EQS-News: grenke on track with earnings growth in the third quarter of 2025

• Group earnings in the third quarter of 2025 increase significantly year-over-year to EUR 22.4 million (Q3 2024: EUR 12.0 million)
• Group earnings for the first nine months of 2025 total EUR 48.6 million, as expected, below the previous year’s level (Q1-Q3 2024: EUR 57.0 million)
• Guidance for 2025 remains unchanged

 Baden-Baden, November 13, 2025: grenke AG, a global financing partner for small and medium-sized enterprises, recorded higher Group earnings of EUR 22.4 million in the third quarter of 2025 (Q3 2024: EUR 12.0 million). The increase was driven primarily by strong growth in income from operating business, which rose by 15.5% to EUR 169.4 million (Q3 2024: EUR 146.7 million), with costs increasing at a much slower rate of 7.0% to EUR 90.7 million (Q3 2024: EUR 84.8 million). The loss rate remained elevated at 1.9% in the third quarter (Q3 2024: 1.5%) due to the persistently challenging macroeconomic environment.

In the first nine months of the financial year, Group earnings totalled EUR 48.6 million (Q1-Q3 2024: EUR 57.0 million), in line with expectations, with an improved cost-income ratio of 55.4% compared to 57.4% in the same prior-year period. The loss rate was 1.8% (Q1-Q3 2024: 1.3%). Based on these results, the Board of Directors maintains its guidance for Group earnings for the current 2025 financial year in the range of EUR 71 million to EUR 81 million.

Dr Sebastian Hirsch, CEO of grenke AG: "Based on our key figures, we are likely to reach the lower half of our expected Group earnings range. This is a very solid result given the continued macroeconomic challenges. More importantly, our earnings are now again above last year’s level and continue to grow. The turnaround we initiated is thereby progressing steadily."

Dr Martin Paal, CFO of grenke AG: “The year-on-year improvement in our cost-income ratio reflects the double-digit growth in our income from operating business alongside disciplined cost management. As a result, we were able to largely offset the persistently elevated loss levels in Group earnings, laying a strong foundation for achieving our projected targets for the full year.”

Higher income with moderate cost growth in the third quarter of 2025
Interest income rose by EUR 22.0 million year-over-year in the third quarter of 2025 to EUR 169.8 million (Q3 2024: EUR 147.8 million). Over the same period, interest expenses related to refinancing the leasing business increased by EUR 13.5 million to EUR 68.5 million (Q3 2024: EUR 55.0 million). As a result, net interest income (the net difference between interest income and interest expenses) grew by 9.1% to EUR 101.3 million (Q3 2024: EUR 92.8 million).

Due to the growth in interest income, along with the results from the service business and gains and losses from disposals, income from operating business rose by EUR 22.7 million to EUR 169.4 million (Q3 2024: EUR 146.7 million). Operating expenses increased by only EUR 5.9 million year-on-year to EUR 90.7 million (Q3 2024: EUR 84.8 million), of which EUR 52.9 million was attributable to staff costs (Q3 2024: EUR 49.2 million). This resulted in an improved cost-income ratio of 53.5% (Q3 2024: 57.8%), placing it in line with the target threshold of below 60% for the 2025 financial year. The average number of employees at the grenke Group (measured in full-time equivalents) increased as planned by 7.1% to 2,350 (Q3 2024: 2,195).

As a result of the positive income development along with disciplined cost management, the operating result before settlement of claims and risk provision rose significantly by 27.0% in the third quarter of 2025 to EUR 78.7 million (Q3 2024: EUR 62.0 million).

Given the persistently high number of losses and the strained macroeconomic environment, the result from settlement of claims and risk provision remained elevated in the third quarter at EUR -51.5 million (Q3 2024: EUR -37.8 million). The loss rate – the ratio of settlement of claims and risk provision to the volume of leased assets – stood at 1.9% in the third quarter (Q3 2024: 1.5%). The operating result reached EUR 30.5 million (Q3 2024: EUR 17.9 million), while Group earnings equalled EUR 22.4 million (Q3 2024: EUR 12.0 million).

Lease receivables with continuous growth, equity ratio stable
Leasing new business rose by 5.8% year-on-year in the third quarter of 2025 to EUR 781.2 million (Q3 2024: EUR 738.5 million). This resulted in an increase in lease receivables to EUR 7.1 billion by the end of the third quarter of 2025 (December 31, 2024: EUR 6.5 billion). The equity ratio as of September 30, 2025 was 16.0% (December 31, 2024: 16.2%), in line with the Company’s own target of approximately 16%.

2025 guidance unchanged
grenke continues to expect leasing new business in the range of EUR 3.2 billion to EUR 3.4 billion and Group earnings of EUR 71 million to EUR 81 million for the 2025 financial year. The extent to which the Company achieves its targeted Group earnings in this range will largely depend on risk provisions. If the loss rate for full-year 2025 remains just below 1.8 percent, as it has so far, Group earnings are likely to come in toward the lower end of the guidance range.

Update regarding future reporting
grenke AG will increasingly align its communications with its strategic focus on profitability and enhance reporting efficiency. Starting with the 2026 financial year, quarterly new business figures will be included in the regular reporting publications, and separate quarterly disclosures will be discontinued. This approach will allow recipients to better interpret the new business figures within the broader context. The new business figures for the full year 2025 will be published on January 7, 2026.

All dates for the 2026 financial year are available on the website under “Corporate Calendar”.

The Q3 and Q1–Q3 2025 quarterly statement is available on our website in the “Reports & Presentations” section.

Key figures at a glance (in EUR million)

_{Note: Rounding differences may occur between individual values and the actual figures achieved in euros.}
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