Deutsche Pfandbriefbank AG (XSWX:PBB)

Q1 2026 Deutsche Pfandbriefbank AG Earnings Call Transcript

May 12, 2026 / 09:00 AM GMT

Release Date Price: CHF2.69

Transcript

Key Points

Positve

Deutsche Pfandbriefbank AG (WBO:PBB) reported a significant increase in new business volume in real estate finance solutions, reaching EUR 1.3 billion, up by almost 18% compared to the same period last year.
The bank's return on tangible equity stands at 7%, indicating a stable profitability metric.
Real Estate Investment Solutions contributed EUR 11 million in revenues for the first time, enhancing the bank's diversification.
The bank successfully reduced its U.S. non-performing loan portfolio by nearly one-third, demonstrating effective risk management.
Liquidity remains robust with EUR 4.8 billion, and the CET1 ratio is in line with expectations at 13.4%.

Negative

The geopolitical and macroeconomic environment remains volatile, making it difficult to predict the impact on the European economy and real estate markets.
Operating income decreased by EUR 29 million quarter-over-quarter, affected by lower net interest income and negative fair value adjustments.
The real estate finance portfolio continued to decline slightly, from EUR 27.3 billion to EUR 26.8 billion, due to de-risking strategies and repayments.
The CET1 ratio declined from 14.7% at year-end 2025 to 13.4% at the end of Q1 2026, primarily due to regulatory adjustments.
The market environment remains challenging, with growth expectations being scaled down and inflation expected to rise, impacting future business prospects.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PBBG.DE - Deutsche Pfandbriefbank AG
Q1 2026 Deutsche Pfandbriefbank AG Earnings Call
May 12, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Yeah, thank you very much, and a warm welcome, ladies and gentlemen, from my side to our analyst call on PBB's first quarter 2026 results.

We are happy that you have once again taken the time joining us in examining our quarterly results in more detail. As usual, my colleague, Markus Schulte, our CFO, and I are here to guide you through the bank's key developments and IFRS figures. As always, there will be plenty of time for your questions at the end of the session.

Ladies and gentlemen, the changes we made to the structure of our Q1 report is a reflection and a testament of the strategic transformation of PVB, which we are consistently executing. For the first time, the bank is reporting on two distinct

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