on Model Based Impairment Allowances on Financial Assets\u201d. For credit-impaired financial assets that are assessed on an individual basis, a discounted cash flow calculation is performed. In many cases, judgment is required for the estimation of the expected future cash flows and the weighting of used scenarios (three).
The Geopolitical Risk MA of EUR 128 million (December 31, 2024: EUR 76 million) ) aims to cover the risk stemming from geopolitical tensions such as uncertainties around US tariffs, the war in Ukraine, conflicts in the Middle East and increasing tensions between US and China.
For mortgages (most notably for Interest Only mortgages (IOM)) the risk of future unaffordability is not fully reflected in the IFRS 9 model outcomes. The MAs for these future affordability risks have been re-assessed. As part of the MA mortgages, an IOM Backstop MA of EUR 5 million (December 31, 2024: EUR 7 million) has been recognized for clients for which no sufficient up to date information is available to assess future affordability. The total MA Mortgages increased to EUR 86 million (December 31, 2024: EUR 39 million) mainly due to including the expected LGD impact from concentration risk when IOM loans will mature. Ongoing supervisory scrutiny on IOM may affect future capital requirements and impairment levels.
The Livestock MA amounted to EUR 29 million (December 31, 2024: EUR 23 million), which is applied to the full Dutch livestock portfolio. Farmers in the livestock sector are scored on the profitability and sustainability of their business model, which determines the associated additional expected credit losses.
Risks are expected to mainly materialize in the future as regulation becomes more stringent, which introduces transition risks, and as a result of anticipated future chronic climate changes, increasing the probability and intensity of events such as droughts and floods (\u2018physical risks\u2019). The Climate Risk MA covers this chronic increase in forward looking C&E risks and amounts to EUR 59 million (December 31, 2024: EUR 87 million). The MA covers the mortgage portfolio and the entire business loans portfolio including DLL. Furthermore, it is noted that a big part of the MA C&E Risks (EUR 26 million) is included directly in the new IFRS 9 model for the Corporate Portfolio, this largely explains the decrease.
For the individual provisions we have narrowed the scenario weightings to reduce biases due to individual judgment and enhance consistency. Per December 31, 2025 an MA of EUR 43 million (December 31, 2024: nil) is needed for the expected impact of the amended methodology for calculating stage 3 individual provisions for segment W&R.
This new MA for stage 3 corporate acquisition finance (CAF) exposures with high leverage in segment DRB amounts to EUR 38 million (December 31, 2024: nil). These CAF loans are typically granted to clients backed by a Private Equity (PE) sponsor, resulting in an asset-light business model that relies more on cashflow\u2013based lending rather than collateral as a risk mitigant. Management considers the IFRS 9 model outcome for this sub portfolio to be not fully sufficient, warranting an additional MA.
The total of the remainder of the MAs is EUR 67 million (December 31, 2024: EUR 105 million).
Information regarding the determination of the fair value of financial assets and liabilities is included in Section 4.8 \"Fair Value of Financial Assets and Liabilities\" and Section 11 \"Derivatives\".
The other intangible assets and the investments in associates and joint ventures are tested for impairment when specific triggers are identified; goodwill is tested at least once a year. When the recoverable value is lower than the carrying amount, an impairment loss is recognized. Determining the recoverable amount in an impairment assessment of these assets requires estimates based on quoted market prices, prices of comparable businesses, present value, or other valuation techniques, or a combination thereof, which necessitate management to make subjective judgments and assumptions. Because these estimates and assumptions could result in significant differences to the amounts reported if the underlying circumstances were to change, these estimates are considered to be critical. The important assumptions for determining recoverable value of goodwill are set out in Section 15 \"Goodwill and Other Intangible Assets\"; the assumptions for investments in associates and joint ventures are set out in Section 14 \"Investments in Associates and Joint Ventures\".
Estimates are used when determining the income tax charge and the related current and deferred tax assets and liabilities. The tax treatment of transactions is not always clear or certain and, in a number of countries, prior year tax returns often remain open and subject to approval by the tax authorities for lengthy periods. The tax assets and liabilities reported here are based on the best available information, and where applicable, on external advice. Differences between the final outcome and the original estimates are accounted for in the current and deferred tax assets and liabilities in the period in which reasonable certainty is obtained.
Judgment is involved in the application of IAS 37 when determining whether a present obligation exists and in estimating the probability, timing, and amount of any outflows. More information on judgments regarding provisions is included in Section 25 \"Provisions\" and for legal and arbitration proceedings in Section 4.9 \u201cLegal and Arbitration Proceedings\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16820": { "value": "Rabobank's Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted in the European Union (E.U.) and the applicable articles of Part 9 of Book 2 of the Dutch Civil Code. The consolidated financial statements have been prepared on the basis of the accounting policies set out in this section.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16821": { "value": "The Managing Board considers it appropriate to adopt the going concern basis of accounting in preparing these financial statements. This is based on Rabobank\u2019s medium-term planning (MTP) and budget process which supports the going concern assumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16823": { "value": "In preparing the consolidated financial statements management applied judgment with respect to estimates and assumptions that affects the amounts reported for assets and liabilities, the reporting of contingent assets and liabilities on the date of the consolidated financial statements, and the amounts reported for income and expenses during the reporting period. The accounting principles listed below require critical estimates that are based on assessments and assumptions. Although management estimates are based on the most careful assessment of current facts and circumstances on the basis of available financial data and information, the actual results may deviate from these estimates.
Rabobank applies three-stage expected credit loss impairment models for measuring and recognizing expected credit losses which involve management judgment. Rabobank uses estimates and management judgment to determine the expected credit losses for the model-based impairment allowances. In certain circumstances Rabobank applies Management Adjustments (MAs) in addition to the model outcomes; these are described in this section. The MAs often require a significant degree of management judgment.
Further information regarding the model-based impairment allowances is included in Section 4.3.6 \"Judgments and estimates on Model Based Impairment Allowances on Financial Assets\u201d. For credit-impaired financial assets that are assessed on an individual basis, a discounted cash flow calculation is performed. In many cases, judgment is required for the estimation of the expected future cash flows and the weighting of used scenarios (three).
The Geopolitical Risk MA of EUR 128 million (December 31, 2024: EUR 76 million) ) aims to cover the risk stemming from geopolitical tensions such as uncertainties around US tariffs, the war in Ukraine, conflicts in the Middle East and increasing tensions between US and China.
For mortgages (most notably for Interest Only mortgages (IOM)) the risk of future unaffordability is not fully reflected in the IFRS 9 model outcomes. The MAs for these future affordability risks have been re-assessed. As part of the MA mortgages, an IOM Backstop MA of EUR 5 million (December 31, 2024: EUR 7 million) has been recognized for clients for which no sufficient up to date information is available to assess future affordability. The total MA Mortgages increased to EUR 86 million (December 31, 2024: EUR 39 million) mainly due to including the expected LGD impact from concentration risk when IOM loans will mature. Ongoing supervisory scrutiny on IOM may affect future capital requirements and impairment levels.
The Livestock MA amounted to EUR 29 million (December 31, 2024: EUR 23 million), which is applied to the full Dutch livestock portfolio. Farmers in the livestock sector are scored on the profitability and sustainability of their business model, which determines the associated additional expected credit losses.
Risks are expected to mainly materialize in the future as regulation becomes more stringent, which introduces transition risks, and as a result of anticipated future chronic climate changes, increasing the probability and intensity of events such as droughts and floods (\u2018physical risks\u2019). The Climate Risk MA covers this chronic increase in forward looking C&E risks and amounts to EUR 59 million (December 31, 2024: EUR 87 million). The MA covers the mortgage portfolio and the entire business loans portfolio including DLL. Furthermore, it is noted that a big part of the MA C&E Risks (EUR 26 million) is included directly in the new IFRS 9 model for the Corporate Portfolio, this largely explains the decrease.
For the individual provisions we have narrowed the scenario weightings to reduce biases due to individual judgment and enhance consistency. Per December 31, 2025 an MA of EUR 43 million (December 31, 2024: nil) is needed for the expected impact of the amended methodology for calculating stage 3 individual provisions for segment W&R.
This new MA for stage 3 corporate acquisition finance (CAF) exposures with high leverage in segment DRB amounts to EUR 38 million (December 31, 2024: nil). These CAF loans are typically granted to clients backed by a Private Equity (PE) sponsor, resulting in an asset-light business model that relies more on cashflow\u2013based lending rather than collateral as a risk mitigant. Management considers the IFRS 9 model outcome for this sub portfolio to be not fully sufficient, warranting an additional MA.
The total of the remainder of the MAs is EUR 67 million (December 31, 2024: EUR 105 million).
Information regarding the determination of the fair value of financial assets and liabilities is included in Section 4.8 \"Fair Value of Financial Assets and Liabilities\" and Section 11 \"Derivatives\".
The other intangible assets and the investments in associates and joint ventures are tested for impairment when specific triggers are identified; goodwill is tested at least once a year. When the recoverable value is lower than the carrying amount, an impairment loss is recognized. Determining the recoverable amount in an impairment assessment of these assets requires estimates based on quoted market prices, prices of comparable businesses, present value, or other valuation techniques, or a combination thereof, which necessitate management to make subjective judgments and assumptions. Because these estimates and assumptions could result in significant differences to the amounts reported if the underlying circumstances were to change, these estimates are considered to be critical. The important assumptions for determining recoverable value of goodwill are set out in Section 15 \"Goodwill and Other Intangible Assets\"; the assumptions for investments in associates and joint ventures are set out in Section 14 \"Investments in Associates and Joint Ventures\".
Estimates are used when determining the income tax charge and the related current and deferred tax assets and liabilities. The tax treatment of transactions is not always clear or certain and, in a number of countries, prior year tax returns often remain open and subject to approval by the tax authorities for lengthy periods. The tax assets and liabilities reported here are based on the best available information, and where applicable, on external advice. Differences between the final outcome and the original estimates are accounted for in the current and deferred tax assets and liabilities in the period in which reasonable certainty is obtained.
Judgment is involved in the application of IAS 37 when determining whether a present obligation exists and in estimating the probability, timing, and amount of any outflows. More information on judgments regarding provisions is included in Section 25 \"Provisions\" and for legal and arbitration proceedings in Section 4.9 \u201cLegal and Arbitration Proceedings\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i16822": { "value": "The other intangible assets and the investments in associates and joint ventures are tested for impairment when specific triggers are identified; goodwill is tested at least once a year. When the recoverable value is lower than the carrying amount, an impairment loss is recognized. Determining the recoverable amount in an impairment assessment of these assets requires estimates based on quoted market prices, prices of comparable businesses, present value, or other valuation techniques, or a combination thereof, which necessitate management to make subjective judgments and assumptions. Because these estimates and assumptions could result in significant differences to the amounts reported if the underlying circumstances were to change, these estimates are considered to be critical. The important assumptions for determining recoverable value of goodwill are set out in Section 15 \"Goodwill and Other Intangible Assets\"; the assumptions for investments in associates and joint ventures are set out in Section 14 \"Investments in Associates and Joint Ventures\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16824": { "value": "The participating interests over which Rabobank has control are its subsidiaries (including structured entities) and these are consolidated. Control is exercised over a participating interest if the investor is entitled to receive variable returns from its involvement in the participating interest and has the ability to influence these returns through its power over the participating interest. The assets, liabilities and profit and loss of these companies are fully consolidated.
Subsidiaries are consolidated as from the date on which Rabobank acquires effective control and subsidiaries are deconsolidated as of the date on which this control is ceded. Transactions, balances and unrealized gains and losses on transactions between and among Rabobank and its subsidiaries are eliminated.
A list of principal subsidiaries is included in Section 50 \"Principal subsidiaries\".
Investments in associates and joint ventures are initially recognized at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Rabobank's share of post-acquisition profits and losses is recognized in the statement of income and its share of post-acquisition movements in reserves is recognized directly in other comprehensive income. The cumulative post-acquisition movements are included in the carrying amount of the investment.
Associates are entities over which Rabobank can exercise significant influence and in which it generally holds between 20% and 50% of the voting rights but does not have control. A joint venture is an agreement between one or more parties under which the parties jointly have control and are jointly entitled to the net assets under the agreement. Unrealized profits on transactions between Rabobank and its associates and joint ventures are eliminated in proportion to Rabobank\u2019s interest in the respective associates and joint ventures. Unrealized losses are also eliminated unless the transaction indicates that an impairment loss should be recognized on the asset(s) underlying the transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16825": { "value": "The participating interests over which Rabobank has control are its subsidiaries (including structured entities) and these are consolidated. Control is exercised over a participating interest if the investor is entitled to receive variable returns from its involvement in the participating interest and has the ability to influence these returns through its power over the participating interest. The assets, liabilities and profit and loss of these companies are fully consolidated.
Subsidiaries are consolidated as from the date on which Rabobank acquires effective control and subsidiaries are deconsolidated as of the date on which this control is ceded. Transactions, balances and unrealized gains and losses on transactions between and among Rabobank and its subsidiaries are eliminated.
A list of principal subsidiaries is included in Section 50 \"Principal subsidiaries\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16826": { "value": "Investments in associates and joint ventures are initially recognized at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Rabobank's share of post-acquisition profits and losses is recognized in the statement of income and its share of post-acquisition movements in reserves is recognized directly in other comprehensive income. The cumulative post-acquisition movements are included in the carrying amount of the investment.
Associates are entities over which Rabobank can exercise significant influence and in which it generally holds between 20% and 50% of the voting rights but does not have control. A joint venture is an agreement between one or more parties under which the parties jointly have control and are jointly entitled to the net assets under the agreement. Unrealized profits on transactions between Rabobank and its associates and joint ventures are eliminated in proportion to Rabobank\u2019s interest in the respective associates and joint ventures. Unrealized losses are also eliminated unless the transaction indicates that an impairment loss should be recognized on the asset(s) underlying the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16827": { "value": "Investments in associates and joint ventures are initially recognized at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Rabobank's share of post-acquisition profits and losses is recognized in the statement of income and its share of post-acquisition movements in reserves is recognized directly in other comprehensive income. The cumulative post-acquisition movements are included in the carrying amount of the investment.
Associates are entities over which Rabobank can exercise significant influence and in which it generally holds between 20% and 50% of the voting rights but does not have control. A joint venture is an agreement between one or more parties under which the parties jointly have control and are jointly entitled to the net assets under the agreement. Unrealized profits on transactions between Rabobank and its associates and joint ventures are eliminated in proportion to Rabobank\u2019s interest in the respective associates and joint ventures. Unrealized losses are also eliminated unless the transaction indicates that an impairment loss should be recognized on the asset(s) underlying the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16828": { "value": "Investments in associates and joint ventures are initially recognized at cost (including goodwill) and subsequently accounted for using the equity method of accounting. Rabobank's share of post-acquisition profits and losses is recognized in the statement of income and its share of post-acquisition movements in reserves is recognized directly in other comprehensive income. The cumulative post-acquisition movements are included in the carrying amount of the investment.
Associates are entities over which Rabobank can exercise significant influence and in which it generally holds between 20% and 50% of the voting rights but does not have control. A joint venture is an agreement between one or more parties under which the parties jointly have control and are jointly entitled to the net assets under the agreement. Unrealized profits on transactions between Rabobank and its associates and joint ventures are eliminated in proportion to Rabobank\u2019s interest in the respective associates and joint ventures. Unrealized losses are also eliminated unless the transaction indicates that an impairment loss should be recognized on the asset(s) underlying the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16829": { "value": "Derivatives generally comprise foreign exchange contracts, currency and interest rate futures, forward rate agreements, currency and interest rate swaps and currency and interest rate options (written or acquired). Derivatives are recognized at fair value (excluding transaction costs) determined on the basis of listed market prices (with mid-prices being used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments and reflecting the time value of money, yield curves and the volatility of the underlying assets and liabilities. Derivatives are included under assets if their fair value is positive and under liabilities if their fair value is negative.
Realized and unrealized gains and losses on derivatives held for trading are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\".
Derivatives are used for asset and liability management of interest rate risks, credit risks and foreign currency risks. Rabobank applies IFRS 9 for non-portfolio hedge accounting. IFRS 9 does not offer a solution for fair value hedge accounting for a portfolio hedge of interest rate risk. Rabobank opted to use the EU policy choice of IFRS 9 to continue to apply the IAS 39 for such portfolio hedge accounting (EU carve out).
At the time of inception of a hedge accounting relationship, derivatives are designated as one of the following: (1) a hedge of the fair value of an asset, a group of assets or a liability in the statement of financial position (fair value hedge); (2) a hedge of future cash flows allocable to an asset or liability in the statement of financial position, an expected transaction or a firm commitment (cash flow hedge); or (3) a hedge of a net investment in a foreign operation (net investment hedge). Hedge accounting is applied for derivatives designated in this manner provided that certain criteria are met, including the following:
Formal documentation of the hedging instrument, the hedged item, the objective of the hedge, the hedging strategy, and the hedge relationship;
Documentation of the assessment and analysis of the sources of hedge ineffectiveness and how the hedges ratio is determined (IFRS 9);
Effectiveness of 80% to 125% (IAS 39), in covering changes in the hedged item\u2019s fair value to the hedged risks during the entire reporting period;
Continuous effectiveness from the moment of the hedge's inception; and
An economic relationship between the hedged item and hedging instrument (IFRS 9).
Changes in the fair value of derivatives that are designated as fair value hedges and are effective in terms of the hedged risks are recognized in the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019\" together with the corresponding changes in the fair values of the assets or liabilities hedged.
As and when the hedge no longer meets the criteria for hedge accounting (applying the fair value hedge model), the cumulative adjustment to the fair value of a hedged interest-bearing financial instrument is amortized through profit and loss over the relevant interest repricing period.
Changes in the fair value of derivatives that are designated (and qualify) as cash flow hedges and that are effective in relation to the hedged risks are recognized in other comprehensive income. Ineffective elements of the changes in the fair value of derivatives are recognized in the statement of income. Deferred amounts included in other comprehensive income are taken to the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" in the periods during which the hedged expected cash flows affect the statement of income.
The hedging instruments used to hedge net investments in foreign operations are measured at fair value, with changes in the fair value being recognized in other comprehensive income for the portion that is determined to be an effective hedge. Changes in the hedged equity instrument resulting from exchange-rate fluctuations are also recognized in other comprehensive income. Gains and losses accumulated in other comprehensive income are reclassified to profit or losses when the equity instrument is disposed of.
The cross-currency basis spreads of cross-currency interest rate swaps and (resettable) cross-currency basis swaps in hedge accounting relationships designated with issued debt securities and loans (intra group monetary items between entities with a different functional currency) at amortised cost in foreign currency is excluded from designation. The cross-currency basis spread volatility is taken through other comprehensive income as costs of hedging and is reclassified to profit or loss in the same periods as when the hedged expected future cash flows\u00a0affect profit or loss until maturity of the issued bond or loan.
Although derivatives are used as economic hedges under Rabobank\u2019s managed risk positions, certain derivative contracts do not qualify for hedge accounting under the specific IFRS rules. Interest on derivatives held for economic hedging purposes are shown under interest expense, both the receive and pay leg of the derivative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16830": { "value": "Derivatives generally comprise foreign exchange contracts, currency and interest rate futures, forward rate agreements, currency and interest rate swaps and currency and interest rate options (written or acquired). Derivatives are recognized at fair value (excluding transaction costs) determined on the basis of listed market prices (with mid-prices being used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments and reflecting the time value of money, yield curves and the volatility of the underlying assets and liabilities. Derivatives are included under assets if their fair value is positive and under liabilities if their fair value is negative.
Realized and unrealized gains and losses on derivatives held for trading are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\".
Derivatives are used for asset and liability management of interest rate risks, credit risks and foreign currency risks. Rabobank applies IFRS 9 for non-portfolio hedge accounting. IFRS 9 does not offer a solution for fair value hedge accounting for a portfolio hedge of interest rate risk. Rabobank opted to use the EU policy choice of IFRS 9 to continue to apply the IAS 39 for such portfolio hedge accounting (EU carve out).
At the time of inception of a hedge accounting relationship, derivatives are designated as one of the following: (1) a hedge of the fair value of an asset, a group of assets or a liability in the statement of financial position (fair value hedge); (2) a hedge of future cash flows allocable to an asset or liability in the statement of financial position, an expected transaction or a firm commitment (cash flow hedge); or (3) a hedge of a net investment in a foreign operation (net investment hedge). Hedge accounting is applied for derivatives designated in this manner provided that certain criteria are met, including the following:
Formal documentation of the hedging instrument, the hedged item, the objective of the hedge, the hedging strategy, and the hedge relationship;
Documentation of the assessment and analysis of the sources of hedge ineffectiveness and how the hedges ratio is determined (IFRS 9);
Effectiveness of 80% to 125% (IAS 39), in covering changes in the hedged item\u2019s fair value to the hedged risks during the entire reporting period;
Continuous effectiveness from the moment of the hedge's inception; and
An economic relationship between the hedged item and hedging instrument (IFRS 9).
Changes in the fair value of derivatives that are designated as fair value hedges and are effective in terms of the hedged risks are recognized in the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019\" together with the corresponding changes in the fair values of the assets or liabilities hedged.
As and when the hedge no longer meets the criteria for hedge accounting (applying the fair value hedge model), the cumulative adjustment to the fair value of a hedged interest-bearing financial instrument is amortized through profit and loss over the relevant interest repricing period.
Changes in the fair value of derivatives that are designated (and qualify) as cash flow hedges and that are effective in relation to the hedged risks are recognized in other comprehensive income. Ineffective elements of the changes in the fair value of derivatives are recognized in the statement of income. Deferred amounts included in other comprehensive income are taken to the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" in the periods during which the hedged expected cash flows affect the statement of income.
The hedging instruments used to hedge net investments in foreign operations are measured at fair value, with changes in the fair value being recognized in other comprehensive income for the portion that is determined to be an effective hedge. Changes in the hedged equity instrument resulting from exchange-rate fluctuations are also recognized in other comprehensive income. Gains and losses accumulated in other comprehensive income are reclassified to profit or losses when the equity instrument is disposed of.
The cross-currency basis spreads of cross-currency interest rate swaps and (resettable) cross-currency basis swaps in hedge accounting relationships designated with issued debt securities and loans (intra group monetary items between entities with a different functional currency) at amortised cost in foreign currency is excluded from designation. The cross-currency basis spread volatility is taken through other comprehensive income as costs of hedging and is reclassified to profit or loss in the same periods as when the hedged expected future cash flows\u00a0affect profit or loss until maturity of the issued bond or loan.
Although derivatives are used as economic hedges under Rabobank\u2019s managed risk positions, certain derivative contracts do not qualify for hedge accounting under the specific IFRS rules. Interest on derivatives held for economic hedging purposes are shown under interest expense, both the receive and pay leg of the derivative.
Where there is legal right to offset recognized amounts and it is intended to settle the expected future cash flows on a net basis or to realize the asset and settle the liability simultaneously, financial assets and liabilities are offset and the net amount is recognized in the statement of financial position. This relates predominantly to derivatives and reverse repurchase agreements. The offsetting of taxes is addressed in Section 2.26 \"Tax\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16831": { "value": "Derivatives generally comprise foreign exchange contracts, currency and interest rate futures, forward rate agreements, currency and interest rate swaps and currency and interest rate options (written or acquired). Derivatives are recognized at fair value (excluding transaction costs) determined on the basis of listed market prices (with mid-prices being used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments and reflecting the time value of money, yield curves and the volatility of the underlying assets and liabilities. Derivatives are included under assets if their fair value is positive and under liabilities if their fair value is negative.
Realized and unrealized gains and losses on derivatives held for trading are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\".
Derivatives are used for asset and liability management of interest rate risks, credit risks and foreign currency risks. Rabobank applies IFRS 9 for non-portfolio hedge accounting. IFRS 9 does not offer a solution for fair value hedge accounting for a portfolio hedge of interest rate risk. Rabobank opted to use the EU policy choice of IFRS 9 to continue to apply the IAS 39 for such portfolio hedge accounting (EU carve out).
At the time of inception of a hedge accounting relationship, derivatives are designated as one of the following: (1) a hedge of the fair value of an asset, a group of assets or a liability in the statement of financial position (fair value hedge); (2) a hedge of future cash flows allocable to an asset or liability in the statement of financial position, an expected transaction or a firm commitment (cash flow hedge); or (3) a hedge of a net investment in a foreign operation (net investment hedge). Hedge accounting is applied for derivatives designated in this manner provided that certain criteria are met, including the following:
Formal documentation of the hedging instrument, the hedged item, the objective of the hedge, the hedging strategy, and the hedge relationship;
Documentation of the assessment and analysis of the sources of hedge ineffectiveness and how the hedges ratio is determined (IFRS 9);
Effectiveness of 80% to 125% (IAS 39), in covering changes in the hedged item\u2019s fair value to the hedged risks during the entire reporting period;
Continuous effectiveness from the moment of the hedge's inception; and
An economic relationship between the hedged item and hedging instrument (IFRS 9).
Changes in the fair value of derivatives that are designated as fair value hedges and are effective in terms of the hedged risks are recognized in the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019\" together with the corresponding changes in the fair values of the assets or liabilities hedged.
As and when the hedge no longer meets the criteria for hedge accounting (applying the fair value hedge model), the cumulative adjustment to the fair value of a hedged interest-bearing financial instrument is amortized through profit and loss over the relevant interest repricing period.
Changes in the fair value of derivatives that are designated (and qualify) as cash flow hedges and that are effective in relation to the hedged risks are recognized in other comprehensive income. Ineffective elements of the changes in the fair value of derivatives are recognized in the statement of income. Deferred amounts included in other comprehensive income are taken to the statement of income in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" in the periods during which the hedged expected cash flows affect the statement of income.
The hedging instruments used to hedge net investments in foreign operations are measured at fair value, with changes in the fair value being recognized in other comprehensive income for the portion that is determined to be an effective hedge. Changes in the hedged equity instrument resulting from exchange-rate fluctuations are also recognized in other comprehensive income. Gains and losses accumulated in other comprehensive income are reclassified to profit or losses when the equity instrument is disposed of.
The cross-currency basis spreads of cross-currency interest rate swaps and (resettable) cross-currency basis swaps in hedge accounting relationships designated with issued debt securities and loans (intra group monetary items between entities with a different functional currency) at amortised cost in foreign currency is excluded from designation. The cross-currency basis spread volatility is taken through other comprehensive income as costs of hedging and is reclassified to profit or loss in the same periods as when the hedged expected future cash flows\u00a0affect profit or loss until maturity of the issued bond or loan.
Although derivatives are used as economic hedges under Rabobank\u2019s managed risk positions, certain derivative contracts do not qualify for hedge accounting under the specific IFRS rules. Interest on derivatives held for economic hedging purposes are shown under interest expense, both the receive and pay leg of the derivative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16832": { "value": "Financial assets held for trading are financial assets acquired with the objective of generating profit from short-term fluctuations in prices or trading margins or they are financial assets that form part of portfolios characterized by patterns of short-term profit participation. Financial assets held for trading are recognized at fair value based on listed bid prices and all realized and unrealized results therefrom are recognized in\"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019. Interest earned on financial assets is recognized as interest income. Dividends received from financial assets held for trading are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\u2019.
Financial liabilities held for trading are mainly negative fair values of derivatives and delivery obligations that arise on the short selling of securities. Securities are sold short to realize gains from short-term price fluctuations. The securities needed to settle short sales are acquired through securities lending and repurchasing agreements. Securities sold short are recognized at fair value on the reporting date.
On initial recognition, financial assets and financial liabilities may be classified as \"Financial Assets and Liabilities designated at Fair Value\" if this accounting eliminates or significantly reduces any inconsistent treatment that would otherwise have arisen upon measurement of the assets or liabilities or recognition of profits or losses on the basis of different accounting policies.
Interest earned and due on such assets and liabilities is recognized as interest income and expense, respectively. Other realized and unrealized gains and losses on the revaluation of these financial instruments to fair value are recognized in \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" except for fair value changes due to own credit risk of financial liabilities designated at fair value. These fair value changes after tax are presented in other comprehensive income (OCI) under line item \"Fair Value Changes Due to Own Credit Risk on Financial Liabilities Designated at Fair Value\". Presenting these effects of changes in credit risk in OCI does not create or enlarge an accounting mismatch in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16834": { "value": "When using fair value accounting at the inception of a financial instrument, any positive or negative difference between the transaction price and the fair value (referred to as \"day one gain/ loss\") is accounted for immediately under \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\" where the valuation method is based on observable inputs from active markets. In all other cases, the entire day one gain/loss is deferred and accounted for as \"Other liabilities\" or \"Other assets\". After initial recognition the deferred day one gain/ loss is recognized as a gain/ loss to the extent it results from a change in a factor (including time effects).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i16835": { "value": "Impairment losses are included in \"Impairment Charges on Financial Assets\" in the statement of income.
Impairment losses are included in \"Impairment Charges on Financial Assets\" in the statement of income.
Impairment allowances apply to financial assets at amortized cost and financial assets at fair value through OCI, as well as to lease receivables, contract assets, trade receivables, certain loan commitments and financial guarantees. At initial recognition, an allowance is formed for the amount of the expected credit losses from possible defaults in the coming 12 months (stage 1). If credit risk increased significantly since origination (but remains non-credit impaired), an allowance is required for the amount that equals the expected credit losses stemming from possible defaults during the expected lifetime of the financial asset (stage 2). If the financial instrument becomes credit-impaired the allowance will remain at the Lifetime ECL (stage 3). For these instruments the interest income is recognized by applying the effective interest rate on the net carrying amount (including the impairment allowance). Financial instruments become credit-impaired when one or more events have occurred that had a detrimental impact on estimated future cash flows. Rabobank does not use the low credit risk exemption.
Two fundamental drivers of the IFRS 9 impairments requirements are a) the methodology for the measurement of 12-Month and Lifetime Expected Credit Losses and b) the criteria used to determine whether a 12-month ECL, Lifetime ECL non-credit-impaired, or Lifetime ECL credit-impaired should be applied (also referred to as stage determination criteria).
Goodwill is allocated to cash-generating units for the purpose of impairment testing, which is undertaken at the lowest level of assets that generate largely independent cash inflows. During the fourth quarter of each financial year, or more frequently if there are indications of impairment, goodwill is tested for impairment and any excess of carrying amount over recoverable amount is provided. The recoverable amount is the higher of the value in use and the fair value less selling costs.
The value in use of a cash flow generating unit is determined as the present value of the expected future pre-tax cash flows of the cash flow generating unit in question. The key assumptions used in the cash flow model depend on the input data and they reflect various judgmental financial and economic variables, such as risk-free interest rates and premiums reflecting the risk inherent in the entity concerned. Impairments of goodwill are included in \"Impairment losses on goodwill\" in the statement of income, if applicable.
At each reporting date, an assessment is made as to whether there are indications of impairment of other intangible assets. If there are such indications, impairment testing is carried out to determine whether the carrying amount of the other intangible assets is fully recoverable. The recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash generating unit to which the asset belongs is determined. An impairment loss is recognized if the carrying amount exceeds the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income.
Regardless of any indication of impairment, intangible assets not yet available for use are tested for impairment annually by comparing their carrying amount with their recoverable amount.
\u200bAn annual assessment is made as to whether there are indications of impairment of property and equipment. If the carrying amount of an asset exceeds its estimated recoverable amount, the carrying amount is written down to the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income. Gains and losses on the disposal of property and equipment are determined on the basis of their carrying amounts and are included in \"Other Administrative Expenses\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16836": { "value": "Financial assets that are sold subject to related sale and repurchase agreements are included in the consolidated statement of financial position under \"Financial Assets Held for Trading\" or \"Financial Assets at Fair Value through Other Comprehensive Income\", as applicable. The liability to the counterparty is included under \"Deposits from Credit Institutions\" or \"Deposits from Customers\", as applicable.
Financial assets acquired under reverse sale and reverse repurchase agreements are not recognized in the consolidated statement of financial position. The consideration paid to purchase financial assets is recognized as \"Loans and Advances to Credit Institutions\" or \"Loans and Advances to Customers\", as applicable. The difference between the sales and repurchasing prices is recognized as interest income or expense over the term of the agreement using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16837": { "value": "Purchases and sales of financial assets and liabilities at fair value through profit or loss and financial assets at fair value through other comprehensive income which are required to be delivered within a regulatory-prescribed period or in accordance with market conventions are recognized on the transaction date. Financial instruments carried at amortized cost are recognized on the settlement date.
Rabobank securitizes and sells various financial assets. These assets are sometimes sold to a special purpose entity (SPE) which then issues securities to investors. Rabobank has the option of retaining an interest in these assets in the form of subordinated interest-only strips, subordinated securities, spread accounts, servicing rights, guarantees, put and call options or other constructions.
A financial asset (or a portion thereof) is derecognized where:
The rights to the cash flows from the asset expire;
The rights to the cash flows from the asset and substantially all the risks and rewards of ownership of the asset are transferred;
A contractual obligation is assumed to transfer the cash flows from the asset and substantially all the risks and rewards have been transferred; or
Substantially all the risks and rewards are neither transferred nor retained but where control over the asset is not retained.
Continuing involvement is recognized if Rabobank neither retains nor transfers substantially all the risks and rewards and control is retained. The asset is recognized to the extent of Rabobank's continuing involvement in it. A financial liability or a part thereof is derecognized if it ceases to exist, i.e. after the contractual obligation has been fulfilled or cancelled or after it has expired.
Where a transaction does not meet these conditions for derecognition, it is recognized as a financial asset for which security has been provided. To the extent that the transfer of a financial asset does not qualify for derecognition, Rabobank\u2019s contractual rights are not separately recognized as derivatives if recognition of these instruments and the transferred asset, or the liability arising from the transfer, were to result in the double recognition of the same rights and obligations.
Profits and losses on securitizations and sale transactions depend partly on the carrying amounts of the assets transferred. The carrying amounts of these assets are allocated to the interests sold and retained using the relative fair values of these interests on the date of sale. Any gains and losses are recognized through profit and loss at the time of transfer. The fair value of the interests sold and retained is determined based on listed market prices or as the present value of the future expected cash flows based on pricing models that involve several assumptions regarding credit losses, discount rates, yield curves, payment frequency or other factors.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16838": { "value": "Cash equivalents are highly liquid short-term assets held at central banks to meet current cash obligations rather than for investments or other purposes. These assets have terms of less than 90 days from inception. Cash equivalents are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16840": { "value": "Where there is legal right to offset recognized amounts and it is intended to settle the expected future cash flows on a net basis or to realize the asset and settle the liability simultaneously, financial assets and liabilities are offset and the net amount is recognized in the statement of financial position. This relates predominantly to derivatives and reverse repurchase agreements. The offsetting of taxes is addressed in Section 2.26 \"Tax\".
Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. These temporary differences arise primarily on depreciation of tangible fixed assets, revaluation of certain financial assets and liabilities (including derivatives), employee benefits, loan impairment allowances and other impairments, tax losses and fair value adjustments to net assets acquired in business combinations. Deferred tax assets and liabilities are also recognized on the revaluation of financial assets at fair value through other comprehensive income and cash flow hedges that are taken directly to other comprehensive income. When realized, they are recognized in the statement of income at the same time as the respective deferred gain or loss is recognized. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the losses can be utilized and are measured at the tax rates that have been enacted or substantively enacted as at the reporting date. In case of a history of recent losses, deferred tax assets arising from unused tax losses are recognized only to the extent that sufficient taxable temporary differences exist or there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilized. Rabobank considers all deferred taxes to be non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16841": { "value": "Transactions and balances included in the financial statements of individual entities within Rabobank are reported in the currency that best reflects the economic reality of the individual entity\u2019s underlying operating environment (the functional currency).
The consolidated financial statements are presented in euros, which is the parent company\u2019s functional currency. The statements of income and cash flows of foreign operations are translated into Rabobank\u2019s presentation currency at the exchange rates prevailing on the transaction dates, which approximate the average exchange rates for the reporting period. The statements of financial position are translated at the rates prevailing at the end of the reporting period. Exchange differences arising on net investments in foreign operations and on loans and other currency instruments designated as hedges of these investments are recognized in other comprehensive income. Upon the sale of a foreign operation, these translation differences are transferred to the statement of income as part of the profit or loss on the sale.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Differences arising on the settlement of transactions or on the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as foreign exchange gains and losses and differences that qualify as net investment hedges are recognized in other comprehensive income. Translation differences on non-monetary items measured at fair value through profit or loss are recognized as part of the fair value gains or losses. Translation differences on non-monetary assets at fair value through other comprehensive income are included in the revaluation reserves for equity instruments at fair value through other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16842": { "value": "Transactions and balances included in the financial statements of individual entities within Rabobank are reported in the currency that best reflects the economic reality of the individual entity\u2019s underlying operating environment (the functional currency).
The consolidated financial statements are presented in euros, which is the parent company\u2019s functional currency. The statements of income and cash flows of foreign operations are translated into Rabobank\u2019s presentation currency at the exchange rates prevailing on the transaction dates, which approximate the average exchange rates for the reporting period. The statements of financial position are translated at the rates prevailing at the end of the reporting period. Exchange differences arising on net investments in foreign operations and on loans and other currency instruments designated as hedges of these investments are recognized in other comprehensive income. Upon the sale of a foreign operation, these translation differences are transferred to the statement of income as part of the profit or loss on the sale.
Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Differences arising on the settlement of transactions or on the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as foreign exchange gains and losses and differences that qualify as net investment hedges are recognized in other comprehensive income. Translation differences on non-monetary items measured at fair value through profit or loss are recognized as part of the fair value gains or losses. Translation differences on non-monetary assets at fair value through other comprehensive income are included in the revaluation reserves for equity instruments at fair value through other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16843": { "value": "Interest income and expense are recognized in the statement of income using the effective interest method. This method is used for calculating the amortized cost of a financial asset or a financial liability and for allocating the interest income or interest expense to the relevant period. The calculation includes all fees paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for credit-impaired financial assets. For those financial assets, Rabobank applies the effective interest rate to the amortized cost of the financial asset in subsequent reporting periods.\u00a0Interest income on financial assets using the effective interest method includes interest income on \"Cash and Cash Equivalents\", \"Loans and Advances to Credit Institutions\", \"Loans and Advances to Customers\", \"Financial Assets at Fair Value through Other Comprehensive Income\" and \"Derivatives used for Fair Value Hedge Accounting\". Interest on derivatives held for economic hedging purposes are shown under interest expense, both the receive and pay leg of the derivative. Interest on financial liabilities with a negative interest rate are presented as interest income. Interest on financial assets with a negative interest are presented as interest expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16844": { "value": "Rabobank earns fee and commission income from a diverse range of services it provides to its customers. Commissions earned for the provision of services such as payment services, insurance intermediation, and advisory fees are generally recognized as the service is provided. Commissions received for negotiating a transaction or for involvement in negotiations on behalf of third parties (for example the acquisition of a portfolio of loans, shares or other securities or the sale or purchase of companies) are recognized upon completion of the underlying transaction. Fee and commission expenses mainly relate to payment services and are recognized over the period in which the services were received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16845": { "value": "Rabobank earns fee and commission income from a diverse range of services it provides to its customers. Commissions earned for the provision of services such as payment services, insurance intermediation, and advisory fees are generally recognized as the service is provided. Commissions received for negotiating a transaction or for involvement in negotiations on behalf of third parties (for example the acquisition of a portfolio of loans, shares or other securities or the sale or purchase of companies) are recognized upon completion of the underlying transaction. Fee and commission expenses mainly relate to payment services and are recognized over the period in which the services were received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16849": { "value": "Impairment allowances apply to financial assets at amortized cost and financial assets at fair value through OCI, as well as to lease receivables, contract assets, trade receivables, certain loan commitments and financial guarantees. At initial recognition, an allowance is formed for the amount of the expected credit losses from possible defaults in the coming 12 months (stage 1). If credit risk increased significantly since origination (but remains non-credit impaired), an allowance is required for the amount that equals the expected credit losses stemming from possible defaults during the expected lifetime of the financial asset (stage 2). If the financial instrument becomes credit-impaired the allowance will remain at the Lifetime ECL (stage 3). For these instruments the interest income is recognized by applying the effective interest rate on the net carrying amount (including the impairment allowance). Financial instruments become credit-impaired when one or more events have occurred that had a detrimental impact on estimated future cash flows. Rabobank does not use the low credit risk exemption.
Two fundamental drivers of the IFRS 9 impairments requirements are a) the methodology for the measurement of 12-Month and Lifetime Expected Credit Losses and b) the criteria used to determine whether a 12-month ECL, Lifetime ECL non-credit-impaired, or Lifetime ECL credit-impaired should be applied (also referred to as stage determination criteria).
In order to determine ECLs Rabobank utilizes point-in-time Probability of Default (PD) x Loss Given Default (LGD) x Exposure at Default (EAD) models for the majority of the portfolio in scope. Three macro-economic scenarios are incorporated into these models and probability weighted in order to determine the expected credit losses. When unexpected external developments or data quality issues are not sufficiently covered by the outcome of the ECL models, a management adjustment will be made (refer to paragraph 2.1 under Judgement and Estimates).
In order to allocate financial instruments in scope between stage 1, stage 2 and stage 3 Rabobank has a framework of qualitative and quantitative factors. The criteria for allocating a financial instrument to stage 3 are aligned with the criteria for assigning a defaulted status, for example 90 days past due status, or if a debtor is likely to become unable to pay its credit obligations without liquidation of collateral by the bank. In order to allocate financial instruments between stages 1 and 2, Rabobank assesses whether the credit risk on financial instruments has increased significantly since initial recognition (SICR).
For portfolios without individual PDs or with PDs that are not updated on a frequent basis such that an assessment of the change in PD is not possible, a collective assessment on groups of financial instruments with shared credit risk characteristics is made.
At each reporting date, Rabobank assesses whether the credit risk on financial instruments has increased significantly since initial recognition. The main parameter taken into account in the SICR assessment for financial instruments is the lifetime probability of default and its development from origination to reporting date. A relative change that is above a certain threshold in combination with an absolute threshold are considered to be indicators for a significant increase in credit risk. For loan commitments, Rabobank considers changes in the lifetime probability of default occurring on the loan to which a loan commitment relates. For financial guarantee contracts, Rabobank considers the changes in the risk that the specified debtor will default on the contract. The assessment of changes in credit risk analysis is a multifactor and holistic analysis. Whether a specific factor is relevant (and its weight compared to other factors) depends on the type of product, characteristics of the financial instruments and the borrower as well as the geographical region. Refer to paragraph 4.5 \u2018Criteria for identifying a significant increase in credit risk\u2019 for more information on relative and absolute PD thresholds.
Rabobank also relies on a number of qualitative indicators to identify and assess SICR. These include:
Internal credit rating: Financial difficulties (situation where the client is facing or about to face difficulties in meeting its financial commitments)
Forbearance status for non-defaulted exposures
30 days past due
Vulnerable sector
Rabobank\u2019s definition of default is entirely based on external EU regulation (CRR and EBA). This means that a default is assigned when i) an exposure is more than 90 days materially past due, or when ii) Rabobank considers that the obligor is unlikely to pay its credit obligations in full, without recourse by the institution to actions such as realizing security.
Some factors or indicators may not be identifiable on an individual instrument level. In that case, the factors or indicators are assessed for appropriate portfolios, groups of portfolios or a portion of a portfolio to determine whether the requirements for recognition of lifetime ECL have been met. The aggregation of financial instruments to assess whether there are changes in credit risk on a collective basis may change over time when new information becomes available on groups of, or individual, financial instruments.
Depending on the nature of the financial instruments and the credit risk information available for particular groups of financial instruments, Rabobank may not be able to identify SICR for an individual instrument before that instrument becomes past due. This may be the case for financial assets (such as retail loans) for which there is little or no updated credit risk information routinely obtained and monitored on an individual instrument level until a customer breaches the contractual terms. If changes in the credit risk for an individual instrument are not captured before it becomes past due, a loss allowance based solely on credit information at an individual instrument level would not faithfully represent the changes in credit risk since initial recognition.
In some circumstances, Rabobank has no reasonable and supportable information available without undue cost or effort to measure lifetime ECL on an individual instrument basis. Lifetime ECL is then recognized by collectively considering comprehensive credit risk information, which not only incorporates past due information but also all relevant credit information (including forward-looking macro-economic information) to approximate the result of recognizing lifetime ECL when there has been a SICR since initial recognition.
For the purpose of determining SICR and recognizing a loss allowance on a collective basis, Rabobank may group financial instruments based on shared credit risk characteristics with the objective of facilitating an analysis designed to enable SICR to be identified in a timely fashion. However, when Rabobank is unable to group those financial instruments for which the credit risk is considered to have increased significantly since initial recognition based on shared credit risk characteristics, it recognizes lifetime ECL on a portion of the financial instruments for which credit risk is deemed to have increased significantly.
Shared credit risk characteristics may include but are not limited to: instrument types, credit risk ratings, collateral types, initial recognition dates, remaining terms to maturity, industries, geographic location, collateral value relative to the financial instrument if it has an impact on the PD (e.g. non-recourse loans in some jurisdictions or LTV ratios).
BPD entered into commitments with regard to real estate projects and into commitments with third parties (including subcontractors and architects) for an amount of EUR 38 million (2024: EUR 50 million). The commitments regarding building sites amount to EUR 63 million (2024: EUR 68 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16850": { "value": "Goodwill is the amount by which the acquisition price paid for a subsidiary exceeds the fair value on the date on which the share of net assets and contingent liabilities of the entity was acquired. With each acquisition, the other non-controlling interests are recognized at fair value or at its share of the identifiable assets and liabilities of the acquired entity. Tests are performed annually, or more frequently if indications so dictate, to determine whether there has been an impairment.
Costs directly incurred in connection with identifiable and unique software products over which Rabobank has control and which will likely provide economic benefits exceeding the costs for longer than one year are recognized as other intangible assets. Direct costs include the personnel costs of the software development team, financing costs and an appropriate portion of the relevant overhead.
Expenditures that improve the performance of software as compared with their original specifications are added to the original cost of the software. Software development costs are recognized as other intangible assets and are amortized on a straight-line basis over a period not exceeding five years. Costs related to the maintenance of software are recognized as an expense at the time they are incurred.
Goodwill is allocated to cash-generating units for the purpose of impairment testing, which is undertaken at the lowest level of assets that generate largely independent cash inflows. During the fourth quarter of each financial year, or more frequently if there are indications of impairment, goodwill is tested for impairment and any excess of carrying amount over recoverable amount is provided. The recoverable amount is the higher of the value in use and the fair value less selling costs.
The value in use of a cash flow generating unit is determined as the present value of the expected future pre-tax cash flows of the cash flow generating unit in question. The key assumptions used in the cash flow model depend on the input data and they reflect various judgmental financial and economic variables, such as risk-free interest rates and premiums reflecting the risk inherent in the entity concerned. Impairments of goodwill are included in \"Impairment losses on goodwill\" in the statement of income, if applicable.
At each reporting date, an assessment is made as to whether there are indications of impairment of other intangible assets. If there are such indications, impairment testing is carried out to determine whether the carrying amount of the other intangible assets is fully recoverable. The recoverable amount shall be estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the recoverable amount of the cash generating unit to which the asset belongs is determined. An impairment loss is recognized if the carrying amount exceeds the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income.
Regardless of any indication of impairment, intangible assets not yet available for use are tested for impairment annually by comparing their carrying amount with their recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i16851": { "value": "Goodwill is the amount by which the acquisition price paid for a subsidiary exceeds the fair value on the date on which the share of net assets and contingent liabilities of the entity was acquired. With each acquisition, the other non-controlling interests are recognized at fair value or at its share of the identifiable assets and liabilities of the acquired entity. Tests are performed annually, or more frequently if indications so dictate, to determine whether there has been an impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16852": { "value": "Costs directly incurred in connection with identifiable and unique software products over which Rabobank has control and which will likely provide economic benefits exceeding the costs for longer than one year are recognized as other intangible assets. Direct costs include the personnel costs of the software development team, financing costs and an appropriate portion of the relevant overhead.
Expenditures that improve the performance of software as compared with their original specifications are added to the original cost of the software. Software development costs are recognized as other intangible assets and are amortized on a straight-line basis over a period not exceeding five years. Costs related to the maintenance of software are recognized as an expense at the time they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16876": { "value": "Property for own use consists mainly of office buildings and is recognized at cost less accumulated depreciation and impairment, as is equipment for own use. Assets are depreciated to their residual values over the following estimated useful lives on a straight-line basis:
| Property | \u00a0 |
| - Land | Not depreciated |
| - Buildings | 25 - 40 years |
| Equipment | \u00a0 |
| - Computer equipment | 1 - 5 years |
| - Other equipment and vehicles | 3 - 8 years |
\u200bAn annual assessment is made as to whether there are indications of impairment of property and equipment. If the carrying amount of an asset exceeds its estimated recoverable amount, the carrying amount is written down to the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income. Gains and losses on the disposal of property and equipment are determined on the basis of their carrying amounts and are included in \"Other Administrative Expenses\".
Repair and maintenance work is charged to the statement of income at the time the costs are incurred. Expenditures to extend the economic life or increase the economic value of land and buildings as compared with their original economic value are capitalized and subsequently depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16877": { "value": "Property for own use consists mainly of office buildings and is recognized at cost less accumulated depreciation and impairment, as is equipment for own use. Assets are depreciated to their residual values over the following estimated useful lives on a straight-line basis:
| Property | \u00a0 |
| - Land | Not depreciated |
| - Buildings | 25 - 40 years |
| Equipment | \u00a0 |
| - Computer equipment | 1 - 5 years |
| - Other equipment and vehicles | 3 - 8 years |
\u200bAn annual assessment is made as to whether there are indications of impairment of property and equipment. If the carrying amount of an asset exceeds its estimated recoverable amount, the carrying amount is written down to the recoverable amount. Impairment losses and impairment reversals are included in \"Other Administrative Expenses\" in the statement of income. Gains and losses on the disposal of property and equipment are determined on the basis of their carrying amounts and are included in \"Other Administrative Expenses\".
Repair and maintenance work is charged to the statement of income at the time the costs are incurred. Expenditures to extend the economic life or increase the economic value of land and buildings as compared with their original economic value are capitalized and subsequently depreciated.
Investment properties, primarily office buildings and housing units, are held for their long-term rental income and are not used by Rabobank or its subsidiaries. Investment properties are recognized as long-term investments and included in the statement of financial position at cost net of accumulated depreciation and impairment. Investment properties are depreciated on a straight-line basis to their residual values over an estimated useful life of 40 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16878": { "value": "Investment properties, primarily office buildings and housing units, are held for their long-term rental income and are not used by Rabobank or its subsidiaries. Investment properties are recognized as long-term investments and included in the statement of financial position at cost net of accumulated depreciation and impairment. Investment properties are depreciated on a straight-line basis to their residual values over an estimated useful life of 40 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16880": { "value": "Rabobank offers several products that relate to financing commodities. Some of these products are recognized as loans with commodities as collateral, others as loans with embedded derivatives and others as commodities. The classification is mainly dependent on the transfer of risk and rewards of the commodity from the client to Rabobank.
Building sites are carried at cost, including allocated interest and additional expenses for purchasing the sites and making them ready for construction or, if lower, the net realizable value. Interest is not recognized in the statement of financial position for land which has not been zoned for a particular purpose if there is no certainty that the land will be built on. Possible decreases in value as a result of future change of designated use of the relevant land are not included in the cost of land, but are included in the determination of the net realizable value.
The net realizable value of all building sites is reviewed at least once a year or earlier, in case of any indications of impairment. The net realizable value for building sites is the direct realizable value or, if higher, the indirect realizable value. The direct realizable value is the estimated value upon sale less the estimated costs for achieving the sale. The indirect realizable value is the estimated sale price within the context of normal operations less the estimated costs of completion and the estimated costs necessarily incurred to realize the sale. The calculation of the indirect realizable value is based on an analysis of scenarios that includes as many site-specific aspects and company-specific parameters and conditions as possible. A write-down is recognized if the carrying value exceeds the net realizable value.
Properties on building sites are classified as investment property if the current use of Rabobank is leasing them out under one or more operating leases.
Work in progress concerns unsold residential projects under construction or in preparation, as well as unsold commercial property projects. Work in progress is carried at the costs incurred plus allocated interest or, if lower, the net realizable value. Revenues from projects for the construction of real estate are recognized when the related performance obligations are satisfied. Expected losses on projects are immediately deducted from the work in progress. If Rabobank transfers (parts of) a project to a customer before the customer pays instalments, Rabobank recognizes a contract asset. If a customer pays instalments, or if Rabobank has an unconditional right to instalments, Rabobank recognizes a contract liability, before transferring (parts of) a project to a customer.
The carrying amount of unsold work in progress is reviewed annually for indications of a decline in value. If there is such an indication, the indirect realizable value of the work in progress is estimated; in most cases this is done by means of an internal or external appraisal. The indirect realizable value is the estimated sale price within the context of normal operations less the estimated costs of completion and the estimated costs necessarily incurred to realize the sale. A downward value adjustment is recognized if the carrying value exceeds the expected indirect net realizable value, to the extent that this difference must be borne by Rabobank.
Unsold residential and commercial properties developed in-house are carried at cost or, if lower, the net realizable value. The net realizable value of finished properties is reviewed at least once a year or if there are any indications for a decline in value. For finished properties, the net realizable value is generally equal to the direct realizable value, which is mostly determined by means of an internal or external appraisal. A downward value adjustment is recognized if the carrying value exceeds the expected direct net realizable value, to the extent that the difference is for Rabobank's account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16881": { "value": "As a lessee, Rabobank recognizes a right-of-use asset representing its right to use the underlying leased asset and a corresponding liability representing its obligation to make lease payments at the date on which the leased asset is available for use. Each lease payment is allocated between the lease liability and interest expense. The interest expenses are charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use assets are depreciated over the lease term on a straight-line basis. The lease liability is measured at the present value of the lease payments. The lease payments comprise the following payments for the right to use the underlying asset during the lease term that are not paid at the commencement date:
Fixed payments less any lease incentives received;
Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
Amounts expected to be payable by the lessee under residual value guarantees;
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease.
The present value of the lease payments is determined by using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, which is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Rabobank defines the incremental borrowing rate as the internal funding rate (Funds Transfer Pricing (FTP) rate) plus an asset-specific premium.
By using the FTP rate as a basis the discount rate is defined for each time bucket and consists of the following elements:
Base rate: the risk-free rate;
Credit spread: based on credit risk of the group company;
Country specific risk: based on location of the group company; and
Currency risk: based on the functional currency of the group company;
The right-of-use asset is measured at an amount equal to the lease liability, adjusted by the lease payments made at or before the commencement date less any lease incentives received and any initial direct costs and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Rabobank recognizes the right-of-use assets as part of the line-item Property and Equipment and the lease liability as part of line-item Other Liabilities in the consolidated statement of financial position.
A finance lease is recognized as a receivable under \"Loans and Advances to Credit Institutions\" or \"Loans and Advances to Customers\", as applicable, at an amount equal to the net investment in the lease. The net investment in the lease is the present value of the nominal minimum lease payments and the unguaranteed residual value. The difference between the gross investment and the net investment in the lease is recognized as unearned finance income. Lease income is recognized as interest income over the term of the lease using the net investment method, which results in a constant rate of return on the investment.
Assets leased under operating leases are included in the statement of financial position under \"Property and Equipment\". The assets are depreciated over their expected useful lives in line with those of comparable items of property and equipment. Rental income (fewer write-offs and discounts granted to lessees) is recognized under \"Net Income from Other Operating Activities\" on a straight-line basis over the term of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16882": { "value": "Provisions are recognized for obligations (both legal and constructive) arising as a result of a past event where it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. If Rabobank expects a provision to be reimbursed, for example under an insurance policy, the reimbursement is recognized as a separate asset but only if the reimbursement is virtually certain. The provisions are carried at the discounted value of the expected future cash flows. The additions to and releases of provisions are recognized in the statement of income under \"Other Administrative Expenses\".
Restructuring provisions comprise payments under redundancy schemes and other costs directly attributable to restructuring programs. These costs are recognized during the period in which the legal or actual payment obligation arises, a detailed plan has been prepared for redundancy pay and there are realistic expectations among the affected parties that the restructuring will be implemented.
The provision for legal issues is based on the best estimates available at the end of the reporting period, taking legal advice into account. The timing of the cash outflow of these provisions is uncertain because the outcome of the disputes and the time involved are unpredictable.
Other provisions include provisions for onerous contracts, potential settlements, and credit related contingent liabilities. See Section 2.16 for the accounting policy of impairment allowances on credit related contingent liabilities.
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of Rabobank; or a present obligation that arises from past events but is not recognized because it is either not probable that an outflow of economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured reliably. Contingent liabilities are not recognized in the statement of financial position, but are rather disclosed in the notes unless the possibility of the outflow of economic benefits is remote.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16883": { "value": "Rabobank has various pension plans in place based on the local conditions and practices of the countries in which it operates. In general, the plans are financed by payments to insurance companies or to trustee administered funds determined by periodic actuarial calculations. A defined benefit pension plan is one that incorporates an obligation to pay an agreed amount of pension benefit, which is usually based on several factors such as age, number of years\u2019 service and remuneration. A defined contribution plan is one in which fixed contributions are paid to a separate entity (a pension fund) with no further legal or constructive obligation on the part of the employer should the fund have insufficient assets to settle its obligations to employee-members of the plan.
The obligation under defined benefit pension plans is the present value of the defined benefit pension obligation at the end of the reporting period reduced by the fair value of the fund investments. The defined benefit obligation is calculated annually by independent actuaries based on the projected unit credit method. The present value of the defined benefit obligation is determined as the estimated future outflow of cash funds based on the interest rates of high-quality corporate bonds with terms that approximate those of the corresponding obligation. The majority of pension plans are career-average plans. The costs of these plans (being the net pension charge for the period after deducting employee contributions and interest) are included under \u2018Staff costs\u2019. Net interest expense/income is determined by applying the discount rate at the beginning of the reporting period to the asset or liability of the defined benefit pension plan.
Actuarial gains and losses arising from events and/or changes in actuarial assumptions are recognized in the statement of comprehensive income.
Under defined contribution plans, contributions are paid into publicly or privately managed pension insurance plans on a compulsory, contractual or voluntary basis. These regular contributions are recognized as expense in the year in which they are due and they are included under \"Staff costs\".
Some of Rabobank\u2019s business units provide other post-employment benefits. To become eligible for such benefits, the usual requirement is that the employee remains in service until retirement and has been with the company for a minimum number of years. The expected costs of these benefits are accrued during the years of service, based on a system similar to that for defined benefit pension plans. The obligations are calculated annually by independent actuaries.
Variable remuneration payable unconditionally and in cash is recognized in the year in which the employee renders the service. Conditional cash remuneration is included, on a straight line basis, in staff costs in the statement of income over the period of the year in which the employee\u2019s services are received and the remaining three years of the vesting period (i.e. over four years). The liability is recognized in \"Other liabilities\". The accounting treatment of payments based on equity instruments is disclosed in Section 2.25.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16884": { "value": "Current tax receivables and payables are offset where there is a legally enforceable right to offset and where simultaneous treatment or settlement is intended. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset and where they relate to the same tax authority and arise within the same taxable entity.
Deferred income tax is provided, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. These temporary differences arise primarily on depreciation of tangible fixed assets, revaluation of certain financial assets and liabilities (including derivatives), employee benefits, loan impairment allowances and other impairments, tax losses and fair value adjustments to net assets acquired in business combinations. Deferred tax assets and liabilities are also recognized on the revaluation of financial assets at fair value through other comprehensive income and cash flow hedges that are taken directly to other comprehensive income. When realized, they are recognized in the statement of income at the same time as the respective deferred gain or loss is recognized. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the losses can be utilized and are measured at the tax rates that have been enacted or substantively enacted as at the reporting date. In case of a history of recent losses, deferred tax assets arising from unused tax losses are recognized only to the extent that sufficient taxable temporary differences exist or there is convincing other evidence that sufficient taxable profit will be available against which the unused tax losses can be utilized. Rabobank considers all deferred taxes to be non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16886": { "value": "Taxes on profit are calculated in accordance with the tax legislation of the relevant jurisdictions in which Rabobank operates and are recognized as an expense in the period in which the profit is realized. The tax effects of loss carry forwards are recognized as an asset if it is probable that future taxable profits will be available against which the losses can be utilized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16887": { "value": "These liabilities are initially recognized at fair value, which is the issue price minus transaction costs that are directly attributable to the issue, and thereafter at amortized cost. Own issued debt securities that are repurchased are derecognized, and the difference between the carrying amount and the consideration paid is recognized in the statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16888": { "value": "The proceeds of the issue of Rabobank Certificates are available to Rabobank in perpetuity and are subordinate to all liabilities and to the Capital Securities. As there is no obligation to (re)pay the principal or to pay dividend, the Rabobank Certificates are classified as equity. As the payment of distributions is wholly discretionary, the proceeds received and dividends paid on them are recognized directly in equity.
As there is no obligation to (re)pay the principal or to pay dividend, the Capital Securities are classified as equity and dividends paid on these instruments are recognized directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16890": { "value": "Financial guarantee contracts require the issuer to compensate the holder for losses incurred when the debtor fails to meet its obligations under the terms of the related debt instrument. The guarantees are initially recognized at fair value and subsequently measured at the higher amount of the impairment allowance and the amount initially recognized less cumulative amortization.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16891": { "value": "An operating segment is a component of Rabobank that engages in business activities from which it may earn revenues and incur expenses. The operating segments' operating results are regularly reviewed by Rabobank's Managing Board to make decisions about resources to be allocated to the segment and assess its performance, and discrete financial information is available about them.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i16892": { "value": "Cash and cash equivalents include cash resources, money market deposits and deposits at central banks. The cash flow statement is prepared using the indirect method and provides details of the source of the cash and cash equivalents that became available during the year as well as their application during the year. The net pre-tax cash flow from operating activities is adjusted for non-cash items in the statement of income and for non-cash changes in items in the statement of financial position.
The Consolidated Statement of Cash Flows presents the cash flows from operating, investing and financing activities separately. Cash flows from operating activities include net changes in loans and advances, interbank deposits, deposits from customers and acquisitions, disposals and repayment of financial investments. Investment activities include acquisitions and disposals of subsidiaries, investments in associates and property and equipment. Financing activities include issues and repayments of Rabobank Certificates, Capital Securities, subordinated liabilities and debt securities in issue.
The difference between the net change presented in the statement of cash flows and the change in cash and cash equivalents included in the statement of financial position is due to foreign exchange differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17033": { "value": "Rabobank aims to maintain a proper level of solvency. For this purpose a number of capital ratios are utilized. The principal ratios are the Common Equity Tier 1 ratio (CET1), the Tier 1 ratio, the total capital ratio and the equity capital ratio. Rabobank uses its own internal objectives that extend beyond the minimum requirements of the supervisors. It takes market expectations and developments in legislation and regulations into account. Rabobank manages its solvency position based on policy documents. The solvency position and the objectives are periodically reviewed by the Risk Management Committee and the Asset Liability Committee of the Managing Board and the Supervisory Board.
Rabobank complies with the minimum solvency requirements as stipulated under the \"Capital Requirements Regulation (CRR)\" and \"Capital Requirements Directive (CRD V)\". The solvency position is determined on the basis of ratios. These ratios compare the qualifying capital (total capital ratio), the Tier 1 capital (Tier 1 ratio) and the core capital (Common Equity Tier 1 ratio) with the total of the risk-adjusted assets. The minimum percentages are determined on the basis of CRD/CRR and reflect the application of Article 104a in CRD V, which allows Rabobank to partly fulfil the total pillar 2 requirement (1.9%) with Additional Tier 1 and Tier 2 capital.
| \u00a0 | CET 1 | AT 1 | Tier 1 | Tier 2 | Overall capital requirement |
|---|---|---|---|---|---|
| Pillar 1 requirement | 4.50% | 1.50% | 6.00% | 2.00% | 8.00% |
| Pillar 2 requirement | 1.07% | 0.36% | 1.43% | 0.47% | 1.90% |
| Capital conservation buffer | 2.50% | - | 2.50% | - | 2.50% |
| Systemic buffer | 1.52% | - | 1.52% | - | 1.52% |
| Countercyclical buffer | 1.26% | - | 1.26% | - | 1.26% |
| Total required | 10.85% | 1.86% | 12.71% | 2.47% | 15.18% |
Risk-weighted assets are determined based on separate and distinct methods for each of the credit, operational and market risks. For credit risk purposes, the risk-weighted assets are determined in several ways dependent on the nature of the asset. For the majority of assets the risk weighting is determined by reference to internal ratings and a number of characteristics specific to the asset concerned. For off-balance sheet items the balance sheet equivalent is calculated firstly on the basis of internal conversion factors and the resulting equivalent amounts are then also assigned risk-weightings. For operational risk purposes, the Standardized Measurement Approach model is used to determine the amount of risk-weighted assets. For market risk purposes, the Internal Model Approach is applied on the majority of the exposures in scope, with very small exposures following standardized methods. On December 31, 2025, Common Equity Tier 1 (CET1) ratio amounted to 20.3% (2024: 16.9%). The main driver of our CET1 ratio development was an increase in CET1 capital due to the addition of net profit to retained earnings. Risk-weighted assets decreased by EUR 22.2 billion (from EUR\u00a0261.5 billion to EUR\u00a0239.2 billion) mainly due to the introduction of CRR3 and a downward FX impact, business development partly compensated the decrease.\u00a0
The CET1 capital requirement at year-end was 10.9% (2024: 11.0%), subject to application in full of article 104a of CRD V regarding meeting the \u00a0Pillar 2 Requirement\u00a0partly by AT1 and Tier 2.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Reserves and Retained earnings | 44,323 | 40,942 |
| Expected distributions | (1) | (2) |
| Rabobank Certificates | 6,909 | 6,909 |
| Regulatory adjustments | (2,598) | (3,685) |
| Common Equity Tier 1 capital | 48,633 | 44,164 |
| Capital Securities | 3,980 | 4,972 |
| Regulatory adjustments | (75) | (73) |
| Additional Tier 1 capital | 3,905 | 4,900 |
| Tier 1 capital | 52,538 | 49,063 |
| Part of subordinated debt treated as qualifying capital | 4,056 | 5,671 |
| Regulatory adjustments | (90) | (89) |
| Tier 2 capital | 3,966 | 5,582 |
| Qualifying capital | 56,504 | 54,646 |
| \u00a0 | \u00a0 | \u00a0 |
| Risk-weighted assets | 239,223 | 261,452 |
| \u00a0 | \u00a0 | \u00a0 |
| Common Equity Tier 1 ratio | 20.3% | 16.9% |
| Tier 1 ratio | 22.0% | 18.8% |
| Total capital ratio | 23.6% | 20.9% |
Elements in the regulatory adjustments are an NPL prudential backstop, goodwill, other intangible assets, deferred tax assets which depend on future taxable profits, the IRB shortfall for credit risk adjustments and adjustments relating to cumulative results due to changes in the bank\u2019s own credit risk on financial liabilities designated at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17034": { "value": "The Managing Board has ultimate responsibility to determine and implement the strategy, including risk strategy, risk appetite and culture of Rabobank and its subsidiaries. The Managing Board establishes governance structures and processes to manage the risks involved in realizing the Rabobank\u2019s strategy. This includes the ongoing strengthening of staff skills and enhancements to risk management systems, policies, processes, quantitative models and reports needed to ensure the bank\u2019s risk management capabilities are sufficiently robust and effective to fully support its strategic objectives and all of its risk-taking activities. The Supervisory Board is responsible for the supervision of the Managing Board regarding the risk profile, risk policies and risk management activities. The Supervisory Board Risk Committee consists of members of the Supervisory Board. The Risk Committee prepares the Supervisory Board\u2019s decision making regarding the supervision of the integrity and quality of Rabobank\u2019s risk appetite and risk management framework.
Our Risk Strategy produces a set of Risk Appetite Statements that are directly linked to the medium-term planning 2026-2028 (MTP) and our strategic pillars: Excellent Customer Focus, Meaningful Cooperative, Rock-Solid Bank, and Empowered Employees. These pillars establish the high-level boundaries within which our risk appetite operates. We define our risk appetite by risk type, specifying the level of risk we are willing to accept to achieve our business objectives. This overall maximum level of risk exposure is used in business activities to evaluate the desired risk profile against the risk-return sustainability profile of a given activity.
Rabobank\u2019s activities are inherently related to the use of financial instruments, including derivatives. As part of the services it offers, Rabobank accepts deposits from customers at varying terms and at both fixed and variable interest rates. Rabobank earns interest income by investing these deposits in high-quality assets and by providing loans to commercial and retail borrowers. Rabobank aims to increase the margin on these activities by actively managing the interest rate positions of the banking book balance within risk boundaries while maintaining sufficient cash resources to meet obligations as they fall due. Rabobank is exposed to credit risk on the on-balance sheet loans and on the off-balance sheet guarantees it provides, such as letters of credit, letters of performance, and other guarantee documents.
Credit risk is defined as the risk of the bank facing an economic loss because the bank\u2019s counterparties cannot fulfil their contractual obligations.
Credit risk management within the bank is governed by the bank-wide central credit risk policy and further detailed in underlying specific credit risk standards and procedures. The primary responsibility for managing and monitoring credit risk lies with the business as the first line of responsibility. The business is required to identify, assess and manage, monitor and report potential weaknesses in the credit risk portfolios. Monitoring takes place on an ongoing basis to limit credit risk exposures to a level in line with the business line\u2019s risk appetite.
In addition, risk in the credit portfolio is measured and monitored at bank-wide level and on entity level on a monthly basis and by quarterly and ad-hoc portfolio reporting and analysis, with specific attention to risk developments and concentrations.
Rabobank\u2019s credit acceptance policy is typified by a prudent assessment of customers and their ability to repay the loan that was granted (continuity perspective). As a result, the loan portfolio has an acceptable risk profile even in less than favorable economic circumstances. Rabobank aims to have long-term relationships with customers that are beneficial for both the client and the bank. An important starting point in acceptance policy for business loans is the \"know your customer\" principle. In the context of business customers, this means that the bank only grants loans to customers whose management Rabobank considers to be ethical and competent. In addition, Rabobank closely monitors developments in the business sectors in which its customers operate and in which it can properly assess the financial performance of its customers. Furthermore, in respect of sustainability and sustainable financing, guidelines have been established for use in the credit process.
Although credit is usually granted on the cash flow generating potential of the client or project, collateral will improve the position of the bank in case a client defaults. In respect of business clients, collateral can be independent of the client\u2019s business and/or obtained from the client\u2019s business. Rabobank has outlined its policies for collateral valuation and collateral management in the Global Standard on Credit Risk Mitigation. The valuation method depends on the type of collateral. For asset collateral, the valuation sources can be the customer\u2019s balance sheet (e.g. equipment, machinery and stock), nominal value (e.g. cash and receivables), market value (e.g. securities and commodities), independent valuations (commercial immovable property) and market indices (residential immovable property). All (eligible) collateral is valued at market value or less than market value and the collateral value is monitored regularly. The collateral must be sufficiently liquid and its value over time should be sufficiently stable to provide appropriate credit protection. Each type of collateral is addressed separately within the Rabobank policy framework.
The main types of collateral are residential and commercial immovable property, inventory (such as equipment, machinery, stock etc.), commodities, receivables and guarantees. With a substantial domestic mortgage portfolio, residential immovable property is considered a concentration risk within the credit risk mitigation that is taken. The quality of the collateral is assessed in the initial credit request, and is monitored within the credit revision process (see table below for the Rabobank policy concerning revaluation and monitoring of collateral). The frequency of revaluation depends on the client's credit quality (performing or non-performing) and on the type of collateral and is in line with the requirements set out in the CRR. The main types of guarantors for business clients are governments, local authorities, (central) banks and corporate entities. A minimum rating is required for institutions, insurance undertakings and export credit agencies.
| Immovable property exposure/ immovable property collateral | Revaluation at least | Monitoring at least |
| Non-performing exposures | every year | every 6 months; exposure < EUR 1 million: every year |
| Performing exposures | \u00a0 | \u00a0 |
| a) exposure > EUR 3 million/ all types of collateral | every three years | every year |
| b) all commercial immovable property with exposure <= EUR 3 million | as defined by business unit | every year |
| c) residential immovable property with exposure <= EUR 3 million | as defined by business unit | every three years |
Within the boundaries set by the Risk Management Committee, the Managing Board has mandated decision-making authority to transactional committees or to credit decision approval officers (in a four eyes basis) that operate on an entity, regional or central level. Credit committees and approval officers review all significant risks in credit proposals to arrive at a systematic judgment and a balanced decision. Rabobank has various levels of credit decision authority. Applications exceeding the authority of the approval officers are complemented with a decision and submitted to a more senior credit committee for final decision-making.
The Credit Risk Approval Framework (CRAF) is part of the Credit Policy and describes the basis upon which credit risk decision making can be taken by Committee or approval officers. System supported decisions can also be taken as long as the credit is assessed as acceptable by an expert system or meets predefined criteria (the credit complies with decision tools). Fully IT supported assessments and approvals are allowed under strict conditions.
The Terms of Reference (ToR) of the credit committees provide their mandate, responsibilities & scope, hierarchical relationships, membership, authority levels and modalities. Credit committees take decisions on the basis of consensus, unless local regulation requires majority voting. Consensus is reached when there is a general agreement or when none of the members have fundamental objections to the decision. When no consensus can be reached, an application is considered declined. In case of majority voting, the representative(s) from the Risk domain has a veto right. If a veto is used, the Managing Board decides.
Each Business Unit (Wholesale & Rural, DRB, DLL) has a decision making authority for CRC Good and Early Warning clients. FR&R has a decision making authority for CRC Financial Difficulties and Default clients. In both cases the authority is vested in either approval officers or credit committees. The following central credit committees are in place:
The Central Credit Committee Rabobank Group (CCCRG) \u2013 takes credit decisions on corporate credit applications exceeding the authority of the relevant business unit.
The Credit Committee Financial Restructuring & Recovery (CC-FR&R) - takes credit decisions on proposals for classified (CRC Financial Difficulties or Default) clients exceeding the authority of Business Unit FR&R departments.
Country & Financial Institutions Committee (CFIC) \u2013 takes credit decisions on proposals exceeding the authority of Country & Financial Institutions Risk which is responsible for the risk management of exposure on financial institutions and sovereigns/countries.
Loan Loss Provision Committee (LLPC) \u2013 is responsible for determining (and where appropriate making recommendations to the Managing Board on) the level of expected credit loss provisions. Responsibility covers both model-based (stage 1, stage 2 and stage 3a) and individually assessed exposures (stage 3b) as well as management adjustments proposed by the Management Adjustment Committee (MAC). The MAC is responsible for MA process such as consistent application of methodology and quality of substantiation.
Credit committees play a key role in ensuring consistency among Rabobank standards of credit analysis, compliance with credit policy and consistent use of the rating models. Policies are also in place which restrict or prohibit certain counterparty types or industries. As a rule, all internal ratings are reviewed at least once a year (corporate clients). The frequency of counterparty reviews is risk based, meaning that counterparties with a higher risk profile are reviewed on a more frequent basis. Credit approval authorities may request more frequent reviews as well. Credit committees and approvers may also request more frequent reviews.
Rabobank has a significant market share in residential mortgages lending in the Netherlands. These loans have a low risk profile and the net addition in 2025 to loan impairment allowances is 1 basis points. In 2025, the proportion of the private sector lending allocable to the food and agricultural sectors was 26% and the proportion of private sector lending allocable to trade, industry and services was 28%. Loans to trade, industry and services and loans to the food and agricultural sectors are spread over a wide range of industries in many different countries. None of these individual sector shares represents more than 10% of the total private sector lending.
| Amounts in millions of euros | 2025 | \u00a0 | 2024 | \u00a0 |
|---|---|---|---|---|
| Total loans and advances to customers | 472,319 | \u00a0 | 454,485 | \u00a0 |
| Of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans to government clients | 1,471 | \u00a0 | 1,740 | \u00a0 |
| Reverse repurchase transactions, securities borrowing agreements and settlement accounts | 21,773 | \u00a0 | 15,509 | \u00a0 |
| Hedge accounting adjustment | (10,759) | \u00a0 | (10,079) | \u00a0 |
| Loans to private sector clients | 459,834 | \u00a0 | 447,315 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| This can be broken down geographically as follows: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| The Netherlands | 304,444 | 66% | 293,438 | 65% |
| Rest of Europe | 51,146 | 11% | 46,386 | 10% |
| North America | 50,204 | 11% | 51,962 | 12% |
| Latin America | 17,171 | 4% | 17,318 | 4% |
| Asia | 6,378 | 1% | 6,723 | 2% |
| Oceania | 30,274 | 7% | 31,258 | 7% |
| Africa | 217 | 0% | 230 | 0% |
| Total loans to private sector clients | 459,834 | 100% | 447,315 | 100% |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Breakdown of loans by business sector | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Private individuals | 212,372 | 46% | 204,520 | 46% |
| Trade, industry and services (TIS) | 129,865 | 28% | 122,951 | 27% |
| Food & agri | 117,597 | 26% | 119,844 | 27% |
| Total loans to private sector clients | 459,834 | 100% | 447,315 | 100% |
The geographical breakdown is based on the country of residence of the counterparty of the loans. The loans to private individuals are almost all incorporated in the business segment Domestic Retail Banking and geographically in the Netherlands. The loans to TIS and Food & Agri are categorized by sector and business segment as follows:
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Manufacturing (non-F&A) | 4,497 | 6,441 | 2,584 | - | - | 13,522 |
| Energy | 775 | 14,062 | 160 | - | - | 14,997 |
| Construction | 4,050 | 463 | 2,285 | 178 | - | 6,976 |
| Wholesale and retail trade (non-F&A and energy) | 6,482 | 3,029 | 5,605 | - | - | 15,116 |
| Transportation and storage | 4,717 | 3,141 | 1,625 | - | - | 9,483 |
| Accommodation and food service activities | 3,107 | 2,662 | 244 | - | - | 6,013 |
| Information and communication | 1,018 | 2,121 | 940 | - | 1 | 4,080 |
| Financial and insurance activities | 3,147 | 11,321 | 867 | - | - | 15,335 |
| Real estate activities | 14,841 | 6,358 | 356 | - | - | 21,555 |
| Professional, scientific and technical activities | 1,618 | 966 | 1,302 | - | - | 3,886 |
| Administrative and support service activities | 2,088 | 1,935 | 3,336 | - | - | 7,359 |
| Education | 160 | 1 | 619 | - | - | 780 |
| Human health and social work activities | 3,131 | 46 | 2,993 | - | - | 6,170 |
| Arts, entertainment and recreation | 739 | 281 | 521 | - | - | 1,541 |
| Other non-F&A | 604 | 1,084 | 1,364 | - | - | 3,052 |
| Total | 50,974 | 53,911 | 24,801 | 178 | 1 | 129,865 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Manufacturing (Non-F&A) | 4,475 | 6,138 | 2,929 | - | - | 13,542 |
| Energy | 702 | 12,156 | 194 | - | - | 13,052 |
| Construction | 3,654 | 542 | 2,246 | 157 | - | 6,599 |
| Wholesale and retail trade (non-F&A and energy) | 6,396 | 2,934 | 6,059 | - | - | 15,389 |
| Transportation and storage | 4,219 | 2,303 | 1,668 | - | - | 8,190 |
| Accommodation and food service activities | 2,851 | 2,472 | 238 | - | - | 5,561 |
| Information and communication | 871 | 1,264 | 1,013 | - | 1 | 3,149 |
| Financial and insurance activities | 3,094 | 10,593 | 795 | - | - | 14,482 |
| Real estate activities | 15,282 | 5,850 | 361 | 1 | - | 21,494 |
| Professional, scientific and technical activities | 1,658 | 639 | 1,321 | - | - | 3,618 |
| Administrative and support service activities | 1,785 | 1,429 | 3,301 | - | - | 6,515 |
| Education | 135 | 2 | 610 | - | - | 747 |
| Human health and social work activities | 2,895 | 46 | 3,119 | - | - | 6,060 |
| Arts, entertainment and recreation | 658 | 213 | 501 | - | - | 1,372 |
| Other Non F&A | 411 | 1,364 | 1,406 | - | - | 3,181 |
| Total | 49,086 | 47,945 | 25,761 | 158 | 1 | 122,951 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Commodities | 2,627 | 21,585 | 4,893 | - | - | 29,105 |
| Animal Protein | 3,416 | 17,511 | 3,001 | - | - | 23,928 |
| Beverages | 133 | 5,355 | 144 | - | - | 5,632 |
| Consumer Foods | 2,184 | 10,071 | 431 | - | - | 12,686 |
| Dairy | 7,658 | 11,348 | 1,547 | - | - | 20,553 |
| Farm Inputs | 1,069 | 5,734 | 3,895 | - | - | 10,698 |
| Fresh Produce | 5,419 | 5,753 | 2,675 | - | - | 13,847 |
| Other F&A | 28 | 648 | 472 | - | - | 1,148 |
| Total | 22,534 | 78,005 | 17,058 | - | - | 117,597 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Commodities | 2,548 | 21,110 | 5,673 | - | - | 29,331 |
| Animal Protein | 3,134 | 17,640 | 2,720 | - | - | 23,494 |
| Beverages | 124 | 5,582 | 140 | - | - | 5,846 |
| Consumer Foods | 1,938 | 10,091 | 447 | - | - | 12,476 |
| Dairy | 7,599 | 11,978 | 1,487 | - | - | 21,064 |
| Farm Inputs | 1,208 | 6,353 | 4,199 | - | - | 11,760 |
| Fresh Produce | 5,208 | 7,157 | 2,469 | - | - | 14,834 |
| Other F&A | 26 | 562 | 451 | - | - | 1,039 |
| Total | 21,785 | 80,473 | 17,586 | - | - | 119,844 |
Rabobank sets strict limits for open positions, in amounts as well as in terms. If ISDA (International Swaps and Derivatives Association) standards apply or a master agreement including equivalent terms has been concluded with the counterparty, and if the jurisdiction of the counterparty permits offsetting, the net open position is monitored and reported. This credit risk is managed as part of the general lending limits for clients. Where needed, Rabobank obtains collateral or other credit enhancements to mitigate credit risks inherent in these transactions. The credit risk exposure represents the current fair value of all open derivative contracts showing a positive market value, taking into account master netting agreements enforceable under law.
The financial guarantees and standby letters of credit that Rabobank provides to third parties in the event of a client being unable to fulfill their obligations to these third parties, are exposed to credit risk. Rabobank provides documentary and commercial letters of credit and written undertakings on behalf of clients that authorize third parties to draw bills against Rabobank up to a fixed amount and subject to specific conditions. As these transactions are secured by the delivery of the underlying goods to which they relate, the risk exposure of such an instrument is lower than that of a direct loan. From the moment that the documents have been accepted under the terms of the letters of credit, Rabobank recognizes an asset and a liability until payment.
Loan commitments are firm commitments to provide credit under pre-specified terms and conditions. Rabobank is exposed to credit risk when it promises to grant loans. The amount of any losses is likely to be lower than the total of the unused commitments because the commitments are subject to the clients meeting certain loan conditions. Rabobank monitors the term to the expiry of loan commitments because long-term commitments generally involve higher risk than short-term commitments.
In its financing approval process, Rabobank uses the Rabobank Risk Rating, which reflects the risk of failure or the probability of default (PD) of the loan relation over a period of one year. The loan-quality categories are determined on the basis of the internal Rabobank Risk Rating. The Rabobank Risk Rating consists of 21 performance ratings (R0-R20) and four default ratings (D1-D4). The performance ratings assess the probability of default within a period of one year and the rating is determined, in principle, on a cyclically neutral basis. D1-D4 ratings refer to default classifications. D1 represents more than 90 days past due on a material contractual payment; D2 indicates that it is unlikely that the obligor will pay its debt in full, without recourse by the bank to actions such as realizing security; D3 indicates that a distressed sale or a distressed restructuring has occurred that is likely to result in a credit-related economic loss; and D4 indicates bankruptcy status. The default ratings make up the total credit-impaired exposure. The table below shows the credit quality of the financial assets subject to impairment disclosed in ranges of rating grades that is consistent with the number that is reported to key management personnel for credit risk management purposes. The gross carrying amount of the financial assets below also represent the maximum exposure to credit risk on these assets.
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| R0-R1 (AAA) | 109 | - | - | 109 |
| R2-R4 (AA) | 9,420 | - | - | 9,420 |
| R5-R7 (A) | 19,966 | - | - | 19,966 |
| R8-R10 (BBB) | 745 | - | - | 745 |
| R11-R13 (BB) | 1,660 | - | - | 1,660 |
| R14-R16 (B+) | 289 | 1 | - | 290 |
| R17-R19 (B-) | 461 | - | - | 461 |
| R20 (CCC+) | - | - | - | - |
| Default ratings (D) | - | - | 1 | 1 |
| Non-rated | 400 | - | - | 400 |
| Total | 33,050 | 1 | 1 | 33,052 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | |||
| R0-R1 (AAA) | 49 | - | - | 49 |
| R2-R4 (AA) | 6,242 | 19 | - | 6,261 |
| R5-R7 (A) | 17,109 | 4 | - | 17,113 |
| R8-R10 (BBB) | 1,048 | 1 | - | 1,049 |
| R11-R13 (BB) | 1,248 | 2 | - | 1,250 |
| R14-R16 (B+) | 494 | 2 | - | 496 |
| R17-R19 (B-) | 291 | 1 | - | 292 |
| R20 (CCC+) | - | - | - | - |
| Default ratings (D) | - | - | 1 | 1 |
| Non-rated | 525 | - | - | 525 |
| Total | 27,006 | 29 | 1 | 27,036 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| R0-R1 (AAA) | 714 | 2 | - | 716 |
| R2-R4 (AA) | 15,186 | 846 | - | 16,032 |
| R5-R7 (A) | 95,954 | 11,043 | - | 106,997 |
| R8-R10 (BBB) | 138,836 | 13,232 | - | 152,068 |
| R11-R13 (BB) | 108,529 | 14,689 | - | 123,218 |
| R14-R16 (B+) | 40,215 | 15,492 | - | 55,707 |
| R17-R19 (B-) | 6,534 | 6,877 | - | 13,411 |
| R20 (CCC+) | 448 | 2,620 | - | 3,068 |
| Default ratings (D) | - | - | 8,050 | 8,050 |
| Non-rated | 6,254 | 68 | - | 6,322 |
| Total | 412,670 | 64,869 | 8,050 | 485,589 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| R0-R1 (AAA) | 310 | 1 | - | 311 |
| R2-R4 (AA) | 8,777 | 905 | - | 9,682 |
| R5-R7 (A) | 82,899 | 11,737 | - | 94,636 |
| R8-R10 (BBB) | 133,399 | 16,446 | - | 149,845 |
| R11-R13 (BB) | 103,049 | 16,468 | - | 119,517 |
| R14-R16 (B+) | 46,797 | 15,109 | - | 61,906 |
| R17-R19 (B-) | 8,257 | 6,321 | - | 14,578 |
| R20 (CCC+) | 550 | 2,101 | - | 2,651 |
| Default ratings (D) | - | - | 9,875 | 9,875 |
| Non-rated | 3,495 | 504 | - | 3,999 |
| Total | 387,533 | 69,592 | 9,875 | 467,000 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| AAA-A | 28,778 | - | - | 28,778 |
| BBB-B | 651 | - | - | 651 |
| CCC-C | - | - | - | - |
| D | - | - | - | - |
| Non-rated | - | - | - | - |
| Total | 29,429 | - | - | 29,429 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| AAA-A | 18,111 | - | - | 18,111 |
| BBB-B | 600 | - | - | 600 |
| CCC-C | - | - | - | - |
| D | - | - | - | - |
| Non-rated | - | - | - | - |
| Total | 18,711 | - | - | 18,711 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Exposure to credit risk | |||
| \u00a0 | Non credit-impaired | Credit-impaired | \u00a0 | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | Total |
| R0-R1 (AAA) | 1,247 | 1 | - | 1,248 |
| R2-R4 (AA) | 5,955 | 206 | - | 6,161 |
| R5-R7 (A) | 19,429 | 723 | - | 20,152 |
| R8-R10 (BBB) | 22,187 | 1,075 | - | 23,262 |
| R11-R13 (BB) | 17,204 | 2,731 | - | 19,935 |
| R14-R16 (B+) | 3,313 | 1,353 | - | 4,666 |
| R17-R19 (B-) | 170 | 320 | - | 490 |
| R20 (CCC+) | 22 | 95 | - | 117 |
| Default ratings (D) | - | - | 517 | 517 |
| Non-rated | 20,310 | 17 | - | 20,327 |
| Total | 89,837 | 6,521 | 517 | 96,875 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| R0-R1 (AAA) | 1,326 | - | - | 1,326 |
| R2-R4 (AA) | 3,674 | 180 | - | 3,854 |
| R5-R7 (A) | 20,862 | 321 | - | 21,183 |
| R8-R10 (BBB) | 20,704 | 1,301 | - | 22,005 |
| R11-R13 (BB) | 15,336 | 1,811 | - | 17,147 |
| R14-R16 (B+) | 3,760 | 1,126 | - | 4,886 |
| R17-R19 (B-) | 314 | 261 | - | 575 |
| R20 (CCC+) | 8 | 33 | - | 41 |
| Default ratings (D) | - | - | 929 | 929 |
| Non-rated | 22,101 | 984 | - | 23,085 |
| Total | 88,085 | 6,017 | 929 | 95,031 |
The following tables present a reconciliation from the opening balance to the closing balance of the impairment allowances of financial assets and credit related contingent liabilities.
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 1 | - | - | 1 |
| Increases due to origination and acquisition | 1 | - | - | 1 |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | (1) | - | - | (1) |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (1) | - | - | (1) |
| Balance on December 31, 2025 | - | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1 | - | - | 1 |
| Increases due to origination and acquisition | - | - | - | - |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | - | - | - | - |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | - | - | - | - |
| Balance on December 31, 2024 | 1 | - | - | 1 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 388 | 456 | 1,592 | 2,436 |
| Increases due to origination and acquisition | 122 | 30 | 73 | 225 |
| Decreases due to derecognition | (51) | (55) | (246) | (352) |
| Changes due to change in credit risk | (115) | 143 | 989 | 1,017 |
| Write-off of defaulted loans during the year | (6) | (4) | (727) | (737) |
| Other changes | (6) | (17) | (54) | (77) |
| Balance on December 31, 2025 | 332 | 553 | 1,627 | 2,512 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 393 | 706 | 1,810 | 2,909 |
| Increases due to origination and acquisition | 183 | 21 | 152 | 356 |
| Decreases due to derecognition | (70) | (87) | (216) | (373) |
| Changes due to change in credit risk | (104) | (179) | 860 | 577 |
| Write-off of defaulted loans during the year | (10) | (4) | (1,020) | (1,034) |
| Other changes | (4) | (1) | 6 | 1 |
| Balance on December 31, 2024 | 388 | 456 | 1,592 | 2,436 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 5 | - | - | 5 |
| Increases due to origination and acquisition | 2 | - | - | 2 |
| Decreases due to derecognition | (1) | - | - | (1) |
| Changes due to change in credit risk | 4 | - | - | 4 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (1) | - | - | (1) |
| Balance on December 31, 2025 | 9 | - | - | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1 | - | - | 1 |
| Increases due to origination and acquisition | 4 | - | - | 4 |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | - | - | - | - |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | - | - | - | - |
| Balance on December 31, 2024 | 5 | - | - | 5 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 53 | 34 | 74 | 161 |
| Increases due to origination and acquisition | 2 | - | 3 | 5 |
| Decreases due to derecognition | (84) | (62) | (103) | (249) |
| Changes due to change in credit risk | 59 | 55 | 78 | 192 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (3) | (1) | (3) | (7) |
| Balance on December 31, 2025 | 27 | 26 | 49 | 102 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 26 | 27 | 125 | 178 |
| Increases due to origination and acquisition | 11 | - | 8 | 19 |
| Decreases due to derecognition | (51) | (24) | (114) | (189) |
| Changes due to change in credit risk | 66 | 31 | 55 | 152 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | 1 | - | - | 1 |
| Balance on December 31, 2024 | 53 | 34 | 74 | 161 |
The following table provides an overview of the significant changes in the gross carrying amount of loans and advances to customers during the period that contributed to changes in the total impairment allowance.
| Amounts in millions of euros | Gross carrying amount | |||
|---|---|---|---|---|
| \u00a0 | Non-credit-impaired | Credit-impaired | \u00a0 | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | Total |
| Balance on January 1, 2025 | 387,533 | 69,592 | 9,875 | 467,000 |
| Transfers of financial assets | (5,723) | 4,498 | 1,225 | - |
| New financial assets originated or acquired | 170,002 | 12,345 | 2,141 | 184,488 |
| Financial assets that have been derecognized | (130,436) | (20,763) | (4,267) | (155,466) |
| Write-offs | (13) | (4) | (758) | (775) |
| Other changes | (8,693) | (799) | (166) | (9,658) |
| Balance on December 31, 2025 | 412,670 | 64,869 | 8,050 | 485,589 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 396,879 | 47,674 | 8,997 | 453,550 |
| Transfers of financial assets | (35,244) | 31,939 | 3,305 | - |
| New financial assets originated or acquired | 150,366 | 6,763 | 1,985 | 159,114 |
| Financial assets that have been derecognized | (124,609) | (16,920) | (3,333) | (144,862) |
| Write-offs | (14) | (5) | (1,029) | (1,048) |
| Other changes | 155 | 141 | (50) | 246 |
| Balance on December 31, 2024 | 387,533 | 69,592 | 9,875 | 467,000 |
The parameter taken into account in the quantitative SICR assessment is the lifetime probability of default and its development from origination to reporting date. A relative change which is above a certain threshold in combination with an absolute threshold are considered to be indicators for a significant increase in credit risk. The comparison between the lifetime PD at origination and the lifetime PD at reporting date is made by translating both the rating at the start of the financial instrument and the rating at reporting date into (point-in-time) PD curves. The threshold is 2.0 (2024: 2.0) and represents the multiplier by which the lifetime PD needs to be increased to migrate from stage 1 to stage 2. In addition, an absolute delta PD of 0.5% (2024: 0.5%) should be reached as a minimum to migrate from stage 1 to stage 2. The thresholds are the same for all frameworks.
Rabobank applies the three-stage expected credit loss impairment models for measuring and recognizing expected credit losses which involve a significant degree of management judgment. The impairment methodology results in the recognition of allowances measured at an amount equal to 12 month expected credit losses (stage 1); allowances measured at an amount equal to lifetime expected credit losses for financial assets for which credit risk has increased significantly since initial recognition but that are not credit-impaired (stage 2); and financial assets that are credit-impaired (stage 3). Rabobank uses estimates and management judgment in determining the expected credit loss for model-based impairment allowances. The IFRS 9 models have been developed as overlay models, meaning they are built on top of the AIRB frameworks and rely on the AIRB best estimates as inputs. Judgement and estimates are applicable within the model approach. The most important elements are disclosed below.
As part of the model governance process, new or updated IFRS 9 models are reviewed by an internal validation unit and approved for use by the Model & AI Risk Committee. Monitoring procedures are subsequently in place to ensure that the model-output is reliable and adjustments to the models are made when necessary. Expert judgment resulting in management adjustments on top of IFRS9 model outcome are described in Section 2.1.
Transferring assets from stage 1 to stage 2 requires judgment. To assess the sensitivity of the ECL to the PD thresholds, an analysis was run, which assumed all assets were below the PD thresholds and apportioned a 12 month ECL. On the same asset base, an analysis was run which assumed all assets were above the PD thresholds and apportioned a lifetime ECL. Both analyses were run without taking into account the impact of management adjustments and resulted in ECLs of EUR 632 million (2024: 671 million) and EUR 1,682 million (2024: EUR 1,700 million) respectively. The total stage 1 and stage 2 impairment allowances as at December 31, 2025 are EUR 947 million (December 31, 2024: EUR 937 million).
Estimating expected credit losses for each stage and assessing significant increases in credit risk uses information about past events and current conditions as well as reasonable and supportable forecasts of future events and economic conditions (forward looking information). Rabobank uses three, probability-weighted, macro-economic scenarios (consisting of a baseline scenario, a baseline minus scenario and a baseline plus scenario) in its ECL models to determine the expected credit losses. The baseline macro-economic scenario is considered the most likely at a 60% (December 31, 2024: 60%) likelihood, compared to 20% likelihood for the minus (December 31, 2024: 20%) and 20% for the plus scenarios (December 31, 2024: 20%).
Rabobank uses a statistical simulation method from the National Institute Global Econometric Model (NiGEM) to generate its plus and minus scenarios. The procedure for the determination involves two steps:
1. Application of the stochastic function of NiGEM to run 1,000 scenarios starting in the third quarter where the plus and minus scenarios may differ from the baseline. NiGEM uses historical residuals (randomly chosen) from the model equations that results in shocks during the forecast period (Monte Carlo simulation). The result is a distribution of possible macroeconomic outcomes.
2. Pick from the distribution of possible macroeconomic outcomes, the two scenarios which represent the 20% plus scenarios and the 20% minus scenarios.
Important variables are gross domestic product growth, unemployment rates, and private sector investment. These forward-looking macro-economic forecasts require judgment and are largely based on internal Rabobank research. An analysis of the sensitivity of key forward-looking macro-economic inputs used in the ECL modelling process for stage 1, stage 2, and the model-based stage 3 provisioning and the probability-weights applied to each of the three scenarios is presented below without taking into account the impact of management adjustments. The countries included in the analysis are the most significant in terms of gross contribution to reportable ECL. Accordingly, Rabobank considers these portfolios to present the most significant risk of resulting in an adjustment to the carrying amount of financial assets.
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
|---|---|---|---|---|---|---|---|---|
| Netherlands | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 1.65% | 1.40% | 0.34% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 3.58% | 2.96% | 2.84% | 907 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.01% | 1.02% | -0.12% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 0.73% | 0.81% | 0.90% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.08% | 4.26% | 4.43% | 995 | 60% | 997 | 730 |
| \u00a0 | Private Sector Investment | -0.29% | 0.59% | -0.04% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | -0.22% | 0.19% | 1.50% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.55% | 5.47% | 5.93% | 1,094 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.56% | 0.13% | 0.05% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
| United States | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 2.14% | 2.20% | 1.24% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.10% | 3.09% | 2.62% | 116 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.64% | 0.56% | 0.08% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 1.25% | 1.22% | 1.49% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.63% | 4.45% | 4.30% | 133 | 60% | 133 | 137 |
| \u00a0 | Private Sector Investment | -0.88% | 0.14% | 0.00% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | 0.34% | 0.17% | 1.72% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 5.12% | 5.74% | 5.89% | 152 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -1.12% | -0.31% | -0.08% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
| Brazil | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 1.87% | 3.35% | 2.02% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.10% | 3.09% | 2.62% | 90 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | 0.10% | -1.56% | -0.22% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 1.19% | 2.86% | 2.24% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.63% | 4.45% | 4.30% | 100 | 60% | 100 | 70 |
| \u00a0 | Private Sector Investment | -0.09% | -1.79% | -0.35% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | 0.49% | 2.33% | 2.45% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 5.12% | 5.74% | 5.89% | 111 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.29% | -2.01% | -0.46% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
| Australia | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 1.95% | 1.99% | 1.31% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 3.76% | 2.91% | 2.54% | 41 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | 0.07% | 0.83% | 0.22% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 1.40% | 1.39% | 1.38% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.38% | 4.50% | 4.50% | 44 | 60% | 44 | 33 |
| \u00a0 | Private Sector Investment | -0.18% | 0.25% | -0.05% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | 0.84% | 0.78% | 1.46% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.96% | 6.01% | 6.36% | 47 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.42% | -0.33% | -0.30% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A probability weighting of 15% (2024: 15%) for both the minus and plus scenario and a probability weighting of 70% (2024: 70%) for the baseline scenario, would decrease the total weighted ECL for stage 1, stage 2, and model-based stage 3 exposures by EUR 1 million (2024: EUR 1 million). If the probability weighting for both the minus and plus scenario was 25% (2024: 25%) and 50% (2024: 50%) for the baseline scenario, it would increase the total weighted ECL for stage 1, stage 2, and model-based stage 3 exposures by EUR 1 million (2024: EUR 1 million).
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Netherlands | 302,619 | 290,946 |
| United States | 48,731 | 49,204 |
| Brazil | 11,187 | 11,414 |
| Australia | 21,382 | 21,636 |
The probability of default (PD), loss given default (LGD) and the exposure at default (EAD) are used to estimate expected credit losses as inputs for the ECL models. When unexpected external developments or data quality issues are not sufficiently covered by these ECL models, an adjustment will be made based on judgments and estimates. The inputs also require estimates as follows:
PD \u2013 The probability of default is an estimate of the likelihood of default over a given time horizon.
LGD \u2013 The loss given default is an estimate of the loss arising when a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that Rabobank would expect to receive, including cash flows expected from collateral and other credit enhancements.
EAD \u2013 The exposure at default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after reporting date due to prepayment.
The table below shows the impact on the ECL in the baseline scenario resulting from changes in probability of default (PD), collateral value and full prepayment rate.
| \u00a0 | 2025 | 2024 |
| PD rating 1 notch deterioration (PD) | 279 | 294 |
| PD rating 1 notch improved (PD) | (269) | (231) |
| Collateral value down by 10 % (LGD) | 56 | 102 |
| Collateral value up by 10% (LGD) | (38) | (85) |
| Full prepayment rate down by 50% (EAD) | 66 | 82 |
| Full prepayment rate up by 50% (EAD) | (49) | (66) |
Rabobank\u2019s credit risk exposure is partly mitigated by obtaining collateral and other credit enhancements where necessary. The amount and nature of the collateral required depends partly on the assessment of the credit risk of the loan to the counterparty. Rabobank has guidelines in place for the purpose of accepting and valuing different types of collateral. The major types of collateral are:
Mortgage collateral on residential immovable property;
Mortgage collateral on commercial immovable property, pledges on movable property, inventories and receivables (mainly for corporate loans); and
Cash and securities, mainly for derivatives, securities lending activities and reverse repurchase transactions.
Rabobank also uses credit derivatives to manage credit risks and enters into master netting arrangements with counterparties for a significant volume of transactions. In general, master netting arrangements do not lead to the offsetting of assets and liabilities included in the statement of financial position because transactions are usually settled gross except for transactions that meet the offsetting criteria as mentioned in Section 2.11. Credit risk is limited by master netting arrangements, but only to the extent that if an event or cancellation occurs, all amounts involving the counterparty are frozen and settled net. The total credit risk exposure from derivatives to which offsetting arrangements apply is sensitive to the closure of new transactions, the expiration of existing transactions and fluctuations in market interest and exchange rates.
| \u00a0 | Offset in the statement of financial position | Not offset in the statement of financial position | Net exposure | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Amounts in millions of euros | Amount before offsetting | IAS 32 Offsetting | Net carrying amount | Master netting agreements | Securities and cash collateral | Immovable property collateral | Other collateral | Financial guarantees | \u00a0 |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 33,052 | - | 33,052 | - | (27,817) | - | - | - | 5,235 |
| Derivatives | 131,243 | (111,620) | 19,623 | (8,030) | (7,236) | - | - | - | 4,357 |
| Loans and advances to customers | 473,184 | (865) | 472,319 | - | (21,858) | (304,247) | (109,650) | (4,754) | 31,810 |
| Other assets | 6,402 | - | 6,402 | - | - | - | - | - | 6,402 |
| Total | 643,881 | (112,485) | 531,396 | (8,030) | (56,911) | (304,247) | (109,650) | (4,754) | 47,804 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 10,414 | (197) | 10,217 | - | (34) | - | - | - | 10,183 |
| Deposits from customers | 440,253 | (6,350) | 433,903 | - | (73) | - | - | - | 433,830 |
| Derivatives | 118,800 | (105,938) | 12,862 | (8,030) | (2,452) | - | - | - | 2,380 |
| Other liabilities | 5,585 | - | 5,585 | - | - | - | - | - | 5,585 |
| Total | 575,052 | (112,485) | 462,567 | (8,030) | (2,559) | - | - | - | 451,978 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 27,045 | (10) | 27,035 | - | (19,595) | - | - | - | 7,440 |
| Derivatives | 141,415 | (117,986) | 23,429 | (10,358) | (7,791) | - | - | - | 5,280 |
| Loans and advances to customers | 456,097 | (1,612) | 454,485 | - | (15,699) | (297,050) | (102,308) | (5,233) | 34,195 |
| Other assets | 6,695 | - | 6,695 | - | - | - | - | - | 6,695 |
| Total | 631,252 | (119,608) | 511,644 | (10,358) | (43,085) | (297,050) | (102,308) | (5,233) | 53,610 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 16,152 | (3,705) | 12,447 | - | (400) | - | - | - | 12,047 |
| Deposits from customers | 413,592 | (2,156) | 411,436 | - | (146) | - | - | - | 411,290 |
| Derivatives | 131,122 | (113,747) | 17,375 | (10,358) | (4,040) | - | - | - | 2,977 |
| Other liabilities | 5,702 | - | 5,702 | - | - | - | - | - | 5,702 |
| Total | 566,568 | (119,608) | 446,960 | (10,358) | (4,586) | - | - | - | 432,016 |
The next table shows the credit-impaired financial assets in relation to the collateral that is held as security to mitigate credit risk. In some cases, Rabobank did not recognize a loan impairment allowance for individually assessed exposures because of a surplus of collateral.
| Amounts in millions of euros | Gross carrying amount credit impaired financial assets | Impairment allowances | Carrying amount after deduction impairment allowance | Collateral held as security and other credit enhancements |
|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 1 | - | 1 | 1 |
| Loans and advances to customers | 8,050 | 1,627 | 6,423 | 5,399 |
| Financial assets at fair value through other comprehensive income | - | - | - | - |
| Total | 8,051 | 1,627 | 6,424 | 5,400 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 1 | - | 1 | 1 |
| Loans and advances to customers | 9,875 | 1,592 | 8,283 | 7,257 |
| Financial assets at fair value through other comprehensive income | - | - | - | - |
| Total | 9,876 | 1,592 | 8,284 | 7,258 |
The next table sets out the maximum exposure to credit risk to which Rabobank is exposed for financial instruments not subject to the IFRS 9 impairment requirements, without taking into account any collateral or other measures for restricting credit risk. It also shows the financial effect of any collateral provided or other types of credit risk reduction. In some cases the amounts stated deviate from the carrying amounts as presented in the statement of financial position because outstanding equity instruments are included in the carrying amounts but not included in the maximum exposure to credit risk as presented below.
| Amounts in millions of euros | \u00a0 | \u00a0 |
|---|---|---|
| \u00a0 | Maximum exposure to credit risk | Collateral held as security and other credit enhancements |
On December 31, 2025 | \u00a0 | \u00a0 |
| Financial assets held for trading | 2,643 | - |
| Financial assets mandatorily at fair value | 859 | 247 |
| Derivatives | 19,623 | 5,932 |
| Total | 23,125 | 6,179 |
| \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 |
| Financial assets held for trading | 1,619 | - |
| Financial assets mandatorily at fair value | 955 | 267 |
| Derivatives | 23,430 | 6,763 |
| Total | 26,004 | 7,030 |
Rabobank writes off loans when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include (i) ceasing enforcement activity and (ii) where the recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full. Rabobank may write-off loans that are still subject to enforcement activity. The outstanding contractual amounts of partly or wholly written off assets during 2025 was EUR 376 million (2024: EUR 1,431 million).
Rabobank acquired financial and non-financial assets during the year by taking possession of collateral with an estimated value of EUR 38 million as at December 31, 2025 (2024: EUR 34 million). It is Rabobank policy to sell these assets in the reasonably foreseeable future. Yields are allocated to repayment of the outstanding amount.
The following table includes information about financial assets with lifetime ECL whose cash flows were modified during the period:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Amortized cost before modification | 1,054 | 1,554 |
| Net modification gain/ loss | (5) | 2 |
| Financial assets modified since initial recognition | 1,049 | 1,556 |
The risk of default of modified assets is assessed at the reporting date and compared with the risk under the original terms at initial recognition. Rabobank monitors the subsequent performance of these forborne modified assets and may determine that the credit risk has significantly improved, so that the assets are moved from stage 3 or stage 2 (Lifetime ECL) to stage 1 (12-month ECL). The gross carrying amount of such assets held as at December 31, 2025 was EUR 294 million (2024: EUR 231 million).
Based on its 2025 Double Materiality Assessment (DMA), Rabobank identified several sustainability topics that are material from a financial risk perspective. The connectivity between the financial statements and the sustainability statements is reflected explicitly in the area of credit risk and non-financial risk.
First of all, the consequences of climate and nature change (physical risks) and the risks related to a shift towards a impact neutral economy (transition risks). ESG risks are translated into IFRS impairment allowances through multiple channels. The impairment allowances are captured in the IFRS 9 ECL models through macroeconomic developments, embedded in individual client assessments, included in the sector vulnerability assessments, and Management Adjustments are made for sectors or regions affected by climate and nature. For ECL Management Adjustments related to risks of clients towards \u201cClimate Change Adaptation\u201d, \u201cClimate Change Mitigation\u201d, and \u201cLand use\u201d, reference is made to the Management Adjustment Climate Risk: Forward Looking Climate end Environmental (C&E) Risks in section 2.1 \"Judgments and estimates\".
Risks related to \u201cPollution\u201d are reflected for Rabobank in the nitrogen reduction measures that lead to uncertainties in the Dutch agricultural sector for which an ECL Management Adjustment is recognized. Reference is made to the Management Adjustment Climate risk: Livestock in section 2.1 \"Judgments and estimates\".
The sustainability topics \u201cInformation and Safety related impacts\u201d and \u201cFinancial economic crime\u201d are disclosed in section 4.7 on \u201cNon-financial risks\u201d respectively section 4.9 on \u201cLegal and Arbitration Proceedings\u201d.
Financial economic crime is strongly linked to the role Rabobank plays conform Wwft in Anti-Money Laundering and Counter Terrorism Financing. Preventing fraud and use by criminals of our infrastructure is disclosed in section 4.7.2 \"Compliance\".
Rabobank manages its balance sheet in order to protect the asset & liability positions against interest rate risk in the banking book (IRRBB), credit spread risk in the banking book (CSRBB) and FX & commodity (price) risk in the banking book (FXCPRBB).
Interest rate risk in the banking book refers to the risk that the financial results and/or the economic value of the banking book could be adversely affected by changes in market interest rates.
Interest rate risk at Rabobank arises because of repricing and maturity mismatches between loans and funding, and optionality in client products. Customer behaviour is an important determining factor with respect to interest rate risk in the banking book. The modelling of customer behaviour is therefore one of the core elements of the interest rate risk framework. Behavioural models and assumptions are among others in place for mortgage prepayments, savings accounts and current accounts.
Rabobank accepts a certain amount of interest rate risk in the banking book; this is a fundamental part of banking. But at the same time the bank also aims to avoid unexpected material fluctuations in the financial result and the economic value due to interest rate fluctuations. The Managing Board, overseen by the Supervisory Board, therefore annually approves the interest rate risk appetite and the corresponding interest rate risk limits.
At group level, Rabobank\u2019s interest rate risk is governed by the Asset and Liability Committee Group chaired by the Chief Financial Officer. Treasury is responsible for implementing the decisions of this committee, while Risk Management is responsible for monitoring the interest rate risk position independently from a second line of responsibility.
Economic value of equity as a measure for managing interest rate risk differs from the accounting value of equity. For interest rate risk management, the economic value of equity is defined as the present value of assets minus the present value of liabilities together with the present value of the off-balance-sheet items. Through the use of hedge accounting and as a large proportion of the balance sheet is carried at amortized cost (in IFRS terms), a loss in economic value does not automatically equate with accounting losses.
As part of its interest rate risk policy, Rabobank uses among others the following indicators for managing and controlling interest rate risk:
Earnings at risk: the EaR is the largest deviation in negative terms of the expected net interest income in the next 12 months as a result of different interest rates scenarios;
Modified duration of equity (MDoE);
Basis point value (BPV);
Delta profile (BPV per tenor);
Economic Value at Risk;
Supervisory Outlier Test (SOT) on EVE;
Supervisory Outlier Test (SOT) on NII;
IRRBB & CSRBB Economic Capital
The next sections provide further details on \"Earnings at risk\" and \"Modified duration\u201d developments.
The Earnings at risk indicator is calculated once a month based on a standard interest-rate-sensitivity analysis. This indicator shows the changes in the projected net interest income over the next 12 months triggered by a set of scenarios: one in which all market interest rates gradually increase by two percentage points, by a scenario in which all market interest rates gradually decrease by a maximum of two percentage points (interest rates in this scenario are floored at levels deemed as realistic), by two scenarios in which interest rates increase and decrease instantaneously by 1 percentage point and by two scenarios in which the yield curve steepens or flattens.
In 2025, Rabobank\u2019s net interest income was most sensitive to the interest rate down scenario. Earnings at Risk amounted to minus EUR 708 million on December 31, 2025, which was an increase of Earnings at Risk compared to December 31, 2024 minus EUR 557 million.
| \u00a0 | December 31, 2025 | December 31, 2024 |
| Earnings at Risk | (708) | (557) |
| Split by main currencies | \u00a0 | \u00a0 |
| Earnings at Risk \u2013 EUR | (696) | (556) |
| Earnings at Risk \u2013 USD | (20) | (9) |
Modified duration (MD) of equity indicates the reduction of economic value of equity in percentage points if market interest rates increase by one percentage point. For 2025, the Managing Board has set an upper MD limit of 6.0%. During 2025 Modified Duration has decreased from 3.5% as per December 31, 2024, to 2.9% as per December 31, 2025.
The risk that is driven by changes in the market perception about the price of credit risk, liquidity premium and potentially other components of credit-risky instruments introducing fluctuations in the price which are not explained by IRRBB or by expected credit/(jump-to-) default risk.
Rabobank uses Credit Spread Value of a Basis Point (\u201cCS01\u201d) for managing and controlling credit spread risk in the banking book. Additionally, there are Earnings at Risk (EaR), CSRBB Economic Value of Equity (CSRBB EVEatR) and Earnings at Risk+ (EaR+) risk measures to further cover both value and earnings aspects of CSRBB.
CS01 measures the change in the market value of assets because of a one basis point upward shock in the credit spreads. Over the course of the year, the size of the liquidity portfolio increased leading to an increase in the CS01 indicator.
| Amounts in millions of euros | December 31, 2025 | December 31, 2024 |
|---|---|---|
| CS01 | (14.7) | (10.3) |
FX and Commodity (Price) Risk is the risk that (adverse) changes in foreign exchange rates and commodity prices lead to (negative) consequences in a bank\u2019s Banking Book and consequently on its financial figures and ratios.
FXCPRBB, together with Interest Rate Risk in the Banking Book (IRRBB) and Credit Spread Risk in the Banking Book (CSRBB), is a sub-risk under Market Risk in the Banking Book as defined in Rabobank\u2019s Global Policy on Risk Management and Risk Taxonomy. The Global Standard on FXCPRBB describes what is required to manage, monitor, and report the identified and assessed foreign exchange and commodity price risks.
FX Translation Risk is the risk that FX fluctuations will adversely affect the translation of assets and liabilities of operations \u2013denominated in foreign currency\u2013 into the functional currency of the parent company. Functional currency for Rabobank is Euro. Translation Risk impacts Rabobank\u2019s equity position, risk-weighted assets and capital ratios.
FX Translation Risk Management includes managing the sensitivity of the Rabobank's CET1 ratio due to FX movements. A strategy for a given currency may entail full ratio hedging, absolute capital hedging, or an approach in between (partial ratio hedging). Rabobank aims for a limited FX Translation Risk impact of exchange rate movements on its CET1 ratio.
Currency Risk is the risk that (unexpected) exchange rate movements lead to (negative) consequences in open currency positions present in the Banking Book. Currency mismatches in banking book assets and liabilities imply sensitivity to FX changes and trigger this risk. Rabobank does not have any appetite to run FX mismatches in its banking books.
Commodity (Price) Risk is the risk that Banking Book is exposed to (adverse) movements in commodity prices. and Rabobank aims not to be exposed to it in its banking book.
Market risk in the trading environment arises from the risk of losses on the trading book positions, affected by movements in interest rates, credit spreads, currencies, commodities, and equities . Risk positions acquired from clients can either be redistributed to other clients or managed through risk transformation (hedging). The trading desks also act as a market-maker for secondary markets (by providing liquidity and pricing) in interest rate derivatives, commodities, FX and debt, including Rabobank bonds and Rabobank Certificates.
Market risk in the trading environment is monitored at least daily within the market risk framework. This framework measures, monitors and manages market risk in the trading books and extends to all derivatives and debt positions in the trading books as well as loan syndication books. An important part of the framework are appropriate limit and trading control structures. The Managing Board determines Rabobank\u2019s risk appetite on an annual basis. A cascading limit structure with an increasing granularity has been implemented from Rabobank\u2019s consolidated level down to the Markets business unit and underlying portfolios.
The risk appetite for market risk is small due to Rabobank\u2019s strategy of client risk redistribution and risk hedging. Regular risk reporting to risk management committees (monthly), senior management (weekly), as well as daily reporting on portfolio level ensure timely communication of key risk developments. Risk developments that require urgent attention are communicated accordingly outside the regular reporting cycle. In case of any limit breaches, remedial actions will be stipulated to bring the exposure back within the appetite.
At consolidated level, the risk appetite is defined for a number of risk measures. Event risk trading book and stress test loan underwriting are considered the most important ones. Additional indicators in the risk appetite statement relate to VaR, interest rate delta, regulatory capital for market risk in the trading book and regulatory capital for credit valuation adjustment, as well as notional bridge loan syndication limits and stress testing limits for (highly) leveraged underwriting transactions.
Rabobank considers Event Risk a key risk indicator for market risk in the trading book. Event risk in the trading book is based on loss estimates generated from extreme, but plausible moves in risk factors by using sensitivity, hypothetical and historical stress scenarios. Risk factors captured by these scenarios include tenor basis swap spreads, interest rates, credit spreads, FX rates, commodity futures, and volatility. For interest rates, this also includes rotation scenarios. Depending on the scenario, individual or multiple risk factors will be stressed.
The event risk, measured by taking the worst loss among all predefined scenarios, was EUR 25 million on December 31, 2025, well within the set limit. It fluctuated between EUR 21 million and EUR 39 million with an average of EUR 29 million.
Outside the trading environment a stress test limit is applied to the underwriting business. The stress test is based on internal credit risk scores that mirror debt ratings and the market's categorization of the debt. The stress test was EUR 227 million on December 31, 2025, and EUR 121 million on December 31, 2024, well within the set limit.
The VaR indicates the maximum loss for a given confidence level and horizon under \u2018normal\u2019 market conditions, based on one year of historical market movements. For internal risk management purposes, Rabobank has opted for a confidence level of 97.5% and a time horizon of one day. The table below presents the composition of the VaR and its range of movements. In 2025, the VaR fluctuated between EUR 1.9 million and EUR 5.1 million, with the average being EUR 3.0 million. The VaR amounted to EUR 2.1 million on December 31, 2025.
| \u00a0 | Interest | Credit | Currencies | Shares | Commodities | Diversification | Total |
| December 31, 2025 | 1.9 | 0.4 | 0.2 | 0.0 | 0.5 | (0.9) | 2.1 |
| 2025 \u2013 average | 2.3 | 1.2 | 0.3 | 0.0 | 0.5 | \u00a0 | 3.0 |
| 2025 \u2013 highest | 3.8 | 3.6 | 1.7 | 0.0 | 1.2 | \u00a0 | 5.1 |
| 2025\u2013 lowest | 1.6 | 0.3 | 0.1 | 0.0 | 0.2 | \u00a0 | 1.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | 2.5 | 1.3 | 0.2 | 0.0 | 0.4 | (1.3) | 2.7 |
| 2024 \u2013 average | 2.7 | 2.1 | 0.3 | 0.0 | 0.5 | \u00a0 | 3.8 |
| 2024\u2013 highest | 6.0 | 5.6 | 0.8 | 0.0 | 1.0 | \u00a0 | 9.0 |
| 2024 \u2013lowest | 1.5 | 1.0 | 0.2 | 0.0 | 0.2 | \u00a0 | 2.2 |
The interest rate delta measures the change in the value of positions for a parallel increase in the yield curve of 1 basis point (i.e. 0.01 percentage point). The interest rate delta table below shows the sensitivity of positions to changes in the yield curves for the major currencies. On December 31, 2025, the interest rate delta for trading books was negative EUR 0.18 million. The interest rate delta remained well within the set limit during the reporting period.
| Amounts in millions of euros | December 31, 2025 | December 31, 2024 |
| USD | (0.11) | (0.01) |
| EUR | (0.04) | 0.09 |
| GBP | (0.01) | (0.02) |
| Other | (0.01) | 0.04 |
| Total | (0.18) | 0.10 |
Liquidity risk is the risk that Rabobank will not be able to meet all of its payment and repayment obligations on time, as well as the risk that Rabobank will not be able to fund increases in assets at a reasonable price, if at all. This could happen if, for instance, customers or professional counterparties suddenly withdraw more funds than expected and which could not be absorbed by the bank\u2019s cash resources, by selling or pledging assets in the market or by borrowing funds from third parties. Rabobank considers an adequate liquidity position and retaining the confidence of both professional market parties and retail customers to be crucial in ensuring unimpeded access to the public money and capital markets.
Rabobank has in place a well-suited liquidity management framework equipped with adequate liquidity positions (stable funded balance sheet, sufficient and high-quality liquidity buffers, diversified funding profile, and limited structural currency mismatch with liquidity measures managed to target and well within risk limits).
Liquidity risk management consists of several components. A key component is to maintain a substantial high-quality buffer of liquid assets. Besides credit balances held at central banks, these assets can be pledged to central banks, in repo transactions, or can be sold directly in the market to generate liquidity immediately. The size of the liquidity buffer is attuned to the risk Rabobank is exposed to in its balance sheet. In addition, Rabobank has securitized a portion of the mortgage and SME loan portfolio internally, which means it can be pledged to the central bank, thereby serving as an additional liquidity buffer. Since this concerns retained securitizations, it is not reflected in the consolidated balance sheet.
Other components for managing liquidity risk are a good credit rating, high capital levels and prudent funding policies. Rabobank takes various measures to avoid becoming overly dependent on a single source of funding. These include balanced diversification of financing sources regarding maturity, currencies, investors, geography and markets, a high degree of unsecured funding and therefore limited asset encumbrance, and an active and consistent investor-relations policy.
Also setting strict limits for the maximum outgoing cash flows within the wholesale banking business is a crucial element of liquidity risk management. Among other things, Rabobank measures and reports on a daily basis what incoming and outgoing cash flows can be expected during the next 12 months. Limits have been set for these outgoing cash flows, including for each currency and each location. Detailed plans (the contingency funding plans) have been drawn up for contingency funding to ensure the bank is prepared for potential crisis situations. Periodic operational tests are performed for these plans.
Furthermore, an internal stress test framework is in place to ensure that in times of severe liquidity stress, Rabobank has adequate counterbalancing capacity to meet the associated, heightened outflow of funding for a prolonged period. The framework covers market wide stress scenarios, Rabobank stress scenarios and combined stress scenarios. Under these various scenarios, the liquidity buffer is compared with anticipated stressed net contractual and contingent outflows.
The table below shows the undiscounted liabilities grouped according to the remaining liquidity period from the reporting date to the expected contract repayment date. The total amounts do not correspond exactly with the amounts in the consolidated statement of financial position because this table is based on undiscounted contractual cash flows relating to both principal and future interest payments. Derivatives are not included in this table and have not been analyzed on the basis of the contractual due date, because they are not essential for the management of liquidity risk or for reporting to senior management. The maturity profile of derivatives used for cash flow hedging is disclosed in Section 10.3 \"Derivatives Designated as Hedging Instrument\".
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
|---|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 1,992 | 1,542 | 1,381 | 2,987 | 971 | 1,792 | 10,665 |
| Deposits from customers | 377,876 | 8,170 | 14,314 | 12,686 | 20,100 | 4,073 | 437,219 |
| Debt securities in issue | 5,338 | 10,564 | 31,367 | 43,604 | 30,576 | - | 121,449 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,734 | 779 | 1,619 | 339 | 26 | 171 | 4,668 |
| Lease liabilities | 7 | 12 | 28 | 179 | 93 | - | 319 |
| Financial liabilities held for trading | - | 464 | - | - | - | - | 464 |
| Financial liabilities designated at fair value | 221 | 159 | 52 | 801 | 1,012 | - | 2,245 |
| Subordinated liabilities | 26 | 29 | 1,522 | 3,567 | 3,496 | - | 8,640 |
| Total financial liabilities | 387,194 | 21,719 | 50,283 | 64,163 | 56,274 | 6,036 | 585,669 |
| Financial guarantees | 4,650 | - | - | - | - | - | 4,650 |
| Loan commitments | 64,047 | - | - | - | - | - | 64,047 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 3,867 | 790 | 1,800 | 3,246 | 815 | 2,367 | 12,885 |
| Deposits from customers | 351,520 | 10,856 | 15,153 | 11,986 | 21,597 | 4,426 | 415,538 |
| Debt securities in issue | 5,610 | 9,894 | 29,563 | 52,231 | 31,410 | - | 128,708 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,884 | 431 | 1,672 | 547 | 59 | 312 | 4,905 |
| Lease liabilities | 13 | 16 | 40 | 197 | 117 | - | 383 |
| Financial liabilities held for trading | - | 277 | - | - | - | - | 277 |
| Financial liabilities designated at fair value | 491 | 205 | 194 | 826 | 1,010 | - | 2,726 |
| Subordinated liabilities | 29 | 64 | 1,737 | 5,296 | 4,091 | - | 11,217 |
| Total financial liabilities | 363,414 | 22,533 | 50,159 | 74,329 | 59,099 | 7,105 | 576,639 |
| Financial guarantees | 6,054 | - | - | - | - | - | 6,054 |
| Loan commitments | 61,258 | - | - | - | - | - | 61,258 |
The table below shows assets and liabilities grouped according to the period remaining from the reporting date to the contractual repayment date. These amounts correspond to the amounts included in the Consolidated Statement of Financial Position.
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
|---|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets | |||||||
| Cash and cash equivalents | 62,203 | - | - | - | - | 568 | 62,771 |
| Loans and advances to credit institutions | 9,933 | 11,903 | 8,969 | 67 | 10 | 2,170 | 33,052 |
| Financial assets held for trading | 211 | 1,244 | 76 | 364 | 748 | 376 | 3,019 |
| Financial assets mandatorily at fair value | 352 | 81 | 19 | 69 | 497 | 2,000 | 3,018 |
| Derivatives | 958 | 1,896 | 2,297 | 3,727 | 10,745 | - | 19,623 |
| Loans and advances to customers | 56,429 | 17,753 | 32,382 | 130,357 | 233,933 | 1,465 | 472,319 |
| Financial assets at fair value through other comprehensive income | 204 | 584 | 1,010 | 10,735 | 16,887 | 134 | 29,554 |
| Other assets (excluding employee benefits) | 186 | 701 | 612 | 2,988 | 252 | 1,654 | 6,393 |
| Total financial assets | 130,476 | 34,162 | 45,365 | 148,307 | 263,072 | 8,367 | 629,749 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | |||||||
| Deposits from credit institutions | 1,989 | 1,525 | 1,332 | 2,741 | 838 | 1,792 | 10,217 |
| Deposits from customers | 377,910 | 8,154 | 14,495 | 11,840 | 17,431 | 4,073 | 433,903 |
| Debt securities in issue | 5,323 | 10,476 | 30,332 | 38,436 | 26,378 | - | 110,945 |
| Derivatives | 601 | 1,383 | 1,148 | 2,865 | 6,865 | - | 12,862 |
| Financial liabilities held for trading | - | 464 | - | - | - | - | 464 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,623 | 1,043 | 1,630 | 561 | 76 | 119 | 5,052 |
| Lease liabilities | 7 | 11 | 25 | 154 | 94 | - | 291 |
| Financial liabilities designated at fair value | 220 | 155 | 39 | 695 | 949 | - | 2,058 |
| Subordinated liabilities | 23 | 23 | 1,327 | 2,835 | 1,802 | - | 6,010 |
| Total financial liabilities | 387,696 | 23,234 | 50,328 | 60,127 | 54,433 | 5,984 | 581,802 |
| Net balance | (257,220) | 10,928 | (4,963) | 88,180 | 208,639 | 2,383 | 47,947 |
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
|---|---|---|---|---|---|---|---|
On December 31, 2024 | |||||||
Financial assets | |||||||
| Cash and cash equivalents | 84,093 | 51 | - | 10 | - | 720 | 84,874 |
| Loans and advances to credit institutions | 14,337 | 5,927 | 3,302 | 95 | 8 | 3,366 | 27,035 |
| Financial assets held for trading | 206 | 257 | 52 | 379 | 726 | 120 | 1,740 |
| Financial assets mandatorily at fair value | 334 | 129 | 142 | 40 | 453 | 2,071 | 3,169 |
| Derivatives | 1,714 | 1,754 | 1,824 | 5,298 | 12,840 | - | 23,430 |
| Loans and advances to customers | 47,004 | 17,048 | 38,631 | 132,073 | 217,967 | 1,762 | 454,485 |
| Financial assets at fair value through other comprehensive income | 155 | 636 | 705 | 4,581 | 12,629 | 117 | 18,823 |
| Other assets (excluding employee benefits) | (139) | 907 | 654 | 3,042 | 180 | 2,042 | 6,686 |
| Total financial assets | 147,704 | 26,709 | 45,310 | 145,518 | 244,803 | 10,198 | 620,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | |||||||
| Deposits from credit institutions | 3,861 | 777 | 1,737 | 3,011 | 693 | 2,368 | 12,447 |
| Deposits from customers | 351,537 | 10,835 | 15,244 | 11,196 | 18,198 | 4,426 | 411,436 |
| Debt securities in issue | 5,586 | 9,732 | 28,441 | 46,755 | 26,248 | - | 116,762 |
| Derivatives | 2,053 | 1,863 | 2,381 | 3,993 | 7,085 | - | 17,375 |
| Financial liabilities held for trading | - | 277 | - | - | - | - | 277 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,775 | 696 | 1,705 | 714 | 121 | 133 | 5,144 |
| Lease liabilities | 9 | 14 | 34 | 173 | 105 | - | 335 |
| Financial liabilities designated at fair value | 489 | 202 | 182 | 723 | 970 | - | 2,566 |
| Subordinated liabilities | 26 | 52 | 1,491 | 4,292 | 2,048 | - | 7,909 |
| Total financial liabilities | 365,336 | 24,448 | 51,215 | 70,857 | 55,468 | 6,927 | 574,251 |
| Net balance | (217,632) | 2,261 | (5,905) | 74,661 | 189,335 | 3,271 | 45,991 |
The overview presented above was composed based on contractual information and does not represent the actual behavior of these financial instruments, which is accounted for in the day-to-day management of liquidity risk. Customer savings are an example. Under contract, these are payable on demand. Experience has shown that they are a very stable source of long-term financing for Rabobank. The liquidity regulations of the supervisory authority also factor this in.
With a Liquidity Coverage Ratio (LCR) of 182% as at December 31, 2025 (December 31, 2024: 175%), Rabobank complies with the minimum 100% requirement as set by the Dutch Central Bank (DNB).
The liquidity requirements to meet payments under financial guarantees are considerably lower than the notional amount of the liabilities because Rabobank does not generally expect that third parties to such arrangements will draw funds. The total outstanding amount in contractual obligations to provide credit does not necessarily represent Rabobank's future cash resource needs because many of these obligations will lapse or terminate without financing being required.
Inadequate or failing processes, people, systems, and /or external events are an inevitable part of Rabobank's business activities. Rabobank manages these operational risks within the boundaries set by our risk appetite as appropriate to the complexity and size of our organization and pro-actively monitors the risks and takes action where needed. Managing operational risks is an integral part of the way we do business supported by risk and control activities
Additional progress was made in managing operational risks during 2025. The overall profile remains elevated but stable for newly reported incidents. Remediation programs are in place to continue to lower the operational risk profile. The majority of Rabobank's operational risk losses in 2025 were related to Execution, Delivery and Process Management.
External fraud occurs when a client or third party intentionally engages in deceptive or dishonest conduct to obtain an unjust or illegal financial benefit. In 2025, the Group recorded a\u00a0 reduction in external fraud losses compared to 2024. This improvement reflects continued strengthening of the Group's fraud risk management framework. Credit related fraud and fraud involving payment products continue to represent important areas of fraud exposure for the Group. Looking ahead, new regulatory requirements for payment services will take effect 2026. It is expected that this will have a moderate impact on the Group's fraud management approach. Related fraud and fraud involving payment products remain key areas of attention. Looking ahead, 2026 is expected to be an important year as new regulatory requirements for payment services are introduced, bringing both challenges and opportunities to further reinforce the Group\u2019s fraud controls.
Internal fraud arises when an employee commits an intentional act, involving deception or dishonesty, to obtain or cause an unjust or illegal advantage or disadvantage. Preventative and detective controls to mitigate the risk of these events occurring are embedded throughout the Bank, and include employee screening, authorized access restrictions, and whistleblowing and reporting mechanisms. The governance is captured in Rabobank\u2019s Global Policy on Financial Crime Compliance and Rabobank\u2019s Global Standard on Internal Fraud which are periodically reviewed. The whistleblowing channel is available for staff to ensure that signals of internal fraud and integrity violations are referred to the relevant department for follow up, which is formalized in Rabobank\u2019s Global Policy on Whistleblowing. Internal fraud or integrity investigations are governed by Rabobank\u2019s Global Procedure on Internal Integrity Investigations. Rabobank is not aware of any current internal fraud incidents that could potentially result in the financial statements being materially misstated.
Models are powering processes, products, and services to deliver customer-centric solutions and enable data-driven decisions. In an ever-changing environment, models are strategic assets that help Rabobank to stay relevant. Managing model risk is critical for decision-making, financial stability, and regulatory compliance. Rabobank\u2019s Model Risk Management framework spans across the full model lifecycle, including independent model validation. This ensures that models are reliable and responsibly used.
In 2025, Rabobank laid the foundation for robust AI risk management by updating policies, in alignment with EU AI Act requirements. Integral and integrated AI risk management will ensure responsible AI innovation and sustained regulatory compliance across the organization.
For fair value measurement Rabobank assumes that the transaction to sell an asset or transfer a liability is conducted in the principal market for the asset or liability, or in the most advantageous market if no principal market exists.
Market prices are not available for a large number of the financial assets and liabilities that Rabobank holds or issues. For financial instruments for which no market prices are available, the fair values shown in the following table have been estimated using the present value or the results of other estimation and valuation methods, based on the market conditions on the reporting date. The values produced using these methods are highly sensitive to the underlying assumptions used for the amounts and for the timing of future cash flows, discount rates and possible market illiquidity. The following methods and assumptions have been used.
The fair value of cash and cash equivalents is assumed to be almost equal to their carrying amount. This assumption is used for highly liquid investments and for the short-term component of all other financial assets and liabilities.
Loans and advances to credit institutions also include interbank placings and items to be collected. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on appropriate money market interest rates for debts with comparable credit risks and terms to maturity.
Financial assets held for trading are carried at fair value based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Derivatives are recognized at fair value determined on the basis of listed market prices (mid-prices are used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments which reflect the time value of money, yield curves and the volatility of the underlying assets and liabilities.
Credit valuation adjustments (CVA) are included in the valuation of OTC derivatives to reflect expected credit losses related to the non-performance risk of a given counterparty. A CVA is determined per counterparty and depends on expected future exposure taking into account collateral, netting agreements and other relevant contractual factors, default probability and recovery rates. The CVA calculation is based on available market data including credit default swap (CDS) spreads. If CDS spreads are not available relevant proxies are used. A debit valuation adjustment (DVA) is made to include own credit in the valuation of OTC derivatives. The calculation of DVA is consistent with the CVA framework and is calculated using the Rabobank CDS spread. Another set of factors taken into account is the funding valuation adjustments (FVA). FVA concerns the valuation difference between transactions hedged by securities and transactions not hedged by securities. Collateralized derivative transactions are valued by means of a discounting curve, based on the Overnight Indexed Swap. Non-collateralized derivative transactions are valued by means of a discounting curve, based on Euribor plus a spread which reflects the market conditions.
These financial assets are carried at fair value based on quoted prices in an active market if available. If not, they are estimated from comparable assets on the market, or using valuation methods, that include the appropriate discounted cash flow models and option valuation models.
The fair value of loans and advances to customers is estimated by discounting expected future cash flows using current market rates for similar loans, considering the creditworthiness of the counterparty. For the fair valuation of residential mortgage loans, the contractual cash flows are adjusted for the prepayment rate of the portfolio. For variable-interest loans that are repriced regularly and do not vary significantly in terms of credit risk, the fair value approximates the carrying amount.
These financial assets are measured at fair value based on listed market prices. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Deposits from credit institutions include interbank placings, items to be collected and deposits. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on valid money market interest rates for debts with comparable credit risks and terms to maturity.
Deposits from customers includes current accounts and deposits. The fair value of savings and current account balances that have no specific termination date are assumed to be the amount payable on demand on the reporting date, that is, their carrying amount on that date. The fair value of deposits is estimated from the present value of the cash flows based on current bid rates for interest for similar arrangements and terms to maturity that also match the items to be measured. The carrying amount of variable-interest deposits is a good approximation of their fair value on the reporting date.
The fair value of financial liabilities held for trading is based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated on the basis of valuation models.
The fair value option is used to eliminate the accounting mismatch and valuation asymmetry between these instruments and the economic hedging derivatives that would occur if these instruments were accounted for at amortized cost. The financial liabilities designated at fair value include structured notes and structured deposits which are managed and reported on a fair value basis with the hedging derivatives. The fair value of these liabilities is determined by discounting contractual cash flows using credit adjusted yield curves based on available market data in the secondary market. All other market risk parameters are valued consistently with derivatives used to hedge the market risk in these liabilities. Changes in the fair value that are attributable to changes in own credit risk are reported in \"Other comprehensive income\". The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of the structured notes portfolio at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
The fair value of these instruments is calculated using quoted prices in an active market. For debt securities for which no quoted prices on an active market are available, a discounted cash flow model is used based on credit adjusted yield curves appropriate for the term to maturity.
The following table shows the fair value of financial instruments, recognized at amortized cost based on the valuation methods and assumptions detailed below. This table is included because not all financial instruments are recognized at fair value in the balance sheet. Fair value represents the price that would have been either received for the sale of an asset or paid in order to transfer a liability in a standard transaction conducted between market participants on the valuation date.
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
| Amounts in millions of euros | Carrying amount | Fair value | Carrying amount | Fair value |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | 62,771 | 62,770 | 84,874 | 84,875 |
| Loans and advances to credit institutions | 33,052 | 33,052 | 27,035 | 27,014 |
| Loans and advances to customers | 472,319 | 472,511 | 454,485 | 455,448 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 10,217 | 10,203 | 12,447 | 12,381 |
| Deposits from customers | 433,903 | 433,591 | 411,436 | 411,921 |
| Debt securities in issue | 110,945 | 109,187 | 116,762 | 114,790 |
| Subordinated liabilities | 6,010 | 6,458 | 7,909 | 8,415 |
The above figures represent management's best estimates on a range of methods and assumptions. If a quoted price in an active market is available, this is the best estimate of fair value.
If no quoted prices in an active market are available for fixed-term securities, equity instruments, derivatives, and commodity instruments, Rabobank bases the expected fair value on the present value of the future cash flows, discounted at market rates which correspond to the credit ratings and terms to maturity of the investments. A model-based price can also be used to determine fair value.
Rabobank follows a policy of having all models used for valuing financial instruments in the statement of financial position validated by expert staff who are independent of the staff who determine the fair values of the financial instruments.
In determining market values or fair values, various factors have been considered. These factors include the time value of money, volatility, underlying options, and credit quality of the counterparty. The valuation process has been designed in such a way that market prices that are available on a periodic basis are systematically used. Modifications to assumptions might affect the fair value of financial assets and liabilities held for trading and non-trading purposes.
The table on the next page illustrates the fair value hierarchy used in determining the fair value of financial assets and liabilities. The breakdown is:
Level 1: Quoted prices in active markets for identical assets or liabilities; an \"active market\" is a market in which transactions relating to the asset or liability occur in sufficient frequency and at a sufficient volume to provide price information on a permanent basis.
Level 2: Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability not based on observable market data.
For recurrent valuations of financial instruments at fair value, Rabobank determines when transfers between the various categories of the fair-value hierarchy occurred by reassessing the level at the end of each reporting period.
| Amounts in millions of euros | \u00a0 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
On December 31 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 62,770 | - | - | 62,770 |
| Loans and advances to credit institutions | \u00a0 | - | 30,209 | 2,843 | 33,052 |
| Loans and advances to customers | \u00a0 | - | 69,953 | 402,558 | 472,511 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | \u00a0 | 1,402 | 73 | 1,544 | 3,019 |
| Financial assets mandatorily at fair value | \u00a0 | 445 | 635 | 1,938 | 3,018 |
| Derivatives | \u00a0 | 23 | 19,496 | 104 | 19,623 |
| Financial assets at fair value through other comprehensive income | \u00a0 | 29,215 | 222 | 117 | 29,554 |
| Non-current assets held for sale | \u00a0 | - | - | 112 | 112 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | \u00a0 | - | 10,181 | 22 | 10,203 |
| Deposits from customers | \u00a0 | - | 67,500 | 366,091 | 433,591 |
| Debt securities in issue | \u00a0 | 70,486 | 38,631 | 70 | 109,187 |
| Subordinated liabilities | \u00a0 | 6,237 | 221 | - | 6,458 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | \u00a0 | 26 | 12,723 | 113 | 12,862 |
| Financial liabilities held for trading | \u00a0 | 464 | - | - | 464 |
| Financial liabilities designated at fair value | \u00a0 | 113 | 1,945 | - | 2,058 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | \u00a0 | Level 1 | Level 2 | Level 3 | Total |
On December 31 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 84,875 | - | - | 84,875 |
| Loans and advances to credit institutions | \u00a0 | - | 24,253 | 2,761 | 27,014 |
| Loans and advances to customers | \u00a0 | - | 67,086 | 388,362 | 455,448 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | \u00a0 | 1,140 | 107 | 493 | 1,740 |
| Financial assets mandatorily at fair value | \u00a0 | 311 | 619 | 2,239 | 3,169 |
| Derivatives | \u00a0 | 34 | 23,343 | 53 | 23,430 |
| Financial assets at fair value through other comprehensive income | \u00a0 | 18,427 | 279 | 117 | 18,823 |
| Non-current assets held for sale | \u00a0 | - | - | 142 | 142 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | \u00a0 | - | 12,350 | 31 | 12,381 |
| Deposits from customers | \u00a0 | - | 69,847 | 342,074 | 411,921 |
| Debt securities in issue | \u00a0 | 65,531 | 49,259 | - | 114,790 |
| Subordinated liabilities | \u00a0 | 8,160 | 255 | - | 8,415 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | \u00a0 | 15 | 17,297 | 63 | 17,375 |
| Financial liabilities held for trading | \u00a0 | 277 | - | - | 277 |
| Financial liabilities designated at fair value | \u00a0 | 270 | 2,296 | - | 2,566 |
The potential effect before taxation, if more favorable reasonable assumptions are used for the valuation of the financial instruments in level 3 on the statement of income, is EUR 244 million (2024: EUR 190 million) and EUR 0 million (2024: EUR 0 million) on other comprehensive income. The potential effect before taxation, if more unfavorable reasonable assumptions are used for the valuation of financial instruments in level 3 on the statement of income, is EUR -243 million (2024: EUR -189 million) and EUR 0 million (2024: EUR 0 million) on other comprehensive income.
Financial assets at fair value categorized in Level 3 mainly include private equity interests (in 2024: also including the equity stake in Mechanics Bank) for a total amount of EUR 1,711 million as at December 31, 2025 (2024: EUR 2,065 million). A significant unobservable input for the valuation of the private equity interests is the multiplier which is applied to the EBITDA. The average weighted multiplier is 10.7 (2024: 10.9), with a bandwidth of -1 (unfavorable) and +1 (favorable) of the multiplier.
The table shows movements in the financial instruments which are stated at fair value in the statement of financial position and which are categorized in Level 3. The fair value adjustments in Level 3 which are included in equity are accounted for in the revaluation reserves for financial assets at fair value through comprehensive income.
In 2025 there were no significant transfers between level 1 and level 2.
| Amounts in millions of euros | Balance on January 1, 2025 | Fair value changes incorporated in profit or loss | Fair value changes incorporated in OCI | Purchases | Sales | Settlements | Transfers to or from level 3 | Transfers to assets held for sale | Balance on December 31, 2025 |
|---|---|---|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 493 | 7 | - | 1,495 | (409) | (42) | - | - | 1,544 |
| Financial assets mandatorily at fair value | 2,239 | 49 | - | 268 | (289) | (17) | (312) | - | 1,938 |
| Derivatives | 53 | 56 | - | - | - | - | (5) | - | 104 |
| Financial assets at fair value through other comprehensive income | 117 | - | 11 | 8 | - | - | (19) | - | 117 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 63 | 49 | - | - | - | 1 | - | - | 113 |
| Financial liabilities designated at fair value | - | - | - | - | - | - | - | - | - |
| Amounts in millions of euros | Balance on January 1, 2024 | Fair value changes incorporated in profit or loss | Fair value changes incorporated in OCI | Purchases | Sales | Settlements | Transfers to or from level 3 | Transfers to assets held for sale | Balance on December 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 741 | 30 | - | 681 | (890) | (69) | - | - | 493 |
| Financial assets mandatorily at fair value | 2,150 | 102 | - | 319 | (132) | (200) | - | - | 2,239 |
| Derivatives | 57 | 2 | - | - | - | (5) | (1) | - | 53 |
| Financial assets at fair value through other comprehensive income | 137 | - | (31) | 15 | (4) | - | - | - | 117 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 79 | (8) | - | - | - | (8) | - | - | 63 |
| Financial liabilities designated at fair value | - | - | - | - | - | - | - | - | - |
The amount of total gains or losses recognized in the statement of income relating to the assets and liabilities in Level 3 is shown in the following table.
| Amounts in millions of euros | Instruments held at the end of the reporting period | Instruments no longer held at the end of the reporting period | Total |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
Assets | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 7 | - | 7 |
| Financial assets mandatorily at fair value | 2 | 47 | 49 |
| Derivatives | 55 | 1 | 56 |
| Financial assets at fair value through other comprehensive income | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 49 | - | 49 |
| Financial liabilities designated at fair value | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
Assets | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | (1) | 31 | 30 |
| Financial assets mandatorily at fair value | 129 | (27) | 102 |
| Derivatives | 2 | - | 2 |
| Financial assets at fair value through other comprehensive income | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | (8) | - | (8) |
| Financial liabilities designated at fair value | - | - | - |
Rabobank is active in a legal and regulatory environment that exposes it to a substantial risk of litigation. Rabobank is involved in legal cases, arbitrations, and regulatory proceedings in the Netherlands and in other countries. The most relevant legal and regulatory claims which could give rise to liability on the part of Rabobank are described below. Provisions for legal claims are recognized for obligations arising as a result of a past event where it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When determining whether the probability that claims lead to an outflow of resources is more likely than not (i.e. with a likelihood of over 50%), Rabobank takes several factors into account. These factors include (but are not limited to) the type of claim and the underlying facts; the procedural history of each case; rulings from legal and arbitration bodies; Rabobank\u2019s experience and that of third parties in similar cases (if known); previous (third-party) settlements in similar cases (where known); available (potential) recourse; and the advice and opinions of legal advisors and other experts. Similar types of cases are grouped together and some cases may also consist of a number of claims. When information about estimated loss for individual cases is assessed by Rabobank as being expected to seriously prejudice its position in a dispute with other parties, this information is not disclosed separately. The estimated potential losses and provisions are based on the information available at the time and are largely subject to judgments and a number of different assumptions, variables and known and unknown uncertainties. These uncertainties may include the inaccuracy or incompleteness of information available to Rabobank (especially in the early stages of a case). In addition, assumptions made by Rabobank about the future rulings of legal- or other instances or the likely actions or attitudes of supervisory bodies or the parties opposing Rabobank may turn out to be incorrect. Furthermore, estimates of potential losses relating to legal disputes are often impossible to process using statistical or other quantitative analysis instruments that are generally used to make judgments and estimates. The group of cases for which Rabobank determines that the risk of future outflows of funds is more likely than not to occur varies over time, as do the number of cases for which the bank can estimate the potential loss. In practice, the end results could turn out considerably higher or lower than the estimates of potential losses in those cases where an estimate was made. Rabobank can also sustain losses from legal risks where the occurrence of a loss may not be probable, but is not improbable either, and for which no provisions have been recognized. For those cases where (a) the probability of an outflow of funds is not probable but also not remote or (b) the probability of an outflow of funds is more likely than not but the potential loss cannot be estimated reliably, a contingent liability is disclosed. Rabobank may settle legal cases or regulatory proceedings or investigations before any fine is imposed or liability is determined. Reasons for settling could include (i) the wish to avoid costs and/or management effort (ii) avoiding other adverse business consequences and/or (iii) pre-empt the regulatory or reputational consequences of continuing with disputes relating to liability, even if Rabobank believes it has good arguments in its defense. Furthermore, Rabobank may, for the same reasons, compensate third parties for their losses, even in situations where Rabobank does not believe that it is legally required to do so.
In December 2022, the Dutch Public Prosecutor (DPP) announced that it considered Rabobank as a suspect in connection to (alleged) violations of the Wwft and started criminal investigations. In its press release of 9 April 2025, the DPP indicated that it has decided to summon Rabobank and that the criminal investigation is in the final phase. In December 2025, an initial draft indictment was received. This draft indictment lacks any specific details, so it is not clear what exact allegations DPP is making against the Bank. Currently the timeframe and potential outcome remain unclear. Consequently, the nature and materiality of the potential impact cannot be reliably estimated beyond stating that it has the potential to be significant.
As announced by the European Commission by means of a press release on November 22, 2023, the Commission fined Rabobank EUR 26.6 million in connection with certain historic communications between a small number of individuals at Deutsche Bank and Rabobank, which the Commission has concluded breached EU competition law. These proceedings relate to conduct between 2006 and 2016 on the secondary market for Euro-denominated SSA (Supra-Sovereign, Foreign Sovereign, Sub-Sovereign/Agency) and Government Guaranteed bonds in the European Economic Area (EEA). Rabobank cooperated with the Commission\u2019s investigation and is disappointed by the outcome. The Bank lodged an appeal against the EC\u2019s decision before the EU General Court, which is ongoing. The amount of the fine has been paid in full. Relatedly, a putative class action suit was brought against Rabobank and the other bank by civil plaintiffs before the United States District Court for the Southern District of New York on December 9, 2022. On September 11, 2024, the Court dismissed the case with prejudice.
Rabobank, along with a large number of other panel banks and inter-dealer brokers, has been named as a defendant in a number of putative class action suits and individual civil court cases brought before the courts in the United States. These proceedings relate to U.S. Dollar (USD) Libor, Japanese Yen (JPY) Libor, Tibor (note: Rabobank was never a member of the Tibor panel) and Euribor. Rabobank also received writs of summons ordering Rabobank to appear before the Dutch and Argentine Court in civil proceedings (both class action suits) relating to interest rate benchmarks. Since the civil proceedings set out above are intrinsically subject to uncertainties, it is difficult to predict their outcome. Rabobank takes the stance that it has substantive and convincing legal and factual defenses against these claims. Rabobank intends to continue to defend itself against these claims. Rabobank considers this group of benchmark litigation to be a contingent liability because the probability of an outflow of funds is neither probable nor remote. Rabobank cannot give a reliable estimate of the expected total outflow of this contingent liability. No provision has been made.
Rabobank is subject to other legal proceedings for which provisions have been recognized. These cases are individually less significant in size and are therefore not separately disclosed. The total provision for the cases of which the amount of the provision is not specified above amounts to EUR 36 million (December 31, 2024: EUR 63 million). The maximum amount of non-remote measurable contingent liabilities relating to claims not specified above is EUR 45 million (December 31, 2024: EUR 37 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i17035": { "value": "Credit risk is defined as the risk of the bank facing an economic loss because the bank\u2019s counterparties cannot fulfil their contractual obligations.
Credit risk management within the bank is governed by the bank-wide central credit risk policy and further detailed in underlying specific credit risk standards and procedures. The primary responsibility for managing and monitoring credit risk lies with the business as the first line of responsibility. The business is required to identify, assess and manage, monitor and report potential weaknesses in the credit risk portfolios. Monitoring takes place on an ongoing basis to limit credit risk exposures to a level in line with the business line\u2019s risk appetite.
In addition, risk in the credit portfolio is measured and monitored at bank-wide level and on entity level on a monthly basis and by quarterly and ad-hoc portfolio reporting and analysis, with specific attention to risk developments and concentrations.
Rabobank\u2019s credit acceptance policy is typified by a prudent assessment of customers and their ability to repay the loan that was granted (continuity perspective). As a result, the loan portfolio has an acceptable risk profile even in less than favorable economic circumstances. Rabobank aims to have long-term relationships with customers that are beneficial for both the client and the bank. An important starting point in acceptance policy for business loans is the \"know your customer\" principle. In the context of business customers, this means that the bank only grants loans to customers whose management Rabobank considers to be ethical and competent. In addition, Rabobank closely monitors developments in the business sectors in which its customers operate and in which it can properly assess the financial performance of its customers. Furthermore, in respect of sustainability and sustainable financing, guidelines have been established for use in the credit process.
Although credit is usually granted on the cash flow generating potential of the client or project, collateral will improve the position of the bank in case a client defaults. In respect of business clients, collateral can be independent of the client\u2019s business and/or obtained from the client\u2019s business. Rabobank has outlined its policies for collateral valuation and collateral management in the Global Standard on Credit Risk Mitigation. The valuation method depends on the type of collateral. For asset collateral, the valuation sources can be the customer\u2019s balance sheet (e.g. equipment, machinery and stock), nominal value (e.g. cash and receivables), market value (e.g. securities and commodities), independent valuations (commercial immovable property) and market indices (residential immovable property). All (eligible) collateral is valued at market value or less than market value and the collateral value is monitored regularly. The collateral must be sufficiently liquid and its value over time should be sufficiently stable to provide appropriate credit protection. Each type of collateral is addressed separately within the Rabobank policy framework.
The main types of collateral are residential and commercial immovable property, inventory (such as equipment, machinery, stock etc.), commodities, receivables and guarantees. With a substantial domestic mortgage portfolio, residential immovable property is considered a concentration risk within the credit risk mitigation that is taken. The quality of the collateral is assessed in the initial credit request, and is monitored within the credit revision process (see table below for the Rabobank policy concerning revaluation and monitoring of collateral). The frequency of revaluation depends on the client's credit quality (performing or non-performing) and on the type of collateral and is in line with the requirements set out in the CRR. The main types of guarantors for business clients are governments, local authorities, (central) banks and corporate entities. A minimum rating is required for institutions, insurance undertakings and export credit agencies.
| Immovable property exposure/ immovable property collateral | Revaluation at least | Monitoring at least |
| Non-performing exposures | every year | every 6 months; exposure < EUR 1 million: every year |
| Performing exposures | \u00a0 | \u00a0 |
| a) exposure > EUR 3 million/ all types of collateral | every three years | every year |
| b) all commercial immovable property with exposure <= EUR 3 million | as defined by business unit | every year |
| c) residential immovable property with exposure <= EUR 3 million | as defined by business unit | every three years |
Within the boundaries set by the Risk Management Committee, the Managing Board has mandated decision-making authority to transactional committees or to credit decision approval officers (in a four eyes basis) that operate on an entity, regional or central level. Credit committees and approval officers review all significant risks in credit proposals to arrive at a systematic judgment and a balanced decision. Rabobank has various levels of credit decision authority. Applications exceeding the authority of the approval officers are complemented with a decision and submitted to a more senior credit committee for final decision-making.
The Credit Risk Approval Framework (CRAF) is part of the Credit Policy and describes the basis upon which credit risk decision making can be taken by Committee or approval officers. System supported decisions can also be taken as long as the credit is assessed as acceptable by an expert system or meets predefined criteria (the credit complies with decision tools). Fully IT supported assessments and approvals are allowed under strict conditions.
The Terms of Reference (ToR) of the credit committees provide their mandate, responsibilities & scope, hierarchical relationships, membership, authority levels and modalities. Credit committees take decisions on the basis of consensus, unless local regulation requires majority voting. Consensus is reached when there is a general agreement or when none of the members have fundamental objections to the decision. When no consensus can be reached, an application is considered declined. In case of majority voting, the representative(s) from the Risk domain has a veto right. If a veto is used, the Managing Board decides.
Each Business Unit (Wholesale & Rural, DRB, DLL) has a decision making authority for CRC Good and Early Warning clients. FR&R has a decision making authority for CRC Financial Difficulties and Default clients. In both cases the authority is vested in either approval officers or credit committees. The following central credit committees are in place:
The Central Credit Committee Rabobank Group (CCCRG) \u2013 takes credit decisions on corporate credit applications exceeding the authority of the relevant business unit.
The Credit Committee Financial Restructuring & Recovery (CC-FR&R) - takes credit decisions on proposals for classified (CRC Financial Difficulties or Default) clients exceeding the authority of Business Unit FR&R departments.
Country & Financial Institutions Committee (CFIC) \u2013 takes credit decisions on proposals exceeding the authority of Country & Financial Institutions Risk which is responsible for the risk management of exposure on financial institutions and sovereigns/countries.
Loan Loss Provision Committee (LLPC) \u2013 is responsible for determining (and where appropriate making recommendations to the Managing Board on) the level of expected credit loss provisions. Responsibility covers both model-based (stage 1, stage 2 and stage 3a) and individually assessed exposures (stage 3b) as well as management adjustments proposed by the Management Adjustment Committee (MAC). The MAC is responsible for MA process such as consistent application of methodology and quality of substantiation.
Credit committees play a key role in ensuring consistency among Rabobank standards of credit analysis, compliance with credit policy and consistent use of the rating models. Policies are also in place which restrict or prohibit certain counterparty types or industries. As a rule, all internal ratings are reviewed at least once a year (corporate clients). The frequency of counterparty reviews is risk based, meaning that counterparties with a higher risk profile are reviewed on a more frequent basis. Credit approval authorities may request more frequent reviews as well. Credit committees and approvers may also request more frequent reviews.
Rabobank has a significant market share in residential mortgages lending in the Netherlands. These loans have a low risk profile and the net addition in 2025 to loan impairment allowances is 1 basis points. In 2025, the proportion of the private sector lending allocable to the food and agricultural sectors was 26% and the proportion of private sector lending allocable to trade, industry and services was 28%. Loans to trade, industry and services and loans to the food and agricultural sectors are spread over a wide range of industries in many different countries. None of these individual sector shares represents more than 10% of the total private sector lending.
| Amounts in millions of euros | 2025 | \u00a0 | 2024 | \u00a0 |
|---|---|---|---|---|
| Total loans and advances to customers | 472,319 | \u00a0 | 454,485 | \u00a0 |
| Of which: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans to government clients | 1,471 | \u00a0 | 1,740 | \u00a0 |
| Reverse repurchase transactions, securities borrowing agreements and settlement accounts | 21,773 | \u00a0 | 15,509 | \u00a0 |
| Hedge accounting adjustment | (10,759) | \u00a0 | (10,079) | \u00a0 |
| Loans to private sector clients | 459,834 | \u00a0 | 447,315 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| This can be broken down geographically as follows: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| The Netherlands | 304,444 | 66% | 293,438 | 65% |
| Rest of Europe | 51,146 | 11% | 46,386 | 10% |
| North America | 50,204 | 11% | 51,962 | 12% |
| Latin America | 17,171 | 4% | 17,318 | 4% |
| Asia | 6,378 | 1% | 6,723 | 2% |
| Oceania | 30,274 | 7% | 31,258 | 7% |
| Africa | 217 | 0% | 230 | 0% |
| Total loans to private sector clients | 459,834 | 100% | 447,315 | 100% |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Breakdown of loans by business sector | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Private individuals | 212,372 | 46% | 204,520 | 46% |
| Trade, industry and services (TIS) | 129,865 | 28% | 122,951 | 27% |
| Food & agri | 117,597 | 26% | 119,844 | 27% |
| Total loans to private sector clients | 459,834 | 100% | 447,315 | 100% |
The geographical breakdown is based on the country of residence of the counterparty of the loans. The loans to private individuals are almost all incorporated in the business segment Domestic Retail Banking and geographically in the Netherlands. The loans to TIS and Food & Agri are categorized by sector and business segment as follows:
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Manufacturing (non-F&A) | 4,497 | 6,441 | 2,584 | - | - | 13,522 |
| Energy | 775 | 14,062 | 160 | - | - | 14,997 |
| Construction | 4,050 | 463 | 2,285 | 178 | - | 6,976 |
| Wholesale and retail trade (non-F&A and energy) | 6,482 | 3,029 | 5,605 | - | - | 15,116 |
| Transportation and storage | 4,717 | 3,141 | 1,625 | - | - | 9,483 |
| Accommodation and food service activities | 3,107 | 2,662 | 244 | - | - | 6,013 |
| Information and communication | 1,018 | 2,121 | 940 | - | 1 | 4,080 |
| Financial and insurance activities | 3,147 | 11,321 | 867 | - | - | 15,335 |
| Real estate activities | 14,841 | 6,358 | 356 | - | - | 21,555 |
| Professional, scientific and technical activities | 1,618 | 966 | 1,302 | - | - | 3,886 |
| Administrative and support service activities | 2,088 | 1,935 | 3,336 | - | - | 7,359 |
| Education | 160 | 1 | 619 | - | - | 780 |
| Human health and social work activities | 3,131 | 46 | 2,993 | - | - | 6,170 |
| Arts, entertainment and recreation | 739 | 281 | 521 | - | - | 1,541 |
| Other non-F&A | 604 | 1,084 | 1,364 | - | - | 3,052 |
| Total | 50,974 | 53,911 | 24,801 | 178 | 1 | 129,865 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Manufacturing (Non-F&A) | 4,475 | 6,138 | 2,929 | - | - | 13,542 |
| Energy | 702 | 12,156 | 194 | - | - | 13,052 |
| Construction | 3,654 | 542 | 2,246 | 157 | - | 6,599 |
| Wholesale and retail trade (non-F&A and energy) | 6,396 | 2,934 | 6,059 | - | - | 15,389 |
| Transportation and storage | 4,219 | 2,303 | 1,668 | - | - | 8,190 |
| Accommodation and food service activities | 2,851 | 2,472 | 238 | - | - | 5,561 |
| Information and communication | 871 | 1,264 | 1,013 | - | 1 | 3,149 |
| Financial and insurance activities | 3,094 | 10,593 | 795 | - | - | 14,482 |
| Real estate activities | 15,282 | 5,850 | 361 | 1 | - | 21,494 |
| Professional, scientific and technical activities | 1,658 | 639 | 1,321 | - | - | 3,618 |
| Administrative and support service activities | 1,785 | 1,429 | 3,301 | - | - | 6,515 |
| Education | 135 | 2 | 610 | - | - | 747 |
| Human health and social work activities | 2,895 | 46 | 3,119 | - | - | 6,060 |
| Arts, entertainment and recreation | 658 | 213 | 501 | - | - | 1,372 |
| Other Non F&A | 411 | 1,364 | 1,406 | - | - | 3,181 |
| Total | 49,086 | 47,945 | 25,761 | 158 | 1 | 122,951 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Commodities | 2,627 | 21,585 | 4,893 | - | - | 29,105 |
| Animal Protein | 3,416 | 17,511 | 3,001 | - | - | 23,928 |
| Beverages | 133 | 5,355 | 144 | - | - | 5,632 |
| Consumer Foods | 2,184 | 10,071 | 431 | - | - | 12,686 |
| Dairy | 7,658 | 11,348 | 1,547 | - | - | 20,553 |
| Farm Inputs | 1,069 | 5,734 | 3,895 | - | - | 10,698 |
| Fresh Produce | 5,419 | 5,753 | 2,675 | - | - | 13,847 |
| Other F&A | 28 | 648 | 472 | - | - | 1,148 |
| Total | 22,534 | 78,005 | 17,058 | - | - | 117,597 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Total |
|---|---|---|---|---|---|---|
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Commodities | 2,548 | 21,110 | 5,673 | - | - | 29,331 |
| Animal Protein | 3,134 | 17,640 | 2,720 | - | - | 23,494 |
| Beverages | 124 | 5,582 | 140 | - | - | 5,846 |
| Consumer Foods | 1,938 | 10,091 | 447 | - | - | 12,476 |
| Dairy | 7,599 | 11,978 | 1,487 | - | - | 21,064 |
| Farm Inputs | 1,208 | 6,353 | 4,199 | - | - | 11,760 |
| Fresh Produce | 5,208 | 7,157 | 2,469 | - | - | 14,834 |
| Other F&A | 26 | 562 | 451 | - | - | 1,039 |
| Total | 21,785 | 80,473 | 17,586 | - | - | 119,844 |
Rabobank sets strict limits for open positions, in amounts as well as in terms. If ISDA (International Swaps and Derivatives Association) standards apply or a master agreement including equivalent terms has been concluded with the counterparty, and if the jurisdiction of the counterparty permits offsetting, the net open position is monitored and reported. This credit risk is managed as part of the general lending limits for clients. Where needed, Rabobank obtains collateral or other credit enhancements to mitigate credit risks inherent in these transactions. The credit risk exposure represents the current fair value of all open derivative contracts showing a positive market value, taking into account master netting agreements enforceable under law.
The financial guarantees and standby letters of credit that Rabobank provides to third parties in the event of a client being unable to fulfill their obligations to these third parties, are exposed to credit risk. Rabobank provides documentary and commercial letters of credit and written undertakings on behalf of clients that authorize third parties to draw bills against Rabobank up to a fixed amount and subject to specific conditions. As these transactions are secured by the delivery of the underlying goods to which they relate, the risk exposure of such an instrument is lower than that of a direct loan. From the moment that the documents have been accepted under the terms of the letters of credit, Rabobank recognizes an asset and a liability until payment.
Loan commitments are firm commitments to provide credit under pre-specified terms and conditions. Rabobank is exposed to credit risk when it promises to grant loans. The amount of any losses is likely to be lower than the total of the unused commitments because the commitments are subject to the clients meeting certain loan conditions. Rabobank monitors the term to the expiry of loan commitments because long-term commitments generally involve higher risk than short-term commitments.
In its financing approval process, Rabobank uses the Rabobank Risk Rating, which reflects the risk of failure or the probability of default (PD) of the loan relation over a period of one year. The loan-quality categories are determined on the basis of the internal Rabobank Risk Rating. The Rabobank Risk Rating consists of 21 performance ratings (R0-R20) and four default ratings (D1-D4). The performance ratings assess the probability of default within a period of one year and the rating is determined, in principle, on a cyclically neutral basis. D1-D4 ratings refer to default classifications. D1 represents more than 90 days past due on a material contractual payment; D2 indicates that it is unlikely that the obligor will pay its debt in full, without recourse by the bank to actions such as realizing security; D3 indicates that a distressed sale or a distressed restructuring has occurred that is likely to result in a credit-related economic loss; and D4 indicates bankruptcy status. The default ratings make up the total credit-impaired exposure. The table below shows the credit quality of the financial assets subject to impairment disclosed in ranges of rating grades that is consistent with the number that is reported to key management personnel for credit risk management purposes. The gross carrying amount of the financial assets below also represent the maximum exposure to credit risk on these assets.
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| R0-R1 (AAA) | 109 | - | - | 109 |
| R2-R4 (AA) | 9,420 | - | - | 9,420 |
| R5-R7 (A) | 19,966 | - | - | 19,966 |
| R8-R10 (BBB) | 745 | - | - | 745 |
| R11-R13 (BB) | 1,660 | - | - | 1,660 |
| R14-R16 (B+) | 289 | 1 | - | 290 |
| R17-R19 (B-) | 461 | - | - | 461 |
| R20 (CCC+) | - | - | - | - |
| Default ratings (D) | - | - | 1 | 1 |
| Non-rated | 400 | - | - | 400 |
| Total | 33,050 | 1 | 1 | 33,052 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | |||
| R0-R1 (AAA) | 49 | - | - | 49 |
| R2-R4 (AA) | 6,242 | 19 | - | 6,261 |
| R5-R7 (A) | 17,109 | 4 | - | 17,113 |
| R8-R10 (BBB) | 1,048 | 1 | - | 1,049 |
| R11-R13 (BB) | 1,248 | 2 | - | 1,250 |
| R14-R16 (B+) | 494 | 2 | - | 496 |
| R17-R19 (B-) | 291 | 1 | - | 292 |
| R20 (CCC+) | - | - | - | - |
| Default ratings (D) | - | - | 1 | 1 |
| Non-rated | 525 | - | - | 525 |
| Total | 27,006 | 29 | 1 | 27,036 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| R0-R1 (AAA) | 714 | 2 | - | 716 |
| R2-R4 (AA) | 15,186 | 846 | - | 16,032 |
| R5-R7 (A) | 95,954 | 11,043 | - | 106,997 |
| R8-R10 (BBB) | 138,836 | 13,232 | - | 152,068 |
| R11-R13 (BB) | 108,529 | 14,689 | - | 123,218 |
| R14-R16 (B+) | 40,215 | 15,492 | - | 55,707 |
| R17-R19 (B-) | 6,534 | 6,877 | - | 13,411 |
| R20 (CCC+) | 448 | 2,620 | - | 3,068 |
| Default ratings (D) | - | - | 8,050 | 8,050 |
| Non-rated | 6,254 | 68 | - | 6,322 |
| Total | 412,670 | 64,869 | 8,050 | 485,589 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| R0-R1 (AAA) | 310 | 1 | - | 311 |
| R2-R4 (AA) | 8,777 | 905 | - | 9,682 |
| R5-R7 (A) | 82,899 | 11,737 | - | 94,636 |
| R8-R10 (BBB) | 133,399 | 16,446 | - | 149,845 |
| R11-R13 (BB) | 103,049 | 16,468 | - | 119,517 |
| R14-R16 (B+) | 46,797 | 15,109 | - | 61,906 |
| R17-R19 (B-) | 8,257 | 6,321 | - | 14,578 |
| R20 (CCC+) | 550 | 2,101 | - | 2,651 |
| Default ratings (D) | - | - | 9,875 | 9,875 |
| Non-rated | 3,495 | 504 | - | 3,999 |
| Total | 387,533 | 69,592 | 9,875 | 467,000 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| AAA-A | 28,778 | - | - | 28,778 |
| BBB-B | 651 | - | - | 651 |
| CCC-C | - | - | - | - |
| D | - | - | - | - |
| Non-rated | - | - | - | - |
| Total | 29,429 | - | - | 29,429 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| AAA-A | 18,111 | - | - | 18,111 |
| BBB-B | 600 | - | - | 600 |
| CCC-C | - | - | - | - |
| D | - | - | - | - |
| Non-rated | - | - | - | - |
| Total | 18,711 | - | - | 18,711 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Exposure to credit risk | |||
| \u00a0 | Non credit-impaired | Credit-impaired | \u00a0 | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | Total |
| R0-R1 (AAA) | 1,247 | 1 | - | 1,248 |
| R2-R4 (AA) | 5,955 | 206 | - | 6,161 |
| R5-R7 (A) | 19,429 | 723 | - | 20,152 |
| R8-R10 (BBB) | 22,187 | 1,075 | - | 23,262 |
| R11-R13 (BB) | 17,204 | 2,731 | - | 19,935 |
| R14-R16 (B+) | 3,313 | 1,353 | - | 4,666 |
| R17-R19 (B-) | 170 | 320 | - | 490 |
| R20 (CCC+) | 22 | 95 | - | 117 |
| Default ratings (D) | - | - | 517 | 517 |
| Non-rated | 20,310 | 17 | - | 20,327 |
| Total | 89,837 | 6,521 | 517 | 96,875 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| R0-R1 (AAA) | 1,326 | - | - | 1,326 |
| R2-R4 (AA) | 3,674 | 180 | - | 3,854 |
| R5-R7 (A) | 20,862 | 321 | - | 21,183 |
| R8-R10 (BBB) | 20,704 | 1,301 | - | 22,005 |
| R11-R13 (BB) | 15,336 | 1,811 | - | 17,147 |
| R14-R16 (B+) | 3,760 | 1,126 | - | 4,886 |
| R17-R19 (B-) | 314 | 261 | - | 575 |
| R20 (CCC+) | 8 | 33 | - | 41 |
| Default ratings (D) | - | - | 929 | 929 |
| Non-rated | 22,101 | 984 | - | 23,085 |
| Total | 88,085 | 6,017 | 929 | 95,031 |
The following tables present a reconciliation from the opening balance to the closing balance of the impairment allowances of financial assets and credit related contingent liabilities.
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 1 | - | - | 1 |
| Increases due to origination and acquisition | 1 | - | - | 1 |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | (1) | - | - | (1) |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (1) | - | - | (1) |
| Balance on December 31, 2025 | - | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1 | - | - | 1 |
| Increases due to origination and acquisition | - | - | - | - |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | - | - | - | - |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | - | - | - | - |
| Balance on December 31, 2024 | 1 | - | - | 1 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 388 | 456 | 1,592 | 2,436 |
| Increases due to origination and acquisition | 122 | 30 | 73 | 225 |
| Decreases due to derecognition | (51) | (55) | (246) | (352) |
| Changes due to change in credit risk | (115) | 143 | 989 | 1,017 |
| Write-off of defaulted loans during the year | (6) | (4) | (727) | (737) |
| Other changes | (6) | (17) | (54) | (77) |
| Balance on December 31, 2025 | 332 | 553 | 1,627 | 2,512 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 393 | 706 | 1,810 | 2,909 |
| Increases due to origination and acquisition | 183 | 21 | 152 | 356 |
| Decreases due to derecognition | (70) | (87) | (216) | (373) |
| Changes due to change in credit risk | (104) | (179) | 860 | 577 |
| Write-off of defaulted loans during the year | (10) | (4) | (1,020) | (1,034) |
| Other changes | (4) | (1) | 6 | 1 |
| Balance on December 31, 2024 | 388 | 456 | 1,592 | 2,436 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 5 | - | - | 5 |
| Increases due to origination and acquisition | 2 | - | - | 2 |
| Decreases due to derecognition | (1) | - | - | (1) |
| Changes due to change in credit risk | 4 | - | - | 4 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (1) | - | - | (1) |
| Balance on December 31, 2025 | 9 | - | - | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1 | - | - | 1 |
| Increases due to origination and acquisition | 4 | - | - | 4 |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | - | - | - | - |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | - | - | - | - |
| Balance on December 31, 2024 | 5 | - | - | 5 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 53 | 34 | 74 | 161 |
| Increases due to origination and acquisition | 2 | - | 3 | 5 |
| Decreases due to derecognition | (84) | (62) | (103) | (249) |
| Changes due to change in credit risk | 59 | 55 | 78 | 192 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (3) | (1) | (3) | (7) |
| Balance on December 31, 2025 | 27 | 26 | 49 | 102 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 26 | 27 | 125 | 178 |
| Increases due to origination and acquisition | 11 | - | 8 | 19 |
| Decreases due to derecognition | (51) | (24) | (114) | (189) |
| Changes due to change in credit risk | 66 | 31 | 55 | 152 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | 1 | - | - | 1 |
| Balance on December 31, 2024 | 53 | 34 | 74 | 161 |
The following table provides an overview of the significant changes in the gross carrying amount of loans and advances to customers during the period that contributed to changes in the total impairment allowance.
| Amounts in millions of euros | Gross carrying amount | |||
|---|---|---|---|---|
| \u00a0 | Non-credit-impaired | Credit-impaired | \u00a0 | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | Total |
| Balance on January 1, 2025 | 387,533 | 69,592 | 9,875 | 467,000 |
| Transfers of financial assets | (5,723) | 4,498 | 1,225 | - |
| New financial assets originated or acquired | 170,002 | 12,345 | 2,141 | 184,488 |
| Financial assets that have been derecognized | (130,436) | (20,763) | (4,267) | (155,466) |
| Write-offs | (13) | (4) | (758) | (775) |
| Other changes | (8,693) | (799) | (166) | (9,658) |
| Balance on December 31, 2025 | 412,670 | 64,869 | 8,050 | 485,589 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 396,879 | 47,674 | 8,997 | 453,550 |
| Transfers of financial assets | (35,244) | 31,939 | 3,305 | - |
| New financial assets originated or acquired | 150,366 | 6,763 | 1,985 | 159,114 |
| Financial assets that have been derecognized | (124,609) | (16,920) | (3,333) | (144,862) |
| Write-offs | (14) | (5) | (1,029) | (1,048) |
| Other changes | 155 | 141 | (50) | 246 |
| Balance on December 31, 2024 | 387,533 | 69,592 | 9,875 | 467,000 |
The parameter taken into account in the quantitative SICR assessment is the lifetime probability of default and its development from origination to reporting date. A relative change which is above a certain threshold in combination with an absolute threshold are considered to be indicators for a significant increase in credit risk. The comparison between the lifetime PD at origination and the lifetime PD at reporting date is made by translating both the rating at the start of the financial instrument and the rating at reporting date into (point-in-time) PD curves. The threshold is 2.0 (2024: 2.0) and represents the multiplier by which the lifetime PD needs to be increased to migrate from stage 1 to stage 2. In addition, an absolute delta PD of 0.5% (2024: 0.5%) should be reached as a minimum to migrate from stage 1 to stage 2. The thresholds are the same for all frameworks.
Rabobank applies the three-stage expected credit loss impairment models for measuring and recognizing expected credit losses which involve a significant degree of management judgment. The impairment methodology results in the recognition of allowances measured at an amount equal to 12 month expected credit losses (stage 1); allowances measured at an amount equal to lifetime expected credit losses for financial assets for which credit risk has increased significantly since initial recognition but that are not credit-impaired (stage 2); and financial assets that are credit-impaired (stage 3). Rabobank uses estimates and management judgment in determining the expected credit loss for model-based impairment allowances. The IFRS 9 models have been developed as overlay models, meaning they are built on top of the AIRB frameworks and rely on the AIRB best estimates as inputs. Judgement and estimates are applicable within the model approach. The most important elements are disclosed below.
As part of the model governance process, new or updated IFRS 9 models are reviewed by an internal validation unit and approved for use by the Model & AI Risk Committee. Monitoring procedures are subsequently in place to ensure that the model-output is reliable and adjustments to the models are made when necessary. Expert judgment resulting in management adjustments on top of IFRS9 model outcome are described in Section 2.1.
Transferring assets from stage 1 to stage 2 requires judgment. To assess the sensitivity of the ECL to the PD thresholds, an analysis was run, which assumed all assets were below the PD thresholds and apportioned a 12 month ECL. On the same asset base, an analysis was run which assumed all assets were above the PD thresholds and apportioned a lifetime ECL. Both analyses were run without taking into account the impact of management adjustments and resulted in ECLs of EUR 632 million (2024: 671 million) and EUR 1,682 million (2024: EUR 1,700 million) respectively. The total stage 1 and stage 2 impairment allowances as at December 31, 2025 are EUR 947 million (December 31, 2024: EUR 937 million).
Estimating expected credit losses for each stage and assessing significant increases in credit risk uses information about past events and current conditions as well as reasonable and supportable forecasts of future events and economic conditions (forward looking information). Rabobank uses three, probability-weighted, macro-economic scenarios (consisting of a baseline scenario, a baseline minus scenario and a baseline plus scenario) in its ECL models to determine the expected credit losses. The baseline macro-economic scenario is considered the most likely at a 60% (December 31, 2024: 60%) likelihood, compared to 20% likelihood for the minus (December 31, 2024: 20%) and 20% for the plus scenarios (December 31, 2024: 20%).
Rabobank uses a statistical simulation method from the National Institute Global Econometric Model (NiGEM) to generate its plus and minus scenarios. The procedure for the determination involves two steps:
1. Application of the stochastic function of NiGEM to run 1,000 scenarios starting in the third quarter where the plus and minus scenarios may differ from the baseline. NiGEM uses historical residuals (randomly chosen) from the model equations that results in shocks during the forecast period (Monte Carlo simulation). The result is a distribution of possible macroeconomic outcomes.
2. Pick from the distribution of possible macroeconomic outcomes, the two scenarios which represent the 20% plus scenarios and the 20% minus scenarios.
Important variables are gross domestic product growth, unemployment rates, and private sector investment. These forward-looking macro-economic forecasts require judgment and are largely based on internal Rabobank research. An analysis of the sensitivity of key forward-looking macro-economic inputs used in the ECL modelling process for stage 1, stage 2, and the model-based stage 3 provisioning and the probability-weights applied to each of the three scenarios is presented below without taking into account the impact of management adjustments. The countries included in the analysis are the most significant in terms of gross contribution to reportable ECL. Accordingly, Rabobank considers these portfolios to present the most significant risk of resulting in an adjustment to the carrying amount of financial assets.
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
|---|---|---|---|---|---|---|---|---|
| Netherlands | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 1.65% | 1.40% | 0.34% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 3.58% | 2.96% | 2.84% | 907 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.01% | 1.02% | -0.12% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 0.73% | 0.81% | 0.90% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.08% | 4.26% | 4.43% | 995 | 60% | 997 | 730 |
| \u00a0 | Private Sector Investment | -0.29% | 0.59% | -0.04% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | -0.22% | 0.19% | 1.50% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.55% | 5.47% | 5.93% | 1,094 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.56% | 0.13% | 0.05% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
| United States | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 2.14% | 2.20% | 1.24% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.10% | 3.09% | 2.62% | 116 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.64% | 0.56% | 0.08% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 1.25% | 1.22% | 1.49% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.63% | 4.45% | 4.30% | 133 | 60% | 133 | 137 |
| \u00a0 | Private Sector Investment | -0.88% | 0.14% | 0.00% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | 0.34% | 0.17% | 1.72% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 5.12% | 5.74% | 5.89% | 152 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -1.12% | -0.31% | -0.08% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
| Brazil | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 1.87% | 3.35% | 2.02% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.10% | 3.09% | 2.62% | 90 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | 0.10% | -1.56% | -0.22% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 1.19% | 2.86% | 2.24% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.63% | 4.45% | 4.30% | 100 | 60% | 100 | 70 |
| \u00a0 | Private Sector Investment | -0.09% | -1.79% | -0.35% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | 0.49% | 2.33% | 2.45% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 5.12% | 5.74% | 5.89% | 111 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.29% | -2.01% | -0.46% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | Weighted ECL in millions of euro per | Weighted ECL in millions of euro per |
| Australia | \u00a0 | 2026 | 2027 | 2028 | ECL unweighted | Probability | December 31, 2025 | December 31, 2024 |
| Plus | GDP per capita | 1.95% | 1.99% | 1.31% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 3.76% | 2.91% | 2.54% | 41 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | 0.07% | 0.83% | 0.22% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Baseline | GDP per capita | 1.40% | 1.39% | 1.38% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.38% | 4.50% | 4.50% | 44 | 60% | 44 | 33 |
| \u00a0 | Private Sector Investment | -0.18% | 0.25% | -0.05% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Minus | GDP per capita | 0.84% | 0.78% | 1.46% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Unemployment | 4.96% | 6.01% | 6.36% | 47 | 20% | \u00a0 | \u00a0 |
| \u00a0 | Private Sector Investment | -0.42% | -0.33% | -0.30% | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
A probability weighting of 15% (2024: 15%) for both the minus and plus scenario and a probability weighting of 70% (2024: 70%) for the baseline scenario, would decrease the total weighted ECL for stage 1, stage 2, and model-based stage 3 exposures by EUR 1 million (2024: EUR 1 million). If the probability weighting for both the minus and plus scenario was 25% (2024: 25%) and 50% (2024: 50%) for the baseline scenario, it would increase the total weighted ECL for stage 1, stage 2, and model-based stage 3 exposures by EUR 1 million (2024: EUR 1 million).
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Netherlands | 302,619 | 290,946 |
| United States | 48,731 | 49,204 |
| Brazil | 11,187 | 11,414 |
| Australia | 21,382 | 21,636 |
The probability of default (PD), loss given default (LGD) and the exposure at default (EAD) are used to estimate expected credit losses as inputs for the ECL models. When unexpected external developments or data quality issues are not sufficiently covered by these ECL models, an adjustment will be made based on judgments and estimates. The inputs also require estimates as follows:
PD \u2013 The probability of default is an estimate of the likelihood of default over a given time horizon.
LGD \u2013 The loss given default is an estimate of the loss arising when a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that Rabobank would expect to receive, including cash flows expected from collateral and other credit enhancements.
EAD \u2013 The exposure at default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after reporting date due to prepayment.
The table below shows the impact on the ECL in the baseline scenario resulting from changes in probability of default (PD), collateral value and full prepayment rate.
| \u00a0 | 2025 | 2024 |
| PD rating 1 notch deterioration (PD) | 279 | 294 |
| PD rating 1 notch improved (PD) | (269) | (231) |
| Collateral value down by 10 % (LGD) | 56 | 102 |
| Collateral value up by 10% (LGD) | (38) | (85) |
| Full prepayment rate down by 50% (EAD) | 66 | 82 |
| Full prepayment rate up by 50% (EAD) | (49) | (66) |
Rabobank\u2019s credit risk exposure is partly mitigated by obtaining collateral and other credit enhancements where necessary. The amount and nature of the collateral required depends partly on the assessment of the credit risk of the loan to the counterparty. Rabobank has guidelines in place for the purpose of accepting and valuing different types of collateral. The major types of collateral are:
Mortgage collateral on residential immovable property;
Mortgage collateral on commercial immovable property, pledges on movable property, inventories and receivables (mainly for corporate loans); and
Cash and securities, mainly for derivatives, securities lending activities and reverse repurchase transactions.
Rabobank also uses credit derivatives to manage credit risks and enters into master netting arrangements with counterparties for a significant volume of transactions. In general, master netting arrangements do not lead to the offsetting of assets and liabilities included in the statement of financial position because transactions are usually settled gross except for transactions that meet the offsetting criteria as mentioned in Section 2.11. Credit risk is limited by master netting arrangements, but only to the extent that if an event or cancellation occurs, all amounts involving the counterparty are frozen and settled net. The total credit risk exposure from derivatives to which offsetting arrangements apply is sensitive to the closure of new transactions, the expiration of existing transactions and fluctuations in market interest and exchange rates.
| \u00a0 | Offset in the statement of financial position | Not offset in the statement of financial position | Net exposure | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Amounts in millions of euros | Amount before offsetting | IAS 32 Offsetting | Net carrying amount | Master netting agreements | Securities and cash collateral | Immovable property collateral | Other collateral | Financial guarantees | \u00a0 |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 33,052 | - | 33,052 | - | (27,817) | - | - | - | 5,235 |
| Derivatives | 131,243 | (111,620) | 19,623 | (8,030) | (7,236) | - | - | - | 4,357 |
| Loans and advances to customers | 473,184 | (865) | 472,319 | - | (21,858) | (304,247) | (109,650) | (4,754) | 31,810 |
| Other assets | 6,402 | - | 6,402 | - | - | - | - | - | 6,402 |
| Total | 643,881 | (112,485) | 531,396 | (8,030) | (56,911) | (304,247) | (109,650) | (4,754) | 47,804 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 10,414 | (197) | 10,217 | - | (34) | - | - | - | 10,183 |
| Deposits from customers | 440,253 | (6,350) | 433,903 | - | (73) | - | - | - | 433,830 |
| Derivatives | 118,800 | (105,938) | 12,862 | (8,030) | (2,452) | - | - | - | 2,380 |
| Other liabilities | 5,585 | - | 5,585 | - | - | - | - | - | 5,585 |
| Total | 575,052 | (112,485) | 462,567 | (8,030) | (2,559) | - | - | - | 451,978 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 27,045 | (10) | 27,035 | - | (19,595) | - | - | - | 7,440 |
| Derivatives | 141,415 | (117,986) | 23,429 | (10,358) | (7,791) | - | - | - | 5,280 |
| Loans and advances to customers | 456,097 | (1,612) | 454,485 | - | (15,699) | (297,050) | (102,308) | (5,233) | 34,195 |
| Other assets | 6,695 | - | 6,695 | - | - | - | - | - | 6,695 |
| Total | 631,252 | (119,608) | 511,644 | (10,358) | (43,085) | (297,050) | (102,308) | (5,233) | 53,610 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 16,152 | (3,705) | 12,447 | - | (400) | - | - | - | 12,047 |
| Deposits from customers | 413,592 | (2,156) | 411,436 | - | (146) | - | - | - | 411,290 |
| Derivatives | 131,122 | (113,747) | 17,375 | (10,358) | (4,040) | - | - | - | 2,977 |
| Other liabilities | 5,702 | - | 5,702 | - | - | - | - | - | 5,702 |
| Total | 566,568 | (119,608) | 446,960 | (10,358) | (4,586) | - | - | - | 432,016 |
The next table shows the credit-impaired financial assets in relation to the collateral that is held as security to mitigate credit risk. In some cases, Rabobank did not recognize a loan impairment allowance for individually assessed exposures because of a surplus of collateral.
| Amounts in millions of euros | Gross carrying amount credit impaired financial assets | Impairment allowances | Carrying amount after deduction impairment allowance | Collateral held as security and other credit enhancements |
|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 1 | - | 1 | 1 |
| Loans and advances to customers | 8,050 | 1,627 | 6,423 | 5,399 |
| Financial assets at fair value through other comprehensive income | - | - | - | - |
| Total | 8,051 | 1,627 | 6,424 | 5,400 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to credit institutions | 1 | - | 1 | 1 |
| Loans and advances to customers | 9,875 | 1,592 | 8,283 | 7,257 |
| Financial assets at fair value through other comprehensive income | - | - | - | - |
| Total | 9,876 | 1,592 | 8,284 | 7,258 |
The next table sets out the maximum exposure to credit risk to which Rabobank is exposed for financial instruments not subject to the IFRS 9 impairment requirements, without taking into account any collateral or other measures for restricting credit risk. It also shows the financial effect of any collateral provided or other types of credit risk reduction. In some cases the amounts stated deviate from the carrying amounts as presented in the statement of financial position because outstanding equity instruments are included in the carrying amounts but not included in the maximum exposure to credit risk as presented below.
| Amounts in millions of euros | \u00a0 | \u00a0 |
|---|---|---|
| \u00a0 | Maximum exposure to credit risk | Collateral held as security and other credit enhancements |
On December 31, 2025 | \u00a0 | \u00a0 |
| Financial assets held for trading | 2,643 | - |
| Financial assets mandatorily at fair value | 859 | 247 |
| Derivatives | 19,623 | 5,932 |
| Total | 23,125 | 6,179 |
| \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 |
| Financial assets held for trading | 1,619 | - |
| Financial assets mandatorily at fair value | 955 | 267 |
| Derivatives | 23,430 | 6,763 |
| Total | 26,004 | 7,030 |
Rabobank writes off loans when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include (i) ceasing enforcement activity and (ii) where the recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full. Rabobank may write-off loans that are still subject to enforcement activity. The outstanding contractual amounts of partly or wholly written off assets during 2025 was EUR 376 million (2024: EUR 1,431 million).
Rabobank acquired financial and non-financial assets during the year by taking possession of collateral with an estimated value of EUR 38 million as at December 31, 2025 (2024: EUR 34 million). It is Rabobank policy to sell these assets in the reasonably foreseeable future. Yields are allocated to repayment of the outstanding amount.
The following table includes information about financial assets with lifetime ECL whose cash flows were modified during the period:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Amortized cost before modification | 1,054 | 1,554 |
| Net modification gain/ loss | (5) | 2 |
| Financial assets modified since initial recognition | 1,049 | 1,556 |
The risk of default of modified assets is assessed at the reporting date and compared with the risk under the original terms at initial recognition. Rabobank monitors the subsequent performance of these forborne modified assets and may determine that the credit risk has significantly improved, so that the assets are moved from stage 3 or stage 2 (Lifetime ECL) to stage 1 (12-month ECL). The gross carrying amount of such assets held as at December 31, 2025 was EUR 294 million (2024: EUR 231 million).
Based on its 2025 Double Materiality Assessment (DMA), Rabobank identified several sustainability topics that are material from a financial risk perspective. The connectivity between the financial statements and the sustainability statements is reflected explicitly in the area of credit risk and non-financial risk.
First of all, the consequences of climate and nature change (physical risks) and the risks related to a shift towards a impact neutral economy (transition risks). ESG risks are translated into IFRS impairment allowances through multiple channels. The impairment allowances are captured in the IFRS 9 ECL models through macroeconomic developments, embedded in individual client assessments, included in the sector vulnerability assessments, and Management Adjustments are made for sectors or regions affected by climate and nature. For ECL Management Adjustments related to risks of clients towards \u201cClimate Change Adaptation\u201d, \u201cClimate Change Mitigation\u201d, and \u201cLand use\u201d, reference is made to the Management Adjustment Climate Risk: Forward Looking Climate end Environmental (C&E) Risks in section 2.1 \"Judgments and estimates\".
Risks related to \u201cPollution\u201d are reflected for Rabobank in the nitrogen reduction measures that lead to uncertainties in the Dutch agricultural sector for which an ECL Management Adjustment is recognized. Reference is made to the Management Adjustment Climate risk: Livestock in section 2.1 \"Judgments and estimates\".
The sustainability topics \u201cInformation and Safety related impacts\u201d and \u201cFinancial economic crime\u201d are disclosed in section 4.7 on \u201cNon-financial risks\u201d respectively section 4.9 on \u201cLegal and Arbitration Proceedings\u201d.
Financial economic crime is strongly linked to the role Rabobank plays conform Wwft in Anti-Money Laundering and Counter Terrorism Financing. Preventing fraud and use by criminals of our infrastructure is disclosed in section 4.7.2 \"Compliance\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i18302": { "value": "In its financing approval process, Rabobank uses the Rabobank Risk Rating, which reflects the risk of failure or the probability of default (PD) of the loan relation over a period of one year. The loan-quality categories are determined on the basis of the internal Rabobank Risk Rating. The Rabobank Risk Rating consists of 21 performance ratings (R0-R20) and four default ratings (D1-D4). The performance ratings assess the probability of default within a period of one year and the rating is determined, in principle, on a cyclically neutral basis. D1-D4 ratings refer to default classifications. D1 represents more than 90 days past due on a material contractual payment; D2 indicates that it is unlikely that the obligor will pay its debt in full, without recourse by the bank to actions such as realizing security; D3 indicates that a distressed sale or a distressed restructuring has occurred that is likely to result in a credit-related economic loss; and D4 indicates bankruptcy status. The default ratings make up the total credit-impaired exposure. The table below shows the credit quality of the financial assets subject to impairment disclosed in ranges of rating grades that is consistent with the number that is reported to key management personnel for credit risk management purposes. The gross carrying amount of the financial assets below also represent the maximum exposure to credit risk on these assets.
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| R0-R1 (AAA) | 109 | - | - | 109 |
| R2-R4 (AA) | 9,420 | - | - | 9,420 |
| R5-R7 (A) | 19,966 | - | - | 19,966 |
| R8-R10 (BBB) | 745 | - | - | 745 |
| R11-R13 (BB) | 1,660 | - | - | 1,660 |
| R14-R16 (B+) | 289 | 1 | - | 290 |
| R17-R19 (B-) | 461 | - | - | 461 |
| R20 (CCC+) | - | - | - | - |
| Default ratings (D) | - | - | 1 | 1 |
| Non-rated | 400 | - | - | 400 |
| Total | 33,050 | 1 | 1 | 33,052 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | |||
| R0-R1 (AAA) | 49 | - | - | 49 |
| R2-R4 (AA) | 6,242 | 19 | - | 6,261 |
| R5-R7 (A) | 17,109 | 4 | - | 17,113 |
| R8-R10 (BBB) | 1,048 | 1 | - | 1,049 |
| R11-R13 (BB) | 1,248 | 2 | - | 1,250 |
| R14-R16 (B+) | 494 | 2 | - | 496 |
| R17-R19 (B-) | 291 | 1 | - | 292 |
| R20 (CCC+) | - | - | - | - |
| Default ratings (D) | - | - | 1 | 1 |
| Non-rated | 525 | - | - | 525 |
| Total | 27,006 | 29 | 1 | 27,036 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| R0-R1 (AAA) | 714 | 2 | - | 716 |
| R2-R4 (AA) | 15,186 | 846 | - | 16,032 |
| R5-R7 (A) | 95,954 | 11,043 | - | 106,997 |
| R8-R10 (BBB) | 138,836 | 13,232 | - | 152,068 |
| R11-R13 (BB) | 108,529 | 14,689 | - | 123,218 |
| R14-R16 (B+) | 40,215 | 15,492 | - | 55,707 |
| R17-R19 (B-) | 6,534 | 6,877 | - | 13,411 |
| R20 (CCC+) | 448 | 2,620 | - | 3,068 |
| Default ratings (D) | - | - | 8,050 | 8,050 |
| Non-rated | 6,254 | 68 | - | 6,322 |
| Total | 412,670 | 64,869 | 8,050 | 485,589 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| R0-R1 (AAA) | 310 | 1 | - | 311 |
| R2-R4 (AA) | 8,777 | 905 | - | 9,682 |
| R5-R7 (A) | 82,899 | 11,737 | - | 94,636 |
| R8-R10 (BBB) | 133,399 | 16,446 | - | 149,845 |
| R11-R13 (BB) | 103,049 | 16,468 | - | 119,517 |
| R14-R16 (B+) | 46,797 | 15,109 | - | 61,906 |
| R17-R19 (B-) | 8,257 | 6,321 | - | 14,578 |
| R20 (CCC+) | 550 | 2,101 | - | 2,651 |
| Default ratings (D) | - | - | 9,875 | 9,875 |
| Non-rated | 3,495 | 504 | - | 3,999 |
| Total | 387,533 | 69,592 | 9,875 | 467,000 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Gross carrying amount | |||
| \u00a0 | Non credit-impaired | Credit-impaired | Total | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | |
| AAA-A | 28,778 | - | - | 28,778 |
| BBB-B | 651 | - | - | 651 |
| CCC-C | - | - | - | - |
| D | - | - | - | - |
| Non-rated | - | - | - | - |
| Total | 29,429 | - | - | 29,429 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| AAA-A | 18,111 | - | - | 18,111 |
| BBB-B | 600 | - | - | 600 |
| CCC-C | - | - | - | - |
| D | - | - | - | - |
| Non-rated | - | - | - | - |
| Total | 18,711 | - | - | 18,711 |
| Amounts in millions of euros | ||||
|---|---|---|---|---|
On December 31, 2025 | Exposure to credit risk | |||
| \u00a0 | Non credit-impaired | Credit-impaired | \u00a0 | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | Total |
| R0-R1 (AAA) | 1,247 | 1 | - | 1,248 |
| R2-R4 (AA) | 5,955 | 206 | - | 6,161 |
| R5-R7 (A) | 19,429 | 723 | - | 20,152 |
| R8-R10 (BBB) | 22,187 | 1,075 | - | 23,262 |
| R11-R13 (BB) | 17,204 | 2,731 | - | 19,935 |
| R14-R16 (B+) | 3,313 | 1,353 | - | 4,666 |
| R17-R19 (B-) | 170 | 320 | - | 490 |
| R20 (CCC+) | 22 | 95 | - | 117 |
| Default ratings (D) | - | - | 517 | 517 |
| Non-rated | 20,310 | 17 | - | 20,327 |
| Total | 89,837 | 6,521 | 517 | 96,875 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| R0-R1 (AAA) | 1,326 | - | - | 1,326 |
| R2-R4 (AA) | 3,674 | 180 | - | 3,854 |
| R5-R7 (A) | 20,862 | 321 | - | 21,183 |
| R8-R10 (BBB) | 20,704 | 1,301 | - | 22,005 |
| R11-R13 (BB) | 15,336 | 1,811 | - | 17,147 |
| R14-R16 (B+) | 3,760 | 1,126 | - | 4,886 |
| R17-R19 (B-) | 314 | 261 | - | 575 |
| R20 (CCC+) | 8 | 33 | - | 41 |
| Default ratings (D) | - | - | 929 | 929 |
| Non-rated | 22,101 | 984 | - | 23,085 |
| Total | 88,085 | 6,017 | 929 | 95,031 |
The following tables present a reconciliation from the opening balance to the closing balance of the impairment allowances of financial assets and credit related contingent liabilities.
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 1 | - | - | 1 |
| Increases due to origination and acquisition | 1 | - | - | 1 |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | (1) | - | - | (1) |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (1) | - | - | (1) |
| Balance on December 31, 2025 | - | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1 | - | - | 1 |
| Increases due to origination and acquisition | - | - | - | - |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | - | - | - | - |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | - | - | - | - |
| Balance on December 31, 2024 | 1 | - | - | 1 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 388 | 456 | 1,592 | 2,436 |
| Increases due to origination and acquisition | 122 | 30 | 73 | 225 |
| Decreases due to derecognition | (51) | (55) | (246) | (352) |
| Changes due to change in credit risk | (115) | 143 | 989 | 1,017 |
| Write-off of defaulted loans during the year | (6) | (4) | (727) | (737) |
| Other changes | (6) | (17) | (54) | (77) |
| Balance on December 31, 2025 | 332 | 553 | 1,627 | 2,512 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 393 | 706 | 1,810 | 2,909 |
| Increases due to origination and acquisition | 183 | 21 | 152 | 356 |
| Decreases due to derecognition | (70) | (87) | (216) | (373) |
| Changes due to change in credit risk | (104) | (179) | 860 | 577 |
| Write-off of defaulted loans during the year | (10) | (4) | (1,020) | (1,034) |
| Other changes | (4) | (1) | 6 | 1 |
| Balance on December 31, 2024 | 388 | 456 | 1,592 | 2,436 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 5 | - | - | 5 |
| Increases due to origination and acquisition | 2 | - | - | 2 |
| Decreases due to derecognition | (1) | - | - | (1) |
| Changes due to change in credit risk | 4 | - | - | 4 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (1) | - | - | (1) |
| Balance on December 31, 2025 | 9 | - | - | 9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1 | - | - | 1 |
| Increases due to origination and acquisition | 4 | - | - | 4 |
| Decreases due to derecognition | - | - | - | - |
| Changes due to change in credit risk | - | - | - | - |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | - | - | - | - |
| Balance on December 31, 2024 | 5 | - | - | 5 |
| Amounts in millions of euros | \u00a0 | |||
|---|---|---|---|---|
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL non-credit impaired | Subject to lifetime ECL credit impaired | Total |
| Balance on January 1, 2025 | 53 | 34 | 74 | 161 |
| Increases due to origination and acquisition | 2 | - | 3 | 5 |
| Decreases due to derecognition | (84) | (62) | (103) | (249) |
| Changes due to change in credit risk | 59 | 55 | 78 | 192 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | (3) | (1) | (3) | (7) |
| Balance on December 31, 2025 | 27 | 26 | 49 | 102 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 26 | 27 | 125 | 178 |
| Increases due to origination and acquisition | 11 | - | 8 | 19 |
| Decreases due to derecognition | (51) | (24) | (114) | (189) |
| Changes due to change in credit risk | 66 | 31 | 55 | 152 |
| Write-off of defaulted loans during the year | - | - | - | - |
| Other changes | 1 | - | - | 1 |
| Balance on December 31, 2024 | 53 | 34 | 74 | 161 |
The following table provides an overview of the significant changes in the gross carrying amount of loans and advances to customers during the period that contributed to changes in the total impairment allowance.
| Amounts in millions of euros | Gross carrying amount | |||
|---|---|---|---|---|
| \u00a0 | Non-credit-impaired | Credit-impaired | \u00a0 | |
| \u00a0 | Subject to 12-month ECL | Subject to lifetime ECL | Subject to lifetime ECL | Total |
| Balance on January 1, 2025 | 387,533 | 69,592 | 9,875 | 467,000 |
| Transfers of financial assets | (5,723) | 4,498 | 1,225 | - |
| New financial assets originated or acquired | 170,002 | 12,345 | 2,141 | 184,488 |
| Financial assets that have been derecognized | (130,436) | (20,763) | (4,267) | (155,466) |
| Write-offs | (13) | (4) | (758) | (775) |
| Other changes | (8,693) | (799) | (166) | (9,658) |
| Balance on December 31, 2025 | 412,670 | 64,869 | 8,050 | 485,589 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 396,879 | 47,674 | 8,997 | 453,550 |
| Transfers of financial assets | (35,244) | 31,939 | 3,305 | - |
| New financial assets originated or acquired | 150,366 | 6,763 | 1,985 | 159,114 |
| Financial assets that have been derecognized | (124,609) | (16,920) | (3,333) | (144,862) |
| Write-offs | (14) | (5) | (1,029) | (1,048) |
| Other changes | 155 | 141 | (50) | 246 |
| Balance on December 31, 2024 | 387,533 | 69,592 | 9,875 | 467,000 |
Market risk in the trading environment arises from the risk of losses on the trading book positions, affected by movements in interest rates, credit spreads, currencies, commodities, and equities . Risk positions acquired from clients can either be redistributed to other clients or managed through risk transformation (hedging). The trading desks also act as a market-maker for secondary markets (by providing liquidity and pricing) in interest rate derivatives, commodities, FX and debt, including Rabobank bonds and Rabobank Certificates.
Market risk in the trading environment is monitored at least daily within the market risk framework. This framework measures, monitors and manages market risk in the trading books and extends to all derivatives and debt positions in the trading books as well as loan syndication books. An important part of the framework are appropriate limit and trading control structures. The Managing Board determines Rabobank\u2019s risk appetite on an annual basis. A cascading limit structure with an increasing granularity has been implemented from Rabobank\u2019s consolidated level down to the Markets business unit and underlying portfolios.
The risk appetite for market risk is small due to Rabobank\u2019s strategy of client risk redistribution and risk hedging. Regular risk reporting to risk management committees (monthly), senior management (weekly), as well as daily reporting on portfolio level ensure timely communication of key risk developments. Risk developments that require urgent attention are communicated accordingly outside the regular reporting cycle. In case of any limit breaches, remedial actions will be stipulated to bring the exposure back within the appetite.
At consolidated level, the risk appetite is defined for a number of risk measures. Event risk trading book and stress test loan underwriting are considered the most important ones. Additional indicators in the risk appetite statement relate to VaR, interest rate delta, regulatory capital for market risk in the trading book and regulatory capital for credit valuation adjustment, as well as notional bridge loan syndication limits and stress testing limits for (highly) leveraged underwriting transactions.
Rabobank considers Event Risk a key risk indicator for market risk in the trading book. Event risk in the trading book is based on loss estimates generated from extreme, but plausible moves in risk factors by using sensitivity, hypothetical and historical stress scenarios. Risk factors captured by these scenarios include tenor basis swap spreads, interest rates, credit spreads, FX rates, commodity futures, and volatility. For interest rates, this also includes rotation scenarios. Depending on the scenario, individual or multiple risk factors will be stressed.
The event risk, measured by taking the worst loss among all predefined scenarios, was EUR 25 million on December 31, 2025, well within the set limit. It fluctuated between EUR 21 million and EUR 39 million with an average of EUR 29 million.
Outside the trading environment a stress test limit is applied to the underwriting business. The stress test is based on internal credit risk scores that mirror debt ratings and the market's categorization of the debt. The stress test was EUR 227 million on December 31, 2025, and EUR 121 million on December 31, 2024, well within the set limit.
The VaR indicates the maximum loss for a given confidence level and horizon under \u2018normal\u2019 market conditions, based on one year of historical market movements. For internal risk management purposes, Rabobank has opted for a confidence level of 97.5% and a time horizon of one day. The table below presents the composition of the VaR and its range of movements. In 2025, the VaR fluctuated between EUR 1.9 million and EUR 5.1 million, with the average being EUR 3.0 million. The VaR amounted to EUR 2.1 million on December 31, 2025.
| \u00a0 | Interest | Credit | Currencies | Shares | Commodities | Diversification | Total |
| December 31, 2025 | 1.9 | 0.4 | 0.2 | 0.0 | 0.5 | (0.9) | 2.1 |
| 2025 \u2013 average | 2.3 | 1.2 | 0.3 | 0.0 | 0.5 | \u00a0 | 3.0 |
| 2025 \u2013 highest | 3.8 | 3.6 | 1.7 | 0.0 | 1.2 | \u00a0 | 5.1 |
| 2025\u2013 lowest | 1.6 | 0.3 | 0.1 | 0.0 | 0.2 | \u00a0 | 1.9 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| December 31, 2024 | 2.5 | 1.3 | 0.2 | 0.0 | 0.4 | (1.3) | 2.7 |
| 2024 \u2013 average | 2.7 | 2.1 | 0.3 | 0.0 | 0.5 | \u00a0 | 3.8 |
| 2024\u2013 highest | 6.0 | 5.6 | 0.8 | 0.0 | 1.0 | \u00a0 | 9.0 |
| 2024 \u2013lowest | 1.5 | 1.0 | 0.2 | 0.0 | 0.2 | \u00a0 | 2.2 |
The interest rate delta measures the change in the value of positions for a parallel increase in the yield curve of 1 basis point (i.e. 0.01 percentage point). The interest rate delta table below shows the sensitivity of positions to changes in the yield curves for the major currencies. On December 31, 2025, the interest rate delta for trading books was negative EUR 0.18 million. The interest rate delta remained well within the set limit during the reporting period.
| Amounts in millions of euros | December 31, 2025 | December 31, 2024 |
| USD | (0.11) | (0.01) |
| EUR | (0.04) | 0.09 |
| GBP | (0.01) | (0.02) |
| Other | (0.01) | 0.04 |
| Total | (0.18) | 0.10 |
Liquidity risk is the risk that Rabobank will not be able to meet all of its payment and repayment obligations on time, as well as the risk that Rabobank will not be able to fund increases in assets at a reasonable price, if at all. This could happen if, for instance, customers or professional counterparties suddenly withdraw more funds than expected and which could not be absorbed by the bank\u2019s cash resources, by selling or pledging assets in the market or by borrowing funds from third parties. Rabobank considers an adequate liquidity position and retaining the confidence of both professional market parties and retail customers to be crucial in ensuring unimpeded access to the public money and capital markets.
Rabobank has in place a well-suited liquidity management framework equipped with adequate liquidity positions (stable funded balance sheet, sufficient and high-quality liquidity buffers, diversified funding profile, and limited structural currency mismatch with liquidity measures managed to target and well within risk limits).
Liquidity risk management consists of several components. A key component is to maintain a substantial high-quality buffer of liquid assets. Besides credit balances held at central banks, these assets can be pledged to central banks, in repo transactions, or can be sold directly in the market to generate liquidity immediately. The size of the liquidity buffer is attuned to the risk Rabobank is exposed to in its balance sheet. In addition, Rabobank has securitized a portion of the mortgage and SME loan portfolio internally, which means it can be pledged to the central bank, thereby serving as an additional liquidity buffer. Since this concerns retained securitizations, it is not reflected in the consolidated balance sheet.
Other components for managing liquidity risk are a good credit rating, high capital levels and prudent funding policies. Rabobank takes various measures to avoid becoming overly dependent on a single source of funding. These include balanced diversification of financing sources regarding maturity, currencies, investors, geography and markets, a high degree of unsecured funding and therefore limited asset encumbrance, and an active and consistent investor-relations policy.
Also setting strict limits for the maximum outgoing cash flows within the wholesale banking business is a crucial element of liquidity risk management. Among other things, Rabobank measures and reports on a daily basis what incoming and outgoing cash flows can be expected during the next 12 months. Limits have been set for these outgoing cash flows, including for each currency and each location. Detailed plans (the contingency funding plans) have been drawn up for contingency funding to ensure the bank is prepared for potential crisis situations. Periodic operational tests are performed for these plans.
Furthermore, an internal stress test framework is in place to ensure that in times of severe liquidity stress, Rabobank has adequate counterbalancing capacity to meet the associated, heightened outflow of funding for a prolonged period. The framework covers market wide stress scenarios, Rabobank stress scenarios and combined stress scenarios. Under these various scenarios, the liquidity buffer is compared with anticipated stressed net contractual and contingent outflows.
The table below shows the undiscounted liabilities grouped according to the remaining liquidity period from the reporting date to the expected contract repayment date. The total amounts do not correspond exactly with the amounts in the consolidated statement of financial position because this table is based on undiscounted contractual cash flows relating to both principal and future interest payments. Derivatives are not included in this table and have not been analyzed on the basis of the contractual due date, because they are not essential for the management of liquidity risk or for reporting to senior management. The maturity profile of derivatives used for cash flow hedging is disclosed in Section 10.3 \"Derivatives Designated as Hedging Instrument\".
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
|---|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 1,992 | 1,542 | 1,381 | 2,987 | 971 | 1,792 | 10,665 |
| Deposits from customers | 377,876 | 8,170 | 14,314 | 12,686 | 20,100 | 4,073 | 437,219 |
| Debt securities in issue | 5,338 | 10,564 | 31,367 | 43,604 | 30,576 | - | 121,449 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,734 | 779 | 1,619 | 339 | 26 | 171 | 4,668 |
| Lease liabilities | 7 | 12 | 28 | 179 | 93 | - | 319 |
| Financial liabilities held for trading | - | 464 | - | - | - | - | 464 |
| Financial liabilities designated at fair value | 221 | 159 | 52 | 801 | 1,012 | - | 2,245 |
| Subordinated liabilities | 26 | 29 | 1,522 | 3,567 | 3,496 | - | 8,640 |
| Total financial liabilities | 387,194 | 21,719 | 50,283 | 64,163 | 56,274 | 6,036 | 585,669 |
| Financial guarantees | 4,650 | - | - | - | - | - | 4,650 |
| Loan commitments | 64,047 | - | - | - | - | - | 64,047 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 3,867 | 790 | 1,800 | 3,246 | 815 | 2,367 | 12,885 |
| Deposits from customers | 351,520 | 10,856 | 15,153 | 11,986 | 21,597 | 4,426 | 415,538 |
| Debt securities in issue | 5,610 | 9,894 | 29,563 | 52,231 | 31,410 | - | 128,708 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,884 | 431 | 1,672 | 547 | 59 | 312 | 4,905 |
| Lease liabilities | 13 | 16 | 40 | 197 | 117 | - | 383 |
| Financial liabilities held for trading | - | 277 | - | - | - | - | 277 |
| Financial liabilities designated at fair value | 491 | 205 | 194 | 826 | 1,010 | - | 2,726 |
| Subordinated liabilities | 29 | 64 | 1,737 | 5,296 | 4,091 | - | 11,217 |
| Total financial liabilities | 363,414 | 22,533 | 50,159 | 74,329 | 59,099 | 7,105 | 576,639 |
| Financial guarantees | 6,054 | - | - | - | - | - | 6,054 |
| Loan commitments | 61,258 | - | - | - | - | - | 61,258 |
The table below shows assets and liabilities grouped according to the period remaining from the reporting date to the contractual repayment date. These amounts correspond to the amounts included in the Consolidated Statement of Financial Position.
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
|---|---|---|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets | |||||||
| Cash and cash equivalents | 62,203 | - | - | - | - | 568 | 62,771 |
| Loans and advances to credit institutions | 9,933 | 11,903 | 8,969 | 67 | 10 | 2,170 | 33,052 |
| Financial assets held for trading | 211 | 1,244 | 76 | 364 | 748 | 376 | 3,019 |
| Financial assets mandatorily at fair value | 352 | 81 | 19 | 69 | 497 | 2,000 | 3,018 |
| Derivatives | 958 | 1,896 | 2,297 | 3,727 | 10,745 | - | 19,623 |
| Loans and advances to customers | 56,429 | 17,753 | 32,382 | 130,357 | 233,933 | 1,465 | 472,319 |
| Financial assets at fair value through other comprehensive income | 204 | 584 | 1,010 | 10,735 | 16,887 | 134 | 29,554 |
| Other assets (excluding employee benefits) | 186 | 701 | 612 | 2,988 | 252 | 1,654 | 6,393 |
| Total financial assets | 130,476 | 34,162 | 45,365 | 148,307 | 263,072 | 8,367 | 629,749 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | |||||||
| Deposits from credit institutions | 1,989 | 1,525 | 1,332 | 2,741 | 838 | 1,792 | 10,217 |
| Deposits from customers | 377,910 | 8,154 | 14,495 | 11,840 | 17,431 | 4,073 | 433,903 |
| Debt securities in issue | 5,323 | 10,476 | 30,332 | 38,436 | 26,378 | - | 110,945 |
| Derivatives | 601 | 1,383 | 1,148 | 2,865 | 6,865 | - | 12,862 |
| Financial liabilities held for trading | - | 464 | - | - | - | - | 464 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,623 | 1,043 | 1,630 | 561 | 76 | 119 | 5,052 |
| Lease liabilities | 7 | 11 | 25 | 154 | 94 | - | 291 |
| Financial liabilities designated at fair value | 220 | 155 | 39 | 695 | 949 | - | 2,058 |
| Subordinated liabilities | 23 | 23 | 1,327 | 2,835 | 1,802 | - | 6,010 |
| Total financial liabilities | 387,696 | 23,234 | 50,328 | 60,127 | 54,433 | 5,984 | 581,802 |
| Net balance | (257,220) | 10,928 | (4,963) | 88,180 | 208,639 | 2,383 | 47,947 |
| Amounts in millions of euros | On demand | Less than 3\u00a0months | 3 months to\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years | No maturity applicable | Total |
|---|---|---|---|---|---|---|---|
On December 31, 2024 | |||||||
Financial assets | |||||||
| Cash and cash equivalents | 84,093 | 51 | - | 10 | - | 720 | 84,874 |
| Loans and advances to credit institutions | 14,337 | 5,927 | 3,302 | 95 | 8 | 3,366 | 27,035 |
| Financial assets held for trading | 206 | 257 | 52 | 379 | 726 | 120 | 1,740 |
| Financial assets mandatorily at fair value | 334 | 129 | 142 | 40 | 453 | 2,071 | 3,169 |
| Derivatives | 1,714 | 1,754 | 1,824 | 5,298 | 12,840 | - | 23,430 |
| Loans and advances to customers | 47,004 | 17,048 | 38,631 | 132,073 | 217,967 | 1,762 | 454,485 |
| Financial assets at fair value through other comprehensive income | 155 | 636 | 705 | 4,581 | 12,629 | 117 | 18,823 |
| Other assets (excluding employee benefits) | (139) | 907 | 654 | 3,042 | 180 | 2,042 | 6,686 |
| Total financial assets | 147,704 | 26,709 | 45,310 | 145,518 | 244,803 | 10,198 | 620,242 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial liabilities | |||||||
| Deposits from credit institutions | 3,861 | 777 | 1,737 | 3,011 | 693 | 2,368 | 12,447 |
| Deposits from customers | 351,537 | 10,835 | 15,244 | 11,196 | 18,198 | 4,426 | 411,436 |
| Debt securities in issue | 5,586 | 9,732 | 28,441 | 46,755 | 26,248 | - | 116,762 |
| Derivatives | 2,053 | 1,863 | 2,381 | 3,993 | 7,085 | - | 17,375 |
| Financial liabilities held for trading | - | 277 | - | - | - | - | 277 |
| Other liabilities (excluding employee benefits and lease liabilities) | 1,775 | 696 | 1,705 | 714 | 121 | 133 | 5,144 |
| Lease liabilities | 9 | 14 | 34 | 173 | 105 | - | 335 |
| Financial liabilities designated at fair value | 489 | 202 | 182 | 723 | 970 | - | 2,566 |
| Subordinated liabilities | 26 | 52 | 1,491 | 4,292 | 2,048 | - | 7,909 |
| Total financial liabilities | 365,336 | 24,448 | 51,215 | 70,857 | 55,468 | 6,927 | 574,251 |
| Net balance | (217,632) | 2,261 | (5,905) | 74,661 | 189,335 | 3,271 | 45,991 |
The overview presented above was composed based on contractual information and does not represent the actual behavior of these financial instruments, which is accounted for in the day-to-day management of liquidity risk. Customer savings are an example. Under contract, these are payable on demand. Experience has shown that they are a very stable source of long-term financing for Rabobank. The liquidity regulations of the supervisory authority also factor this in.
With a Liquidity Coverage Ratio (LCR) of 182% as at December 31, 2025 (December 31, 2024: 175%), Rabobank complies with the minimum 100% requirement as set by the Dutch Central Bank (DNB).
The liquidity requirements to meet payments under financial guarantees are considerably lower than the notional amount of the liabilities because Rabobank does not generally expect that third parties to such arrangements will draw funds. The total outstanding amount in contractual obligations to provide credit does not necessarily represent Rabobank's future cash resource needs because many of these obligations will lapse or terminate without financing being required.
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Market prices are not available for a large number of the financial assets and liabilities that Rabobank holds or issues. For financial instruments for which no market prices are available, the fair values shown in the following table have been estimated using the present value or the results of other estimation and valuation methods, based on the market conditions on the reporting date. The values produced using these methods are highly sensitive to the underlying assumptions used for the amounts and for the timing of future cash flows, discount rates and possible market illiquidity. The following methods and assumptions have been used.
The fair value of cash and cash equivalents is assumed to be almost equal to their carrying amount. This assumption is used for highly liquid investments and for the short-term component of all other financial assets and liabilities.
Loans and advances to credit institutions also include interbank placings and items to be collected. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on appropriate money market interest rates for debts with comparable credit risks and terms to maturity.
Financial assets held for trading are carried at fair value based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Derivatives are recognized at fair value determined on the basis of listed market prices (mid-prices are used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments which reflect the time value of money, yield curves and the volatility of the underlying assets and liabilities.
Credit valuation adjustments (CVA) are included in the valuation of OTC derivatives to reflect expected credit losses related to the non-performance risk of a given counterparty. A CVA is determined per counterparty and depends on expected future exposure taking into account collateral, netting agreements and other relevant contractual factors, default probability and recovery rates. The CVA calculation is based on available market data including credit default swap (CDS) spreads. If CDS spreads are not available relevant proxies are used. A debit valuation adjustment (DVA) is made to include own credit in the valuation of OTC derivatives. The calculation of DVA is consistent with the CVA framework and is calculated using the Rabobank CDS spread. Another set of factors taken into account is the funding valuation adjustments (FVA). FVA concerns the valuation difference between transactions hedged by securities and transactions not hedged by securities. Collateralized derivative transactions are valued by means of a discounting curve, based on the Overnight Indexed Swap. Non-collateralized derivative transactions are valued by means of a discounting curve, based on Euribor plus a spread which reflects the market conditions.
These financial assets are carried at fair value based on quoted prices in an active market if available. If not, they are estimated from comparable assets on the market, or using valuation methods, that include the appropriate discounted cash flow models and option valuation models.
The fair value of loans and advances to customers is estimated by discounting expected future cash flows using current market rates for similar loans, considering the creditworthiness of the counterparty. For the fair valuation of residential mortgage loans, the contractual cash flows are adjusted for the prepayment rate of the portfolio. For variable-interest loans that are repriced regularly and do not vary significantly in terms of credit risk, the fair value approximates the carrying amount.
These financial assets are measured at fair value based on listed market prices. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Deposits from credit institutions include interbank placings, items to be collected and deposits. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on valid money market interest rates for debts with comparable credit risks and terms to maturity.
Deposits from customers includes current accounts and deposits. The fair value of savings and current account balances that have no specific termination date are assumed to be the amount payable on demand on the reporting date, that is, their carrying amount on that date. The fair value of deposits is estimated from the present value of the cash flows based on current bid rates for interest for similar arrangements and terms to maturity that also match the items to be measured. The carrying amount of variable-interest deposits is a good approximation of their fair value on the reporting date.
The fair value of financial liabilities held for trading is based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated on the basis of valuation models.
The fair value option is used to eliminate the accounting mismatch and valuation asymmetry between these instruments and the economic hedging derivatives that would occur if these instruments were accounted for at amortized cost. The financial liabilities designated at fair value include structured notes and structured deposits which are managed and reported on a fair value basis with the hedging derivatives. The fair value of these liabilities is determined by discounting contractual cash flows using credit adjusted yield curves based on available market data in the secondary market. All other market risk parameters are valued consistently with derivatives used to hedge the market risk in these liabilities. Changes in the fair value that are attributable to changes in own credit risk are reported in \"Other comprehensive income\". The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of the structured notes portfolio at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
The fair value of these instruments is calculated using quoted prices in an active market. For debt securities for which no quoted prices on an active market are available, a discounted cash flow model is used based on credit adjusted yield curves appropriate for the term to maturity.
The following table shows the fair value of financial instruments, recognized at amortized cost based on the valuation methods and assumptions detailed below. This table is included because not all financial instruments are recognized at fair value in the balance sheet. Fair value represents the price that would have been either received for the sale of an asset or paid in order to transfer a liability in a standard transaction conducted between market participants on the valuation date.
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
| Amounts in millions of euros | Carrying amount | Fair value | Carrying amount | Fair value |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | 62,771 | 62,770 | 84,874 | 84,875 |
| Loans and advances to credit institutions | 33,052 | 33,052 | 27,035 | 27,014 |
| Loans and advances to customers | 472,319 | 472,511 | 454,485 | 455,448 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 10,217 | 10,203 | 12,447 | 12,381 |
| Deposits from customers | 433,903 | 433,591 | 411,436 | 411,921 |
| Debt securities in issue | 110,945 | 109,187 | 116,762 | 114,790 |
| Subordinated liabilities | 6,010 | 6,458 | 7,909 | 8,415 |
The above figures represent management's best estimates on a range of methods and assumptions. If a quoted price in an active market is available, this is the best estimate of fair value.
If no quoted prices in an active market are available for fixed-term securities, equity instruments, derivatives, and commodity instruments, Rabobank bases the expected fair value on the present value of the future cash flows, discounted at market rates which correspond to the credit ratings and terms to maturity of the investments. A model-based price can also be used to determine fair value.
Rabobank follows a policy of having all models used for valuing financial instruments in the statement of financial position validated by expert staff who are independent of the staff who determine the fair values of the financial instruments.
In determining market values or fair values, various factors have been considered. These factors include the time value of money, volatility, underlying options, and credit quality of the counterparty. The valuation process has been designed in such a way that market prices that are available on a periodic basis are systematically used. Modifications to assumptions might affect the fair value of financial assets and liabilities held for trading and non-trading purposes.
The table on the next page illustrates the fair value hierarchy used in determining the fair value of financial assets and liabilities. The breakdown is:
Level 1: Quoted prices in active markets for identical assets or liabilities; an \"active market\" is a market in which transactions relating to the asset or liability occur in sufficient frequency and at a sufficient volume to provide price information on a permanent basis.
Level 2: Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability not based on observable market data.
For recurrent valuations of financial instruments at fair value, Rabobank determines when transfers between the various categories of the fair-value hierarchy occurred by reassessing the level at the end of each reporting period.
| Amounts in millions of euros | \u00a0 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
On December 31 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 62,770 | - | - | 62,770 |
| Loans and advances to credit institutions | \u00a0 | - | 30,209 | 2,843 | 33,052 |
| Loans and advances to customers | \u00a0 | - | 69,953 | 402,558 | 472,511 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | \u00a0 | 1,402 | 73 | 1,544 | 3,019 |
| Financial assets mandatorily at fair value | \u00a0 | 445 | 635 | 1,938 | 3,018 |
| Derivatives | \u00a0 | 23 | 19,496 | 104 | 19,623 |
| Financial assets at fair value through other comprehensive income | \u00a0 | 29,215 | 222 | 117 | 29,554 |
| Non-current assets held for sale | \u00a0 | - | - | 112 | 112 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | \u00a0 | - | 10,181 | 22 | 10,203 |
| Deposits from customers | \u00a0 | - | 67,500 | 366,091 | 433,591 |
| Debt securities in issue | \u00a0 | 70,486 | 38,631 | 70 | 109,187 |
| Subordinated liabilities | \u00a0 | 6,237 | 221 | - | 6,458 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | \u00a0 | 26 | 12,723 | 113 | 12,862 |
| Financial liabilities held for trading | \u00a0 | 464 | - | - | 464 |
| Financial liabilities designated at fair value | \u00a0 | 113 | 1,945 | - | 2,058 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | \u00a0 | Level 1 | Level 2 | Level 3 | Total |
On December 31 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 84,875 | - | - | 84,875 |
| Loans and advances to credit institutions | \u00a0 | - | 24,253 | 2,761 | 27,014 |
| Loans and advances to customers | \u00a0 | - | 67,086 | 388,362 | 455,448 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | \u00a0 | 1,140 | 107 | 493 | 1,740 |
| Financial assets mandatorily at fair value | \u00a0 | 311 | 619 | 2,239 | 3,169 |
| Derivatives | \u00a0 | 34 | 23,343 | 53 | 23,430 |
| Financial assets at fair value through other comprehensive income | \u00a0 | 18,427 | 279 | 117 | 18,823 |
| Non-current assets held for sale | \u00a0 | - | - | 142 | 142 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | \u00a0 | - | 12,350 | 31 | 12,381 |
| Deposits from customers | \u00a0 | - | 69,847 | 342,074 | 411,921 |
| Debt securities in issue | \u00a0 | 65,531 | 49,259 | - | 114,790 |
| Subordinated liabilities | \u00a0 | 8,160 | 255 | - | 8,415 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | \u00a0 | 15 | 17,297 | 63 | 17,375 |
| Financial liabilities held for trading | \u00a0 | 277 | - | - | 277 |
| Financial liabilities designated at fair value | \u00a0 | 270 | 2,296 | - | 2,566 |
The potential effect before taxation, if more favorable reasonable assumptions are used for the valuation of the financial instruments in level 3 on the statement of income, is EUR 244 million (2024: EUR 190 million) and EUR 0 million (2024: EUR 0 million) on other comprehensive income. The potential effect before taxation, if more unfavorable reasonable assumptions are used for the valuation of financial instruments in level 3 on the statement of income, is EUR -243 million (2024: EUR -189 million) and EUR 0 million (2024: EUR 0 million) on other comprehensive income.
Financial assets at fair value categorized in Level 3 mainly include private equity interests (in 2024: also including the equity stake in Mechanics Bank) for a total amount of EUR 1,711 million as at December 31, 2025 (2024: EUR 2,065 million). A significant unobservable input for the valuation of the private equity interests is the multiplier which is applied to the EBITDA. The average weighted multiplier is 10.7 (2024: 10.9), with a bandwidth of -1 (unfavorable) and +1 (favorable) of the multiplier.
The table shows movements in the financial instruments which are stated at fair value in the statement of financial position and which are categorized in Level 3. The fair value adjustments in Level 3 which are included in equity are accounted for in the revaluation reserves for financial assets at fair value through comprehensive income.
In 2025 there were no significant transfers between level 1 and level 2.
| Amounts in millions of euros | Balance on January 1, 2025 | Fair value changes incorporated in profit or loss | Fair value changes incorporated in OCI | Purchases | Sales | Settlements | Transfers to or from level 3 | Transfers to assets held for sale | Balance on December 31, 2025 |
|---|---|---|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 493 | 7 | - | 1,495 | (409) | (42) | - | - | 1,544 |
| Financial assets mandatorily at fair value | 2,239 | 49 | - | 268 | (289) | (17) | (312) | - | 1,938 |
| Derivatives | 53 | 56 | - | - | - | - | (5) | - | 104 |
| Financial assets at fair value through other comprehensive income | 117 | - | 11 | 8 | - | - | (19) | - | 117 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 63 | 49 | - | - | - | 1 | - | - | 113 |
| Financial liabilities designated at fair value | - | - | - | - | - | - | - | - | - |
| Amounts in millions of euros | Balance on January 1, 2024 | Fair value changes incorporated in profit or loss | Fair value changes incorporated in OCI | Purchases | Sales | Settlements | Transfers to or from level 3 | Transfers to assets held for sale | Balance on December 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 741 | 30 | - | 681 | (890) | (69) | - | - | 493 |
| Financial assets mandatorily at fair value | 2,150 | 102 | - | 319 | (132) | (200) | - | - | 2,239 |
| Derivatives | 57 | 2 | - | - | - | (5) | (1) | - | 53 |
| Financial assets at fair value through other comprehensive income | 137 | - | (31) | 15 | (4) | - | - | - | 117 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 79 | (8) | - | - | - | (8) | - | - | 63 |
| Financial liabilities designated at fair value | - | - | - | - | - | - | - | - | - |
The amount of total gains or losses recognized in the statement of income relating to the assets and liabilities in Level 3 is shown in the following table.
| Amounts in millions of euros | Instruments held at the end of the reporting period | Instruments no longer held at the end of the reporting period | Total |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
Assets | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 7 | - | 7 |
| Financial assets mandatorily at fair value | 2 | 47 | 49 |
| Derivatives | 55 | 1 | 56 |
| Financial assets at fair value through other comprehensive income | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 49 | - | 49 |
| Financial liabilities designated at fair value | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
Assets | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | (1) | 31 | 30 |
| Financial assets mandatorily at fair value | 129 | (27) | 102 |
| Derivatives | 2 | - | 2 |
| Financial assets at fair value through other comprehensive income | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | (8) | - | (8) |
| Financial liabilities designated at fair value | - | - | - |
For fair value measurement Rabobank assumes that the transaction to sell an asset or transfer a liability is conducted in the principal market for the asset or liability, or in the most advantageous market if no principal market exists.
Market prices are not available for a large number of the financial assets and liabilities that Rabobank holds or issues. For financial instruments for which no market prices are available, the fair values shown in the following table have been estimated using the present value or the results of other estimation and valuation methods, based on the market conditions on the reporting date. The values produced using these methods are highly sensitive to the underlying assumptions used for the amounts and for the timing of future cash flows, discount rates and possible market illiquidity. The following methods and assumptions have been used.
The fair value of cash and cash equivalents is assumed to be almost equal to their carrying amount. This assumption is used for highly liquid investments and for the short-term component of all other financial assets and liabilities.
Loans and advances to credit institutions also include interbank placings and items to be collected. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on appropriate money market interest rates for debts with comparable credit risks and terms to maturity.
Financial assets held for trading are carried at fair value based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Derivatives are recognized at fair value determined on the basis of listed market prices (mid-prices are used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments which reflect the time value of money, yield curves and the volatility of the underlying assets and liabilities.
Credit valuation adjustments (CVA) are included in the valuation of OTC derivatives to reflect expected credit losses related to the non-performance risk of a given counterparty. A CVA is determined per counterparty and depends on expected future exposure taking into account collateral, netting agreements and other relevant contractual factors, default probability and recovery rates. The CVA calculation is based on available market data including credit default swap (CDS) spreads. If CDS spreads are not available relevant proxies are used. A debit valuation adjustment (DVA) is made to include own credit in the valuation of OTC derivatives. The calculation of DVA is consistent with the CVA framework and is calculated using the Rabobank CDS spread. Another set of factors taken into account is the funding valuation adjustments (FVA). FVA concerns the valuation difference between transactions hedged by securities and transactions not hedged by securities. Collateralized derivative transactions are valued by means of a discounting curve, based on the Overnight Indexed Swap. Non-collateralized derivative transactions are valued by means of a discounting curve, based on Euribor plus a spread which reflects the market conditions.
These financial assets are carried at fair value based on quoted prices in an active market if available. If not, they are estimated from comparable assets on the market, or using valuation methods, that include the appropriate discounted cash flow models and option valuation models.
The fair value of loans and advances to customers is estimated by discounting expected future cash flows using current market rates for similar loans, considering the creditworthiness of the counterparty. For the fair valuation of residential mortgage loans, the contractual cash flows are adjusted for the prepayment rate of the portfolio. For variable-interest loans that are repriced regularly and do not vary significantly in terms of credit risk, the fair value approximates the carrying amount.
These financial assets are measured at fair value based on listed market prices. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Deposits from credit institutions include interbank placings, items to be collected and deposits. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on valid money market interest rates for debts with comparable credit risks and terms to maturity.
Deposits from customers includes current accounts and deposits. The fair value of savings and current account balances that have no specific termination date are assumed to be the amount payable on demand on the reporting date, that is, their carrying amount on that date. The fair value of deposits is estimated from the present value of the cash flows based on current bid rates for interest for similar arrangements and terms to maturity that also match the items to be measured. The carrying amount of variable-interest deposits is a good approximation of their fair value on the reporting date.
The fair value of financial liabilities held for trading is based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated on the basis of valuation models.
The fair value option is used to eliminate the accounting mismatch and valuation asymmetry between these instruments and the economic hedging derivatives that would occur if these instruments were accounted for at amortized cost. The financial liabilities designated at fair value include structured notes and structured deposits which are managed and reported on a fair value basis with the hedging derivatives. The fair value of these liabilities is determined by discounting contractual cash flows using credit adjusted yield curves based on available market data in the secondary market. All other market risk parameters are valued consistently with derivatives used to hedge the market risk in these liabilities. Changes in the fair value that are attributable to changes in own credit risk are reported in \"Other comprehensive income\". The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of the structured notes portfolio at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
The fair value of these instruments is calculated using quoted prices in an active market. For debt securities for which no quoted prices on an active market are available, a discounted cash flow model is used based on credit adjusted yield curves appropriate for the term to maturity.
The following table shows the fair value of financial instruments, recognized at amortized cost based on the valuation methods and assumptions detailed below. This table is included because not all financial instruments are recognized at fair value in the balance sheet. Fair value represents the price that would have been either received for the sale of an asset or paid in order to transfer a liability in a standard transaction conducted between market participants on the valuation date.
| \u00a0 | 2025 | 2024 | ||
|---|---|---|---|---|
| Amounts in millions of euros | Carrying amount | Fair value | Carrying amount | Fair value |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | 62,771 | 62,770 | 84,874 | 84,875 |
| Loans and advances to credit institutions | 33,052 | 33,052 | 27,035 | 27,014 |
| Loans and advances to customers | 472,319 | 472,511 | 454,485 | 455,448 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | 10,217 | 10,203 | 12,447 | 12,381 |
| Deposits from customers | 433,903 | 433,591 | 411,436 | 411,921 |
| Debt securities in issue | 110,945 | 109,187 | 116,762 | 114,790 |
| Subordinated liabilities | 6,010 | 6,458 | 7,909 | 8,415 |
The above figures represent management's best estimates on a range of methods and assumptions. If a quoted price in an active market is available, this is the best estimate of fair value.
If no quoted prices in an active market are available for fixed-term securities, equity instruments, derivatives, and commodity instruments, Rabobank bases the expected fair value on the present value of the future cash flows, discounted at market rates which correspond to the credit ratings and terms to maturity of the investments. A model-based price can also be used to determine fair value.
Rabobank follows a policy of having all models used for valuing financial instruments in the statement of financial position validated by expert staff who are independent of the staff who determine the fair values of the financial instruments.
In determining market values or fair values, various factors have been considered. These factors include the time value of money, volatility, underlying options, and credit quality of the counterparty. The valuation process has been designed in such a way that market prices that are available on a periodic basis are systematically used. Modifications to assumptions might affect the fair value of financial assets and liabilities held for trading and non-trading purposes.
The table on the next page illustrates the fair value hierarchy used in determining the fair value of financial assets and liabilities. The breakdown is:
Level 1: Quoted prices in active markets for identical assets or liabilities; an \"active market\" is a market in which transactions relating to the asset or liability occur in sufficient frequency and at a sufficient volume to provide price information on a permanent basis.
Level 2: Inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability not based on observable market data.
For recurrent valuations of financial instruments at fair value, Rabobank determines when transfers between the various categories of the fair-value hierarchy occurred by reassessing the level at the end of each reporting period.
| Amounts in millions of euros | \u00a0 | Level 1 | Level 2 | Level 3 | Total |
|---|---|---|---|---|---|
On December 31 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 62,770 | - | - | 62,770 |
| Loans and advances to credit institutions | \u00a0 | - | 30,209 | 2,843 | 33,052 |
| Loans and advances to customers | \u00a0 | - | 69,953 | 402,558 | 472,511 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | \u00a0 | 1,402 | 73 | 1,544 | 3,019 |
| Financial assets mandatorily at fair value | \u00a0 | 445 | 635 | 1,938 | 3,018 |
| Derivatives | \u00a0 | 23 | 19,496 | 104 | 19,623 |
| Financial assets at fair value through other comprehensive income | \u00a0 | 29,215 | 222 | 117 | 29,554 |
| Non-current assets held for sale | \u00a0 | - | - | 112 | 112 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | \u00a0 | - | 10,181 | 22 | 10,203 |
| Deposits from customers | \u00a0 | - | 67,500 | 366,091 | 433,591 |
| Debt securities in issue | \u00a0 | 70,486 | 38,631 | 70 | 109,187 |
| Subordinated liabilities | \u00a0 | 6,237 | 221 | - | 6,458 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | \u00a0 | 26 | 12,723 | 113 | 12,862 |
| Financial liabilities held for trading | \u00a0 | 464 | - | - | 464 |
| Financial liabilities designated at fair value | \u00a0 | 113 | 1,945 | - | 2,058 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | \u00a0 | Level 1 | Level 2 | Level 3 | Total |
On December 31 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cash and cash equivalents | \u00a0 | 84,875 | - | - | 84,875 |
| Loans and advances to credit institutions | \u00a0 | - | 24,253 | 2,761 | 27,014 |
| Loans and advances to customers | \u00a0 | - | 67,086 | 388,362 | 455,448 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Assets carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | \u00a0 | 1,140 | 107 | 493 | 1,740 |
| Financial assets mandatorily at fair value | \u00a0 | 311 | 619 | 2,239 | 3,169 |
| Derivatives | \u00a0 | 34 | 23,343 | 53 | 23,430 |
| Financial assets at fair value through other comprehensive income | \u00a0 | 18,427 | 279 | 117 | 18,823 |
| Non-current assets held for sale | \u00a0 | - | - | 142 | 142 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at amortized cost in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions | \u00a0 | - | 12,350 | 31 | 12,381 |
| Deposits from customers | \u00a0 | - | 69,847 | 342,074 | 411,921 |
| Debt securities in issue | \u00a0 | 65,531 | 49,259 | - | 114,790 |
| Subordinated liabilities | \u00a0 | 8,160 | 255 | - | 8,415 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities carried at fair value in the statement of financial position | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | \u00a0 | 15 | 17,297 | 63 | 17,375 |
| Financial liabilities held for trading | \u00a0 | 277 | - | - | 277 |
| Financial liabilities designated at fair value | \u00a0 | 270 | 2,296 | - | 2,566 |
The potential effect before taxation, if more favorable reasonable assumptions are used for the valuation of the financial instruments in level 3 on the statement of income, is EUR 244 million (2024: EUR 190 million) and EUR 0 million (2024: EUR 0 million) on other comprehensive income. The potential effect before taxation, if more unfavorable reasonable assumptions are used for the valuation of financial instruments in level 3 on the statement of income, is EUR -243 million (2024: EUR -189 million) and EUR 0 million (2024: EUR 0 million) on other comprehensive income.
Financial assets at fair value categorized in Level 3 mainly include private equity interests (in 2024: also including the equity stake in Mechanics Bank) for a total amount of EUR 1,711 million as at December 31, 2025 (2024: EUR 2,065 million). A significant unobservable input for the valuation of the private equity interests is the multiplier which is applied to the EBITDA. The average weighted multiplier is 10.7 (2024: 10.9), with a bandwidth of -1 (unfavorable) and +1 (favorable) of the multiplier.
The table shows movements in the financial instruments which are stated at fair value in the statement of financial position and which are categorized in Level 3. The fair value adjustments in Level 3 which are included in equity are accounted for in the revaluation reserves for financial assets at fair value through comprehensive income.
In 2025 there were no significant transfers between level 1 and level 2.
| Amounts in millions of euros | Balance on January 1, 2025 | Fair value changes incorporated in profit or loss | Fair value changes incorporated in OCI | Purchases | Sales | Settlements | Transfers to or from level 3 | Transfers to assets held for sale | Balance on December 31, 2025 |
|---|---|---|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 493 | 7 | - | 1,495 | (409) | (42) | - | - | 1,544 |
| Financial assets mandatorily at fair value | 2,239 | 49 | - | 268 | (289) | (17) | (312) | - | 1,938 |
| Derivatives | 53 | 56 | - | - | - | - | (5) | - | 104 |
| Financial assets at fair value through other comprehensive income | 117 | - | 11 | 8 | - | - | (19) | - | 117 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 63 | 49 | - | - | - | 1 | - | - | 113 |
| Financial liabilities designated at fair value | - | - | - | - | - | - | - | - | - |
| Amounts in millions of euros | Balance on January 1, 2024 | Fair value changes incorporated in profit or loss | Fair value changes incorporated in OCI | Purchases | Sales | Settlements | Transfers to or from level 3 | Transfers to assets held for sale | Balance on December 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 741 | 30 | - | 681 | (890) | (69) | - | - | 493 |
| Financial assets mandatorily at fair value | 2,150 | 102 | - | 319 | (132) | (200) | - | - | 2,239 |
| Derivatives | 57 | 2 | - | - | - | (5) | (1) | - | 53 |
| Financial assets at fair value through other comprehensive income | 137 | - | (31) | 15 | (4) | - | - | - | 117 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 79 | (8) | - | - | - | (8) | - | - | 63 |
| Financial liabilities designated at fair value | - | - | - | - | - | - | - | - | - |
The amount of total gains or losses recognized in the statement of income relating to the assets and liabilities in Level 3 is shown in the following table.
| Amounts in millions of euros | Instruments held at the end of the reporting period | Instruments no longer held at the end of the reporting period | Total |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
Assets | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | 7 | - | 7 |
| Financial assets mandatorily at fair value | 2 | 47 | 49 |
| Derivatives | 55 | 1 | 56 |
| Financial assets at fair value through other comprehensive income | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 49 | - | 49 |
| Financial liabilities designated at fair value | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
Assets | \u00a0 | \u00a0 | \u00a0 |
| Financial assets held for trading | (1) | 31 | 30 |
| Financial assets mandatorily at fair value | 129 | (27) | 102 |
| Derivatives | 2 | - | 2 |
| Financial assets at fair value through other comprehensive income | - | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | (8) | - | (8) |
| Financial liabilities designated at fair value | - | - | - |
For fair value measurement Rabobank assumes that the transaction to sell an asset or transfer a liability is conducted in the principal market for the asset or liability, or in the most advantageous market if no principal market exists.
Market prices are not available for a large number of the financial assets and liabilities that Rabobank holds or issues. For financial instruments for which no market prices are available, the fair values shown in the following table have been estimated using the present value or the results of other estimation and valuation methods, based on the market conditions on the reporting date. The values produced using these methods are highly sensitive to the underlying assumptions used for the amounts and for the timing of future cash flows, discount rates and possible market illiquidity. The following methods and assumptions have been used.
The fair value of cash and cash equivalents is assumed to be almost equal to their carrying amount. This assumption is used for highly liquid investments and for the short-term component of all other financial assets and liabilities.
Loans and advances to credit institutions also include interbank placings and items to be collected. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on appropriate money market interest rates for debts with comparable credit risks and terms to maturity.
Financial assets held for trading are carried at fair value based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Derivatives are recognized at fair value determined on the basis of listed market prices (mid-prices are used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments which reflect the time value of money, yield curves and the volatility of the underlying assets and liabilities.
Credit valuation adjustments (CVA) are included in the valuation of OTC derivatives to reflect expected credit losses related to the non-performance risk of a given counterparty. A CVA is determined per counterparty and depends on expected future exposure taking into account collateral, netting agreements and other relevant contractual factors, default probability and recovery rates. The CVA calculation is based on available market data including credit default swap (CDS) spreads. If CDS spreads are not available relevant proxies are used. A debit valuation adjustment (DVA) is made to include own credit in the valuation of OTC derivatives. The calculation of DVA is consistent with the CVA framework and is calculated using the Rabobank CDS spread. Another set of factors taken into account is the funding valuation adjustments (FVA). FVA concerns the valuation difference between transactions hedged by securities and transactions not hedged by securities. Collateralized derivative transactions are valued by means of a discounting curve, based on the Overnight Indexed Swap. Non-collateralized derivative transactions are valued by means of a discounting curve, based on Euribor plus a spread which reflects the market conditions.
These financial assets are carried at fair value based on quoted prices in an active market if available. If not, they are estimated from comparable assets on the market, or using valuation methods, that include the appropriate discounted cash flow models and option valuation models.
The fair value of loans and advances to customers is estimated by discounting expected future cash flows using current market rates for similar loans, considering the creditworthiness of the counterparty. For the fair valuation of residential mortgage loans, the contractual cash flows are adjusted for the prepayment rate of the portfolio. For variable-interest loans that are repriced regularly and do not vary significantly in terms of credit risk, the fair value approximates the carrying amount.
These financial assets are measured at fair value based on listed market prices. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Deposits from credit institutions include interbank placings, items to be collected and deposits. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on valid money market interest rates for debts with comparable credit risks and terms to maturity.
Deposits from customers includes current accounts and deposits. The fair value of savings and current account balances that have no specific termination date are assumed to be the amount payable on demand on the reporting date, that is, their carrying amount on that date. The fair value of deposits is estimated from the present value of the cash flows based on current bid rates for interest for similar arrangements and terms to maturity that also match the items to be measured. The carrying amount of variable-interest deposits is a good approximation of their fair value on the reporting date.
The fair value of financial liabilities held for trading is based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated on the basis of valuation models.
The fair value option is used to eliminate the accounting mismatch and valuation asymmetry between these instruments and the economic hedging derivatives that would occur if these instruments were accounted for at amortized cost. The financial liabilities designated at fair value include structured notes and structured deposits which are managed and reported on a fair value basis with the hedging derivatives. The fair value of these liabilities is determined by discounting contractual cash flows using credit adjusted yield curves based on available market data in the secondary market. All other market risk parameters are valued consistently with derivatives used to hedge the market risk in these liabilities. Changes in the fair value that are attributable to changes in own credit risk are reported in \"Other comprehensive income\". The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of the structured notes portfolio at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
The fair value of these instruments is calculated using quoted prices in an active market. For debt securities for which no quoted prices on an active market are available, a discounted cash flow model is used based on credit adjusted yield curves appropriate for the term to maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i20676": { "value": "For fair value measurement Rabobank assumes that the transaction to sell an asset or transfer a liability is conducted in the principal market for the asset or liability, or in the most advantageous market if no principal market exists.
Market prices are not available for a large number of the financial assets and liabilities that Rabobank holds or issues. For financial instruments for which no market prices are available, the fair values shown in the following table have been estimated using the present value or the results of other estimation and valuation methods, based on the market conditions on the reporting date. The values produced using these methods are highly sensitive to the underlying assumptions used for the amounts and for the timing of future cash flows, discount rates and possible market illiquidity. The following methods and assumptions have been used.
The fair value of cash and cash equivalents is assumed to be almost equal to their carrying amount. This assumption is used for highly liquid investments and for the short-term component of all other financial assets and liabilities.
Loans and advances to credit institutions also include interbank placings and items to be collected. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on appropriate money market interest rates for debts with comparable credit risks and terms to maturity.
Financial assets held for trading are carried at fair value based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Derivatives are recognized at fair value determined on the basis of listed market prices (mid-prices are used for EUR, USD and GBP derivatives that have a bid-ask range), prices offered by traders, discounted cash flow models and option valuation models based on current market prices and contract prices for the underlying instruments which reflect the time value of money, yield curves and the volatility of the underlying assets and liabilities.
Credit valuation adjustments (CVA) are included in the valuation of OTC derivatives to reflect expected credit losses related to the non-performance risk of a given counterparty. A CVA is determined per counterparty and depends on expected future exposure taking into account collateral, netting agreements and other relevant contractual factors, default probability and recovery rates. The CVA calculation is based on available market data including credit default swap (CDS) spreads. If CDS spreads are not available relevant proxies are used. A debit valuation adjustment (DVA) is made to include own credit in the valuation of OTC derivatives. The calculation of DVA is consistent with the CVA framework and is calculated using the Rabobank CDS spread. Another set of factors taken into account is the funding valuation adjustments (FVA). FVA concerns the valuation difference between transactions hedged by securities and transactions not hedged by securities. Collateralized derivative transactions are valued by means of a discounting curve, based on the Overnight Indexed Swap. Non-collateralized derivative transactions are valued by means of a discounting curve, based on Euribor plus a spread which reflects the market conditions.
These financial assets are carried at fair value based on quoted prices in an active market if available. If not, they are estimated from comparable assets on the market, or using valuation methods, that include the appropriate discounted cash flow models and option valuation models.
The fair value of loans and advances to customers is estimated by discounting expected future cash flows using current market rates for similar loans, considering the creditworthiness of the counterparty. For the fair valuation of residential mortgage loans, the contractual cash flows are adjusted for the prepayment rate of the portfolio. For variable-interest loans that are repriced regularly and do not vary significantly in terms of credit risk, the fair value approximates the carrying amount.
These financial assets are measured at fair value based on listed market prices. If quoted prices in an active market are not available, the fair value is estimated based on discounted cash flow models and option valuation models.
Deposits from credit institutions include interbank placings, items to be collected and deposits. The fair values of floating rate placings, which are repriced regularly and do not vary significantly in terms of credit risk, and overnight deposits are their carrying amounts. The estimated fair value of fixed-interest deposits is based on the present value of the cash flows, calculated based on valid money market interest rates for debts with comparable credit risks and terms to maturity.
Deposits from customers includes current accounts and deposits. The fair value of savings and current account balances that have no specific termination date are assumed to be the amount payable on demand on the reporting date, that is, their carrying amount on that date. The fair value of deposits is estimated from the present value of the cash flows based on current bid rates for interest for similar arrangements and terms to maturity that also match the items to be measured. The carrying amount of variable-interest deposits is a good approximation of their fair value on the reporting date.
The fair value of financial liabilities held for trading is based on available quoted prices in an active market. If quoted prices in an active market are not available, the fair value is estimated on the basis of valuation models.
The fair value option is used to eliminate the accounting mismatch and valuation asymmetry between these instruments and the economic hedging derivatives that would occur if these instruments were accounted for at amortized cost. The financial liabilities designated at fair value include structured notes and structured deposits which are managed and reported on a fair value basis with the hedging derivatives. The fair value of these liabilities is determined by discounting contractual cash flows using credit adjusted yield curves based on available market data in the secondary market. All other market risk parameters are valued consistently with derivatives used to hedge the market risk in these liabilities. Changes in the fair value that are attributable to changes in own credit risk are reported in \"Other comprehensive income\". The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of the structured notes portfolio at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
The fair value of these instruments is calculated using quoted prices in an active market. For debt securities for which no quoted prices on an active market are available, a discounted cash flow model is used based on credit adjusted yield curves appropriate for the term to maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i21460": { "value": "Rabobank is active in a legal and regulatory environment that exposes it to a substantial risk of litigation. Rabobank is involved in legal cases, arbitrations, and regulatory proceedings in the Netherlands and in other countries. The most relevant legal and regulatory claims which could give rise to liability on the part of Rabobank are described below. Provisions for legal claims are recognized for obligations arising as a result of a past event where it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When determining whether the probability that claims lead to an outflow of resources is more likely than not (i.e. with a likelihood of over 50%), Rabobank takes several factors into account. These factors include (but are not limited to) the type of claim and the underlying facts; the procedural history of each case; rulings from legal and arbitration bodies; Rabobank\u2019s experience and that of third parties in similar cases (if known); previous (third-party) settlements in similar cases (where known); available (potential) recourse; and the advice and opinions of legal advisors and other experts. Similar types of cases are grouped together and some cases may also consist of a number of claims. When information about estimated loss for individual cases is assessed by Rabobank as being expected to seriously prejudice its position in a dispute with other parties, this information is not disclosed separately. The estimated potential losses and provisions are based on the information available at the time and are largely subject to judgments and a number of different assumptions, variables and known and unknown uncertainties. These uncertainties may include the inaccuracy or incompleteness of information available to Rabobank (especially in the early stages of a case). In addition, assumptions made by Rabobank about the future rulings of legal- or other instances or the likely actions or attitudes of supervisory bodies or the parties opposing Rabobank may turn out to be incorrect. Furthermore, estimates of potential losses relating to legal disputes are often impossible to process using statistical or other quantitative analysis instruments that are generally used to make judgments and estimates. The group of cases for which Rabobank determines that the risk of future outflows of funds is more likely than not to occur varies over time, as do the number of cases for which the bank can estimate the potential loss. In practice, the end results could turn out considerably higher or lower than the estimates of potential losses in those cases where an estimate was made. Rabobank can also sustain losses from legal risks where the occurrence of a loss may not be probable, but is not improbable either, and for which no provisions have been recognized. For those cases where (a) the probability of an outflow of funds is not probable but also not remote or (b) the probability of an outflow of funds is more likely than not but the potential loss cannot be estimated reliably, a contingent liability is disclosed. Rabobank may settle legal cases or regulatory proceedings or investigations before any fine is imposed or liability is determined. Reasons for settling could include (i) the wish to avoid costs and/or management effort (ii) avoiding other adverse business consequences and/or (iii) pre-empt the regulatory or reputational consequences of continuing with disputes relating to liability, even if Rabobank believes it has good arguments in its defense. Furthermore, Rabobank may, for the same reasons, compensate third parties for their losses, even in situations where Rabobank does not believe that it is legally required to do so.
In December 2022, the Dutch Public Prosecutor (DPP) announced that it considered Rabobank as a suspect in connection to (alleged) violations of the Wwft and started criminal investigations. In its press release of 9 April 2025, the DPP indicated that it has decided to summon Rabobank and that the criminal investigation is in the final phase. In December 2025, an initial draft indictment was received. This draft indictment lacks any specific details, so it is not clear what exact allegations DPP is making against the Bank. Currently the timeframe and potential outcome remain unclear. Consequently, the nature and materiality of the potential impact cannot be reliably estimated beyond stating that it has the potential to be significant.
As announced by the European Commission by means of a press release on November 22, 2023, the Commission fined Rabobank EUR 26.6 million in connection with certain historic communications between a small number of individuals at Deutsche Bank and Rabobank, which the Commission has concluded breached EU competition law. These proceedings relate to conduct between 2006 and 2016 on the secondary market for Euro-denominated SSA (Supra-Sovereign, Foreign Sovereign, Sub-Sovereign/Agency) and Government Guaranteed bonds in the European Economic Area (EEA). Rabobank cooperated with the Commission\u2019s investigation and is disappointed by the outcome. The Bank lodged an appeal against the EC\u2019s decision before the EU General Court, which is ongoing. The amount of the fine has been paid in full. Relatedly, a putative class action suit was brought against Rabobank and the other bank by civil plaintiffs before the United States District Court for the Southern District of New York on December 9, 2022. On September 11, 2024, the Court dismissed the case with prejudice.
Rabobank, along with a large number of other panel banks and inter-dealer brokers, has been named as a defendant in a number of putative class action suits and individual civil court cases brought before the courts in the United States. These proceedings relate to U.S. Dollar (USD) Libor, Japanese Yen (JPY) Libor, Tibor (note: Rabobank was never a member of the Tibor panel) and Euribor. Rabobank also received writs of summons ordering Rabobank to appear before the Dutch and Argentine Court in civil proceedings (both class action suits) relating to interest rate benchmarks. Since the civil proceedings set out above are intrinsically subject to uncertainties, it is difficult to predict their outcome. Rabobank takes the stance that it has substantive and convincing legal and factual defenses against these claims. Rabobank intends to continue to defend itself against these claims. Rabobank considers this group of benchmark litigation to be a contingent liability because the probability of an outflow of funds is neither probable nor remote. Rabobank cannot give a reliable estimate of the expected total outflow of this contingent liability. No provision has been made.
Rabobank is subject to other legal proceedings for which provisions have been recognized. These cases are individually less significant in size and are therefore not separately disclosed. The total provision for the cases of which the amount of the provision is not specified above amounts to EUR 36 million (December 31, 2024: EUR 63 million). The maximum amount of non-remote measurable contingent liabilities relating to claims not specified above is EUR 45 million (December 31, 2024: EUR 37 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i22156": { "value": "The business segments Rabobank uses in its reporting are defined from a management viewpoint. This means that the segments are reviewed as part of Rabobank's strategic management and are used to make business decisions with different risks and returns.
Rabobank distinguishes five major business segments: Domestic Retail Banking; Wholesale & Rural (W&R); Leasing; Property Development; and Other Segments.
Domestic Retail Banking mainly encompasses the activities of Retail NL, Obvion, Vista Hypotheken and Freo.
Wholesale and Rural (W&R) contains wholesale activities in the Netherlands and focuses on the food & agri sectors and the energy transition sectors internationally. This segment develops corporate banking activities and also controls globally operating divisions such as Markets, Mergers & Acquisition, Corporate Finance Origination, Core Lending, Project Finance, Trade & Commodity Finance, Value Chain Finance, and Rabo Investments. The segment also contains International Rural operations under the Rabobank label.
In the Leasing segment, DLL is responsible for leasing activities and offers a wide range of leasing products. DLL supports manufacturers, vendors and distributors globally in their sales with products relevant to asset financing.
Property Development mainly encompasses the activities of BPD. The core activity is the development of residential property.
Other Segments within Rabobank include various sub-segments of which no single segment can be listed separately. This business segment mainly comprises the financial results of investments in associates (in particular Achmea B.V.), Treasury, and the Rabobank Group Organization.
There are no customers who represent more than a 10% share in Rabobank's total revenues. Transactions between the various business segments are conducted under regular commercial terms. Other than operating activities, there is no other material comprehensive income between the business segments. The financial reporting principles used for the segments are identical to those described in the \"Material Accounting Policies\" section. As management primarily relies on net interest income to assess the performance of the segments and to make decisions about resources to be allocated to the segment, the segment\u2019s interest income is presented net of its interest expense.
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Consolidation Effects | Total |
|---|---|---|---|---|---|---|---|
For the year ended December 31, 2025 | |||||||
| Net interest income | 7,554 | 2,994 | 1,380 | (55) | 129 | (1) | 12,001 |
| Net fee and commission income | 1,870 | 461 | 95 | 2 | 2 | - | 2,430 |
| Other results | 68 | 664 | 399 | 238 | 624 | - | 1,993 |
| Income | 9,492 | 4,119 | 1,874 | 185 | 755 | (1) | 16,424 |
| Staff costs | 3,494 | 1,710 | 767 | 124 | 207 | 1 | 6,303 |
| Other administrative expenses | 1,121 | 386 | 299 | 36 | 364 | (85) | 2,121 |
| Depreciation and amortization | 72 | 88 | 29 | 9 | 3 | 85 | 286 |
| Operating expenses | 4,687 | 2,184 | 1,095 | 169 | 574 | 1 | 8,710 |
| Impairment charges on investments in associates and joint ventures | - | - | - | - | - | - | - |
| Impairment charges on financial assets | 110 | 254 | 397 | 2 | 1 | - | 764 |
| Regulatory levies | 131 | 82 | 18 | 1 | 2 | - | 234 |
| Operating profit before tax | 4,564 | 1,599 | 364 | 13 | 178 | (2) | 6,716 |
| Income tax | 1,203 | 520 | 58 | 64 | (85) | (1) | 1,759 |
| Net profit | 3,361 | 1,0791 | 306 | (51)2 | 263 | (1) | 4,957 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost/income ratio including regulatory levies (in %)3 | 50.8 | 55.0 | 59.4 | 91.9 | n/a | n/a | 54.5 |
| Impairment charges on financial assets (in basis points of average private sector loan portfolio)4 | 4 | 20 | 87 | n/a | n/a | n/a | 17 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| External assets | 286,895 | 159,779 | 47,639 | 4,575 | 139,998 | - | 638,886 |
| Goodwill | 322 | - | 12 | 21 | - | - | 355 |
| Private sector loan portfolio | 284,399 | 132,050 | 43,068 | 178 | 139 | - | 459,834 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Consolidation Effects | Total |
|---|---|---|---|---|---|---|---|
Impairment allowances on financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2025 | 1,057 | 1,038 | 507 | 1 | - | - | 2,603 |
| Increases due to origination and acquisition | 76 | 78 | 79 | - | - | - | 233 |
| Decreases due to derecognition | (281) | (312) | (9) | - | - | - | (602) |
| Changes due to change in credit risk | 363 | 490 | 359 | - | - | - | 1,212 |
| Write-off of defaulted loans during the year | (182) | (207) | (348) | - | - | - | (737) |
| Other adjustments | (4) | (65) | (17) | - | - | - | (86) |
| Balance on December 31, 2025 | 1,029 | 1,022 | 571 | 1 | - | - | 2,623 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Impairment allowance 12-month ECL | 108 | 171 | 89 | - | - | - | 368 |
| Impairment allowance lifetime ECL non-credit impaired | 307 | 167 | 105 | - | - | - | 579 |
| Impairment allowance lifetime ECL credit-impaired | 614 | 684 | 377 | 1 | - | - | 1,676 |
| Balance on December 31, 2025 | 1,029 | 1,022 | 571 | 1 | - | - | 2,623 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Consolidation Effects | Total |
|---|---|---|---|---|---|---|---|
For the year ended on December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | 7,833 | 2,928 | 1,425 | (58) | (67) | - | 12,061 |
| Net fee and commission income | 1,755 | 453 | 106 | - | (8) | (4) | 2,302 |
| Other results | 79 | 617 | 358 | 130 | 585 | (2) | 1,767 |
| Income | 9,667 | 3,998 | 1,889 | 72 | 510 | (6) | 16,130 |
| Staff costs | 3,468 | 1,678 | 743 | 104 | 175 | (3) | 6,165 |
| Other administrative expenses | 1,187 | 494 | 285 | 35 | 109 | (91) | 2,019 |
| Depreciation and amortization | 96 | 89 | 25 | 10 | 14 | 93 | 327 |
| Operating expenses | 4,751 | 2,261 | 1,053 | 149 | 298 | (1) | 8,511 |
| Impairment charges on investments in associates and joint ventures | - | - | - | (2) | 72 | - | 70 |
| Impairment charges on financial assets | (166) | 329 | 303 | - | 2 | - | 468 |
| Regulatory levies | 166 | 82 | 16 | 1 | 1 | - | 266 |
| Operating profit before tax | 4,916 | 1,326 | 517 | (76) | 137 | (5) | 6,815 |
| Income tax | 1,288 | 332 | 108 | (35) | (41) | - | 1,652 |
| Net profit | 3,628 | 994 | 409 | (41) | 178 | (5) | 5,163 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost/income ratio including regulatory levies (in %)1 | 50.9 | 58.6 | 56.6 | 208.3 | n/a | n/a | 54.4 |
| Impairment charges on financial assets (in basis points of average private sector loan portfolio)2 | (6) | 26 | 67 | n/a | n/a | n/a | 11 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| External assets | 276,557 | 159,867 | 49,483 | 4,397 | 138,949 | - | 629,253 |
| Goodwill | 322 | - | - | 16 | - | - | 338 |
| Private sector loan portfolio | 273,835 | 128,553 | 44,768 | 159 | - | - | 447,315 |
| Amounts in millions of euros | Domestic Retail Banking | W&R | Leasing | Property Development | Other Segments | Consolidation Effects | Total |
|---|---|---|---|---|---|---|---|
Impairment allowances on financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Balance on January 1, 2024 | 1,433 | 1,218 | 438 | 1 | - | - | 3,090 |
| Increases due to origination and acquisition | 101 | 195 | 83 | - | - | - | 379 |
| Decreases due to derecognition | (336) | (215) | (11) | - | - | - | (562) |
| Changes due to change in credit risk | 80 | 383 | 266 | - | - | - | 729 |
| Write-off of defaulted loans during the year | (221) | (549) | (264) | - | - | - | (1,034) |
| Other adjustments | - | 6 | (5) | - | - | - | 1 |
| Balance on December 31, 2024 | 1,057 | 1,038 | 507 | 1 | - | - | 2,603 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Impairment allowance 12-month ECL | 99 | 267 | 81 | - | - | - | 447 |
| Impairment allowance lifetime ECL non-credit impaired | 222 | 136 | 132 | - | - | - | 490 |
| Impairment allowance lifetime ECL credit-impaired | 736 | 635 | 294 | 1 | - | - | 1,666 |
| Balance on December 31, 2024 | 1,057 | 1,038 | 507 | 1 | - | - | 2,603 |
| Amounts in millions of euros | \u00a0 | 2025 | \u00a0 | 2024 | \u00a0 |
|---|---|---|---|---|---|
| \u00a0 | \u00a0 | Domestic | Non-domestic | Domestic | Non-domestic |
| Goodwill and other intangible assets | 542 | 108 | 581 | 108 | |
| Property and equipment and investment properties | 2,425 | 2,698 | 2,224 | 2,804 | |
| Other assets | 4,386 | 2,016 | 4,580 | 2,115 | |
| Non-current assets held for sale | 56 | 56 | 32 | 110 | |
| Total | \u00a0 | 7,409 | 4,878 | 7,417 | 5,137 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Cash | 568 | 531 |
| Deposits at central banks | 62,203 | 84,343 |
| Total cash and cash equivalents | 62,771 | 84,874 |
The average minimum reserve to be held for the Netherlands for the month of December 2025 was EUR 3,801 million (December 2024: EUR 3,528 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i23063": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Cash | 568 | 531 |
| Deposits at central banks | 62,203 | 84,343 |
| Total cash and cash equivalents | 62,771 | 84,874 |
The average minimum reserve to be held for the Netherlands for the month of December 2025 was EUR 3,801 million (December 2024: EUR 3,528 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i23100": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Current accounts and receivables | 5,754 | 7,017 |
| Reverse repurchase transactions and securities borrowing agreements | 27,031 | 19,594 |
| Loans | 153 | 309 |
| Other | 114 | 116 |
| Gross carrying amount loans and advances to credit institutions | 33,052 | 27,036 |
| Loan impairment allowance on loans and advances to credit institutions | - | (1) |
| Total loans and advances to credit institutions | 33,052 | 27,035 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Current accounts and receivables | 5,754 | 7,017 |
| Reverse repurchase transactions and securities borrowing agreements | 27,031 | 19,594 |
| Loans | 153 | 309 |
| Other | 114 | 116 |
| Gross carrying amount loans and advances to credit institutions | 33,052 | 27,036 |
| Loan impairment allowance on loans and advances to credit institutions | - | (1) |
| Total loans and advances to credit institutions | 33,052 | 27,035 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Government bonds | 778 | 800 |
| Other debt securities | 343 | 339 |
| Loans | 1,522 | 481 |
| Equity instruments | 376 | 120 |
| Total financial assets held for trading | 3,019 | 1,740 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Debt securities | 184 | 314 |
| Loans | 675 | 641 |
| Equity instruments | 2,159 | 2,214 |
| Total financial assets mandatorily at fair value | 3,018 | 3,169 |
Rabobank uses derivatives to mitigate at least a portion of the risks arising from the bank\u2019s various operations. For example, interest rate swaps are used to hedge interest rate risks arising from the difference in maturities between assets and liabilities. Another example is cross-currency swaps, which are used to hedge the currency risk to which the bank is exposed after issuing debt instruments in foreign currencies. In addition to hedging purposes, Rabobank also contracts derivatives with corporate customers to serve them in their risk management to hedge currency or interest rate exposures.
Forward currency and interest rate contracts are contractual obligations to receive or pay a net amount based on prevailing exchange or interest rates, or to purchase or sell foreign currency or a financial instrument on a future date at a fixed specified price in an organized financial market. The credit risk is low, since collateral for forward contracts is provided in the form of cash, cash equivalents or marketable securities, and changes in the value of forward contracts are settled daily, mainly via a central counterparty clearing house. Rabobank's credit risk exposure is represented by the potential cost of replacing the swaps if the counterparties default. The risk is monitored continuously against current fair value, a portion of the notional amount of the contracts and the liquidity in the markets. As part of the credit risk management process, Rabobank employs the same methods for evaluating counterparties as it does for evaluating its own lending activities.
The derivatives held or issued for trading are those used to hedge economic risks but which do not qualify as hedge accounting instruments and derivatives that corporate customers have contracted with Rabobank to hedge interest rate and currency risks. The exposures from derivatives with corporate customers are normally hedged by entering into offsetting positions with one or more professional counterparties, within set trading limits.
Rabobank has various derivatives that serve to hedge economic risks, including interest rate and currency risks, which qualify as a hedging instrument in a fair value hedge, a cash flow hedge or a net investment hedge.
Rabobank uses interest rate swaps to hedge potential changes in the fair value due to interest rate changes. Hedged items are fixed-income financial assets and liabilities in both local and foreign currencies, such as mortgages, issued debt securities, current accounts and deposits with agreed maturity. Rabobank tests the hedge effectiveness based on statistical regression analysis models, both prospectively and retrospectively for IAS 39 portfolio fair value hedges.
Rabobank uses interest rate swaps and cross-currency interest rate swaps to hedge potential changes in the fair value due to interest rate or foreign currency rate changes. Hedged items are fixed-income financial assets and liabilities in both local and foreign currencies, such as debt securities at fair value through other comprehensive income and issued debt securities in foreign currencies. Rabobank analyses the sources of ineffectiveness for IFRS 9 non-portfolio fair value hedges. The identified source of ineffectiveness for issued debt securities in foreign currencies is the float leg (excluding margin) of the cross-currency interest rate swap. For debt securities at fair value through other comprehensive income the source of ineffectiveness is the single currency basis risk. The hedged ratio is the notional of the issued debt security in foreign currency compared with the notional of the cross-currency interest rate swap or the notional of the debt security at fair value through other comprehensive income compared with the notional of the interest rate swap.
For Rabobank's main currencies the average fixed rate for interest rate swaps used in fair value hedge accounting is 1.94% (2024: 1.88%) for EUR and 3.25% (2024: 2.85%) for USD.
The following table shows the notional amount of derivatives designated in fair value hedging, split into the maturity of the instruments.
| Amounts in millions of euros | \u00a0 | Remaining maturity | ||
|---|---|---|---|---|
| \u00a0 | Total notional amount | Less than 1 year | 1 - 5 years | Longer than 5\u00a0years |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Hedging instruments in fair value hedges | 263,288 | 113,765 | 35,842 | 113,681 |
On December 31, 2024 | ||||
| Hedging instruments in fair value hedges | 172,332 | 42,089 | 41,436 | 88,807 |
The following table shows the carrying amounts of derivatives designated in fair value hedge relationships and the change in fair value used for calculating hedge ineffectiveness. The carrying amounts in this table represent the fair value of the derivatives before netting of collateral. Amounts in Section 10.3 represent carrying amounts after netting of collateral.
| Amounts in millions of euros | Carrying amount derivative financial assets | Carrying amount derivative financial liabilities | Change in fair value used for calculating hedge ineffectiveness |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Hedge of loans and advances to customers | 4,778 | 1,087 | 1,489 |
| Hedge of financial assets at fair value through other comprehensive income | 410 | 240 | 227 |
| Hedge of deposits from customers | 31 | 108 | 10 |
| Hedge of deposits from credit institutions | 410 | 567 | (403) |
| Hedge of issued debt securities | 410 | 1,321 | (11) |
| Hedge of subordinated liabilities | 2 | 574 | 20 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Hedge of loans and advances to customers | 7,302 | 939 | (754) |
| Hedge of financial assets at fair value through other comprehensive income | 443 | 359 | (45) |
| Hedge of deposits from customers | 1 | 27 | 60 |
| Hedge of deposits from credit institutions | - | - | - |
| Hedge of issued debt securities | 945 | 869 | 328 |
| Hedge of subordinated liabilities1 | 30 | 320 | 60 |
Hedge ineffectiveness of fair value hedging amounts to minus EUR (35) million (2024: minus EUR 24 million) and is included in the statement of income on line item \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\". These carrying amounts do not reconcile to the amounts presented in section 10.4 as no netting rules are applied.
| Amounts in millions of euros | Carrying amount | Accumulated amount of fair value hedge adjustment on the hedged item included in the carrying amount of the hedged item | Change in fair value used for calculating hedge ineffectiveness | Accumulated amount of fair value hedge adjustments remaining for any hedged items that have ceased to be adjusted for hedging gains and losses |
|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to customers | 67,987 | (10,759) | (1,411) | (9,616) |
| Financial assets at fair value through other comprehensive income | 27,343 | - | (224) | - |
| Deposits from customers | 9,274 | (105) | (12) | (93) |
| Deposits from credit institutions | 29,236 | (400) | 388 | (109) |
| Issued debt securities | 34,605 | (724) | (17) | (86) |
| Subordinated liabilities | 4,701 | (453) | (21) | (321) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to customers | 53,626 | (10,079) | 746 | (7,209) |
| Financial assets at fair value through other comprehensive income | 16,696 | - | 52 | - |
| Deposits from customers | 1,604 | (81) | (61) | (81) |
| Deposits from credit institutions | - | - | - | - |
| Issued debt securities | 46,623 | (701) | (351) | (211) |
| Subordinated liabilities1 | 7,260 | (588) | (60) | (351) |
Rabobank\u2019s cash flow hedges mainly consist of the following two types of cash flow hedges:
Cash flow hedges where the fixed spread of issued securities in foreign currency is hedged with a cross-currency swap for changes in foreign currency rates.
Cash flow hedges for assets or liabilities in foreign currency with cross-currency basis swaps. For these hedges all accounting mismatch relates to the revaluation of the cross-currency basis swaps in response to fluctuations of cross-currency basis spreads. Such revaluations are recorded through OCI in the Revaluation reserve \u2013 Costs of hedging. As such, no cash flow hedge adjustments are recorded.
Rabobank analyses the sources of ineffectiveness for IFRS 9 cash flow hedges. The IFRS 9 cash flow hedges are 100% effective.
| Amounts in millions of euros | \u00a0 | Remaining maturity | \u00a0 | \u00a0 |
|---|---|---|---|---|
| \u00a0 | Total notional amount | Less than 1 year | 1 - 5 years | Longer than 5\u00a0years |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (USD:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 15,729 | 3,594 | 11,929 | 206 |
| Average exchange rate (USD:EUR) | \u00a0 | 1.17 | 1.16 | 1.14 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (GBP:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 192 | - | 138 | 54 |
| Average exchange rate (GBP:EUR) | \u00a0 | n/a | 0.84 | 0.85 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (other currencies) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 3,850 | 1,973 | 1,861 | 16 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (USD:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 14,629 | 5,137 | 9,122 | 370 |
| Average exchange rate (USD:EUR) | \u00a0 | 1.06 | 1.07 | 1.15 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (GBP:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 593 | 207 | 322 | 64 |
| Average exchange rate (GBP:EUR) | \u00a0 | 0.83 | 0.84 | 0.85 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (other currencies) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 6,513 | 2,507 | 3,986 | 20 |
The following table shows the carrying amounts of derivatives designated in cash flow hedging and the change in fair value used for calculating hedge ineffectiveness.
| Amounts in millions of euros | Carrying amount derivative financial assets | Carrying amount derivative financial liabilities | Change in fair value used for calculating hedge ineffectiveness |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Cross-currency interest rate swaps (USD:EUR) | 96 | 102 | 57 |
| Cross-currency interest rate swaps (GBP:EUR) | 4 | 11 | 20 |
| Cross-currency interest rate swaps (other currencies) | 254 | 10 | 1 |
| Total | 354 | 123 | 78 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Cross-currency interest rate swaps (USD:EUR) | 21 | 460 | (51) |
| Cross-currency interest rate swaps (GBP:EUR) | 9 | 17 | (21) |
| Cross-currency interest rate swaps (other currencies) | 131 | 6 | 1 |
| Total | 161 | 483 | (71) |
For the changes in the value of the hedging instrument recognized in other comprehensive income and the amount reclassified from the cash flow hedge reserve to profit or loss, reference is made to Section 30 \"Reserves and Retained Earnings\". Hedge ineffectiveness amounts to nil and is included in the statement of income on line item \"Gains/ (losses) on financial assets and liabilities at fair value through profit or loss\".
| Amounts in millions of euros | Change in fair value used for calculating hedge ineffectiveness | Cash flow hedge reserve for continuing hedges | Remaining cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Issued debt securities | (22) | (17) | (19) |
| Subordinated liabilities | (56) | (54) | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Issued debt securities | 30 | (13) | (21) |
| Subordinated liabilities1 | 41 | (31) | - |
Rabobank uses forward currency contracts to hedge a portion of the currency translation risk of net investments in foreign operations.
| \u00a0 | Total notional amount | Remaining maturity on December 31, 2025 | ||
|---|---|---|---|---|
| Amounts in millions of euros | \u00a0 | Less than\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years |
Forward currency contracts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 4,012 | 4,012 | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Total notional amount | Remaining maturity on December 31, 2024 | ||
Forward currency contracts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 6,425 | 6,425 | - | - |
For the main currencies the average exchange rates used in net investment hedge accounting for 2025 are EUR/AUD 1.75 (2024: 1.64), EUR/NZD 1.94 (2024: 1.79) and EUR/BRL 6.31 (2024: 5.83).
| Amounts in millions of euros | Carrying amount financial assets | Carrying amount financial liabilities | Change in fair value used for calculating hedge ineffectiveness |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts | 17 | 52 | 213 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts | 58 | 35 | 201 |
For the changes in the value of the hedging instrument recognized in other comprehensive income and the amount reclassified from the net investment hedge reserve to profit or loss, see Section 30 \"Reserves and Retained Earnings\". Hedge ineffectiveness amounts to zero and is included in the statement of income in line item \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\".
| Amounts in millions of euros | Change in fair value used for calculating hedge ineffectiveness | Foreign currency translation reserve for continuing hedges | Remaining foreign currency translation reserve from hedging relationships for which hedge accounting is no longer applied |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Net investment | (213) | 654 | 134 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Net investment | (201) | 528 | 136 |
The following table shows the notional amounts and the fair values of derivatives as presented in the statement of financial position.
| \u00a0 | On December 31, 2025 | On December 31, 2024 | ||||
|---|---|---|---|---|---|---|
| Amounts in millions of euros | Notional amounts | Fair values | Notional amounts | Fair values | ||
| \u00a0 | \u00a0 | Assets | Liabilities | \u00a0 | Assets | Liabilities |
| Derivatives held for trading | 7,266,765 | 18,915 | 11,800 | 6,448,777 | 22,663 | 16,422 |
| Derivatives designated as hedging instrument | 285,688 | 708 | 1,062 | 197,892 | 767 | 953 |
| Total derivatives | 7,552,453 | 19,623 | 12,862 | 6,646,669 | 23,430 | 17,375 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives held for trading | ||||||
Currency derivatives | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Currency swaps | 408,873 | 5,893 | 4,654 | 421,267 | 7,575 | 8,427 |
| Currency options - purchased and sold | 6,697 | 68 | 71 | 6,656 | 99 | 61 |
| Listed tradeable contracts | 344 | 8 | 4 | 364 | 2 | 2 |
| Currency futures | 597 | 12 | 10 | 732 | 4 | 28 |
| Total currency derivatives | 416,511 | 5,981 | 4,739 | 429,019 | 7,680 | 8,518 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate derivatives | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| OTC interest rate swaps | 6,612,431 | 11,770 | 6,039 | 5,788,604 | 13,348 | 6,723 |
| OTC interest rate options | 103,334 | 494 | 469 | 111,548 | 748 | 763 |
| Listed interest rate swaps | 116,706 | 1 | 1 | 101,651 | 2 | 1 |
| Total interest rate derivatives | 6,832,471 | 12,265 | 6,509 | 6,001,803 | 14,098 | 7,487 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Credit derivatives | 4,110 | 192 | 38 | 3,419 | 56 | 26 |
| Equity instruments/index derivatives | - | 1 | - | - | 1 | - |
| Other derivatives | 13,675 | 477 | 515 | 14,536 | 828 | 391 |
| Total derivatives held for trading | 7,266,767 | 18,916 | 11,801 | 6,448,777 | 22,663 | 16,422 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives designated as hedging instrument | ||||||
Derivatives designated as hedging instrument in fair value hedges | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest rate swaps and cross-currency interest rate swaps | 263,289 | 337 | 913 | 172,332 | 548 | 456 |
Derivatives designated as hedging instrument in cash flow hedges | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Currency swaps and cross-currency interest rate swaps | 19,770 | 354 | 123 | 21,734 | 161 | 483 |
Derivatives designated as hedging instrument as net investment hedges | ||||||
| Currency futures contracts | 2,629 | 17 | 26 | 3,826 | 58 | 14 |
| Total derivatives designated as hedging instrument | 285,688 | 708 | 1,062 | 197,892 | 767 | 953 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Loans to private sector clients: | \u00a0 | \u00a0 |
| Overdrafts | 10,023 | 10,188 |
| Mortgages | 201,991 | 194,734 |
| Finance leases | 22,300 | 22,271 |
| Corporate loans | 210,521 | 209,587 |
| Other | 17,642 | 12,965 |
Loans to government clients: | \u00a0 | \u00a0 |
| Finance leases | 197 | 183 |
| Other | 1,144 | 1,164 |
Reverse repurchase transactions, securities borrowing agreements and settlement accounts | 21,772 | 15,908 |
| Gross carrying amount loans and advances to customers | 485,590 | 467,000 |
| Hedge accounting adjustment | (10,759) | (10,079) |
| Impairment allowances on loans and advances to customers | (2,512) | (2,436) |
| Total loans and advances to customers | 472,319 | 454,485 |
Loans and advances to customers includes receivables from finance leases, which can be broken down as follows:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Receivables from gross investment in finance leases | \u00a0 | \u00a0 |
| Not exceeding 1 year | 8,041 | 8,307 |
| 1 to 2 years | 6,056 | 5,728 |
| 2 to 3 years | 4,485 | 4,183 |
| 3 to 4 years | 2,927 | 2,908 |
| 4 to 5 years | 1,687 | 1,459 |
| More than 5 years | 1,187 | 1,825 |
| Gross investment in finance leases | 24,383 | 24,410 |
| \u00a0 | \u00a0 | \u00a0 |
| Unearned deferred finance income from finance leases | 2,135 | 2,226 |
| Net investment in finance leases | 22,248 | 22,184 |
| \u00a0 | \u00a0 | \u00a0 |
| Loan impairment allowance finance leases | 249 | 270 |
| Gross carrying amount finance leases | 22,497 | 22,454 |
| \u00a0 | \u00a0 | \u00a0 |
| Finance income on net investment | 1,205 | 1,312 |
The finance leases mainly relate to the lease of equipment, cars and factoring products. The unguaranteed residual values accruing to the lessor amounted to EUR 2,769 million (2024: EUR 2,697 million).
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Government bonds | 20,765 | 11,999 |
| Other debt securities | 8,655 | 6,707 |
| Equity instruments | 134 | 117 |
| Total financial assets at fair value through other comprehensive income | 29,554 | 18,823 |
Rabobank designated equity investments in foreign financial service providers at fair value through other comprehensive income upon initial recognition because these instruments are held for strategic purposes rather than for the purpose of selling them in the near term.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Equity investments in foreign financial service providers | 98 | 81 |
| Other equity investments | 36 | 36 |
| Total equity instruments | 134 | 117 |
During 2025, Rabobank recognized dividends of EUR 14 million of which EUR 0 million relates to equity investments that were derecognized in 2025. Transfers of the cumulative gains or losses within equity during the period are disclosed in Section 30 in the movement schedule of the \"Revaluation Reserve \u2013 Equity Instruments at Fair Value Through Other Comprehensive Income\".
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Demand deposits | 632 | 617 |
| Fixed-term deposits | 9,511 | 11,424 |
| Repurchase agreements | 34 | 399 |
| Other deposits from credit institutions | 40 | 7 |
| Total deposits from credit institutions | 10,217 | 12,447 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Current accounts and overnight deposits | 314,352 | 299,776 |
| Deposits with agreed maturity | 66,601 | 72,469 |
| Deposits redeemable at notice | 52,884 | 39,042 |
| Repurchase agreements | 66 | 149 |
| Total deposits from customers | 433,903 | 411,436 |
Non-monetary instruments from central banks amounting to EUR 11 billion (2024: EUR 10 billion) are included in \"Deposits with agreed maturity\".
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Certificates of deposit | 18,668 | 17,880 |
| Commercial paper | 10,757 | 10,367 |
| Issued bonds | 31,969 | 32,599 |
| Covered bonds | 22,806 | 22,782 |
| Other debt securities | 26,745 | 33,134 |
| Total debt securities in issue | 110,945 | 116,762 |
Financial liabilities held for trading are mainly negative fair values of derivatives and delivery obligations that arise on the short selling of securities. Securities are sold short to realize gains from short-term price fluctuations. The securities needed to settle short sales are acquired through securities lending and repurchasing agreements. The fair value of the shares and bonds sold short are EUR 464 million (2024: EUR 277 million).
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Debt securities issued | 1,274 | 1,732 |
| Deposits | 784 | 834 |
| Total financial liabilities designated at fair value | 2,058 | 2,566 |
The cumulative change in fair value of the financial liabilities designated at fair value attributable to changes in Rabobank's own credit risk amounts to EUR 86 million (2024: EUR 84 million). The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of these liabilities at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
Transfers of the cumulative gains or losses within equity during the period and the amounts presented in other comprehensive income that are realized at derecognition are disclosed in Section 30 in the movement schedule of the \"Revaluation Reserve \u2013 Fair Value Changes Due to Own Credit Risk on Financial Liabilities Designated at Fair Value\".
The carrying value of the issued debt securities and deposits designated at fair value is EUR 276 million (2024: EUR 426 million) lower than the amount Rabobank is contractually obliged to repay to the holders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i23130": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Government bonds | 778 | 800 |
| Other debt securities | 343 | 339 |
| Loans | 1,522 | 481 |
| Equity instruments | 376 | 120 |
| Total financial assets held for trading | 3,019 | 1,740 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Government bonds | 778 | 800 |
| Other debt securities | 343 | 339 |
| Loans | 1,522 | 481 |
| Equity instruments | 376 | 120 |
| Total financial assets held for trading | 3,019 | 1,740 |
Financial liabilities held for trading are mainly negative fair values of derivatives and delivery obligations that arise on the short selling of securities. Securities are sold short to realize gains from short-term price fluctuations. The securities needed to settle short sales are acquired through securities lending and repurchasing agreements. The fair value of the shares and bonds sold short are EUR 464 million (2024: EUR 277 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i23157": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Debt securities | 184 | 314 |
| Loans | 675 | 641 |
| Equity instruments | 2,159 | 2,214 |
| Total financial assets mandatorily at fair value | 3,018 | 3,169 |
Rabobank uses derivatives to mitigate at least a portion of the risks arising from the bank\u2019s various operations. For example, interest rate swaps are used to hedge interest rate risks arising from the difference in maturities between assets and liabilities. Another example is cross-currency swaps, which are used to hedge the currency risk to which the bank is exposed after issuing debt instruments in foreign currencies. In addition to hedging purposes, Rabobank also contracts derivatives with corporate customers to serve them in their risk management to hedge currency or interest rate exposures.
Forward currency and interest rate contracts are contractual obligations to receive or pay a net amount based on prevailing exchange or interest rates, or to purchase or sell foreign currency or a financial instrument on a future date at a fixed specified price in an organized financial market. The credit risk is low, since collateral for forward contracts is provided in the form of cash, cash equivalents or marketable securities, and changes in the value of forward contracts are settled daily, mainly via a central counterparty clearing house. Rabobank's credit risk exposure is represented by the potential cost of replacing the swaps if the counterparties default. The risk is monitored continuously against current fair value, a portion of the notional amount of the contracts and the liquidity in the markets. As part of the credit risk management process, Rabobank employs the same methods for evaluating counterparties as it does for evaluating its own lending activities.
The derivatives held or issued for trading are those used to hedge economic risks but which do not qualify as hedge accounting instruments and derivatives that corporate customers have contracted with Rabobank to hedge interest rate and currency risks. The exposures from derivatives with corporate customers are normally hedged by entering into offsetting positions with one or more professional counterparties, within set trading limits.
Rabobank has various derivatives that serve to hedge economic risks, including interest rate and currency risks, which qualify as a hedging instrument in a fair value hedge, a cash flow hedge or a net investment hedge.
Rabobank uses interest rate swaps to hedge potential changes in the fair value due to interest rate changes. Hedged items are fixed-income financial assets and liabilities in both local and foreign currencies, such as mortgages, issued debt securities, current accounts and deposits with agreed maturity. Rabobank tests the hedge effectiveness based on statistical regression analysis models, both prospectively and retrospectively for IAS 39 portfolio fair value hedges.
Rabobank uses interest rate swaps and cross-currency interest rate swaps to hedge potential changes in the fair value due to interest rate or foreign currency rate changes. Hedged items are fixed-income financial assets and liabilities in both local and foreign currencies, such as debt securities at fair value through other comprehensive income and issued debt securities in foreign currencies. Rabobank analyses the sources of ineffectiveness for IFRS 9 non-portfolio fair value hedges. The identified source of ineffectiveness for issued debt securities in foreign currencies is the float leg (excluding margin) of the cross-currency interest rate swap. For debt securities at fair value through other comprehensive income the source of ineffectiveness is the single currency basis risk. The hedged ratio is the notional of the issued debt security in foreign currency compared with the notional of the cross-currency interest rate swap or the notional of the debt security at fair value through other comprehensive income compared with the notional of the interest rate swap.
For Rabobank's main currencies the average fixed rate for interest rate swaps used in fair value hedge accounting is 1.94% (2024: 1.88%) for EUR and 3.25% (2024: 2.85%) for USD.
The following table shows the notional amount of derivatives designated in fair value hedging, split into the maturity of the instruments.
| Amounts in millions of euros | \u00a0 | Remaining maturity | ||
|---|---|---|---|---|
| \u00a0 | Total notional amount | Less than 1 year | 1 - 5 years | Longer than 5\u00a0years |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Hedging instruments in fair value hedges | 263,288 | 113,765 | 35,842 | 113,681 |
On December 31, 2024 | ||||
| Hedging instruments in fair value hedges | 172,332 | 42,089 | 41,436 | 88,807 |
The following table shows the carrying amounts of derivatives designated in fair value hedge relationships and the change in fair value used for calculating hedge ineffectiveness. The carrying amounts in this table represent the fair value of the derivatives before netting of collateral. Amounts in Section 10.3 represent carrying amounts after netting of collateral.
| Amounts in millions of euros | Carrying amount derivative financial assets | Carrying amount derivative financial liabilities | Change in fair value used for calculating hedge ineffectiveness |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Hedge of loans and advances to customers | 4,778 | 1,087 | 1,489 |
| Hedge of financial assets at fair value through other comprehensive income | 410 | 240 | 227 |
| Hedge of deposits from customers | 31 | 108 | 10 |
| Hedge of deposits from credit institutions | 410 | 567 | (403) |
| Hedge of issued debt securities | 410 | 1,321 | (11) |
| Hedge of subordinated liabilities | 2 | 574 | 20 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Hedge of loans and advances to customers | 7,302 | 939 | (754) |
| Hedge of financial assets at fair value through other comprehensive income | 443 | 359 | (45) |
| Hedge of deposits from customers | 1 | 27 | 60 |
| Hedge of deposits from credit institutions | - | - | - |
| Hedge of issued debt securities | 945 | 869 | 328 |
| Hedge of subordinated liabilities1 | 30 | 320 | 60 |
Hedge ineffectiveness of fair value hedging amounts to minus EUR (35) million (2024: minus EUR 24 million) and is included in the statement of income on line item \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\". These carrying amounts do not reconcile to the amounts presented in section 10.4 as no netting rules are applied.
| Amounts in millions of euros | Carrying amount | Accumulated amount of fair value hedge adjustment on the hedged item included in the carrying amount of the hedged item | Change in fair value used for calculating hedge ineffectiveness | Accumulated amount of fair value hedge adjustments remaining for any hedged items that have ceased to be adjusted for hedging gains and losses |
|---|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to customers | 67,987 | (10,759) | (1,411) | (9,616) |
| Financial assets at fair value through other comprehensive income | 27,343 | - | (224) | - |
| Deposits from customers | 9,274 | (105) | (12) | (93) |
| Deposits from credit institutions | 29,236 | (400) | 388 | (109) |
| Issued debt securities | 34,605 | (724) | (17) | (86) |
| Subordinated liabilities | 4,701 | (453) | (21) | (321) |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Loans and advances to customers | 53,626 | (10,079) | 746 | (7,209) |
| Financial assets at fair value through other comprehensive income | 16,696 | - | 52 | - |
| Deposits from customers | 1,604 | (81) | (61) | (81) |
| Deposits from credit institutions | - | - | - | - |
| Issued debt securities | 46,623 | (701) | (351) | (211) |
| Subordinated liabilities1 | 7,260 | (588) | (60) | (351) |
Rabobank\u2019s cash flow hedges mainly consist of the following two types of cash flow hedges:
Cash flow hedges where the fixed spread of issued securities in foreign currency is hedged with a cross-currency swap for changes in foreign currency rates.
Cash flow hedges for assets or liabilities in foreign currency with cross-currency basis swaps. For these hedges all accounting mismatch relates to the revaluation of the cross-currency basis swaps in response to fluctuations of cross-currency basis spreads. Such revaluations are recorded through OCI in the Revaluation reserve \u2013 Costs of hedging. As such, no cash flow hedge adjustments are recorded.
Rabobank analyses the sources of ineffectiveness for IFRS 9 cash flow hedges. The IFRS 9 cash flow hedges are 100% effective.
| Amounts in millions of euros | \u00a0 | Remaining maturity | \u00a0 | \u00a0 |
|---|---|---|---|---|
| \u00a0 | Total notional amount | Less than 1 year | 1 - 5 years | Longer than 5\u00a0years |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (USD:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 15,729 | 3,594 | 11,929 | 206 |
| Average exchange rate (USD:EUR) | \u00a0 | 1.17 | 1.16 | 1.14 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (GBP:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 192 | - | 138 | 54 |
| Average exchange rate (GBP:EUR) | \u00a0 | n/a | 0.84 | 0.85 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (other currencies) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 3,850 | 1,973 | 1,861 | 16 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (USD:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 14,629 | 5,137 | 9,122 | 370 |
| Average exchange rate (USD:EUR) | \u00a0 | 1.06 | 1.07 | 1.15 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (GBP:EUR) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 593 | 207 | 322 | 64 |
| Average exchange rate (GBP:EUR) | \u00a0 | 0.83 | 0.84 | 0.85 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Cross-currency swaps (other currencies) | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 6,513 | 2,507 | 3,986 | 20 |
The following table shows the carrying amounts of derivatives designated in cash flow hedging and the change in fair value used for calculating hedge ineffectiveness.
| Amounts in millions of euros | Carrying amount derivative financial assets | Carrying amount derivative financial liabilities | Change in fair value used for calculating hedge ineffectiveness |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Cross-currency interest rate swaps (USD:EUR) | 96 | 102 | 57 |
| Cross-currency interest rate swaps (GBP:EUR) | 4 | 11 | 20 |
| Cross-currency interest rate swaps (other currencies) | 254 | 10 | 1 |
| Total | 354 | 123 | 78 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Cross-currency interest rate swaps (USD:EUR) | 21 | 460 | (51) |
| Cross-currency interest rate swaps (GBP:EUR) | 9 | 17 | (21) |
| Cross-currency interest rate swaps (other currencies) | 131 | 6 | 1 |
| Total | 161 | 483 | (71) |
For the changes in the value of the hedging instrument recognized in other comprehensive income and the amount reclassified from the cash flow hedge reserve to profit or loss, reference is made to Section 30 \"Reserves and Retained Earnings\". Hedge ineffectiveness amounts to nil and is included in the statement of income on line item \"Gains/ (losses) on financial assets and liabilities at fair value through profit or loss\".
| Amounts in millions of euros | Change in fair value used for calculating hedge ineffectiveness | Cash flow hedge reserve for continuing hedges | Remaining cash flow hedge reserve from hedging relationships for which hedge accounting is no longer applied |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Issued debt securities | (22) | (17) | (19) |
| Subordinated liabilities | (56) | (54) | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Issued debt securities | 30 | (13) | (21) |
| Subordinated liabilities1 | 41 | (31) | - |
Rabobank uses forward currency contracts to hedge a portion of the currency translation risk of net investments in foreign operations.
| \u00a0 | Total notional amount | Remaining maturity on December 31, 2025 | ||
|---|---|---|---|---|
| Amounts in millions of euros | \u00a0 | Less than\u00a01\u00a0year | 1 - 5 years | Longer than 5\u00a0years |
Forward currency contracts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 4,012 | 4,012 | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Total notional amount | Remaining maturity on December 31, 2024 | ||
Forward currency contracts | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Notional amounts of hedging instrument | 6,425 | 6,425 | - | - |
For the main currencies the average exchange rates used in net investment hedge accounting for 2025 are EUR/AUD 1.75 (2024: 1.64), EUR/NZD 1.94 (2024: 1.79) and EUR/BRL 6.31 (2024: 5.83).
| Amounts in millions of euros | Carrying amount financial assets | Carrying amount financial liabilities | Change in fair value used for calculating hedge ineffectiveness |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts | 17 | 52 | 213 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Forward currency contracts | 58 | 35 | 201 |
For the changes in the value of the hedging instrument recognized in other comprehensive income and the amount reclassified from the net investment hedge reserve to profit or loss, see Section 30 \"Reserves and Retained Earnings\". Hedge ineffectiveness amounts to zero and is included in the statement of income in line item \"Gains/ (Losses) on Financial Assets and Liabilities at Fair Value through Profit or Loss\".
| Amounts in millions of euros | Change in fair value used for calculating hedge ineffectiveness | Foreign currency translation reserve for continuing hedges | Remaining foreign currency translation reserve from hedging relationships for which hedge accounting is no longer applied |
|---|---|---|---|
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 |
| Net investment | (213) | 654 | 134 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 |
| Net investment | (201) | 528 | 136 |
The following table shows the notional amounts and the fair values of derivatives as presented in the statement of financial position.
| \u00a0 | On December 31, 2025 | On December 31, 2024 | ||||
|---|---|---|---|---|---|---|
| Amounts in millions of euros | Notional amounts | Fair values | Notional amounts | Fair values | ||
| \u00a0 | \u00a0 | Assets | Liabilities | \u00a0 | Assets | Liabilities |
| Derivatives held for trading | 7,266,765 | 18,915 | 11,800 | 6,448,777 | 22,663 | 16,422 |
| Derivatives designated as hedging instrument | 285,688 | 708 | 1,062 | 197,892 | 767 | 953 |
| Total derivatives | 7,552,453 | 19,623 | 12,862 | 6,646,669 | 23,430 | 17,375 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives held for trading | ||||||
Currency derivatives | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Currency swaps | 408,873 | 5,893 | 4,654 | 421,267 | 7,575 | 8,427 |
| Currency options - purchased and sold | 6,697 | 68 | 71 | 6,656 | 99 | 61 |
| Listed tradeable contracts | 344 | 8 | 4 | 364 | 2 | 2 |
| Currency futures | 597 | 12 | 10 | 732 | 4 | 28 |
| Total currency derivatives | 416,511 | 5,981 | 4,739 | 429,019 | 7,680 | 8,518 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate derivatives | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| OTC interest rate swaps | 6,612,431 | 11,770 | 6,039 | 5,788,604 | 13,348 | 6,723 |
| OTC interest rate options | 103,334 | 494 | 469 | 111,548 | 748 | 763 |
| Listed interest rate swaps | 116,706 | 1 | 1 | 101,651 | 2 | 1 |
| Total interest rate derivatives | 6,832,471 | 12,265 | 6,509 | 6,001,803 | 14,098 | 7,487 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Credit derivatives | 4,110 | 192 | 38 | 3,419 | 56 | 26 |
| Equity instruments/index derivatives | - | 1 | - | - | 1 | - |
| Other derivatives | 13,675 | 477 | 515 | 14,536 | 828 | 391 |
| Total derivatives held for trading | 7,266,767 | 18,916 | 11,801 | 6,448,777 | 22,663 | 16,422 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Derivatives designated as hedging instrument | ||||||
Derivatives designated as hedging instrument in fair value hedges | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest rate swaps and cross-currency interest rate swaps | 263,289 | 337 | 913 | 172,332 | 548 | 456 |
Derivatives designated as hedging instrument in cash flow hedges | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Currency swaps and cross-currency interest rate swaps | 19,770 | 354 | 123 | 21,734 | 161 | 483 |
Derivatives designated as hedging instrument as net investment hedges | ||||||
| Currency futures contracts | 2,629 | 17 | 26 | 3,826 | 58 | 14 |
| Total derivatives designated as hedging instrument | 285,688 | 708 | 1,062 | 197,892 | 767 | 953 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Loans to private sector clients: | \u00a0 | \u00a0 |
| Overdrafts | 10,023 | 10,188 |
| Mortgages | 201,991 | 194,734 |
| Finance leases | 22,300 | 22,271 |
| Corporate loans | 210,521 | 209,587 |
| Other | 17,642 | 12,965 |
Loans to government clients: | \u00a0 | \u00a0 |
| Finance leases | 197 | 183 |
| Other | 1,144 | 1,164 |
Reverse repurchase transactions, securities borrowing agreements and settlement accounts | 21,772 | 15,908 |
| Gross carrying amount loans and advances to customers | 485,590 | 467,000 |
| Hedge accounting adjustment | (10,759) | (10,079) |
| Impairment allowances on loans and advances to customers | (2,512) | (2,436) |
| Total loans and advances to customers | 472,319 | 454,485 |
Loans and advances to customers includes receivables from finance leases, which can be broken down as follows:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Receivables from gross investment in finance leases | \u00a0 | \u00a0 |
| Not exceeding 1 year | 8,041 | 8,307 |
| 1 to 2 years | 6,056 | 5,728 |
| 2 to 3 years | 4,485 | 4,183 |
| 3 to 4 years | 2,927 | 2,908 |
| 4 to 5 years | 1,687 | 1,459 |
| More than 5 years | 1,187 | 1,825 |
| Gross investment in finance leases | 24,383 | 24,410 |
| \u00a0 | \u00a0 | \u00a0 |
| Unearned deferred finance income from finance leases | 2,135 | 2,226 |
| Net investment in finance leases | 22,248 | 22,184 |
| \u00a0 | \u00a0 | \u00a0 |
| Loan impairment allowance finance leases | 249 | 270 |
| Gross carrying amount finance leases | 22,497 | 22,454 |
| \u00a0 | \u00a0 | \u00a0 |
| Finance income on net investment | 1,205 | 1,312 |
The finance leases mainly relate to the lease of equipment, cars and factoring products. The unguaranteed residual values accruing to the lessor amounted to EUR 2,769 million (2024: EUR 2,697 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i24262": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Opening balance | 2,062 | 1,793 |
| Foreign exchange differences | (12) | 13 |
| Purchases | 24 | 35 |
| Sales | (75) | (68) |
| Share of profit of associates and joint ventures | 381 | 474 |
| Dividends paid out (and capital repayments) | (88) | (77) |
| Revaluation | 23 | (8) |
| Impairment on investments in associates | - | (74) |
| Reversal impairment on investments in joint ventures | - | 4 |
| Other | (7) | (30) |
| Total investments in associates and joint ventures | 2,308 | 2,062 |
The main associate in terms of the size of the capital interest held by Rabobank is Achmea.
| On December 31, 2025 | Shareholding | Voting rights |
| The Netherlands | \u00a0 | \u00a0 |
| Achmea B.V. | 29% | 29% |
Achmea is Rabobank's strategic partner for insurance products and Interpolis, a brand of the Achmea Group, works closely with Rabobank. Achmea\u2019s head office is located in Zeist, the Netherlands. No listed market price is available for the equity investment in Achmea. The equity investment in Achmea is valued according to the equity method which leads to a carrying amount of EUR 1,697 million.
A yearly external valuation of the investment in Achmea is performed. The outcome of this valuation did not lead to a trigger for impairment or reversal of impairment as the carrying amount closely aligns with this fair value. The valuation is performed by an external expert and a combination of valuation methods is used:
a cash flow valuation method assuming that the equity value of a company is equal to the discounted value of future dividends or future cashflows minus the net debt position of the company. The discount rate used for operations in the Netherlands ranges between 7.5% and 10.3%; and
a comparable company analysis which is a multiple analysis based on financials and market date of peer companies. The most important inputs are:
the price-to-book multiple derived from a regression analysis of the price-to-book ratios of peers and their expected return on equity. The most important price-to-book multiple ranges between 0.8x and 1.5x and;
the price-to-earnings multiple which is based on the current financial year\u2019s profitability and estimates of the 1-year and 2-year forward looking profitability of peers. The most important price-to-earnings multiple ranges between 8.1x and 10.3x.
The valuation of Achmea is based on 50%-50% weighting to the outcomes of the two valuation methods.
Rabobank received EUR 72 million cash dividend from Achmea in 2025 (2024: EUR 59 million) and is part of the operating segment \u2018Other segments\u2019.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Cash and balances at central banks | 1,757 | 2,131 |
| Investments | 77,501 | 74,683 |
| Other assets | 6,079 | 5,402 |
| Total assets | 85,337 | 82,216 |
| \u00a0 | \u00a0 | \u00a0 |
| Insurance related provisions | 42,581 | 43,866 |
| Loans and funds borrowed | 25,391 | 25,549 |
| Other liabilities | 5,478 | 3,386 |
| Total liabilities | 73,450 | 72,801 |
| \u00a0 | \u00a0 | \u00a0 |
| Revenues | 29,417 | 28,177 |
| Net profit | 1,197 | 1,303 |
| Other comprehensive income | 35 | 20 |
| Total comprehensive income | 1,232 | 1,323 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Total equity Achmea | 11,050 | 9,410 |
| Minus: hybrid capital | 1,100 | 500 |
| Minus: preference shares and accrued dividend | 13 | 5 |
| Shareholder\u2019s equity | 9,937 | 8,905 |
| Share of Rabobank | 29.20% | 30.16% |
| \u00a0 | 2,902 | 2,686 |
| Accumulated impairment | (1,205) | (1,243) |
| Carrying amount | 1,697 | 1,443 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Result from continuing operations | 46 | 84 |
| Net profit | 46 | 84 |
| Other comprehensive income | 2 | (26) |
| Total comprehensive income | 48 | 58 |
Almost all joint ventures are investments of BPD. Their total carrying amount is EUR 105 million (2024: EUR 103 million). Joint ventures are recognized in accordance with the equity method.
BPD often enters into partnerships for developing integrated residential areas. In the majority of cases, each participating member of the partnership has a decisive vote, and decisions can only be passed by consensus. The majority of these partnerships therefore qualify as \"joint arrangements.\"
Each partnership has its own legal structure depending on the needs and requirements of the parties concerned. The legal form (business structure) typically used is the Dutch \"CV-BV\" structure (a limited partnership-private limited liability company) or the \"VOF\" structure (general partnership) or a comparable structure. In the case of a CV-BV, the risk of a partner is generally limited to the issued capital and partners are only entitled to the net assets of the entity. In the case of general partnerships (\"VOF\"), each party bears, in principle, unlimited liability and has, in principle, a proportional right to the assets and obligations for the liabilities of the entity. On the basis of the legal form, a CV-BV structure qualifies as a \"joint venture\", whereas a VOF structure qualifies as a \"joint operation\". Particular the contractual terms and other relevant facts and circumstances may result in a different classification.
As a separate legal structure is established for each project, projects have different participating partners and individual projects are not of a substantial size, BPD did not have material joint arrangements in 2025 and 2024.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Profit or loss from continuing operations | 16 | 15 |
| Post-tax profit or loss from discontinued operations | - | - |
| Net profit | 16 | 15 |
| Other comprehensive income | - | - |
| Total comprehensive income | 16 | 15 |
BPD entered into commitments with regard to real estate projects and into commitments with third parties (including subcontractors and architects) for an amount of EUR 38 million (2024: EUR 50 million). The commitments regarding building sites amount to EUR 63 million (2024: EUR 68 million).
| Amounts in millions of euros | Goodwill | Software developed inhouse | Other intangible assets | Total |
|---|---|---|---|---|
Year ended December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 338 | 221 | 130 | 689 |
| Foreign exchange differences | - | (6) | - | (6) |
| Additions | 12 | 49 | 15 | 76 |
| Disposals | - | - | (5) | (5) |
| Other | 7 | 4 | (2) | 9 |
| Amortization | - | (62) | (49) | (111) |
| Impairments | (2) | - | - | (2) |
| Closing balance | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 357 | 1,433 | 434 | 2,224 |
| Accumulated amortization and impairments | (2) | (1,227) | (345) | (1,574) |
| Net carrying amount | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 322 | 250 | 165 | 737 |
| Foreign exchange differences | - | 2 | (1) | 1 |
| Additions | 16 | 38 | 22 | 76 |
| Disposals | - | (6) | (5) | (11) |
| Other | - | 9 | (1) | 8 |
| Amortization | - | (68) | (50) | (118) |
| Impairments | - | (4) | - | (4) |
| Closing balance | 338 | 221 | 130 | 689 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 338 | 1,399 | 456 | 2,193 |
| Accumulated amortization and impairments | - | (1,178) | (326) | (1,504) |
| Net carrying amount | 338 | 221 | 130 | 689 |
The goodwill as at December 31, 2025 is allocated to one of the cash-generating units in the Domestic Retail Banking segment: the collective of local Rabobanks. The recoverable amount is based on the value in use. The value in use is determined using cash flows expected in the near future based on financial forecasts. As the recoverable amount substantially exceeded the carrying amount, Rabobank concluded that the goodwill allocated to this cash-generating unit was not impaired. Rabobank considers a 10% increase in the discount rate or a 10% reduction in the future cash flows to be the maximum of possible changes in key assumptions. Such changes do not cause the carrying amount to exceed the recoverable amount and would not result in an impairment.
Impairments of software developed in-house and other intangible assets are not individually material. The total impairments of software developed in-house was EUR nil million (2024: EUR 4 million).
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Land and buildings | 597 | 692 |
| Equipment | 202 | 183 |
| Operating lease assets | 2,881 | 2,954 |
| Tangible fixed assets | 3,680 | 3,829 |
| Right-of-use assets | 252 | 282 |
| Total property and equipment | 3,932 | 4,111 |
| Amounts in millions of euros | Land and buildings | Equipment | Operating lease assets | Tangible fixed assets |
|---|---|---|---|---|
Year ended December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 692 | 183 | 2,954 | 3,829 |
| Foreign exchange differences | (3) | (6) | (211) | (220) |
| Purchases | 55 | 48 | 1,282 | 1,385 |
| Disposals | (11) | 7 | (266) | (270) |
| Transfers to assets held for sale | (84) | 15 | (132) | (201) |
| Depreciation | (42) | (53) | - | (95) |
| Depreciation of operating lease assets | - | - | (748) | (748) |
| Other | (10) | 8 | 2 | - |
| Closing balance as per December 31 | 597 | 202 | 2,881 | 3,680 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,493 | 672 | 4,739 | 6,904 |
| Accumulated depreciation and impairments | (896) | (470) | (1,858) | (3,224) |
| Net carrying amount as per December 31 | 597 | 202 | 2,881 | 3,680 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,851 | 689 | 4,655 | 7,195 |
| Accumulated depreciation and impairments | (1,093) | (512) | (1,901) | (3,506) |
| Net carrying amount as per January 1 | 758 | 177 | 2,754 | 3,689 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 758 | 177 | 2,754 | 3,689 |
| Foreign exchange differences | 1 | 1 | 81 | 83 |
| Purchases | 57 | 67 | 1,449 | 1,573 |
| Disposals | (2) | (7) | (376) | (385) |
| Transfers to assets held for sale | (48) | - | (139) | (187) |
| Transfers to investment property | (14) | - | - | (14) |
| Impairments | (8) | (2) | - | (10) |
| Reversal impairments | 13 | - | - | 13 |
| Depreciation | (64) | (58) | - | (122) |
| Depreciation of operating lease assets | - | - | (753) | (753) |
| Other | (1) | 5 | (62) | (58) |
| Closing balance as per December 31 | 692 | 183 | 2,954 | 3,829 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,747 | 690 | 4,932 | 7,369 |
| Accumulated depreciation and impairments | (1,055) | (507) | (1,978) | (3,540) |
| Net carrying amount as per December 31 | 692 | 183 | 2,954 | 3,829 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Opening balance | 2,062 | 1,793 |
| Foreign exchange differences | (12) | 13 |
| Purchases | 24 | 35 |
| Sales | (75) | (68) |
| Share of profit of associates and joint ventures | 381 | 474 |
| Dividends paid out (and capital repayments) | (88) | (77) |
| Revaluation | 23 | (8) |
| Impairment on investments in associates | - | (74) |
| Reversal impairment on investments in joint ventures | - | 4 |
| Other | (7) | (30) |
| Total investments in associates and joint ventures | 2,308 | 2,062 |
The main associate in terms of the size of the capital interest held by Rabobank is Achmea.
| On December 31, 2025 | Shareholding | Voting rights |
| The Netherlands | \u00a0 | \u00a0 |
| Achmea B.V. | 29% | 29% |
Achmea is Rabobank's strategic partner for insurance products and Interpolis, a brand of the Achmea Group, works closely with Rabobank. Achmea\u2019s head office is located in Zeist, the Netherlands. No listed market price is available for the equity investment in Achmea. The equity investment in Achmea is valued according to the equity method which leads to a carrying amount of EUR 1,697 million.
A yearly external valuation of the investment in Achmea is performed. The outcome of this valuation did not lead to a trigger for impairment or reversal of impairment as the carrying amount closely aligns with this fair value. The valuation is performed by an external expert and a combination of valuation methods is used:
a cash flow valuation method assuming that the equity value of a company is equal to the discounted value of future dividends or future cashflows minus the net debt position of the company. The discount rate used for operations in the Netherlands ranges between 7.5% and 10.3%; and
a comparable company analysis which is a multiple analysis based on financials and market date of peer companies. The most important inputs are:
the price-to-book multiple derived from a regression analysis of the price-to-book ratios of peers and their expected return on equity. The most important price-to-book multiple ranges between 0.8x and 1.5x and;
the price-to-earnings multiple which is based on the current financial year\u2019s profitability and estimates of the 1-year and 2-year forward looking profitability of peers. The most important price-to-earnings multiple ranges between 8.1x and 10.3x.
The valuation of Achmea is based on 50%-50% weighting to the outcomes of the two valuation methods.
Rabobank received EUR 72 million cash dividend from Achmea in 2025 (2024: EUR 59 million) and is part of the operating segment \u2018Other segments\u2019.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Cash and balances at central banks | 1,757 | 2,131 |
| Investments | 77,501 | 74,683 |
| Other assets | 6,079 | 5,402 |
| Total assets | 85,337 | 82,216 |
| \u00a0 | \u00a0 | \u00a0 |
| Insurance related provisions | 42,581 | 43,866 |
| Loans and funds borrowed | 25,391 | 25,549 |
| Other liabilities | 5,478 | 3,386 |
| Total liabilities | 73,450 | 72,801 |
| \u00a0 | \u00a0 | \u00a0 |
| Revenues | 29,417 | 28,177 |
| Net profit | 1,197 | 1,303 |
| Other comprehensive income | 35 | 20 |
| Total comprehensive income | 1,232 | 1,323 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Total equity Achmea | 11,050 | 9,410 |
| Minus: hybrid capital | 1,100 | 500 |
| Minus: preference shares and accrued dividend | 13 | 5 |
| Shareholder\u2019s equity | 9,937 | 8,905 |
| Share of Rabobank | 29.20% | 30.16% |
| \u00a0 | 2,902 | 2,686 |
| Accumulated impairment | (1,205) | (1,243) |
| Carrying amount | 1,697 | 1,443 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Result from continuing operations | 46 | 84 |
| Net profit | 46 | 84 |
| Other comprehensive income | 2 | (26) |
| Total comprehensive income | 48 | 58 |
Almost all joint ventures are investments of BPD. Their total carrying amount is EUR 105 million (2024: EUR 103 million). Joint ventures are recognized in accordance with the equity method.
BPD often enters into partnerships for developing integrated residential areas. In the majority of cases, each participating member of the partnership has a decisive vote, and decisions can only be passed by consensus. The majority of these partnerships therefore qualify as \"joint arrangements.\"
Each partnership has its own legal structure depending on the needs and requirements of the parties concerned. The legal form (business structure) typically used is the Dutch \"CV-BV\" structure (a limited partnership-private limited liability company) or the \"VOF\" structure (general partnership) or a comparable structure. In the case of a CV-BV, the risk of a partner is generally limited to the issued capital and partners are only entitled to the net assets of the entity. In the case of general partnerships (\"VOF\"), each party bears, in principle, unlimited liability and has, in principle, a proportional right to the assets and obligations for the liabilities of the entity. On the basis of the legal form, a CV-BV structure qualifies as a \"joint venture\", whereas a VOF structure qualifies as a \"joint operation\". Particular the contractual terms and other relevant facts and circumstances may result in a different classification.
As a separate legal structure is established for each project, projects have different participating partners and individual projects are not of a substantial size, BPD did not have material joint arrangements in 2025 and 2024.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Profit or loss from continuing operations | 16 | 15 |
| Post-tax profit or loss from discontinued operations | - | - |
| Net profit | 16 | 15 |
| Other comprehensive income | - | - |
| Total comprehensive income | 16 | 15 |
BPD entered into commitments with regard to real estate projects and into commitments with third parties (including subcontractors and architects) for an amount of EUR 38 million (2024: EUR 50 million). The commitments regarding building sites amount to EUR 63 million (2024: EUR 68 million).
This item relates to shares held by non-controlling parties in Rabobank's subsidiaries.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Opening balance | 621 | 599 |
| Net profit | 51 | 65 |
| Exchange rate differences | (33) | (1) |
| Entities included in consolidation/deconsolidated | 41 | 5 |
| Dividends | (40) | (43) |
| Other | (1) | (4) |
| Closing balance | 639 | 621 |
The Rabobank subsidiaries with the largest non-controlling interests are AGCO Finance SAS and AGCO Finance LLC. Both entities are accounted for in the segment Leasing.
AGCO Finance SAS is located in Beauvais, France, and Rabobank has a capital and voting right interest of 51%. The non-controlling interests with regard to this entity amount to EUR 194 million (2024: EUR 160 million). The following financial data apply:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Revenues | 82 | 70 |
| Net profit | 49 | 37 |
| Other comprehensive income | - | - |
| Total comprehensive income | 49 | 37 |
| \u00a0 | \u00a0 | \u00a0 |
| Profit attributable to non-controlling interests | 24 | 18 |
| Dividends paid to non-controlling interests | - | - |
| \u00a0 | \u00a0 | \u00a0 |
| Financial assets | 2,862 | 2,612 |
| Other assets | 29 | 57 |
| Financial liabilities | 2,374 | 2,243 |
| Other liabilities | 122 | 99 |
AGCO Finance LLC is located in Johnston, United States, and Rabobank has a capital and voting right interest of 51%. The non-controlling interests with regard to this entity amount to EUR 115 million (2024: EUR 117 million). The following financial data apply:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Revenues | 83 | 86 |
| Net profit | 42 | 53 |
| Other comprehensive income | - | - |
| Total comprehensive income | 42 | 53 |
| \u00a0 | \u00a0 | \u00a0 |
| Profit attributable to non-controlling interests | 21 | 26 |
| Dividends paid to non-controlling interests | 9 | 7 |
| \u00a0 | \u00a0 | \u00a0 |
| Financial assets | 3,036 | 3,727 |
| Other assets | 56 | 25 |
| Financial liabilities | 2,683 | 3,326 |
| Other liabilities | 175 | 188 |
| On December 31, 2025 | Share | Voting rights |
| Principal subsidiaries | \u00a0 | \u00a0 |
| The Netherlands | \u00a0 | \u00a0 |
| DLL International B.V. | 100% | 100% |
| BPD Europe B.V. | 100% | 100% |
| Obvion N.V. | 100% | 100% |
| North America | \u00a0 | \u00a0 |
| Utrecht America Holdings Inc. | 100% | 100% |
| South America | \u00a0 | \u00a0 |
| Banco Rabobank International Brasil S.A. | 100% | 100% |
| Australia and New Zealand | \u00a0 | \u00a0 |
| Rabobank Australia Limited | 100% | 100% |
| Rabobank New Zealand Limited | 100% | 100% |
All subsidiaries listed in the table have been consolidated. In 2025, none of the subsidiaries experienced any significant restrictions in the payment of dividends or the redemption of loans and repayment of advances. The possibility for subsidiaries to pay dividend to Rabobank depends on various factors, including local regulatory requirements, statutory reserves and financial performance.
Several structured entities in W&R segment are not consolidated, even if Rabobank retains more than half of the voting rights. These structured entities are not consolidated because the relevant activities and the variable returns are determined by a third party to the contract.
Rabobank controls several entities in the \"Leasing\" segment as part of its vendor leasing operations, even though it retains less than half of the voting rights. This is because control is not determined based on voting rights, but rather on management participation.
A structured entity is an entity that is structured so that voting rights or comparable rights do not constitute the dominant factor in determining who exercises control over the entity. Rabobank uses structured entities in order to securitize mortgages and other loan portfolios as part of its financing activities, liquidity management and in order to reduce credit risk. The loans are actually transferred to the structured entities. Own-asset securitization is performed by Rabobank, Obvion and DLL. In addition to providing cash facilities, Rabobank also acts as a swap counterparty for all own-asset securitizations.
Rabobank acts as a sponsor in Nieuw Amsterdam Receivables Corporation. Nieuw Amsterdam issues asset-backed commercial paper (ABCP) in various currencies and provides Rabobank customers access to liquidity through the commercial paper market. Rabobank provides advice and manages the program, markets ABCP, provides cash facilities and credit risk enhancements and other facilities for the underlying transactions and as well as for the program itself.
Rabobank consolidates the own-asset securitization vehicles and Nieuw Amsterdam because it is exposed to or entitled to fluctuating income in respect of its involvement in these entities. In addition, Rabobank also has the option to influence the amount of the investor\u2019s income by virtue of having control over the entities.
Non-consolidated structured entities refer to all structured entities over which Rabobank has no control. These interests are comprised mainly of debt securities to securitization vehicles and private equity interests. The amount of these debt securities is almost always limited when compared to the vehicle\u2019s total assets. Rabobank usually refinances these securitization vehicles by issued debt securities or credit facilities.
The following table lists the nature and risks of Rabobank\u2019s interests in non-consolidated structured entities. The size of non-consolidated structured entities generally reflects the carrying amount of the assets and the contingent liabilities. The maximum exposure equals the carrying amount disclosed in the table below.
Income from sponsored, non-consolidated structured entities in which Rabobank holds no interest is zero (2024: zero).
| Amounts in millions of euros | On December 31, 2025 | On December 31, 2024 | ||||
|---|---|---|---|---|---|---|
Assets recognized by Rabobank | Securitizations | Other | Total | Securitizations | Other | Total |
| Financial assets held for trading | - | 8 | 8 | - | 11 | 11 |
| Financial assets mandatorily at fair value | - | 1,432 | 1,432 | - | 1,425 | 1,425 |
| Derivatives | - | - | - | - | - | - |
| Loans and advances to customers | 507 | 168 | 675 | 527 | 151 | 678 |
| Financial assets at fair value through other comprehensive income | - | - | - | - | - | - |
| Investments in associates | 1 | 149 | 150 | - | 175 | 175 |
| Total financial assets recognized by Rabobank | 508 | 1,757 | 2,265 | 527 | 1,762 | 2,289 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities recognized by Rabobank | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Derivatives | 53 | - | 53 | 12 | - | 12 |
| Deposits from customers | 220 | - | 220 | 268 | - | 268 |
| Total liabilities recognized by Rabobank | 273 | - | 273 | 280 | - | 280 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Opening balance | 2,062 | 1,793 |
| Foreign exchange differences | (12) | 13 |
| Purchases | 24 | 35 |
| Sales | (75) | (68) |
| Share of profit of associates and joint ventures | 381 | 474 |
| Dividends paid out (and capital repayments) | (88) | (77) |
| Revaluation | 23 | (8) |
| Impairment on investments in associates | - | (74) |
| Reversal impairment on investments in joint ventures | - | 4 |
| Other | (7) | (30) |
| Total investments in associates and joint ventures | 2,308 | 2,062 |
The main associate in terms of the size of the capital interest held by Rabobank is Achmea.
| On December 31, 2025 | Shareholding | Voting rights |
| The Netherlands | \u00a0 | \u00a0 |
| Achmea B.V. | 29% | 29% |
Achmea is Rabobank's strategic partner for insurance products and Interpolis, a brand of the Achmea Group, works closely with Rabobank. Achmea\u2019s head office is located in Zeist, the Netherlands. No listed market price is available for the equity investment in Achmea. The equity investment in Achmea is valued according to the equity method which leads to a carrying amount of EUR 1,697 million.
A yearly external valuation of the investment in Achmea is performed. The outcome of this valuation did not lead to a trigger for impairment or reversal of impairment as the carrying amount closely aligns with this fair value. The valuation is performed by an external expert and a combination of valuation methods is used:
a cash flow valuation method assuming that the equity value of a company is equal to the discounted value of future dividends or future cashflows minus the net debt position of the company. The discount rate used for operations in the Netherlands ranges between 7.5% and 10.3%; and
a comparable company analysis which is a multiple analysis based on financials and market date of peer companies. The most important inputs are:
the price-to-book multiple derived from a regression analysis of the price-to-book ratios of peers and their expected return on equity. The most important price-to-book multiple ranges between 0.8x and 1.5x and;
the price-to-earnings multiple which is based on the current financial year\u2019s profitability and estimates of the 1-year and 2-year forward looking profitability of peers. The most important price-to-earnings multiple ranges between 8.1x and 10.3x.
The valuation of Achmea is based on 50%-50% weighting to the outcomes of the two valuation methods.
Rabobank received EUR 72 million cash dividend from Achmea in 2025 (2024: EUR 59 million) and is part of the operating segment \u2018Other segments\u2019.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Cash and balances at central banks | 1,757 | 2,131 |
| Investments | 77,501 | 74,683 |
| Other assets | 6,079 | 5,402 |
| Total assets | 85,337 | 82,216 |
| \u00a0 | \u00a0 | \u00a0 |
| Insurance related provisions | 42,581 | 43,866 |
| Loans and funds borrowed | 25,391 | 25,549 |
| Other liabilities | 5,478 | 3,386 |
| Total liabilities | 73,450 | 72,801 |
| \u00a0 | \u00a0 | \u00a0 |
| Revenues | 29,417 | 28,177 |
| Net profit | 1,197 | 1,303 |
| Other comprehensive income | 35 | 20 |
| Total comprehensive income | 1,232 | 1,323 |
| \u00a0 | 2025 | 2024 |
|---|---|---|
| Total equity Achmea | 11,050 | 9,410 |
| Minus: hybrid capital | 1,100 | 500 |
| Minus: preference shares and accrued dividend | 13 | 5 |
| Shareholder\u2019s equity | 9,937 | 8,905 |
| Share of Rabobank | 29.20% | 30.16% |
| \u00a0 | 2,902 | 2,686 |
| Accumulated impairment | (1,205) | (1,243) |
| Carrying amount | 1,697 | 1,443 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Result from continuing operations | 46 | 84 |
| Net profit | 46 | 84 |
| Other comprehensive income | 2 | (26) |
| Total comprehensive income | 48 | 58 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Rabobanks share of profit of investments in associates and joint ventures | 381 | 474 |
| Result on disposal of investments in associates and joint ventures | (11) | (10) |
| Income from investments in associates and joint ventures | 370 | 464 |
Almost all joint ventures are investments of BPD. Their total carrying amount is EUR 105 million (2024: EUR 103 million). Joint ventures are recognized in accordance with the equity method.
BPD often enters into partnerships for developing integrated residential areas. In the majority of cases, each participating member of the partnership has a decisive vote, and decisions can only be passed by consensus. The majority of these partnerships therefore qualify as \"joint arrangements.\"
Each partnership has its own legal structure depending on the needs and requirements of the parties concerned. The legal form (business structure) typically used is the Dutch \"CV-BV\" structure (a limited partnership-private limited liability company) or the \"VOF\" structure (general partnership) or a comparable structure. In the case of a CV-BV, the risk of a partner is generally limited to the issued capital and partners are only entitled to the net assets of the entity. In the case of general partnerships (\"VOF\"), each party bears, in principle, unlimited liability and has, in principle, a proportional right to the assets and obligations for the liabilities of the entity. On the basis of the legal form, a CV-BV structure qualifies as a \"joint venture\", whereas a VOF structure qualifies as a \"joint operation\". Particular the contractual terms and other relevant facts and circumstances may result in a different classification.
As a separate legal structure is established for each project, projects have different participating partners and individual projects are not of a substantial size, BPD did not have material joint arrangements in 2025 and 2024.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Profit or loss from continuing operations | 16 | 15 |
| Post-tax profit or loss from discontinued operations | - | - |
| Net profit | 16 | 15 |
| Other comprehensive income | - | - |
| Total comprehensive income | 16 | 15 |
BPD entered into commitments with regard to real estate projects and into commitments with third parties (including subcontractors and architects) for an amount of EUR 38 million (2024: EUR 50 million). The commitments regarding building sites amount to EUR 63 million (2024: EUR 68 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i24613": { "value": "| Amounts in millions of euros | Goodwill | Software developed inhouse | Other intangible assets | Total |
|---|---|---|---|---|
Year ended December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 338 | 221 | 130 | 689 |
| Foreign exchange differences | - | (6) | - | (6) |
| Additions | 12 | 49 | 15 | 76 |
| Disposals | - | - | (5) | (5) |
| Other | 7 | 4 | (2) | 9 |
| Amortization | - | (62) | (49) | (111) |
| Impairments | (2) | - | - | (2) |
| Closing balance | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 357 | 1,433 | 434 | 2,224 |
| Accumulated amortization and impairments | (2) | (1,227) | (345) | (1,574) |
| Net carrying amount | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 322 | 250 | 165 | 737 |
| Foreign exchange differences | - | 2 | (1) | 1 |
| Additions | 16 | 38 | 22 | 76 |
| Disposals | - | (6) | (5) | (11) |
| Other | - | 9 | (1) | 8 |
| Amortization | - | (68) | (50) | (118) |
| Impairments | - | (4) | - | (4) |
| Closing balance | 338 | 221 | 130 | 689 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 338 | 1,399 | 456 | 2,193 |
| Accumulated amortization and impairments | - | (1,178) | (326) | (1,504) |
| Net carrying amount | 338 | 221 | 130 | 689 |
The goodwill as at December 31, 2025 is allocated to one of the cash-generating units in the Domestic Retail Banking segment: the collective of local Rabobanks. The recoverable amount is based on the value in use. The value in use is determined using cash flows expected in the near future based on financial forecasts. As the recoverable amount substantially exceeded the carrying amount, Rabobank concluded that the goodwill allocated to this cash-generating unit was not impaired. Rabobank considers a 10% increase in the discount rate or a 10% reduction in the future cash flows to be the maximum of possible changes in key assumptions. Such changes do not cause the carrying amount to exceed the recoverable amount and would not result in an impairment.
Impairments of software developed in-house and other intangible assets are not individually material. The total impairments of software developed in-house was EUR nil million (2024: EUR 4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i24615": { "value": "| Amounts in millions of euros | Goodwill | Software developed inhouse | Other intangible assets | Total |
|---|---|---|---|---|
Year ended December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 338 | 221 | 130 | 689 |
| Foreign exchange differences | - | (6) | - | (6) |
| Additions | 12 | 49 | 15 | 76 |
| Disposals | - | - | (5) | (5) |
| Other | 7 | 4 | (2) | 9 |
| Amortization | - | (62) | (49) | (111) |
| Impairments | (2) | - | - | (2) |
| Closing balance | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 357 | 1,433 | 434 | 2,224 |
| Accumulated amortization and impairments | (2) | (1,227) | (345) | (1,574) |
| Net carrying amount | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 322 | 250 | 165 | 737 |
| Foreign exchange differences | - | 2 | (1) | 1 |
| Additions | 16 | 38 | 22 | 76 |
| Disposals | - | (6) | (5) | (11) |
| Other | - | 9 | (1) | 8 |
| Amortization | - | (68) | (50) | (118) |
| Impairments | - | (4) | - | (4) |
| Closing balance | 338 | 221 | 130 | 689 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 338 | 1,399 | 456 | 2,193 |
| Accumulated amortization and impairments | - | (1,178) | (326) | (1,504) |
| Net carrying amount | 338 | 221 | 130 | 689 |
The goodwill as at December 31, 2025 is allocated to one of the cash-generating units in the Domestic Retail Banking segment: the collective of local Rabobanks. The recoverable amount is based on the value in use. The value in use is determined using cash flows expected in the near future based on financial forecasts. As the recoverable amount substantially exceeded the carrying amount, Rabobank concluded that the goodwill allocated to this cash-generating unit was not impaired. Rabobank considers a 10% increase in the discount rate or a 10% reduction in the future cash flows to be the maximum of possible changes in key assumptions. Such changes do not cause the carrying amount to exceed the recoverable amount and would not result in an impairment.
Impairments of software developed in-house and other intangible assets are not individually material. The total impairments of software developed in-house was EUR nil million (2024: EUR 4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i24616": { "value": "| Amounts in millions of euros | Goodwill | Software developed inhouse | Other intangible assets | Total |
|---|---|---|---|---|
Year ended December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 338 | 221 | 130 | 689 |
| Foreign exchange differences | - | (6) | - | (6) |
| Additions | 12 | 49 | 15 | 76 |
| Disposals | - | - | (5) | (5) |
| Other | 7 | 4 | (2) | 9 |
| Amortization | - | (62) | (49) | (111) |
| Impairments | (2) | - | - | (2) |
| Closing balance | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 357 | 1,433 | 434 | 2,224 |
| Accumulated amortization and impairments | (2) | (1,227) | (345) | (1,574) |
| Net carrying amount | 355 | 206 | 89 | 650 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 322 | 250 | 165 | 737 |
| Foreign exchange differences | - | 2 | (1) | 1 |
| Additions | 16 | 38 | 22 | 76 |
| Disposals | - | (6) | (5) | (11) |
| Other | - | 9 | (1) | 8 |
| Amortization | - | (68) | (50) | (118) |
| Impairments | - | (4) | - | (4) |
| Closing balance | 338 | 221 | 130 | 689 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 338 | 1,399 | 456 | 2,193 |
| Accumulated amortization and impairments | - | (1,178) | (326) | (1,504) |
| Net carrying amount | 338 | 221 | 130 | 689 |
The goodwill as at December 31, 2025 is allocated to one of the cash-generating units in the Domestic Retail Banking segment: the collective of local Rabobanks. The recoverable amount is based on the value in use. The value in use is determined using cash flows expected in the near future based on financial forecasts. As the recoverable amount substantially exceeded the carrying amount, Rabobank concluded that the goodwill allocated to this cash-generating unit was not impaired. Rabobank considers a 10% increase in the discount rate or a 10% reduction in the future cash flows to be the maximum of possible changes in key assumptions. Such changes do not cause the carrying amount to exceed the recoverable amount and would not result in an impairment.
Impairments of software developed in-house and other intangible assets are not individually material. The total impairments of software developed in-house was EUR nil million (2024: EUR 4 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i24877": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Land and buildings | 597 | 692 |
| Equipment | 202 | 183 |
| Operating lease assets | 2,881 | 2,954 |
| Tangible fixed assets | 3,680 | 3,829 |
| Right-of-use assets | 252 | 282 |
| Total property and equipment | 3,932 | 4,111 |
| Amounts in millions of euros | Land and buildings | Equipment | Operating lease assets | Tangible fixed assets |
|---|---|---|---|---|
Year ended December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 692 | 183 | 2,954 | 3,829 |
| Foreign exchange differences | (3) | (6) | (211) | (220) |
| Purchases | 55 | 48 | 1,282 | 1,385 |
| Disposals | (11) | 7 | (266) | (270) |
| Transfers to assets held for sale | (84) | 15 | (132) | (201) |
| Depreciation | (42) | (53) | - | (95) |
| Depreciation of operating lease assets | - | - | (748) | (748) |
| Other | (10) | 8 | 2 | - |
| Closing balance as per December 31 | 597 | 202 | 2,881 | 3,680 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,493 | 672 | 4,739 | 6,904 |
| Accumulated depreciation and impairments | (896) | (470) | (1,858) | (3,224) |
| Net carrying amount as per December 31 | 597 | 202 | 2,881 | 3,680 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Year ended December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,851 | 689 | 4,655 | 7,195 |
| Accumulated depreciation and impairments | (1,093) | (512) | (1,901) | (3,506) |
| Net carrying amount as per January 1 | 758 | 177 | 2,754 | 3,689 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 758 | 177 | 2,754 | 3,689 |
| Foreign exchange differences | 1 | 1 | 81 | 83 |
| Purchases | 57 | 67 | 1,449 | 1,573 |
| Disposals | (2) | (7) | (376) | (385) |
| Transfers to assets held for sale | (48) | - | (139) | (187) |
| Transfers to investment property | (14) | - | - | (14) |
| Impairments | (8) | (2) | - | (10) |
| Reversal impairments | 13 | - | - | 13 |
| Depreciation | (64) | (58) | - | (122) |
| Depreciation of operating lease assets | - | - | (753) | (753) |
| Other | (1) | 5 | (62) | (58) |
| Closing balance as per December 31 | 692 | 183 | 2,954 | 3,829 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,747 | 690 | 4,932 | 7,369 |
| Accumulated depreciation and impairments | (1,055) | (507) | (1,978) | (3,540) |
| Net carrying amount as per December 31 | 692 | 183 | 2,954 | 3,829 |
Rabobank has several lease contracts as a lessee, predominantly related to property used as office and to cars for employees. The consolidated statement of financial position shows the following amounts relating to leases:
| Amounts in millions of euros | \u00a0 | \u00a0 | \u00a0 | 2025 | 2024 |
|---|---|---|---|---|---|
| Property-lease | \u00a0 | \u00a0 | \u00a0 | 201 | 234 |
| Car-lease | \u00a0 | \u00a0 | \u00a0 | 49 | 47 |
| Other leases | \u00a0 | \u00a0 | \u00a0 | 2 | 1 |
| Total right-of-use assets | \u00a0 | \u00a0 | \u00a0 | 252 | 282 |
| Total lease liabilities | \u00a0 | \u00a0 | \u00a0 | 291 | 335 |
Additions to right-of-use assets during 2025 were EUR 24 million (2024: EUR 29 million). The consolidated statement of income shows the following amounts relating to leases:
| Amounts in millions of euros | \u00a0 | \u00a0 | \u00a0 | 2025 | 2024 |
|---|---|---|---|---|---|
| Property-lease | \u00a0 | \u00a0 | \u00a0 | 56 | 63 |
| Car-lease | \u00a0 | \u00a0 | \u00a0 | 22 | 22 |
| Other leases | \u00a0 | \u00a0 | \u00a0 | 2 | 2 |
| Depreciation charge of right-of-use assets | \u00a0 | \u00a0 | \u00a0 | 80 | 87 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest expense | \u00a0 | \u00a0 | \u00a0 | 13 | 14 |
| Expense relating to short-term leases | \u00a0 | \u00a0 | \u00a0 | - | - |
| Expense relating to leases of low-value assets | \u00a0 | \u00a0 | \u00a0 | - | - |
| Expense relating to variable lease payments not included in lease liabilities | \u00a0 | \u00a0 | \u00a0 | 6 | 5 |
The total cash outflow for leases in 2025 was EUR 52 million (2024: EUR 57 million).
Rabobank has concluded various operating lease contracts as lessor. The undiscounted lease payments to be received from operating leases can be broken down as follows:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Not exceeding 1 year | 794 | 805 |
| 1 to 2 years | 593 | 603 |
| 2 to 3 years | 399 | 392 |
| 3 to 4 years | 243 | 217 |
| 4 to 5 years | 136 | 106 |
| More than 5 years | 97 | 80 |
| Total payments receivable from operating\u00a0leases | 2,262 | 2,203 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Cost | 1,066 | 771 |
| Accumulated depreciation and impairments | (149) | (68) |
| Net carrying amount as per January 1 | 917 | 703 |
| \u00a0 | \u00a0 | \u00a0 |
| Opening balance | 917 | 703 |
| Purchases | 76 | 27 |
| Sales | (1) | - |
| Transfers from real estate projects | 234 | 225 |
| Transfers from land and buildings | - | 14 |
| Depreciation | (24) | (25) |
| Impairments | (3) | (37) |
| Reversal impairment | 26 | 1 |
| Other | (34) | 9 |
| Closing balance as per December 31 | 1,191 | 917 |
| \u00a0 | \u00a0 | \u00a0 |
| Cost | 1,355 | 1,066 |
| Accumulated depreciation and impairments | (164) | (149) |
| Net carrying amount as per December 31 | 1,191 | 917 |
The fair value of the investment properties amounts to EUR 1,494 million (2024: EUR 1,091 million). External valuations of investment properties were performed by duly certified external parties in accordance with RICS valuation standards or other equivalent standards. The determination of the fair value of investment properties is based on the methodologies that are most appropriate for the type of property. This includes the discounted cash flow valuation method and the capitalization method based on net initial yields for comparable transactions.
| Valuations | 2025 | 2024 |
|---|---|---|
| External valuations | 92% | 94% |
| Internal valuations | 8% | 6% |
Most investment property is unique. There is often no active market for similar properties in the same location and condition. Appraisals of the different types of investment properties are based on many parameters, which are derived from current contracts and market information as much as possible. A certain degree of judgment and estimation cannot be avoided. Therefore, all investment property has been designated as level 3 in line with the fair value classification under IFRS 13. When determining the fair value of investment property, the parameters used include the following, depending on the type of property: current and expected future market rent per m2, current and expected future vacancy rates, location of the property, the marketability of the property, the average discount rate, the development budget, and any credit risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i25305": { "value": "| Amounts in millions of euros | Note | 2025 | 2024 |
|---|---|---|---|
| Receivables and prepayments | \u00a0 | 1,534 | 1,692 |
| Commodities and warehouse receipts | \u00a0 | 1,429 | 1,755 |
| Real estate projects | \u00a0 | 2,441 | 2,478 |
| Accrued income | \u00a0 | 471 | 340 |
| Employee benefits | 27 | 9 | 9 |
| Other assets | \u00a0 | 518 | 421 |
| Total other assets | \u00a0 | 6,402 | 6,695 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Building sites | 1,846 | 1,839 |
| Work in progress | 454 | 530 |
| Finished properties | 141 | 109 |
| Total real estate projects | 2,441 | 2,478 |
In 2025 the net realizable value of all current building sites not subject to a zoning plan was calculated and compared with the carrying amount. This resulted in a reversal of EUR 95 million to the provision (2024: addition of EUR 18 million).
| Amounts in millions of euros | Balance on January 1, 2025 | Additions/ release | Withdrawals/ other changes | Balance on December 31, 2025 |
|---|---|---|---|---|
| Building sites | 496 | (80) | (30) | 386 |
| Work in progress | 54 | 17 | (61) | 9 |
| Finished properties | 10 | 2 | (5) | 7 |
| Total | 560 | (61) | (96) | 402 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | Balance on January 1, 2024 | Additions/ release | Withdrawals/ other changes | Balance on December 31, 2024 |
| Building sites | 456 | 39 | 1 | 496 |
| Work in progress | 32 | 4 | 18 | 54 |
| Finished properties | 2 | 8 | - | 10 |
| Total | 490 | 51 | 19 | 560 |
| Amounts in millions of euros | 2025 | 2024 |
| Residential property in preparation and under construction | 1,085 | 978 |
| Commercial property in development and under construction | 4 | 3 |
| Instalments invoiced in advance \u2013 residential property | (635) | (451) |
| Total work in progress | 454 | 530 |
| Amounts in millions of euros | Note | 2025 | 2024 |
|---|---|---|---|
| Receivables and prepayments | \u00a0 | 1,534 | 1,692 |
| Commodities and warehouse receipts | \u00a0 | 1,429 | 1,755 |
| Real estate projects | \u00a0 | 2,441 | 2,478 |
| Accrued income | \u00a0 | 471 | 340 |
| Employee benefits | 27 | 9 | 9 |
| Other assets | \u00a0 | 518 | 421 |
| Total other assets | \u00a0 | 6,402 | 6,695 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Building sites | 1,846 | 1,839 |
| Work in progress | 454 | 530 |
| Finished properties | 141 | 109 |
| Total real estate projects | 2,441 | 2,478 |
In 2025 the net realizable value of all current building sites not subject to a zoning plan was calculated and compared with the carrying amount. This resulted in a reversal of EUR 95 million to the provision (2024: addition of EUR 18 million).
| Amounts in millions of euros | Balance on January 1, 2025 | Additions/ release | Withdrawals/ other changes | Balance on December 31, 2025 |
|---|---|---|---|---|
| Building sites | 496 | (80) | (30) | 386 |
| Work in progress | 54 | 17 | (61) | 9 |
| Finished properties | 10 | 2 | (5) | 7 |
| Total | 560 | (61) | (96) | 402 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Amounts in millions of euros | Balance on January 1, 2024 | Additions/ release | Withdrawals/ other changes | Balance on December 31, 2024 |
| Building sites | 456 | 39 | 1 | 496 |
| Work in progress | 32 | 4 | 18 | 54 |
| Finished properties | 2 | 8 | - | 10 |
| Total | 490 | 51 | 19 | 560 |
| Amounts in millions of euros | 2025 | 2024 |
| Residential property in preparation and under construction | 1,085 | 978 |
| Commercial property in development and under construction | 4 | 3 |
| Instalments invoiced in advance \u2013 residential property | (635) | (451) |
| Total work in progress | 454 | 530 |
The non-current assets held for sale amount to EUR 112 million (2024: EUR 142 million) and include various types of real estate in the segment Domestic Retail Banking for an amount of EUR 56 million (2024: EUR 31 million), and a loan portfolio and foreign subsidiary in segment Wholesale & Rural for an amount of EUR 56 million (2024: EUR 110 million). The carrying values are expected to be realized through sale rather than through continuing use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i25336": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Demand deposits | 632 | 617 |
| Fixed-term deposits | 9,511 | 11,424 |
| Repurchase agreements | 34 | 399 |
| Other deposits from credit institutions | 40 | 7 |
| Total deposits from credit institutions | 10,217 | 12,447 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Current accounts and overnight deposits | 314,352 | 299,776 |
| Deposits with agreed maturity | 66,601 | 72,469 |
| Deposits redeemable at notice | 52,884 | 39,042 |
| Repurchase agreements | 66 | 149 |
| Total deposits from customers | 433,903 | 411,436 |
Non-monetary instruments from central banks amounting to EUR 11 billion (2024: EUR 10 billion) are included in \"Deposits with agreed maturity\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i25401": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Certificates of deposit | 18,668 | 17,880 |
| Commercial paper | 10,757 | 10,367 |
| Issued bonds | 31,969 | 32,599 |
| Covered bonds | 22,806 | 22,782 |
| Other debt securities | 26,745 | 33,134 |
| Total debt securities in issue | 110,945 | 116,762 |
Financial liabilities held for trading are mainly negative fair values of derivatives and delivery obligations that arise on the short selling of securities. Securities are sold short to realize gains from short-term price fluctuations. The securities needed to settle short sales are acquired through securities lending and repurchasing agreements. The fair value of the shares and bonds sold short are EUR 464 million (2024: EUR 277 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i25425": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Debt securities issued | 1,274 | 1,732 |
| Deposits | 784 | 834 |
| Total financial liabilities designated at fair value | 2,058 | 2,566 |
The cumulative change in fair value of the financial liabilities designated at fair value attributable to changes in Rabobank's own credit risk amounts to EUR 86 million (2024: EUR 84 million). The change in fair value that is attributable to changes in own credit risk is calculated by deducting on a note by note basis the current fair value of these liabilities at the reporting date from the fair value recalculated based on the prevailing credit curve at the time of origination, with all other pricing components unchanged. This calculation reflects the amount that can be attributed to the change in Rabobank's own credit risk since the origination of these liabilities.
Transfers of the cumulative gains or losses within equity during the period and the amounts presented in other comprehensive income that are realized at derecognition are disclosed in Section 30 in the movement schedule of the \"Revaluation Reserve \u2013 Fair Value Changes Due to Own Credit Risk on Financial Liabilities Designated at Fair Value\".
The carrying value of the issued debt securities and deposits designated at fair value is EUR 276 million (2024: EUR 426 million) lower than the amount Rabobank is contractually obliged to repay to the holders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i25462": { "value": "| Amounts in millions of euros | Note | 2025 | 2024 |
|---|---|---|---|
| Payables | \u00a0 | 5,011 | 5,099 |
| Lease liabilities | \u00a0 | 291 | 335 |
| Employee benefits | 27 | 242 | 223 |
| Other | \u00a0 | 41 | 45 |
| Total other liabilities | \u00a0 | 5,585 | 5,702 |
| Amounts in millions of euros | Note | 2025 | 2024 |
|---|---|---|---|
| Payables | \u00a0 | 5,011 | 5,099 |
| Lease liabilities | \u00a0 | 291 | 335 |
| Employee benefits | 27 | 242 | 223 |
| Other | \u00a0 | 41 | 45 |
| Total other liabilities | \u00a0 | 5,585 | 5,702 |
| Amounts in millions of euros | Note | 2025 | 2024 |
|---|---|---|---|
| Restructuring provision | \u00a0 | 92 | 105 |
| Provision for legal issues | \u00a0 | 36 | 77 |
| Impairment allowances on loan commitments and financial guarantees | 4.3.4 | 102 | 161 |
| Other provisions | \u00a0 | 212 | 251 |
| Total provisions | \u00a0 | 442 | 594 |
| Amounts in millions of euros | Restructuring provision | Provision for legal\u00a0issues | Other provisions | Total |
|---|---|---|---|---|
| Opening balance on January 1, 2025 | 105 | 77 | 251 | 433 |
| Additions | 75 | 29 | 69 | 173 |
| Withdrawals | (60) | (46) | (83) | (189) |
| Releases | (28) | (24) | (25) | (77) |
| Closing balance on December 31, 2025 | 92 | 36 | 212 | 340 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance on January 1, 2024 | 34 | 105 | 295 | 434 |
| Additions | 102 | 32 | 16 | 150 |
| Withdrawals | (19) | (39) | (52) | (110) |
| Releases | (12) | (21) | (8) | (41) |
| Closing balance on December 31, 2024 | 105 | 77 | 251 | 433 |
For additional information regarding the additions to the provision for legal issues, see Section 4.9, \"Legal and arbitration proceedings\".
For the contribution to the Single Resolution Fund, Rabobank opted in previous years to use the opportunity to fulfil part of the liability via an irrevocable payment commitment. Rabobank considers this irrevocable payment commitment as a provision, measured at zero, because any expected cash outflow is not anticipated to occur until the very distant future. The nominal amount of the obligation is EUR 270 million (2024: EUR 270 million). Rabobank has provided cash collateral for the IPC which is classified as a financial asset measured at amortized cost.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Not exceeding one year | 320 | 399 |
| Longer than 1 year but less than 5 years | 104 | 174 |
| Longer than 5\u00a0years | 18 | 21 |
| Total | 442 | 594 |
Deferred tax assets and liabilities are measured for all temporary differences using the liability-method. Deferred tax assets recognized with respect to carry-forward losses and temporary deductible differences can only be utilized if taxable profits are realized in the future.
Certain deferred tax assets arising from the carry forward of unused tax losses from earlier years and temporary differences in segment Property Development and segment Wholesale & Rural are impaired in 2025 because of insufficient convincing evidence for sufficient available future taxable profits from the respective taxable entities. In segment Other a release of a provision for an uncertain tax asset position related to a previous tax year compensates these tax expenses. As a result of these developments, unused tax losses for which no deferred tax assets have been recognized, increased to EUR 473 million (2024: EUR 121 million) of which EUR 382 million (2024: EUR 121 million) relates to tax losses with an infinite expiry date.\u00a0The tax effect of the unused tax losses amounts to EUR 142 million (2024: EUR 35 million).
The amount of income tax recognized as deferred tax and relating to components of other comprehensive income is disclosed in the following table.
| \u00a0 | Deferred tax assets | Deferred tax liabilities | Deferred tax charges | Tax on other compre- hensive income |
|---|---|---|---|---|
| Amounts in millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2025 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Pensions and other post-employment benefits | 21 | 2 | - | 1 |
| Impairment allowances on financial assets | 208 | (46) | 72 | - |
| Provisions | 11 | (12) | 16 | - |
| Hedge accounting | 218 | 39 | 59 | - |
| Carry forward losses | 135 | (5) | 17 | - |
| Tax credits | 1 | (1) | - | - |
| Goodwill and other intangible assets | 11 | - | - | - |
| Revaluation reserves for financial assets at fair value through other comprehensive income | (18) | 2 | - | 76 |
| Revaluation reserves \u2013 Cash flow hedges | 29 | (1) | - | 22 |
| Revaluation reserves \u2013 Costs of hedging | (46) | - | - | (37) |
| Revaluation reserve \u2013 Fair value changes due to own credit risk on\u00a0financial\u00a0liabilities designated at fair value | 24 | 2 | - | (1) |
| Property and equipment, including operating leases | 125 | 265 | 4 | - |
| Other temporary differences | 50 | 31 | 21 | - |
| Total | 769 | 276 | 189 | 61 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| \u00a0 | Deferred tax assets | Deferred tax liabilities | Deferred tax charges | Tax on other comprehensive income |
| Amounts in millions of euros | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
On December 31, 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Pensions and other post-employment benefits | 22 | 1 | (3) | - |
| Impairment allowances on financial assets | 280 | (61) | (136) | - |
| Provisions | 41 | (2) | (20) | - |
| Hedge accounting | 273 | 35 | 28 | - |
| Carry forward losses | 164 | (6) | (21) | - |
| Tax credits | 1 | (1) | 5 | - |
| Goodwill and other intangible assets | 8 | - | - | - |
| Revaluation reserves for financial assets at fair value through other comprehensive income | 47 | (3) | - | (9) |
| Revaluation reserves \u2013 Cash flow hedges | 20 | (2) | - | (20) |
| Revaluation reserves \u2013 Costs of hedging | (84) | - | - | 44 |
| Revaluation reserve \u2013 Fair value changes due to own credit risk on\u00a0financial\u00a0liabilities designated at fair value | 24 | 2 | - | (3) |
| Property and equipment, including operating leases | 93 | 243 | 104 | - |
| Other temporary differences | 44 | 6 | 25 | - |
| Total | 933 | 212 | (18) | 12 |
The current tax asset relating to currency translation of foreign currency branches and group entities and related hedging that is recognized in other comprehensive income as at December 31, 2025 is EUR 173 million current tax asset (2024: current tax liability EUR 85 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26061": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Employee benefits \u2013 assets | (9) | (9) |
| Employee benefits \u2013 liabilities | 242 | 223 |
| Total employee benefits | 233 | 214 |
| \u00a0 | \u00a0 | \u00a0 |
| Pension plans | 16 | 17 |
| Other employee benefits | 217 | 197 |
| Total employee benefits | 233 | 214 |
Rabobank has placed its Dutch pension scheme with Rabobank Pension Fund. The scheme qualifies as a defined contribution plan under IAS 19 with a pensionable age of 68 and a flat rate savings contribution of 27% of the pension base, including an employee contribution of 5.5%. Risk premiums and administration costs are paid separately by the employer. The investments costs are deducted from the accrued pension capital. Rabobank complies with all its pension obligations by paying the annual pension premium and therefore has no financial liabilities with regard to underlying membership years and accrued pension rights in the past.
As per January 1, 2025, the pension plan of former Friesland Bank does not classify anymore as a defined benefit plan. As of December 31, 2025, only a few small plans qualify as defined benefit pension plans. These are career-average defined benefit pension plans, administered by a fund or otherwise that are related to the remuneration of employees upon retirement and which mostly pay annual pensions. Annual contributions are paid to the funds at a rate necessary to adequately finance the accrued liabilities of the plans calculated in accordance with local legal requirements. The assets related to the plans are held independently of Rabobank assets in separate funds managed by trustees. The obligations are valued each year by independent actuaries based on the method prescribed by IFRS. The most recent actuarial valuations were performed at the end of 2025.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Defined benefit obligation | 107 | 342 |
| Fair value of plan assets | 91 | 325 |
| Net defined benefit obligation | 16 | 17 |
Movements in plan assets and liabilities:
| Amounts in millions of euros | \u00a0 | \u00a0 | 2025 | 2024 |
|---|---|---|---|---|
Defined benefit obligation | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | \u00a0 | \u00a0 | 342 | 340 |
| Exchange rate differences | \u00a0 | \u00a0 | (6) | 7 |
| Interest expense | \u00a0 | \u00a0 | 5 | 13 |
| Benefits paid | \u00a0 | \u00a0 | (3) | (18) |
| Settlements | \u00a0 | \u00a0 | (229) | - |
| Other | \u00a0 | \u00a0 | (4) | 1 |
| Experience adjustments | \u00a0 | \u00a0 | 2 | (4) |
| Actuarial gains and losses arising from changes in demographic assumptions | \u00a0 | \u00a0 | 2 | - |
| Actuarial gains and losses arising from changes in financial assumptions | \u00a0 | \u00a0 | (2) | 3 |
| Defined benefit obligation on December 31 | \u00a0 | \u00a0 | 107 | 342 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Fair value of plan assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Opening balance | \u00a0 | \u00a0 | 325 | 313 |
| Exchange rate differences | \u00a0 | \u00a0 | (7) | 5 |
| Interest income | \u00a0 | \u00a0 | 5 | 12 |
| Contributions paid by employer | \u00a0 | \u00a0 | - | 12 |
| Benefits paid | \u00a0 | \u00a0 | (3) | (17) |
| Settlements | \u00a0 | \u00a0 | (229) | - |
| Other | \u00a0 | \u00a0 | - | 1 |
| Experience adjustments | \u00a0 | \u00a0 | - | (6) |
| Remeasurements arising from changes in financial assumptions plan assets | \u00a0 | \u00a0 | - | 5 |
| Fair value of plan assets on December 31 | \u00a0 | \u00a0 | 91 | 325 |
The costs recognized in profit and loss are shown in the table below.
| Amounts in millions of euros | \u00a0 | \u00a0 | 2025 | 2024 |
|---|---|---|---|---|
| Interest expense on liabilities | \u00a0 | \u00a0 | 5 | 13 |
| Interest income on plan assets | \u00a0 | \u00a0 | (5) | (12) |
| Losses/(gains) on curtailments, settlements and costs | \u00a0 | \u00a0 | 1 | - |
| Total cost of defined benefit pension plans | \u00a0 | \u00a0 | 1 | 1 |
As the amounts became very small the tables with the weighted averages of the main actuarial assumptions, the sensitivity analysis, the estimated contribution and the average duration are no longer disclosed.
Other employee benefits mainly consist of liabilities for future long-service awards and a liability for the sustainability contribution for employees.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Wages and salaries | 3,929 | 3,714 |
| Social security contributions and insurance costs | 446 | 412 |
| Pension costs - defined contribution plans | 559 | 516 |
| Pension costs - defined benefit pension plans | 1 | 1 |
| Training and traveling expenses | 161 | 163 |
| Addition/ (release) of other post-employment provisions | 63 | 44 |
| Other staff costs | 1,144 | 1,315 |
| Staff costs | 6,303 | 6,165 |
Expressed in FTEs, the number of internal and external employees in Rabobank was 48,202 (2024: 49,272).
Rabobank has a Group Remuneration Policy which is updated on a regular basis and includes the provisions under the Dutch Act on Remuneration Policies for Financial Companies. Insofar as employees in the Netherlands are still eligible for variable remuneration, it never amounts to more than an average of 20% of fixed income. Outside the Netherlands, any variable remuneration never amounts to more than 100% of fixed income. Insofar as Identified Staff (employees who can have a material influence on the risk profile of Rabobank Group) are eligible for variable remuneration, it is awarded for periods in which the risks associated with the underlying business activities are adequately taken into account. Payment of a significant part of variable remuneration is deferred; 40% of the variable pay is paid on a deferred basis. If the total variable pay exceeds EUR 500,000, 60% of the total variable pay is deferred. The direct part of variable remuneration is unconditional, whereas the deferred part is conditional. One-fourth of the deferred part becomes unconditional each year (also known as vesting). For senior management, 40% of the variable pay is direct and therefore unconditional, whereas the deferred part is 60%. One-fifth of the deferred part becomes unconditional each year (vested). Among other things, Rabobank assesses whether there has been a significant reduction in financial performance or a significant change in risk management at Rabobank or one of its business unit that puts the circumstances assessed when the relevant variable remuneration was awarded in a different perspective. In principle, the right to any conditionally awarded remuneration lapses when the staff member\u2019s employment ends. 50% of both the direct and the deferred part of the variable remuneration is awarded in cash. The cash component of the direct part vests immediately. The cash component of the deferred part is paid out only after vesting (within a period of four or five years). 50% of the direct and the deferred part of the variable remuneration is awarded in the form of an instrument (instrument component) i.e. the Deferred Remuneration Note (DRN). The instrument component of the direct part vests immediately. The instrument component of the deferred part is paid out only after vesting (within a period of four or five years).
The value of a DRN is linked directly to the price of a Rabobank Certificate (RC) as listed on Euronext Amsterdam. The instrument component is converted into DRNs at the time of awarding on completion of the performance year. The number of DRNs is determined on the basis of the closing rates for Rabobank Certificates, as traded on Euronext Amsterdam on the first trading day of each month of the performance year. This represents both the instrument component of the direct and the deferred part of the variable remuneration. The final value of the DRNs relating to the deferred part is established on vesting (within a period of four or five years). The payment of the instrument component is subject to a one year retention period. After the end of the retention period, the employee receives, for each DRN (or a portion thereof) an amount in cash that corresponds with the value of the DRN at that moment.
Payment of the variable remuneration is measured in accordance with IAS 19 Employee benefits. The direct part of the variable remuneration is recognized in the performance year, whereas the deferred part is recognized in the years before vesting. The same system also applies, in broad terms, to the non-Identified Staff, although no deferral policy applies to the first EUR 130,000. Both the direct and the deferred part are paid fully in cash, which means that no DRNs are awarded.
On December 31, 2025, the costs of equity instrument-based payments were EUR 18 million (2024: EUR 17 million) and a liability of EUR 41 million was recognized (2024: EUR 37 million) of which EUR 16 million (2024: EUR 16 million) was vested. The costs of variable remuneration paid in cash were EUR 282 million (2024: EUR 287 million). The number of outstanding DRNs is presented in the following table.
| in thousands | 2025 | 2024 |
|---|---|---|
| Opening balance | 1,859 | 1,595 |
| Awarded during the year | 628 | 707 |
| Paid during the year | (550) | (432) |
| Changes from previous year | - | (11) |
| Closing balance | 1,938 | 1,859 |
The value of a DRN is linked directly to the price of a Rabobank Certificate. The estimated payments to be made for the variable remuneration are shown in the following table.
| On December 31, 2025 | Year of payment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Amounts in millions of euros | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | Total | \u00a0 | \u00a0 |
| Variable remuneration, excluding DRNs | 280.4 | 9.1 | 7.9 | 6.3 | 2.2 | 0.1 | - | 306.0 | \u00a0 | \u00a0 |
| DRNs | 17.0 | 17.1 | 7.5 | 6.2 | 4.3 | 2.2 | 0.1 | 54.4 | \u00a0 | \u00a0 |
| Total | 297.4 | 26.3 | 15.4 | 12.5 | 6.5 | 2.3 | 0.1 | 360.4 | \u00a0 | \u00a0 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| On December 31, 2024 | Year of payment | \u00a0 | \u00a0 | \u00a0 | \u00a0 | |||||
| Amounts in millions of euros | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Total | \u00a0 | \u00a0 |
| Variable remuneration, excluding DRNs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 284.0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.9 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.9 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.6 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.4 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.2 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -\u00a0 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 312.0 | \u00a0 | \u00a0 |
| DRNs | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.9 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16.5 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.5 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5.5 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.3 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.4 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 50.2 | \u00a0 | \u00a0 |
| Total | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 298.9 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.4 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 15.4 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13.1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.7 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.6 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.1 | \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 362.2 | \u00a0 | \u00a0 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Issued by Rabobank | 6,010 | 7,909 |
| Total subordinated liabilities | 6,010 | 7,909 |
The following table shows details of the issues of subordinated liabilities:
| Amounts in millions | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
|---|---|---|---|---|
| Notional | Currency | Coupon | Year of issuance | Year of maturity |
| 90 | AUD | 5.454% | 2022 | 2037 |
| 60 | AUD | 5.00% | 2022 | 2037 |
| 750 | EUR | 3.875% | 2022 | 2032, early optional redemption date 2027 |
| 1,500 | USD | 3.75% | 2016 | 2026 |
| 1,250 | USD | 5.25% | 2015 | 2045 |
| 1,000 | GBP | 4.625% | 2014 | 2029 |
| 1,250 | USD | 5.75% | 2013 | 2043 |
| 500 | GBP | 5.25% | 2012 | 2027 |
| 7,000 | JPY | 1.23% | 2022 | 2034, early optional redemption date 2029 |
| 300 | AUD | 7.07% | 2022 | 2032, early optional redemption date 2027 |
| 200 | AUD | 7.35% | 2022 | 2032, early optional redemption date 2027 |
| 20,000 | JPY | 1.55% | 2023 | 2033, early optional redemption date 2028 |
Rabobank enters into irrevocable loan commitments and contingent liabilities consisting of financial guarantees and standby letters of credit on behalf of its customers. Under these contracts Rabobank is required to perform under an obligation agreement or to make payments to the beneficiary on third party's failure to meet its obligations. The following table shows the amount of the maximum potential utilization of credit related contingent liabilities.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Financial guarantees | 4,650 | 6,054 |
| Loan commitments | 64,047 | 61,2581 |
| Other commitments | 28,956 | 25,234 |
| Credit related contingent liabilities | 97,653 | 92,546 |
Rabobank is involved in a number of legal and arbitration proceedings in the Netherlands and other countries in connection with claims brought by and against Rabobank arising from its operations. For additional information, refer to Section 4.9 \"Legal and Arbitration Proceedings\".
The contractual commitments relating to the acquisition, construction and development of work in progress and investment properties amount to EUR 1,208 million (2024: EUR 1,172 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26194": { "value": "Rabobank enters into irrevocable loan commitments and contingent liabilities consisting of financial guarantees and standby letters of credit on behalf of its customers. Under these contracts Rabobank is required to perform under an obligation agreement or to make payments to the beneficiary on third party's failure to meet its obligations. The following table shows the amount of the maximum potential utilization of credit related contingent liabilities.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Financial guarantees | 4,650 | 6,054 |
| Loan commitments | 64,047 | 61,2581 |
| Other commitments | 28,956 | 25,234 |
| Credit related contingent liabilities | 97,653 | 92,546 |
Rabobank is involved in a number of legal and arbitration proceedings in the Netherlands and other countries in connection with claims brought by and against Rabobank arising from its operations. For additional information, refer to Section 4.9 \"Legal and Arbitration Proceedings\".
The contractual commitments relating to the acquisition, construction and development of work in progress and investment properties amount to EUR 1,208 million (2024: EUR 1,172 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26195": { "value": "Rabobank enters into irrevocable loan commitments and contingent liabilities consisting of financial guarantees and standby letters of credit on behalf of its customers. Under these contracts Rabobank is required to perform under an obligation agreement or to make payments to the beneficiary on third party's failure to meet its obligations. The following table shows the amount of the maximum potential utilization of credit related contingent liabilities.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Financial guarantees | 4,650 | 6,054 |
| Loan commitments | 64,047 | 61,2581 |
| Other commitments | 28,956 | 25,234 |
| Credit related contingent liabilities | 97,653 | 92,546 |
Rabobank is involved in a number of legal and arbitration proceedings in the Netherlands and other countries in connection with claims brought by and against Rabobank arising from its operations. For additional information, refer to Section 4.9 \"Legal and Arbitration Proceedings\".
The contractual commitments relating to the acquisition, construction and development of work in progress and investment properties amount to EUR 1,208 million (2024: EUR 1,172 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26492": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Foreign currency translation reserves | (1,586) | (609) |
| Revaluation reserve \u2013 Financial assets at fair value through other comprehensive income | (30) | (265) |
| Revaluation reserve \u2013 Cash flow hedges | (89) | (64) |
| Revaluation reserve \u2013 Costs of hedging | 133 | 242 |
| Remeasurement reserve \u2013 Pensions | (31) | (69) |
| Revaluation reserve \u2013 Fair value changes due to own credit risk on financial liabilities designated at fair value | (64) | (62) |
| Retained earnings | 45,990 | 41,769 |
| Total reserves and retained earnings at\u00a0year-end | 44,323 | 40,942 |
Changes in the reserves were as follows:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Foreign currency translation reserves | \u00a0 | \u00a0 |
| Opening balance | (609) | (938) |
| Translation of foreign operations | (1,194) | 116 |
| Changes in hedging instrument | 213 | 201 |
| Changes at associates and joint ventures | 2 | 12 |
| Transferred to profit or loss | 2 | - |
| Closing balance | (1,586) | (609) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserves \u2013 Debt instruments at fair value through other comprehensive income | \u00a0 | \u00a0 |
| Opening balance | (101) | (81) |
| Foreign exchange differences | (2) | (1) |
| Changes at associates and joint ventures | 1 | 2 |
| Fair value changes | 176 | (92) |
| Transferred to profit or loss | 36 | 71 |
| Closing balance | 110 | (101) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserves \u2013 Equity instruments at fair value through other comprehensive income | \u00a0 | \u00a0 |
| Opening balance | (164) | (107) |
| Transfers to retained earnings | 11 | - |
| Changes at associates and joint ventures | 3 | (25) |
| Fair value changes | 10 | (32) |
| Closing balance | (140) | (164) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserve \u2013 Cash flow hedges | \u00a0 | \u00a0 |
| Opening balance | (64) | (59) |
| Foreign exchange differences | (88) | 53 |
| Fair value changes | 54 | (60) |
| Transferred to profit or loss | 9 | 2 |
| Closing balance | (89) | (64) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserve \u2013 Costs of hedging | \u00a0 | \u00a0 |
| Opening balance | 242 | 116 |
| Foreign exchange differences | (3) | (1) |
| Fair value changes | (66) | 129 |
| Transferred to profit or loss | (40) | (2) |
| Closing balance | 133 | 242 |
| \u00a0 | \u00a0 | \u00a0 |
Remeasurement reserve \u2013 Pensions | \u00a0 | \u00a0 |
| Opening balance | (69) | (75) |
| Foreign exchange differences | 1 | (1) |
| Changes at associates and joint ventures | 17 | 3 |
| Remeasurements defined benefit plans | 3 | 4 |
| Settlement | 17 | - |
| Closing balance | (31) | (69) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserve \u2013 Fair value changes due to own credit risk on financial liabilities designated at fair value | \u00a0 | \u00a0 |
| Opening balance | (62) | (52) |
| Fair value changes | (4) | (12) |
| Realization at derecognition | 2 | 2 |
| Closing balance | (64) | (62) |
| \u00a0 | \u00a0 | \u00a0 |
Retained earnings | \u00a0 | \u00a0 |
| Opening balance | 41,769 | 37,438 |
| Net profit | 4,906 | 5,098 |
| Payments on equity instruments | (644) | (667) |
| Redemption of Rabobank Certificates | - | (85) |
| Redemption of Capital Securities | (6) | - |
| Settlement pension plan | (17) | - |
| Disposal of equity instruments at fair value through other comprehensive income | (11) | - |
| Other | (7) | (15) |
| Closing balance | 45,990 | 41,769 |
| Total reserves and retained earnings | 44,323 | 40,942 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Foreign currency translation reserves | (1,586) | (609) |
| Revaluation reserve \u2013 Financial assets at fair value through other comprehensive income | (30) | (265) |
| Revaluation reserve \u2013 Cash flow hedges | (89) | (64) |
| Revaluation reserve \u2013 Costs of hedging | 133 | 242 |
| Remeasurement reserve \u2013 Pensions | (31) | (69) |
| Revaluation reserve \u2013 Fair value changes due to own credit risk on financial liabilities designated at fair value | (64) | (62) |
| Retained earnings | 45,990 | 41,769 |
| Total reserves and retained earnings at\u00a0year-end | 44,323 | 40,942 |
Changes in the reserves were as follows:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Foreign currency translation reserves | \u00a0 | \u00a0 |
| Opening balance | (609) | (938) |
| Translation of foreign operations | (1,194) | 116 |
| Changes in hedging instrument | 213 | 201 |
| Changes at associates and joint ventures | 2 | 12 |
| Transferred to profit or loss | 2 | - |
| Closing balance | (1,586) | (609) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserves \u2013 Debt instruments at fair value through other comprehensive income | \u00a0 | \u00a0 |
| Opening balance | (101) | (81) |
| Foreign exchange differences | (2) | (1) |
| Changes at associates and joint ventures | 1 | 2 |
| Fair value changes | 176 | (92) |
| Transferred to profit or loss | 36 | 71 |
| Closing balance | 110 | (101) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserves \u2013 Equity instruments at fair value through other comprehensive income | \u00a0 | \u00a0 |
| Opening balance | (164) | (107) |
| Transfers to retained earnings | 11 | - |
| Changes at associates and joint ventures | 3 | (25) |
| Fair value changes | 10 | (32) |
| Closing balance | (140) | (164) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserve \u2013 Cash flow hedges | \u00a0 | \u00a0 |
| Opening balance | (64) | (59) |
| Foreign exchange differences | (88) | 53 |
| Fair value changes | 54 | (60) |
| Transferred to profit or loss | 9 | 2 |
| Closing balance | (89) | (64) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserve \u2013 Costs of hedging | \u00a0 | \u00a0 |
| Opening balance | 242 | 116 |
| Foreign exchange differences | (3) | (1) |
| Fair value changes | (66) | 129 |
| Transferred to profit or loss | (40) | (2) |
| Closing balance | 133 | 242 |
| \u00a0 | \u00a0 | \u00a0 |
Remeasurement reserve \u2013 Pensions | \u00a0 | \u00a0 |
| Opening balance | (69) | (75) |
| Foreign exchange differences | 1 | (1) |
| Changes at associates and joint ventures | 17 | 3 |
| Remeasurements defined benefit plans | 3 | 4 |
| Settlement | 17 | - |
| Closing balance | (31) | (69) |
| \u00a0 | \u00a0 | \u00a0 |
Revaluation reserve \u2013 Fair value changes due to own credit risk on financial liabilities designated at fair value | \u00a0 | \u00a0 |
| Opening balance | (62) | (52) |
| Fair value changes | (4) | (12) |
| Realization at derecognition | 2 | 2 |
| Closing balance | (64) | (62) |
| \u00a0 | \u00a0 | \u00a0 |
Retained earnings | \u00a0 | \u00a0 |
| Opening balance | 41,769 | 37,438 |
| Net profit | 4,906 | 5,098 |
| Payments on equity instruments | (644) | (667) |
| Redemption of Rabobank Certificates | - | (85) |
| Redemption of Capital Securities | (6) | - |
| Settlement pension plan | (17) | - |
| Disposal of equity instruments at fair value through other comprehensive income | (11) | - |
| Other | (7) | (15) |
| Closing balance | 45,990 | 41,769 |
| Total reserves and retained earnings | 44,323 | 40,942 |
As of June 25, 2025, Rabobank Certificates are no longer issued by the foundation Stichting Administratie Kantoor Rabobank Certificaten, but directly by Rabobank. Rabobank Certificates are listed on Euronext Amsterdam. The total number of certificates including those that are owned by Rabobank is 313,005,461 (December 31, 2024: 313,005,461) with a nominal value of EUR 25 each, in total EUR 7,825 million (December 31, 2024: EUR 7,825 million). On 31 December 2025, Rabobank Certificates recognized in equity amount to EUR 6,909 million (December 31, 2024: EUR 6,909 million) and represent a total number of 276,352,572 (December 31, 2024: 276,352,572) certificates issued externally by Rabobank and belong to Rabobank's Common Equity Tier 1 capital.
The cash distribution paid per certificate in 2025 was EUR 1.625. The amounts listed in the table below are recognized in equity and are based on the nominal value of EUR 25 per Rabobank Certificate. Cash flows arising from changes during the year in the Rabobank Certificates are included in the consolidated statement of cash flows.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Changes during the year: | \u00a0 | \u00a0 |
| Opening balance | 6,909 | 7,825 |
| Redemption of Rabobank Certificates | - | (916) |
| Change in Rabobank Certificates during the year | - | - |
| Closing balance | 6,909 | 6,909 |
All Capital Securities are perpetual securities issued by Rabobank and have no expiry date. The discretionary distribution on Capital Securities per issue is as follows:
The coupon is 3.10% per year and was made payable semi-annually in arrears as of the issue date (April 21, 2021) for the first time on June 29, 2021. These Capital Securities are perpetual and first redeemable on June 29, 2028. As of December 29, 2028, and subject to Capital Securities not being redeemed early, the distribution is set for a five-year period, but without a step-up, based on the five-year euro swap rate + 3.234%. The coupon is fully discretionary.
The coupon is 3.25% per year and is made payable every six months in arrears as of the issue date (September 9, 2019), for the first time on December 29, 2019. These Capital Securities are perpetual and first redeemable on December 29, 2026. As of December 29, 2026, and subject to Capital Securities not being redeemed early, the distribution is set for a five-year period, but without a step-up, based on the 5-year euro swap rate + 3.702%. The coupon is fully discretionary.
The coupon is 4.375% per year and is made payable every six months in arrears as of the issue date (July 14, 2020), for the first time on December 29, 2020. These Capital Securities are perpetual and first redeemable on June 29, 2027. As of December 29, 2027, and subject to Capital Securities not being redeemed early, the distribution is set for a five-year period, but without a step-up, based on the 5-year euro swap rate + 4.679%. The coupon is fully discretionary.
The coupon is 4.875% per year and was made payable every six months in arrears as of the issue date (April 6, 2022) for the first time on June 29, 2022. The Capital Securities are perpetual and first redeemable on June 29, 2029. As of December 29, 2029, and subject to Capital Securities not being redeemed early, the distribution is set for a five-year period, but without a step-up, based on the five-year euro swap rate + 3.717%. The coupon is fully discretionary.
Rabobank redeemed its capital securities, issued on September 11, 2018 and amounting to EUR 1,000 million, on the first call date of December 29, 2025 in accordance with its Terms and Conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26672": { "value": "This item relates to shares held by non-controlling parties in Rabobank's subsidiaries.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Opening balance | 621 | 599 |
| Net profit | 51 | 65 |
| Exchange rate differences | (33) | (1) |
| Entities included in consolidation/deconsolidated | 41 | 5 |
| Dividends | (40) | (43) |
| Other | (1) | (4) |
| Closing balance | 639 | 621 |
The Rabobank subsidiaries with the largest non-controlling interests are AGCO Finance SAS and AGCO Finance LLC. Both entities are accounted for in the segment Leasing.
AGCO Finance SAS is located in Beauvais, France, and Rabobank has a capital and voting right interest of 51%. The non-controlling interests with regard to this entity amount to EUR 194 million (2024: EUR 160 million). The following financial data apply:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Revenues | 82 | 70 |
| Net profit | 49 | 37 |
| Other comprehensive income | - | - |
| Total comprehensive income | 49 | 37 |
| \u00a0 | \u00a0 | \u00a0 |
| Profit attributable to non-controlling interests | 24 | 18 |
| Dividends paid to non-controlling interests | - | - |
| \u00a0 | \u00a0 | \u00a0 |
| Financial assets | 2,862 | 2,612 |
| Other assets | 29 | 57 |
| Financial liabilities | 2,374 | 2,243 |
| Other liabilities | 122 | 99 |
AGCO Finance LLC is located in Johnston, United States, and Rabobank has a capital and voting right interest of 51%. The non-controlling interests with regard to this entity amount to EUR 115 million (2024: EUR 117 million). The following financial data apply:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Revenues | 83 | 86 |
| Net profit | 42 | 53 |
| Other comprehensive income | - | - |
| Total comprehensive income | 42 | 53 |
| \u00a0 | \u00a0 | \u00a0 |
| Profit attributable to non-controlling interests | 21 | 26 |
| Dividends paid to non-controlling interests | 9 | 7 |
| \u00a0 | \u00a0 | \u00a0 |
| Financial assets | 3,036 | 3,727 |
| Other assets | 56 | 25 |
| Financial liabilities | 2,683 | 3,326 |
| Other liabilities | 175 | 188 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Interest income | \u00a0 | \u00a0 |
| Cash and cash equivalents | 2,322 | 3,983 |
| Loans and advances to credit institutions | 843 | 1,120 |
| Loans and advances to customers | 20,665 | 21,494 |
| Derivatives used for fair value hedge-accounting income /(expense) | (335) | (421) |
| Financial assets at fair value through other comprehensive income | 825 | 538 |
| Interest income from financial assets using the effective interest method | 24,320 | 26,714 |
| Financial assets held for trading | 114 | 137 |
| Financial assets mandatorily at fair value | 25 | 18 |
| Other | 106 | 127 |
| Other interest income | 245 | 282 |
| Total interest income | 24,565 | 26,996 |
| \u00a0 | \u00a0 | \u00a0 |
Interest expense | \u00a0 | \u00a0 |
| Deposits from credit institutions | 574 | 900 |
| Deposits from customers | 7,725 | 8,840 |
| Debt securities in issue | 4,033 | 4,837 |
| Financial liabilities held for trading | 37 | 37 |
| Derivatives held as economic hedges (income)/expense | (255) | (345) |
| Financial liabilities designated at fair value | 81 | 79 |
| Subordinated liabilities | 366 | 405 |
| Other | 3 | 182 |
| Total interest expense | 12,564 | 14,935 |
| Net interest income | 12,001 | 12,061 |
Capitalized interest attributable to qualifying assets amounted to EUR 19 million (2024: EUR 14 million). The average interest rate applied in determining interest charges to be capitalized ranged between 3% and 5% (2024: between 2% and 7%). The interest income on credit-impaired financial assets accrued is EUR 455 million (2024: EUR 572 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26854": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Interest income | \u00a0 | \u00a0 |
| Cash and cash equivalents | 2,322 | 3,983 |
| Loans and advances to credit institutions | 843 | 1,120 |
| Loans and advances to customers | 20,665 | 21,494 |
| Derivatives used for fair value hedge-accounting income /(expense) | (335) | (421) |
| Financial assets at fair value through other comprehensive income | 825 | 538 |
| Interest income from financial assets using the effective interest method | 24,320 | 26,714 |
| Financial assets held for trading | 114 | 137 |
| Financial assets mandatorily at fair value | 25 | 18 |
| Other | 106 | 127 |
| Other interest income | 245 | 282 |
| Total interest income | 24,565 | 26,996 |
| \u00a0 | \u00a0 | \u00a0 |
Interest expense | \u00a0 | \u00a0 |
| Deposits from credit institutions | 574 | 900 |
| Deposits from customers | 7,725 | 8,840 |
| Debt securities in issue | 4,033 | 4,837 |
| Financial liabilities held for trading | 37 | 37 |
| Derivatives held as economic hedges (income)/expense | (255) | (345) |
| Financial liabilities designated at fair value | 81 | 79 |
| Subordinated liabilities | 366 | 405 |
| Other | 3 | 182 |
| Total interest expense | 12,564 | 14,935 |
| Net interest income | 12,001 | 12,061 |
Capitalized interest attributable to qualifying assets amounted to EUR 19 million (2024: EUR 14 million). The average interest rate applied in determining interest charges to be capitalized ranged between 3% and 5% (2024: between 2% and 7%). The interest income on credit-impaired financial assets accrued is EUR 455 million (2024: EUR 572 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26855": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Interest income | \u00a0 | \u00a0 |
| Cash and cash equivalents | 2,322 | 3,983 |
| Loans and advances to credit institutions | 843 | 1,120 |
| Loans and advances to customers | 20,665 | 21,494 |
| Derivatives used for fair value hedge-accounting income /(expense) | (335) | (421) |
| Financial assets at fair value through other comprehensive income | 825 | 538 |
| Interest income from financial assets using the effective interest method | 24,320 | 26,714 |
| Financial assets held for trading | 114 | 137 |
| Financial assets mandatorily at fair value | 25 | 18 |
| Other | 106 | 127 |
| Other interest income | 245 | 282 |
| Total interest income | 24,565 | 26,996 |
| \u00a0 | \u00a0 | \u00a0 |
Interest expense | \u00a0 | \u00a0 |
| Deposits from credit institutions | 574 | 900 |
| Deposits from customers | 7,725 | 8,840 |
| Debt securities in issue | 4,033 | 4,837 |
| Financial liabilities held for trading | 37 | 37 |
| Derivatives held as economic hedges (income)/expense | (255) | (345) |
| Financial liabilities designated at fair value | 81 | 79 |
| Subordinated liabilities | 366 | 405 |
| Other | 3 | 182 |
| Total interest expense | 12,564 | 14,935 |
| Net interest income | 12,001 | 12,061 |
Capitalized interest attributable to qualifying assets amounted to EUR 19 million (2024: EUR 14 million). The average interest rate applied in determining interest charges to be capitalized ranged between 3% and 5% (2024: between 2% and 7%). The interest income on credit-impaired financial assets accrued is EUR 455 million (2024: EUR 572 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26928": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Fee and commission income | \u00a0 | \u00a0 |
| Payment services | 1,123 | 1,062 |
| Lending | 520 | 441 |
| Purchase and sale of other financial assets and handling fees | 458 | 382 |
| Insurance commissions | 464 | 455 |
| Lease-related fee | 39 | 40 |
| Other commission income | 228 | 284 |
| Total fee and commission income | 2,832 | 2,664 |
| \u00a0 | \u00a0 | \u00a0 |
Fee and commission expense | \u00a0 | \u00a0 |
| Payment services | 278 | 254 |
| Purchase and sale of other financial assets and handling fees | 67 | 60 |
| Custodial fees and securities services | 11 | 13 |
| Other commission expense | 46 | 35 |
| Total fee and commission expense | 402 | 362 |
| Net fee and commission income | 2,430 | 2,302 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Income from real estate activities | 944 | 962 |
| Expenses from real estate activities | 762 | 818 |
| Net income real estate activities | 182 | 144 |
| \u00a0 | \u00a0 | \u00a0 |
| Income from operational lease activities | 1,042 | 1,061 |
| Expenses from operational lease activities | 748 | 754 |
| Net income from operational lease activities | 294 | 307 |
| \u00a0 | \u00a0 | \u00a0 |
| Income from investment property | 58 | 45 |
| Expenses from investment property | 18 | 72 |
| Net income from investment property | 40 | (27) |
| \u00a0 | \u00a0 | \u00a0 |
| Net income from other operating activities | 516 | 424 |
Income from operational lease activities relating to variable lease payments that do not depend on an index or a rate is EUR 120 million (2024: EUR 104 million). All expenses from investment properties relate to properties that are leased.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26990": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Income from real estate activities | 944 | 962 |
| Expenses from real estate activities | 762 | 818 |
| Net income real estate activities | 182 | 144 |
| \u00a0 | \u00a0 | \u00a0 |
| Income from operational lease activities | 1,042 | 1,061 |
| Expenses from operational lease activities | 748 | 754 |
| Net income from operational lease activities | 294 | 307 |
| \u00a0 | \u00a0 | \u00a0 |
| Income from investment property | 58 | 45 |
| Expenses from investment property | 18 | 72 |
| Net income from investment property | 40 | (27) |
| \u00a0 | \u00a0 | \u00a0 |
| Net income from other operating activities | 516 | 424 |
Income from operational lease activities relating to variable lease payments that do not depend on an index or a rate is EUR 120 million (2024: EUR 104 million). All expenses from investment properties relate to properties that are leased.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i26991": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Income from real estate activities | 944 | 962 |
| Expenses from real estate activities | 762 | 818 |
| Net income real estate activities | 182 | 144 |
| \u00a0 | \u00a0 | \u00a0 |
| Income from operational lease activities | 1,042 | 1,061 |
| Expenses from operational lease activities | 748 | 754 |
| Net income from operational lease activities | 294 | 307 |
| \u00a0 | \u00a0 | \u00a0 |
| Income from investment property | 58 | 45 |
| Expenses from investment property | 18 | 72 |
| Net income from investment property | 40 | (27) |
| \u00a0 | \u00a0 | \u00a0 |
| Net income from other operating activities | 516 | 424 |
Income from operational lease activities relating to variable lease payments that do not depend on an index or a rate is EUR 120 million (2024: EUR 104 million). All expenses from investment properties relate to properties that are leased.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "p-blocktag-i27133": { "value": "Expressed in FTEs, the number of internal and external employees in Rabobank was 48,202 (2024: 49,272).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i27333": { "value": "| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Additions and releases of provisions | 96 | 109 |
| IT expenses and software costs | 695 | 644 |
| Consulting and other professional services fees | 461 | 529 |
| Publicity expenses | 144 | 148 |
| Result on derecognition and impairments on (in)tangible assets | 1 | 13 |
| Other expenses | 724 | 576 |
| Other administrative expenses | 2,121 | 2,019 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Additions and releases of provisions | 96 | 109 |
| IT expenses and software costs | 695 | 644 |
| Consulting and other professional services fees | 461 | 529 |
| Publicity expenses | 144 | 148 |
| Result on derecognition and impairments on (in)tangible assets | 1 | 13 |
| Other expenses | 724 | 576 |
| Other administrative expenses | 2,121 | 2,019 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Depreciation of tangible fixed assets | 95 | 122 |
| Depreciation of right-of-use assets | 80 | 87 |
| Amortization of intangible assets | 111 | 118 |
| Depreciation and amortization | 286 | 327 |
The regulatory levies consist of bank tax, bank levies and contributions to the Single Resolution Fund and the Deposit Guarantee Scheme.
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Bank tax Netherlands | 185 | 184 |
| Contribution Single Resolution Fund | 1 | 1 |
| Contribution Deposit Guarantee Fund | 48 | 81 |
| Regulatory levies | 234 | 266 |
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
Income tax | \u00a0 | \u00a0 |
| Reporting period | 1,713 | 1,792 |
| Adjustments of previous years current tax | (146) | (121) |
| Adjustments of previous years deferred tax | 157 | - |
| Recognition of previously unrecognized tax losses | (2) | (2) |
| Deferred tax | 37 | (16) |
| Total income tax | 1,759 | 1,652 |
The effective tax rate is 26.2% (2024: 24.2%) and differs from the Dutch statutory corporate tax rate. This difference is explained as follows:
| Amounts in millions of euros | 2025 | 2024 | ||
|---|---|---|---|---|
| Operating profit before taxation | \u00a0 | 6,716 | \u00a0 | 6,815 |
| Applicable tax rate | 25.8% | 1,733 | 25.8% | 1,758 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Increase/(decrease) in taxes resulting from: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Tax-exempt income | (1.8%) | (121) | (2.0%) | (133) |
| Impact of foreign tax rates | (0.1%) | (6) | 0.0% | 1 |
| Non-deductible expenses | 2.5% | 165 | 2.7% | 181 |
| Recognition of previously unrecognized tax losses | (0.0%) | (2) | (0.0%) | (2) |
| Other permanent differences | (1.0%) | (67) | (1.0%) | (70) |
| Adjustments of previous years | (1.7%) | (114) | (1.8%) | (121) |
| Adjustment due to changes in tax rates | 0.1% | 4 | (0.0%) | (1) |
| Write down deferred tax | 1.9%1 | 125 | (0.0%) | (1) |
| Other non-recurring tax items | 0.6% | 42 | 0.6% | 40 |
| Total income tax | 26.2% | 1,759 | 24.2% | 1,652 |
The non-deductible expenses mainly relate to the bank tax and to interest expenses falling under the Dutch Thin Cap regulation for banks. The other permanent differences mainly consist of the tax effect on the interest payments on Capital Securities. The adjustments of previous years are explained by completion and filing of tax returns.
Under the\u00a0Pillar Two\u00a0legislation, Rabobank is obliged to pay a top-up tax for the difference between their\u00a0GloBE\u00a0(Global Anti-Base Erosion rules) effective tax rate per\u00a0jurisdiction\u00a0and the 15% minimum rate. Rabobank has assessed that based on the financial statements\u00a0no or only a\u00a0non-material\u00a0amount of top up tax would be payable.\u00a0Rabobank applied the exception to recognising and\u00a0disclosing\u00a0information about deferred tax assets and liabilities related to Pillar Two income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i27544": { "value": "Two parties are considered related if one party exercises control or has significant influence over the other party regarding financial or operating decisions. In the normal course of business, Rabobank conducts a wide variety of transactions with related entities. These involve different types of loans, deposits and transactions in foreign currencies. Transactions between related parties also includes transactions with associates, pension funds, joint ventures, the Managing Board and the Supervisory Board. These transactions are conducted under commercial terms and conditions and against market prices. Intragroup transactions are not disclosed in the consolidated financial statements.
In the normal course of Rabobank\u2019s business operations, banking transactions are carried out with related parties. These involve loans, deposits and transactions in foreign currencies. These transactions are conducted under commercial terms and conditions and against market prices. The volumes of related party transactions, year-end outstanding balances and the corresponding income and expenses during the year are presented in the following table. Transactions and balances outstanding with members of the Managing Board and members of the Supervisory Board are disclosed in Section 49. Transactions with pension funds are disclosed in Section 27.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i27726": { "value": "| Amounts in millions of euros | Investments in associates | Other related parties | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Loans | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Outstanding at beginning of year | 25 | 15 | 16 | 102 |
| Provided during the year | 19 | 12 | 16 | 1 |
| Redeemed during the year | (29) | (2) | - | (87) |
| Other | - | - | - | - |
| Gross loans as of December 31 | 15 | 25 | 32 | 16 |
| Less: loan impairment allowance | - | - | - | - |
| Total loans as of December 31 | 15 | 25 | 32 | 16 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Deposits from credit institutions and deposits from customers | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Outstanding at beginning of the year | 5,522 | 5,882 | 72 | 38 |
| Received during the year | 1,007 | 995 | 150 | 190 |
| Repaid during the year | (1,109) | (1,355) | (164) | (156) |
| Other | - | - | - | - |
| Total deposits as of December 31 | 5,420 | 5,522 | 58 | 72 |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Credit related contingent liabilities | 198 | 193 | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Income | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Net interest income | 14 | 11 | - | - |
| Net fee and commission income | 299 | 285 | - | - |
| Total income from transactions with related parties | 313 | 296 | - | - |
| \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Expenses | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
| Interest expense | 167 | 193 | - | - |
| Net fee and commission expense | 37 | 30 | - | - |
| Total expenses from transactions with related\u00a0parties | 204 | 223 | - | - |
Expenses for services provided by Rabobank\u2019s independent auditor, PricewaterhouseCoopers Accountants N.V. (\"PwC\") and its member firms and/ or affiliates to Rabobank and its subsidiaries in 2025 are specified as follows:
| Amounts in millions of euros | 2025 | 2024 | ||||
| \u00a0 | PwC Netherlands | Other PwC network firms | Total | PwC Netherlands | Other PwC network firms | Total |
| Audit services | 15.5 | 11.5 | 27.0 | 11.1 | 11.1 | 22.2 |
| Other audit services | - | - | - | 2.9 | - | 2.9 |
| Tax advisory services | - | 0.2 | 0.2 | - | 0.5 | 0.5 |
| Other non-audit services | - | - | - | - | - | - |
| Total | 15.5 | 11.7 | 27.2 | 14.0 | 11.6 | 25.6 |
The audit fees listed above relate to Rabobank and its consolidated group entities audited by PwC and other member firms in the global PwC network, including their tax services and advisory groups. These audit fees relate to the audit of the financial statements, regardless of whether the work was performed during the financial year.
Rabobank's independent auditor, PricewaterhouseCoopers Accountants N.V., has rendered, for the period to which the statutory audit relates, in addition to the audit of the statutory financial statements the following services to the company and its controlled entities (Section 10, subsection 2.g of the EU Regulation 537/2015):
Other Audit Services Required By Law or Regulatory Requirements including
Audit of the regulatory returns to be submitted to DNB/ECB
Assurance engagement cost price models for the AFM
ISAE 3402 assurance engagements on the deposit guarantee scheme for DNB
Agreed upon procedures for the Single Resolution Fund.
Other Audit Services including:
Assurance engagement on the sustainability reporting
Agreed upon procedures on cost allocations
Assurance engagement on the effectiveness of internal control over financial reporting
Comfort letters issued in connection with funding program updates and drawdowns thereunder
Special purpose financial statement audits of controlled and related entities.
The members of the Supervisory Board and the Managing Board are listed in Section 54 of these Consolidated Financial Statements. Rabobank regards the members of the Managing Board and the Supervisory Board as key management personnel. The members of the Managing Board are among the identified staff as disclosed in Section 41. The remuneration of members of the Managing Board is set out below.
| Amounts in thousands of euros | Short-term employee benefits | Post-employment benefits | Total | ||
|---|---|---|---|---|---|
| \u00a0 | Salary | Other | Pension scheme | Individual pension contribution | \u00a0 |
| Stefaan Decraene, CEO | 1,255 | 78 | 29 | 297 | 1,659 |
| Bas Brouwers, CFO | 1,057 | - | 32 | 245 | 1,334 |
| Els Kamphof, Wholesale & Rural | 869 | 48 | 34 | 195 | 1,147 |
| Carlo van Kemenade, Retail NL | 978 | - | 29 | 224 | 1,230 |
| Vincent Maagdenberg, CRO | 869 | 43 | 29 | 195 | 1,136 |
| Philippe Vollot, COO | 1,416 | 122 | 34 | 340 | 1,912 |
| Janine Vos, CHRO | 869 | 2 | 32 | 195 | 1,098 |
| Lara Yocarini, Vendor Finance | 869 | 30 | 29 | 195 | 1,123 |
| Alexander Zwart, CITO | 869 | 2 | 31 | 195 | 1,097 |
| Total 2025 | 9,051 | 325 | 279 | 2,081 | 11,736 |
| Members Managing Board | 8,078 | 294 | 443 | 1,662 | 10,477 |
| Former Members Managing Board | 400 | 995 | 26 | 80 | 1,500 |
| Total 2024 | 8,478 | 1,289 | 469 | 1,742 | 11,977 |
At year-end 2025, 25,523 DRNs were outstanding among members of the Managing Board (2024: 37,772 pieces). The pension scheme for the members of the Managing Board is classified as a defined contribution scheme. The maximum income on the basis of which the members of the Managing Board can accrue a pension amounts to a maximum for 2025 of EUR 137.800. Any income exceeding this amount is not pensionable for which the members of the Managing Board receive an individual pension contribution. The members of the Managing Board are entitled to a car lease arrangement.
The remuneration of members of the Supervisory Board is set out below. The remuneration also depends on the roles in the various committees. The composition of these committees is detailed in the Annual Report. The remuneration structure is the following:
| Amounts in euros | Remuneration |
|---|---|
| Chair | 239,096 |
| Member | 97,812 |
| \u00a0 | \u00a0 |
| Additional fees | \u00a0 |
| Supervisory Board deputy chair | 32,604 |
| Chair Audit Committee | 21,736 |
| Chair Risk Committee | 21,736 |
| Chair Cooperative Affairs Committee | 21,736 |
| Chair HR & Remuneration Committee | 10,868 |
| Chair Appointments Committee | 10,868 |
| Chair and member Financial Economic Crime Committee1 | 10,868 |
The table below shows the remuneration for individual members of the Supervisory Board.
| Amounts in thousands of euros | Remuneration |
|---|---|
| Marjan Trompetter | 250 |
| Johan van Hall | 163 |
| Sandra Berendsen | 98 |
| Driek Desmet | 100 |
| Miriam van Dongen | 119 |
| Matthew Elderfield | 167 |
| Brian Hirman (member per September 17, 2025) | 28 |
| Gail Klintworth | 126 |
| Mark Pensaert | 115 |
| Bart Zegers (member per September 17, 2025) | 28 |
| Petri Hofst\u00e9 (member until March 3, 2025) | 17 |
| Total 2025 | 1,211 |
| Total 2024 | 1,177 |
At Rabobank, the Chairman of the Supervisory Board holds a number of roles which are related to the cooperative such as Chairman of the General Members' Council.
| Amounts in millions of euros | Managing Board | Supervisory Board | ||
|---|---|---|---|---|
| Loans, advances and guarantees | 2025 | 2024 | 2025 | 2024 |
| Outstanding on January 1 | 3.3 | 3.7 | 2.1 | 2.2 |
| Provided during the year | 0.2 | - | - | - |
| Redeemed during the year | (0.3) | - | (0.2) | (0.4) |
| Reduction on account of leaving office | - | (1.4) | - | (1.3) |
| Increase on account of taking office | - | 1.1 | 0.7 | 1.5 |
| Outstanding on December 31 | 3.2 | 3.3 | 2.5 | 2.1 |
No members of the Managing Board in office have invested in Rabobank Certificates in person. The loans, advances and guarantees of the members of the Managing Board in office and the average interest rates were as follows:
| Amounts in millions of euros | Outstanding loans | Average interest rate (in %) |
|---|---|---|
| On December 31, 2025 | \u00a0 | \u00a0 |
| Bas Brouwers | 0.7 | 1.5 |
| Els Kamphof | 0.3 | 1.3 |
| Carlo van Kemenade | 0.9 | 2.0 |
| Janine Vos | 1.1 | 1.6 |
| Lara Yocarini | 0.1 | 1.1 |
| Alexander Zwart | 0.1 | 5.3 |
| Amounts in millions of euros | Outstanding loans | Average interest rate (in %) |
|---|---|---|
| On December 31, 2024 | \u00a0 | \u00a0 |
| Bas Brouwers | 0.7 | 1.5 |
| Els Kamphof | 0.4 | 1.3 |
| Carlo van Kemenade | 0.9 | 1.9 |
| Janine Vos | 1.1 | 1.6 |
| Lara Yocarini | 0.1 | 1.1 |
| Alexander Zwart | 0.1 | 5.3 |
The loans, advances and guarantees of the members of the Supervisory Board in office and the average interest rates were as follows:
| Amounts in millions of euros | Outstanding loans | Average interest rate (in %) |
|---|---|---|
| On December 31, 2025 | \u00a0 | \u00a0 |
| Sandra Berendsen | 1.3 | 3.8 |
| Marjan Trompetter | 0.6 | 3.0 |
| Bart Zegers | 0.6 | 2.0 |
| Amounts in millions of euros | Outstanding loans | Average interest rate (in %) |
|---|---|---|
| On December 31, 2024 | \u00a0 | \u00a0 |
| Sandra Berendsen | 1.5 | 3.8 |
| Marjan Trompetter | 0.6 | 3.0 |
At year-end 2025, the members of the Supervisory Board not listed in the table had not received any loans, advances or guarantees. These transactions with members of the Managing Board and Supervisory Board were completed in person on the basis of employee terms and conditions and/or market rates for the Supervisory Board. The rates depend in part on the currency, on the agreed fixed-interest period and on the time at which the transaction was completed or on the time at which a new fixed-interest term becomes effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i28207": { "value": "| On December 31, 2025 | Share | Voting rights |
| Principal subsidiaries | \u00a0 | \u00a0 |
| The Netherlands | \u00a0 | \u00a0 |
| DLL International B.V. | 100% | 100% |
| BPD Europe B.V. | 100% | 100% |
| Obvion N.V. | 100% | 100% |
| North America | \u00a0 | \u00a0 |
| Utrecht America Holdings Inc. | 100% | 100% |
| South America | \u00a0 | \u00a0 |
| Banco Rabobank International Brasil S.A. | 100% | 100% |
| Australia and New Zealand | \u00a0 | \u00a0 |
| Rabobank Australia Limited | 100% | 100% |
| Rabobank New Zealand Limited | 100% | 100% |
All subsidiaries listed in the table have been consolidated. In 2025, none of the subsidiaries experienced any significant restrictions in the payment of dividends or the redemption of loans and repayment of advances. The possibility for subsidiaries to pay dividend to Rabobank depends on various factors, including local regulatory requirements, statutory reserves and financial performance.
Several structured entities in W&R segment are not consolidated, even if Rabobank retains more than half of the voting rights. These structured entities are not consolidated because the relevant activities and the variable returns are determined by a third party to the contract.
Rabobank controls several entities in the \"Leasing\" segment as part of its vendor leasing operations, even though it retains less than half of the voting rights. This is because control is not determined based on voting rights, but rather on management participation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i28249": { "value": "Reverse repurchase transactions and securities borrowing agreements concluded by Rabobank are included under \"Loans and Advances to Credit Institutions\" or \"Loans and Advances to Customers\" and amount to:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Loans and advances to credit institutions | 27,031 | 19,594 |
| Loans and advances to customers | 21,771 | 15,907 |
| Total reverse repurchase transactions and securities borrowing agreements | 48,802 | 35,501 |
In accordance with the terms of the reverse repurchase transactions and securities borrowing agreements, Rabobank receives collateral under conditions that enable it to re-pledge or resell the collateral to third parties. On December 31, 2025, the total fair value of the securities received under the terms of the agreements was EUR 49,675 million (2024: EUR 35,294 million). In accordance with the agreement terms, a portion of the securities was re-pledged or sold as collateral. These transactions were effected subject to the normal conditions for standard reverse repurchase transactions and securities borrowing agreements. The securities have not been recognized in the statement of financial position because almost all the associated risks and benefits accrue to the counterparty. A receivable has been recognized at a value equivalent to the amount paid as collateral.
Repurchase transactions and securities lending agreements concluded by Rabobank are included under \"Deposits from Credit Institutions\" and \"Deposits from Customers\". They amount to:
| Amounts in millions of euros | 2025 | 2024 |
|---|---|---|
| Deposits from credit institutions | 34 | 399 |
| Deposits from customers | 66 | 149 |
| Total repurchase and securities lending | 100 | 548 |
Rabobank provided interest-bearing securities with a carrying amount (equal to fair value) as at December 31, 2025 of EUR 107 million (2024: EUR 546 million) as collateral for repurchase agreements. The counterparty retains the right to sell or re-pledge the securities. Rabobank performed these transactions subject to the normal conditions for standard repurchase transactions and securities lending agreements. The bank may provide or receive securities or cash as collateral if the value of the securities changes. The securities have not been de-recognized because almost all the associated risks and benefits accrue to Rabobank, including credit and market risks. A liability is recognized at a value equivalent to the amount received as collateral.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "section-blocktag-i28399": { "value": "There were no subsequent events to be disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "title-blocktag-i28400": { "value": "The financial statements were signed by the Supervisory Board and Managing Board on March 5, 2026. The financial statements will be presented for adoption to the General Meeting, to be held on April 8, 2026. With regard to the adoption of Rabobank's financial statements, the Articles of Association state: \"The resolution to adopt the financial statements will be passed by an absolute majority of the votes validly cast by the General Members\u2019 Council\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:DG3RU1DBUFHT4ZF9WN62", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }