# Half-year Financial Report 2026 of grenke AG **grenke AG** ## Group key figures | | | | | | | | | | ------------------------------------------------------- | -------: | ----------: | ----------: | ---------: | ------------: | ------------: | ---------: | | | Unit | Q2 2026 | Q2 2025 | Change (%) | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (%) | | |||||||| | **Leasing new business** | **EURk** | **858,521** | **867,416** | **– 1.0** | **1,644,935** | **1,622,031** | **1.4** | | DACH | EURk | 219,269 | 209,397 | 4.7 | 404,789 | 376,592 | 7.5 | | Western Europe (without DACH) | EURk | 218,908 | 215,586 | 1.5 | 429,125 | 416,449 | 3.0 | | Southern Europe | EURk | 219,909 | 218,645 | 0.6 | 422,279 | 409,408 | 3.1 | | Northern/Eastern Europe | EURk | 141,224 | 162,814 | – 13.3 | 273,223 | 307,796 | – 11.2 | | Other regions | EURk | 59,212 | 60,975 | – 2.9 | 115,521 | 111,786 | 3.3 | | **Contribution margin 2 (CM2) on leasing new business** | **EURk** | **134,083** | **148,564** | **– 9.7** | **260,834** | **280,674** | **– 7.1** | | DACH | EURk | 27,165 | 29,682 | – 8.5 | 52,624 | 53,908 | – 2.4 | | Western Europe (without DACH) | EURk | 36,302 | 38,652 | – 6.1 | 70,927 | 75,274 | – 5.8 | | Southern Europe | EURk | 34,528 | 38,078 | – 9.3 | 66,501 | 72,260 | – 8.0 | | Northern/Eastern Europe | EURk | 24,918 | 29,594 | – 15.8 | 48,655 | 56,101 | – 13.3 | | Other regions | EURk | 11,170 | 12,559 | – 11.1 | 22,127 | 23,131 | – 4.3 | | **Further information leasing** |||||||| | Number of new contracts | Units | 86,591 | 88,111 | – 1.7 | 165,358 | 164,441 | 0.6 | | Mean acquisition value | EUR | 9,915 | 9,845 | 0.7 | 9,948 | 9,864 | 0.8 | | Mean term of contract | Months | 48 | 49 | – 0.6 | 49 | 49 | – 0.7 | | **Further information leasing portfolio** |||||||| | Volume of leased assets per end of period | EURk | 11,944,420 | 10,930,889 | 9.3 | 11,944,420 | 10,930,889 | 9.3 | | Number of current contracts per of end of period | Units | 1,185,636 | 1,130,291 | 4.9 | 1,185,636 | 1,130,291 | 4.9 | | **grenke Bank** |||||||| | SME lending new business incl. microcredit business | EURk | 18,244 | 10,373 | 75.9 | 29,391 | 21,633 | 35.9 | [Group key figures] _Leasing regions DACH: Germany, Austria, Switzerland Western Europe (without DACH): Belgium, France, Luxembourg, the Netherlands Southern Europe: Italy, Croatia, Malta, Portugal, Slovenia, Spain Northern/Eastern Europe: Denmark, Finland, UK, Ireland, Latvia, Norway, Poland, Romania, Sweden, Slovakia, Czechia, Hungary Other regions: Australia, Brazil, Chile, Canada, USA, UAE_ | | | | | | | | | | ---------------------------------------------------------------- | --------: | ---------: | ---------: | ---------: | -----------: | -----------: | ---------: | | | Unit | Q2 2026 | Q2 2025 | Change (%) | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (%) | | **Income Statement** |||||||| | Interest and similar income from financing business | EURk | 180,514 | 164,963 | 9.4 | 358,091 | 324,779 | 10.3 | | Expenses from interest on refinancing including deposit business | EURk | 72,264 | 64,018 | 12.9 | 143,162 | 123,994 | 15.5 | | Operating expenses | EURk | 92,050 | 91,253 | 0.9 | 181,941 | 179,222 | 1.5 | | Result from settlement of claims and risk provision | EURk | – 61,923 | – 47,148 | 31.3 | – 118,605 | – 94,738 | 25.2 | | Operating result | EURk | 24,005 | 22,532 | 6.5 | 45,405 | 36,537 | 24.3 | | Group earnings before taxes | EURk | 23,657 | 20,345 | 16.3 | 44,324 | 33,550 | 32.1 | | **Group earnings** | **EURk** | **17,092** | **15,959** | **7.1** | **32,639** | **26,161** | **24.8** | | **Group earnings attributable to ordinary shareholders** | **EURk** | **15,981** | **15,674** | **2.0** | **17,451** | **14,981** | **16.5** | | **Group earnings attributable to hybrid capital holders** | **EURk** | **0** | **0** | **n.a.** | **12,560** | **11,994** | **4.7** | | **Group earnings attributable to non-controlling interests ** | **EURk** | **1,111** | **285** | **289.8** | **2,628** | **– 814** | **\> 100** | | Earnings per share (basic and diluted) | EUR | 0.37 | 0.36 | 2.8 | 0.40 | 0.34 | 17.6 | | Return on equity after taxes | Percent | 4.8 | 4.6 | 0.2 pp | 4.6 | 3.8 | 0.8 pp | | Cost-income ratio | Percent | 50.6 | 56.1 | – 5.5 pp | 51.6 | 56.4 | – 4.8 pp | | Staff costs | EURk | 53,796 | 52,699 | 2.1 | 107,755 | 104,554 | 3.1 | | _of which total remuneration_ | _EURk_ | _45,545_ | _42,813_ | _6.4_ | _87,467_ | _84,735_ | _3.2_ | | _of which fixed remuneration_ | _EURk_ | _39,371_ | _35,566_ | _10.7_ | _74,629_ | _70,824_ | _5.4_ | | _of which variable remuneration_ | _EURk_ | _6,174_ | _7,247_ | _– 14.8_ | _12,838_ | _13,911_ | _– 7.7_ | | Average number of employees in full-time equivalents (FTEs) | Employees | 2,360 | 2,315 | 1.9 | 2,362 | 2,306 | 2.4 | | | | | | | | :------------------------------------------------------------------------------------------- | ------: | ------------: | ------------: | ---------: | | | Unit | Jun. 30, 2026 | Dec. 31, 2025 | Change (%) | | **Statement of Financial Position** ||||| | Total assets1 | EURm | 9,174 | 9,088 | 0.9 | | Lease receivables | EURm | 7,672 | 7,342 | 4.5 | | Deposit volume grenke Bank | EURm | 2,319 | 2,315 | 0.2 | | Equity pursuant to statement of financial position2 | EURm | 1,416 | 1,418 | – 0.1 | | Equity pursuant to CRR | EURm | 1,128 | 1,090 | 3.5 | | Equity ratio | Percent | 15.4 | 15.6 | – 0.2 pp | | Embedded value, leasing contract portfolio (excl. equity before taxes) | EURm | 680 | 651 | 4.5 | | Embedded value, leasing contract portfolio (incl. equity after taxes without hybrid capital) | EURm | 1,628 | 1,608 | 1.2 | _1 Previous year's figure adjusted (see Note 2.3 of the notes to the condensed interim consolidated financial statements). 2 Including AT1 bonds (hybrid capital), which are reported as equity under IFRS._ #### Key figures Q2 2026: Embedded value: EUR 1.6 billion Group earnings: EUR 17.1 million Equity ratio: 15.4 percent **Refinancing base:** Four pillars: grenke Group refinancing mix grenke Bank deposit business: 31.2 Asset-backed: 13.4 External bank funding: 8.1 Senior unsecured: 47.3 June 30, 2026 #### Shareholder structure: Free float: 59.16% grenke AG: 4.98% Grenke Beteiligung GmbH & Co. KG\*: 40.84% GRENKE-Stiftung Verwaltungs GmbH: 3.03% June 30, 2026 *General partner: Grenke Vermögensverwaltung GmbH. Limited partners: Grenke Family (Wolfgang, Anneliese, Moritz, Roland, and Oliver Grenke). Free float according to Section 5.7.2 of the current “Guide to the Equity Indices of Deutsche Börse”. The above information is not guaranteed and is based on the voting rights notifications received by the Company pursuant to the German Securities Trading Act (WpHG). ## Statement from the CEO Dear Shareholders, Ladies and Gentlemen, The first half of 2026 continued to be marked by a challenging economic and geopolitical environment. Uncertainty and unpredictability have long since ceased to be temporary phenomena and are increasingly becoming part of the new reality. For companies, this means that the decisive question is no longer whether headwinds will arise, but whether their business model is resilient enough to stay on course even when the wind changes direction. This new reality is also reflected in our financial performance. The economic environment continued to result in an elevated level of losses. For the first half-year, our loss rate stood at 2.0 percent, placing it above our original expectations. Accordingly, we had to adjust our risk provision again. Even if the overall level remains stable, this will temporarily weigh on our earnings. Losses arising from unfulfilled contracts have always been inherent in our business model. Our task is not to avoid risk, but to identify it more quickly and accurately, assess it rationally and objectively, and price it appropriately. That said, one principle holds true today for grenke more than ever before: We focus on what is within our control. Particularly as markets become more dynamic and diverse than before, we recalibrate our acceptance policy even more frequently and with greater granularity. There are two sides to our first half performance: a risk environment that remains challenging and an operating result that is stronger than it has been in years. Our operating income has grown continuously, while at the same time our costs have increased at a significantly slower pace. This trend also continued in the current financial year: In the first half of 2026, income from operating business rose to EUR 352.6 million. The cost-income ratio improved to 51.6 percent. Our operating result before settlement of claims and risk provision also increased significantly. Three years ago, we announced that, alongside growth, we would consistently align our business model towards greater operating profitability. The result of disciplined work over the past few years: Our income is growing faster than our costs. This is not a temporary phenomenon but reflects fundamental improvements that are increasingly taking effect and demonstrates the operating leverage inherent in our business model – and which we intend to expand further. The persistently high level of risk is currently offsetting a significant part of the earnings impact of this structural progress. At the same time, it shows how substantially our business model has evolved, as rising operating income is offsetting the higher risk provision. Despite the elevated level of losses, we are not only remaining profitable but also improving our ability to generate earnings – strong evidence of grenke’s increasing resilience and operating strength. Our current differentiated approach is reflected in our new business. In the first half-year, our leasing new business reached EUR 1.64 billion. In core markets, where we continue to gain market share, we are taking advantage of attractive growth opportunities. In markets with elevated risks, however, we are deliberately more selective. Growth remains important in the medium term but not at any price. What matters is the quality of our new business and its long-term profitability. This operating strength is also reflected in our bottom line: Group earnings rose to EUR 32.6 million, while our return on equity after taxes increased to 4.6 percent. The growing portfolio is generating higher interest income, while efficiency gains and cost discipline are limiting cost growth. Together, these developments provide the basis for sustainably increasing our return on equity by 2030 to more than 10 percent. Against this background, we are maintaining our earnings guidance for the full year. For leasing new business, we currently expect to come in at the lower end of our guidance range. What matters, however, is not volume alone, but the quality of our growth. We invest where opportunities and risks are well balanced. This strengthens the long-term profitability of our portfolio. ##### What is important now? *First*, we will continue to strengthen the foundations of our earnings growth. *Second*, we intend to build decisively on the operating leverage we have achieved by harnessing the potential of digitalisation and standardisation to further increase efficiency across our entire value chain. *Third*, we will do everything we can to stabilise our risk performance and bring the loss rate down. We cannot control macroeconomic developments, but we can control how quickly we analyse data, reassess risks and adapt our decisions to changing market conditions. Developments over the past few quarters show that our business model has become stronger operationally. This does not diminish the current risk situation, but it does demonstrate that we have systematically strengthened our profitability, while establishing the prerequisites for successfully navigating future market conditions. Resilience is not an end in itself. It gives us the freedom to seize opportunities – no matter which way the wind blows. The challenging environment of recent quarters has made one thing particularly clear: our measures are working. In other words: We are on track. And we intend to consistently stay on this course. Our ambition remains unchanged: For our customers, leasing should make investments simple, fast and intuitive while preserving liquidity. For you, our shareholders, we aim to increase the value of the company over the long term. Clear priorities, financial discipline, and the continuous evolution of our business model provide the foundation to achieve this. Yours sincerely, Dr Sebastian Hirsch Chief Executive Officer (CEO) ## ## Interim Group management report ### 1. Group fundamentals #### 1.1 grenke overview We are a global financing partner for companies, institutions, and the public sector in the small-ticket segment. Through our solutions, we give our lessees financial flexibility when realising their investments. Customers who lease through us can preserve their liquidity. We operate in line with our values: simple, fast, personal, and entrepreneurial. Founded in 1978 in Baden-Baden, Germany, we operate with more than 2,500 employees in 31 countries across the globe – from Europe to North and South America to Australia. #### 1.2 Business model In our core leasing business, we are specialists in small-ticket leasing for contracts with volumes up to EUR 50,000. Contracts of this size accounted for around 97 percent in the second quarter of 2026, with an average contract volume of EUR 10,000. In the second quarter of 2026, our five strongest object categories, measured by the number of contracts, were IT equipment, green economy objects (eBikes, solar installations and wallboxes), as well as the categories printing and copying technology, machinery and equipment, and communications devices. Other product groups in our portfolio are medical technology, security devices, and office equipment; see also the chart in Chapter 2.3.1 Leasing new business. Our leasing business operates from a total of 123 locations in 31 countries across 5 continents. Our operations are primarily in Europe, where we are active in all key leasing markets. In the second quarter of this year, we generated around 93 percent of our leasing new business in this region. Outside of Europe, we have established locations in Australia, North and South America, and in Asia, including the United Arab Emirates. We have the flexibility to direct our leasing new business in terms of both volume and quality by adjusting our acceptance policy. We do this, for example, by focusing strictly on lower risk new business during periods of economic weakness, through measures avoiding business with higher-risk sectors and customer segments. We are also in a position to adapt our terms and conditions to prevailing market developments and macroeconomic conditions. As a result, we succeeded in achieving risk-appropriate margins and profitable operations on a sustainable basis both during the financial crisis in 2009 and during the COVID-19 pandemic in 2020 and 2021. Even in the current environment, we strike a balance between risk and contribution margin in our leasing new business and manage our growth in a measured and disciplined manner. #### 1.3 Segments We offer SMEs financial services in the areas of leasing, factoring and banking. Following the initiation of the sale of the factoring companies, the Group’s segmentation remains unchanged from the prior year. It continues to reflect the regional structure of the leasing business and comprises the DACH, Western Europe without DACH, Southern Europe, Northern/Eastern Europe, and Other Regions segments. The activities of the factoring business and grenke Bank are reported in the “Other” segment. For a description of our business activities and segment development in the reporting period, please refer to Chapter 2.4.2 Segment development and the information provided in Chapter 12 Group segment reporting, located in the notes to the condensed interim consolidated financial statements. #### 1.4 Shareholder structure We are a medium-sized company, with Grenke Beteiligung GmbH & Co. KG as our major shareholder. Following the reorganisation of Grenke Beteiligung GmbH & Co. KG into a single-member limited partnership structure, under which the KG holds all shares in the general partner GmbH, Grenke Vermögensverwaltung GmbH no longer acts as the parent company of Grenke Beteiligung GmbH & Co. KG. Accordingly, and in line with our notification pursuant to the German Securities Trading Act (WpHG) dated November 7, 2025, the voting rights attached to the shares held by Grenke Beteiligung GmbH & Co. KG are no longer attributed to Grenke Vermögensverwaltung GmbH. The limited partners of Grenke Beteiligung GmbH & Co. KG continue to consist of Anneliese Grenke, company founder Wolfgang Grenke, and their three adult sons, Moritz, Roland, and Oliver Grenke. As of the June 30, 2026 reporting date, Grenke Beteiligung GmbH & Co. KG continued to hold 40.84 percent of the Company’s shares. As a result of the share buyback programme completed in 2024, grenke AG continued to hold 2,317,695 treasury shares as of the reporting date, corresponding to a 4.98 percent stake. According to the publication date of the respective voting rights notifications, entities holding more than 3 percent of the Company also included GRENKE-Stiftung, with 3.03 percent. The free float, as defined by Section 5.7.2 of the current DAX Equity Index Methodology Guide, amounted to 59.16 percent. The shareholding of the Board of Directors and Supervisory Board as of the reporting date was approximately 0.2 percent. #### 1.5 Targets and strategy As a leading leasing partner for businesses, commercial enterprises, self-employed professionals, institutions, and the public sector, we aim to make leasing a seamless and natural solution for small-scale investments. We focus on small investment amounts, primarily up to and including EUR 50k, and aim to be a leader in this segment across all our markets. For the 2026 financial year, the Board of Directors is prioritising profitability, with a continued focus on sustainable volume growth. The Board of Directors primarily measures profitability by the increase in the return on equity. Despite the volatile macroeconomic and geopolitical environments and the related uncertainties, particularly the development of insolvency trends and the potential related fluctuations in the loss rate, grenke expects Group earnings after taxes to increase year-on-year in the 2026 financial year to EUR 74 to 86 million. This is primarily attributable to the robust development of income from the existing portfolio, as well as the visible results of efficiency improvements and, above all, the cost discipline maintained in recent quarters. Based on current economic forecasts and market observations, together with a focus on profitability and a balanced risk strategy for new business, the Board of Directors expects leasing new business to grow slightly in 2026. Over the long term, we are pursuing the Board of Directors’ target to achieve a return on equity after taxes of more than 10 percent by 2030, supported by solid annual growth in new business and further efficiency improvements. To achieve our sustainable new business growth targets, we are focusing on the core areas of customer- and market-oriented activities, operational excellence and cost discipline, digital excellence and automation and sustainability, supported by appropriate strategic measures. Managing our liquidity and related refinancing also continues to play a key strategic role. Further details can be found in our annual report for the 2025 financial year under Chapter 1.2 Targets and strategy. ### 2. Economic report - Group earnings after taxes amounted to EUR 17.1 million in the second quarter of 2026 and EUR 32.6 million in the first half of 2026 - Leasing new business totalled EUR 858.5 million in the second quarter of 2026 and EUR 1,644.9 million in the first half of 2026 - The CM2 margin equalled 15.6 percent in the second quarter of 2026 and 15.9 percent in the first half of 2026 - The loss rate was 2.1 percent in the second quarter of 2026 and 2.0 percent in the first half of 2026 - The cost-income ratio was 50.6 percent in the second quarter of 2026 and 51.6 percent in the first half of 2026 - The equity ratio equalled 15.4 percent as of the June 30, 2026 reporting date #### 2.1 Significant events year-to-date On February 3, 2026, we issued a new bond with a volume of EUR 500 million. The bond, which was several times oversubscribed, carries an interest coupon of 3.875 percent and matures on January 9, 2031. On February 6, 2026, we launched a joint global loan of EUR 200 million in cooperation with Kreditanstalt für Wiederaufbau (KfW). Through this cooperation, we give small and medium-sized enterprises access to a simple, fast form of investment funding via leasing by providing funds from the global loan for investments, digitalisation, climate protection, and modern infrastructure. On May 20, 2026, we placed a CAD 100 million bond in Canada, thereby securing an additional source of local-currency refinancing. On June 2, 2026, the merger of the Swiss company GRENKEFACTORING AG with the Swiss company GRENKELEASING AG was successfully completed with retroactive effect as of January 1, 2026. After winding down the factoring business in Switzerland, GRENKEFACTORING AG was absorbed into GRENKELEASING AG by way of merger. No other significant events occurred prior to the June 30, 2026 reporting date. #### 2.2 Macroeconomic environment The macroeconomic environment in the second quarter of this year was characterised by persistent, challenging conditions and increased uncertainty. The Iran war, in particular, has had far-reaching economic consequences, reflected in energy supply shortages and the resulting sharply higher energy prices, rising inflationary pressures, and reduced growth prospects. Meanwhile, with the preliminary peace agreement in mid-June 2026, the situation in Iran appeared to ease. Shipping through the Strait of Hormuz resumed, although traffic remained fragile and below pre-war levels. Energy prices declined, which also eased pressure on headline inflation. At the same time, the situation remained volatile even after the quarterly reporting date. The ongoing war between Russia and Ukraine continued to have direct and indirect implications for economic activity. New developments emerged in US trade policy. In early June 2026, the United States announced additional tariffs on imports allegedly produced using forced labour, including goods from the EU. In mid-June 2026, the European Parliament approved the “Turnberry Deal,” which caps tariffs on most EU exports to the United States at 15 percent. In return, the EU chose not to impose tariffs on imports from the United States. These sources of uncertainty make it more difficult for companies to plan and are likely to weigh on investment. On June 17, 2026, in response to mounting inflationary pressure stemming from the war in Iran and its impact on energy prices, the European Central Bank (ECB) raised its key interest rate to 2.25 percent. This marked the first interest rate adjustment since June 11, 2025. On that date, the ECB had lowered its key interest rate to 2.0 percent. After reaching 3.0 percent in April and 3.2 percent in May 2026, the inflation rate eased to 2.8 percent in June (June 2025: 2.0 percent). For the full year, the ECB expects an inflation rate of 3.0 percent, while targeting an inflation rate of 2 percent over the medium term. Core inflation, which excludes the volatile energy and food components, was 2.4 percent in June 2026, slightly below headline inflation (June 2025: 2.3 percent). An ECB survey conducted in the second quarter of 2026 found that the banks surveyed had tightened their lending conditions somewhat across all loan categories, reflecting their perception of increased risk and lower risk tolerance. According to a preliminary estimate by Eurostat, gross domestic product in the euro area increased year-on-year by 1.0 percent in the second quarter of 2026. Spain recorded strong growth of 2.7 percent, while growth was more moderate in Italy at 1.0 percent, Germany at 0.9 percent, and France at 0.7 percent. The Purchasing Managers’ Index (PMI) for the eurozone’s manufacturing and services sectors stood at 50.0 points in June 2026 (June 2025: 50.6 points), indicating that production had stabilised. The index is derived from a monthly survey of purchasing managers in the manufacturing and services sectors, assessing new orders, production, employment, deliveries received, and inventory levels. The PMI serves as a leading indicator, with values above 50 points indicating an increase in production and values below 50 points signalling a decline in production across the sectors surveyed. The ifo Business Climate Index for Germany, which reflects companies’ assessments of their current business situation and their expectations for the next six months, stood at 85.6 points in June 2026, below its comparable prior-year level (June 2025: 88.3 points). In June 2026, the companies surveyed rated their current business situation more favourably, at 87.0 points, than their outlook for the next six months, at 84.1 points. According to the latest available Eurostat data, corporate insolvencies in the European Union continued to increase compared to the same prior-year quarter. In the first quarter of 2026, the corresponding index was estimated at 192.8 points, exceeding the same prior-year quarter by 15.5 points (Q1 2025: 177.3 points). By country, France recorded 255.5 points (Q1 2025: 238.5 points), well above the aggregate figure. Germany stood at 177.9 points (Q1 2025: 166.7 points), slightly below the aggregate figure. Spain followed at 138.3 points (Q1 2025: 166.2 points). Italy recorded a significantly better result, at 110.5 points (Q1 2025: 101.9 points). In Germany, the number of corporate insolvencies rose by 7.8 percent to 12,900 in the first half of 2026, the highest level since 2013. #### 2.3 New business ##### 2.3.1 Leasing new business Leasing new business – defined as the total acquisition costs of newly acquired leased assets under new lease agreements during the period – amounted to EUR 858.5 million in the second quarter of 2026. This represented a slight decrease of 1.0 percent from EUR 867.4 million in the same prior-year quarter. Developments varied considerably across the individual regions and were influenced by local challenges as well as the generally strained macroeconomic environment. At the same time, we took market-specific measures to ensure a balanced risk profile when contracting new business. This is intended to safeguard grenke’s future profitability and help increase its return on equity. Consequently, our growth activities focused on our core markets with the strongest established presence – Germany, France and Italy – as well as North America. We achieved growth in our core markets despite, in some cases, a significant decline in overall investment activity, allowing us to increase our market shares in these regions. In the first half of 2026, our leasing new business increased by 1.4 percent to EUR 1,644.9 million (Q1 – Q2 2025: EUR 1,622.0 million). This performance enabled us to maintain our leasing new business at a solid level despite the challenging market environment. Our extensive dealer network currently comprises more than 33,000 specialist reseller partners and suppliers across 31 countries worldwide, and we regularly review the quality of the contracts they broker. #### Leasing new business | | | | | | | | | :---------------------------- | --------: | --------: | ---------: | -----------: | -----------: | ---------: | | EURm | Q2 2026 | Q2 2025 | Change (%) | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (%) | | **Leasing new business** | **858.5** | **867.4** | **– 1.0** | **1,644.9** | **1,622.0** | **1.4** | | DACH | 219.3 | 209.4 | 4.7 | 404.8 | 376.6 | 7.5 | | Western Europe (without DACH) | 218.9 | 215.6 | 1.5 | 429.1 | 416.4 | 3.0 | | Southern Europe | 219.9 | 218.6 | 0.6 | 422.3 | 409.4 | 3.1 | | Northern/Eastern Europe | 141.2 | 162.8 | – 13.3 | 273.2 | 307.8 | – 11.2 | | Other regions | 59.2 | 61.0 | – 2.9 | 115.5 | 111.8 | 3.3 | [Leasing new business] _Regions: DACH: Germany, Austria, Switzerland Western Europe (without DACH): Belgium, France, Luxembourg, the Netherlands Southern Europe: Italy, Croatia, Malta, Portugal, Slovenia, Spain Northern/Eastern Europe: Denmark, Finland, UK, Ireland, Latvia, Norway, Poland, Romania, Sweden, Slovakia, Czechia, Hungary Other Regions: Australia, Brazil, Chile, Canada, USA, UAE_ In the second quarter of 2026, our contribution margin 1 (CM1) declined but, at 10.9 percent, remained at a historically stable and solid level. This is in contrast to the CM1 in the same prior-year quarter, which was temporarily elevated, reflecting the decline in interest rates at the time while leasing terms remained stable. In the same prior-year quarter, the customary time lag of around one quarter before passing on interest rate changes to the pricing of lease contracts led to a temporary increase in the contribution margins. In the second quarter of 2026, the benchmark interest rate initially remained unchanged before rising from 2.0 percent to 2.25 percent following the ECB’s decision on June 17, 2026. At EUR 93.7 million, the CM1 was 12.5 percent below the same prior-year quarter (Q2 2025: EUR 107.1 million); for the first half-year, it was 8.8 percent lower year-on-year at EUR 182.4 million (Q1 – Q2 2025: EUR 200.0 million). Consequently, the CM1 margin was 10.9 percent in the second quarter of 2026, compared with 12.3 percent in the second quarter of 2025 (Q1 – Q2 2026: 11.1 percent vs. Q1 – Q2 2025: 12.3 percent). The contribution margin 2 (CM2) from leasing new business – a measure of the projected profitability of newly concluded lease contracts over their lifetime – declined 9.7 percent year-on-year to EUR 134.1 million in the second quarter of 2026. As a result, the CM2 margin was 15.6 percent, compared with 17.1 percent in the same prior-year quarter. In the first half of 2026, the CM2 declined by 7.1 percent to EUR 260.8 million, while the CM2 margin decreased to 15.9 percent (Q1 – Q2 2025: 17.3 percent). This was partially attributable to the DACH region and its higher percentage share of the total leasing new business. Historically, the CM2 margin for the DACH region has been lower than the CM2 margins of the Group’s other regions. Our CM2 also primarily reflects forecast losses, as it takes this expected amount into account alongside expected net interest income and other income from operating business. The currently unchanged, elevated level of defaults and losses is therefore reflected not only in a continued high loss rate, but also in a higher forecast for future defaults which, in turn, slightly reduces CM2. When managing our new business, the careful consideration of the latest information on interest rate and risk developments is essential to ensuring we maintain a stable level of long-term income as the basis for our future earnings performance. The CM2 margin stabilised overall in the second quarter of 2026 at the level recorded in the two preceding quarters. However, the CM2 margin on both a quarterly and half-year basis remained below the 2026 financial year benchmark set at the beginning of the year of at least 16.5 percent (see Chapter 4.3 Company forecast). CM margins and the ECB benchmark interest rate #### CM margins in leasing new business | | | | | | | | | :---------------------------- | -------: | -------: | ----------: | -----------: | -----------: | ----------: | | percent | Q2 2026 | Q2 2025 | Change (pp) | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (pp) | | **CM1 margin ** | **10.9** | **12.3** | **– 1.4** | **11.1** | **12.3** | **– 1.2** | | **CM2 margin** | **15.6** | **17.1** | **– 1.5** | **15.9** | **17.3** | **– 1.4** | | DACH | 12.4 | 14.2 | – 1.8 | 13.0 | 14.3 | – 1.3 | | Western Europe (without DACH) | 16.6 | 17.9 | – 1.3 | 16.5 | 18.1 | – 1.6 | | Southern Europe | 15.7 | 17.4 | – 1.7 | 15.7 | 17.6 | – 1.9 | | Northern/Eastern Europe | 17.6 | 18.2 | – 0.6 | 17.8 | 18.2 | – 0.4 | | Other regions | 18.9 | 20.6 | – 1.7 | 19.2 | 20.7 | – 1.5 | [CM margins in leasing new business] #### Contribution margins in leasing new business | | | | | | | | | :---------------------------- | --------: | --------: | ---------: | -----------: | -----------: | ---------: | | EURm | Q2 2026 | Q2 2025 | Change (%) | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (%) | | **CM1** | **93.7** | **107.1** | **– 12.5** | **182.4** | **200.0** | **– 8.8** | | **CM2** | **134.1** | **148.6** | **– 9.7** | **260.8** | **280.7** | **– 7.1** | | DACH | 27.2 | 29.7 | – 8.5 | 52.6 | 53.9 | – 2.4 | | Western Europe (without DACH) | 36.3 | 38.7 | – 6.1 | 70.9 | 75.3 | – 5.8 | | Southern Europe | 34.5 | 38.1 | – 9.3 | 66.5 | 72.3 | – 8.0 | | Northern/Eastern Europe | 24.9 | 29.6 | – 15.8 | 48.7 | 56.1 | – 13.3 | | Other regions | 11.2 | 12.6 | – 11.1 | 22.1 | 23.1 | – 4.3 | [Contribution margins in leasing new business] Our leasing business is organised into regional segments. In the DACH segment, leasing new business rose by 4.7 percent year-on-year to EUR 219.3 million in the second quarter of 2026, giving the region a 25.5 percent share of total leasing new business volume. The segment’s CM2 margin declined to 12.4 percent in the second quarter of 2026. This was below the level recorded in the prior-year quarter (Q2 2025: 14.2 percent) and also slightly below the CM2 margin in the first quarter of 2026. The higher default forecasts, in particular, are currently weighing on the CM2 margin. The Western Europe without DACH segment also accounted for 25.5 percent of total leasing new business in the second quarter of 2026, matching the share of the DACH region. As in the first quarter of 2026, leasing new business in the Western Europe without DACH segment increased slightly, rising by 1.5 percent to EUR 218.9 million in the second quarter of 2026. France, the region’s strongest-performing country, contributed the largest volume increase. At 16.6 percent, the CM2 margin in the second quarter of 2026 was 1.3 percentage points below the prior-year level (Q2 2025: 17.9 percent) but stabilised compared with the first quarter of 2026. After recording mid-single-digit growth in the first quarter of 2026, the Southern Europe segment increased its leasing new business by 0.6 percent to EUR 219.9 million in the second quarter. As a result, Southern Europe was the Group’s largest segment by volume in the second quarter of 2026, accounting for 25.6 percent of total leasing new business. Within this segment, Italy accounted for the largest share of total leasing new business at 15.1 percent. In the Southern Europe segment, the CM2 margin declined by 1.7 percentage points to 15.7 percent in the second quarter of 2026 (Q2 2025: 17.4 percent) but has remained stable over the year-to-date. Leasing new business volume in the Northern/Eastern Europe segment declined 13.3 percent to EUR 141.2 million in the second quarter of 2026, continuing the trend seen in the first quarter of the financial year. This decline was attributable, among others, to the change in Finland described in the first quarter of 2026: In April 2025, Finland announced that the tax benefit for eBikes would be abolished as of January 1, 2026. Other contributing factors included deliberate management measures to safeguard overall profitability in Denmark and Sweden, as well as customers’ continued overall reluctance to make investment decisions in light of the broader geopolitical situation. As a result, the segment’s share of total leasing new business declined to 16.4 percent in the second quarter of 2026. The CM2 margin in the Northern/Eastern Europe segment was 17.6 percent in the second quarter of 2026, down 0.6 percentage points compared to the same prior-year quarter. After recording double-digit growth in the first quarter of 2026, the Other Regions segment saw leasing new business decline slightly by 2.9 percent year-on-year to EUR 59.2 million in the second quarter. Despite the slight decline in the segment’s leasing new business, our future core markets – US, Canada, and Australia – posted strong growth in particular. Canada and Australia also have their own refinancing in the form of bonds denominated in their respective local currencies (CAD 100 million from May 2026 and AUD 125 million from August 2025). The Other Regions segment’s share of total leasing new business remained essentially unchanged at 6.9 percent. The CM2 margin in this segment was 18.9 percent, representing a year-on-year decline of 1.7 percentage points. #### Lease applications and contracts | | | | | | | | | | :--------------------------------------- | :------ | ------: | ------: | -------: | -----------: | -----------: | -----: | | | Unit | Q2 2026 | Q2 2025 | Change | Q1 – Q2 2026 | Q1 – Q2 2025 | Change | | Lease applications | Units | 173,982 | 175,513 | – 0.9 | 348,569 | 347,247 | 0.4 | | Lease contracts | Units | 86,591 | 88,111 | – 1.7 | 165,358 | 164,441 | 0.6 | | Conversion rate | Percent | 49.8 | 50.2 | – 0.4 pp | 47.4 | 47.4 | 0 pp | | Average NAV | EUR | 9,915 | 9,845 | 0.7 | 9,948 | 9,864 | 0.8 | | Direct customer business (share of NAV) | Percent | 18.1 | 17.4 | 0.7 pp | 18.5 | 17.4 | 0.9 pp | [Lease applications and contracts] Despite a challenging market environment and delays in investments, international demand for leasing as a means of financing and implementing investments remains largely stable at grenke, particularly in the small-ticket segment. This reflects our systematic approach to developing the market, including the acquisition of new partners, the expansion, maintenance, and continuous review of existing partnerships, and the extension of our business activities into new object categories such as green economy. The direct customer business accounted for 18.1 percent of the total leasing new business in the second quarter of 2026, up from 17.4 percent in the same prior-year quarter (Q2 2025). The number of lease applications in the second quarter of 2026 remained essentially unchanged compared to the same prior-year quarter. A total of 173,982 lease applications were received (Q2 2025: 175,513 lease applications). This resulted in 86,591 newly concluded lease contracts and a conversion rate (applications to contracts) of 49.8 percent. These figures reflect our continued selective approach to new business in light of volatile market conditions, while maintaining a clear focus on profitability. The mean acquisition value per newly concluded lease contract remained stable at EUR 9,915 in the second quarter, underscoring our focus on small ticket sizes. The structure of our lease object portfolio remained largely unchanged in the second quarter of 2026 compared with the same prior-year period. The three largest object categories remained IT equipment, green economy objects – with eBikes continuing to account for a high proportion – and printing and copying technology. We observed minor shifts in the shares of the object categories. While the shares of the IT equipment, copying equipment, machinery and equipment, and general office equipment categories declined slightly in the second quarter of 2026, the shares of green economy objects, communication technology, and medical technology and wellness increased. Year-on-year changes in average currency exchange rates against the euro had a positive effect on leasing new business volume in the second quarter of 2026 in the amount of EUR 2.09 million. These positive effects were driven mainly by the appreciation of the Australian dollar and the Brazilian real and partially offset, above all, by the depreciation of the British pound and the Canadian dollar. Currency effects on leasing new business were also positive in the first half of 2026, amounting to EUR 635k. ##### 2.3.2 Factoring and grenke Bank new business The “Other” segment comprises the factoring business in the process of being sold and the lending business of grenke Bank AG. New business volume in the factoring business continued to decline, amounting to EUR 176.0 million in the second quarter of 2026 (Q2 2025: EUR 208.3 million). The decline reflects the partial completion of the transfer of the factoring business to Teylor AG. With an average term from purchase to maturity of around 45 days, factoring receivables turn over around 8 times per year on a calculated basis (365 days/45 days). As a result, the factoring business, with a balance sheet receivables volume of EUR 68.4 million, continued to represent an immaterial share of the consolidated statement of financial position. The ratio of income to net acquisition values determines the gross margin of the factoring business. Due to the revolving purchase of receivables and the resulting lower volume, the refinancing requirement is lower than for refinancing leasing new business. As in the first quarter of 2026, the gross margin declined in the second quarter of this year, reaching 1.4 percent (Q2 2025: 1.5 percent). In the first half of 2026, new business volume in the factoring business totalled EUR 350.1 million (Q1 – Q2 2025: EUR 402.9 million), while the gross margin equalled 1.4 percent (Q1 – Q2 2025: 1.5 percent). Lending new business of grenke Bank primarily included loans granted under the “Mikrokreditfonds Deutschland” programme, under which grenke Bank offers government-sponsored microfinancing between EUR 1,000 and EUR 25,000. Following a slight decline at the beginning of the year, grenke Bank’s total lending new business grew significantly to EUR 18.2 million in the second quarter of 2026 (Q2 2025: EUR 10.4 million). As a result, the cumulative lending new business rose to EUR 29.4 million in the first half of 2026 (Q1 – Q2 2025: EUR 21.6 million). The German federal government discontinued the microloan funding programme effective June 30, 2026. As a result, grenke Bank can no longer grant microloans under this programme. #### 2.4 Results of operations In the second quarter of 2026, we continued to increase income from operating business across the Group and are performing in line with our expectations, supported by our robust portfolio and consistently profitable new business. On the cost side, our consistent cost discipline throughout the Group is paying off, and we are seeing the first results of our efficiency improvements. Consequently, both costs and the cost-income ratio (CIR) are developing more favourably than anticipated at the start of the year. Settlement of claims and risk provision remains at a persistently high level and, at the end of the first half, exceeded our estimates made at the start of the year. Therefore, in terms of EBT development, we are within our overall expectations for the first half of the year. The higher tax rate in the second quarter resulted from one-off effects but also from portfolio and growth shifts favouring our core markets of Germany, France and Italy. Earnings growth of 24 percent in the first half confirms the underlying strength of our business, especially in light of the current market environment. The selected disclosures from the consolidated income statement for the current quarter and the reporting period are explained separately as well as on the basis of the segment results. ##### 2.4.1 Comparison of the second quarter of 2026 to the same prior-year quarter Selected information from the consolidated income statement | | | | | | :------------------------------------------------------------------ | ----------: | ----------: | ----------: | | EURk | Q2 2026 | Q2 2025 | Change (%) | | Interest and similar income from financing business | 180,514 | 164,963 | 9.4 | | Expenses from interest on refinancing and deposit business | 72,264 | 64,018 | 12.9 | | **Net interest income** | **108,250** | **100,945** | **7.2** | | Profit from service business | 45,637 | 39,350 | 16.0 | | Profit from new business | 17,924 | 16,686 | 7.4 | | Gains (+) / losses (–) from disposals | 9,998 | 5,793 | 72.6 | | **Income from operating business** | **181,809** | **162,774** | **11.7** | | Staff costs | 53,796 | 52,699 | 2.1 | | of which total remuneration | 45,545 | 42,813 | 6.4 | | of which fixed remuneration | 39,371 | 35,566 | 10.7 | | of which variable remuneration | 6,174 | 7,247 | – 14.8 | | Selling and administrative expenses | 31,625 | 32,514 | – 2.7 | | of which IT project costs | 4,044 | 3,760 | 7.6 | | **Total operating expenses** | **92,050** | **91,253** | **0.9** | | **Operating result before settlement of claims and risk provision** | **89,759** | **71,521** | **25.5** | | Result from settlement of claims and risk provision | – 61,923 | – 47,148 | 31.3 | | **Group earnings before taxes** | **23,657** | **20,345** | **16.3** | | **Group earnings** | **17,092** | **15,959** | **7.1** | | **Earnings per share (in EUR; basic/diluted)** | **0.37** | **0.36** | **2.8** | |[Selected information from the consolidated income statement]|||| ###### Income: Robust portfolio drives growth in our income from operating business Interest and similar income from our financing business amounted to EUR 180.5 million in the second quarter of 2026 amounting to EUR 15.5 million above the previous year’s figure (Q2 2025: EUR 165.0 million). Above all, this reflects the continuous growth and strong profitability of the leasing new business generated in previous years. Expenses from interest on refinancing, including the deposit business, increased by EUR 8.3 million to EUR 72.3 million (Q2 2025: EUR 64.0 million). This was primarily attributable to higher refinancing requirements resulting from the larger portfolio of lease receivables associated with the higher new business volume recorded in recent quarters. On balance, net interest income in the second quarter of 2026 totalled EUR 108.3 million, amounting to a year-on-year increase of EUR 7.4 million (Q2 2025: EUR 100.9 million). The profit from service business increased by EUR 6.2 million to a total of EUR 45.6 million in the second quarter of 2026 (Q2 2025: EUR 39.4 million). This is attributable both to the positive development of leasing new business and to the resulting increase in the size of the leasing portfolio. It also reflects the acquisition of the existing portfolio of Intesa Sanpaolo Rent Foryou S.p.A. in 2025. The associated income is recognised under income from operating leases, thereby forming part of the profit from the service business. The interest expenses associated with refinancing these lease contracts, in contrast, were already recognised in interest expense but exclude the corresponding interest income as that recorded for finance leases. Our profit from new business increased EUR 1.2 million to EUR 17.9 million in the reporting quarter (Q2 2025: EUR 16.7 million). Gains and losses from disposals amounted to EUR 10.0 million (Q2 2025: EUR 5.8 million). This was largely attributable to income from subsequent rentals and sales after the originally agreed lease term. This income benefited from both general price increases as well as supply chain delays affecting new investments, as extending the use of assets under expiring leases was the attractive or simply the better option for some customers. The increase in net interest income, together with the profit from new business, the profit from service business and gains from disposals, led to an overall rise in income from operating business of EUR 19.0 million to EUR 181.8 million in the second quarter of 2026 (Q2 2025: EUR 162.8 million). ###### Costs: Strict cost discipline leads to a CIR of 50.6 percent Staff costs totalled EUR 53.8 million in the second quarter of 2026, amounting to an increase of EUR 1.1 million above the same prior-year quarter (Q2 2025: EUR 52.7 million). This marginal increase was due to a slight rise in the number of employees. The average number of employees measured in full-time equivalents was 2,360 in the reporting quarter, amounting to an increase of 45 compared to the same prior-year figure (Q2 2025: 2,315; Q1–Q4 2025: 2,331). Our selling and administrative expenses decreased by EUR 0.9 million to EUR 31.6 million in the second quarter of 2026 (Q2 2025: EUR 32.5 million). This figure reflects both the decline in legal and consulting expenses and the increase in licence fees arising from the systematic migration to the cloud. Depreciation and amortisation rose to EUR 6.6 million (Q2 2025: EUR 6.0 million). This included EUR 904k for amortisation of intangible assets, such as customer bases, arising from business combinations completed in the previous year. Total operating expenses amounted to EUR 92.1 million, slightly above the EUR 91.3 million recorded in the second quarter of the previous year. The cost-income ratio therefore improved to 50.6 percent (Q2 2025: 56.1 percent), placing it well below the full-year target of approximately 55 percent set at the beginning of the year. Our operating result before settlement of claims and risk provision amounted to EUR 89.8 million in the second quarter of 2026, for a year-on-year improvement of EUR 18.3 million (Q2 2025: EUR 71.5 million). ###### Risk: Continued elevated level of insolvencies and a high loss rate The result from settlement of claims and risk provision deteriorated by EUR 14.8 million year-on-year to EUR – 61.9 million in the second quarter of 2026 (Q2 2025: EUR – 47.1 million). This item consists of the derecognition of bad debts and impairments for expected losses as risk provisions. The increase in the reporting period was attributable to the persistently challenging macroeconomic environment and a level of payment defaults and insolvencies that remained above the empirical average. As a result, at 2.1 percent in the second quarter of 2026, the loss rate – defined as the result from settlement of claims and risk provision in relation to the volume of leased assets – was higher compared to the same prior-year quarter (Q2 2025: 1.7 percent). The loss rate therefore remained at the same high level seen for several quarters and above the average based on our long-term experience. The other operating result declined by EUR 2.0 million to EUR – 3.8 million (Q2 2025: EUR – 1.8 million), mainly due to expenses related to other periods resulting from a local tax audit in France. Other operating expenses arising from foreign currency differences were attributable to the translation of British pounds (GBP), United Arab Emirates dirhams (AED) and Romanian leu (RON) amounting to EUR 0.9 million, EUR 0.9 million and EUR 0.6 million, respectively. These expenses were offset by income of EUR 0.9 million from the translation of Hungarian forints (HUF) and EUR 0.6 million from Swedish kronor (SEK). These amounts arose from the measurement of derivative hedging transactions as of the reporting date, which balance out economically over the full period. Periodically, this is partially offset by currency translation recognised directly in the consolidated statement of comprehensive income in the line item other comprehensive income. As this mainly relates to the translation of lease receivables in foreign currency countries, this effect is shown in a different line item than the aforementioned translation effects from derivatives. In addition, lease receivables are translated at the exchange rate on the reporting date, whereas derivatives are measured at fair value based on the forward exchange rates applicable on the reporting date. This difference and the resulting valuation effect balance each other out over the term of the hedging relationships. The operating result improved by EUR 1.5 million to EUR 24.0 million (Q2 2025: EUR 22.5 million). Other net interest income improved to EUR 0.3 million (Q2 2025: EUR – 1.3 million). Group earnings before taxes improved by EUR 3.4 million to EUR 23.7 million (Q2 2025: EUR 20.3 million). Our tax rate rose to 27.8 percent (Q2 2025: 21.6 percent), reflecting the tax-weighted distribution of earnings as well as the additional tax burden resulting from the previously explained non-tax-deductible, one-off tax effect in France. Group earnings amounted to EUR 17.1 million, an increase of EUR 1.1 million above the same prior-year quarter (Q2 2025: EUR 16.0 million). Earnings per share rose to EUR 0.37 in the second quarter of 2026 (Q2 2025: EUR 0.36). ##### 2.4.2 Half-year comparison 2026 versus 2025 In the half-year comparison, the information presented on the income statement developed largely in line with the quarterly figures. Our net interest income rose by EUR 14.1 million to EUR 214.9 million in the first half of 2026 (Q1 – Q2 2025: EUR 200.8 million). This was largely attributable to the continued growth of our new business. Our income from operating business increased by EUR 34.8 million to EUR 352.6 million (Q1 – Q2 2025: EUR 317.8 million). With essentially stable costs, our CIR also improved to 51.6 percent in the first half-year (Q1 – Q2 2025: 56.4 percent), placing it well below the full-year target set at the start of the year of approximately 55 percent. The result from settlement of claims and risk provision deteriorated in the first half-year by EUR 23.9 million to EUR – 118.6 million (Q1 – Q2 2025: EUR – 94.7 million). This change was within the range of our current expectations. The loss rate had a corresponding rise to 2.0 percent (Q1 – Q2 2025: 1.7 percent). Group earnings amounted to EUR 32.6 million, compared to EUR 26.2 million in the previous year. Return on equity (RoE) after taxes improved by 0.8 percentage points to 4.6 percent (Q1 – Q2 2025: 3.8 percent). This represents an important contribution towards a lasting increase in our return on equity and the achievement of annual growth of at least one percentage point per year until 2030. | | | | | | :----------------------------------------------------------- | -----------: | -----------: | ---------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (%) | | Interest and similar income from financing business | 358,091 | 324,779 | 10.3 | | Expenses from interest on refinancing and deposit business | 143,162 | 123,994 | 15.5 | | **Net interest income** | **214,929** | **200,785** | **7.0** | | Profit from service business | 89,017 | 75,310 | 18.2 | | Profit from new business | 33,891 | 31,419 | 7.9 | | Gains (+) / losses (–) from disposals | 14,792 | 10,246 | 44.4 | | **Income from operating business** | **352,629** | **317,760** | **11.0** | | Staff costs | 107,755 | 104,554 | 3.1 | | of which total remuneration | 87,467 | 84,735 | 3.2 | | of which fixed remuneration | 74,629 | 70,824 | 5.4 | | of which variable remuneration | 12,838 | 13,911 | – 7.7 | | Selling and administrative expenses | 60,882 | 62,693 | – 2.9 | | of which IT project costs | 8,052 | 8,192 | – 1.7 | | **Total operating expenses** | **181,941** | **179,222** | **1.5** | | **Operating result before settlement of claims and risk provision** | **170,688** | **138,538** | **23.2** | | Result from settlement of claims and risk provision | – 118,605 | – 94,738 | 25.2 | | **Group earnings before taxes** | **44,324** | **33,550** | **32.1** | | **Group earnings** | **32,639** | **26,161** | **24.8** | | **Earnings per share (in EUR; basic/diluted)** | **0.40** | **0.34** | **17.6** | ##### 2.4.3 Segment development Segment reporting comprises five reportable segments: DACH, Western Europe (without DACH), Southern Europe, Northern/Eastern Europe, and Other Regions. The external operating income of the leasing companies, as a whole, developed positively, driven primarily by interest income from the growing new business of past years, as well as improved profit from service business, profit from new business, and gains/losses from disposals. External operating income from the leasing business increased by EUR 35.1 million to EUR 344.8 million in the reporting quarter (Q1 – Q2 2025: EUR 309.7 million). Particularly strong increases were recorded in the Southern Europe segment, at 20.6 percent, and in the Other Regions segment, at 24.5 percent. Italy, which is part of the Southern Europe segment, made a particularly significant contribution due to the positive development of the profit from service business. This was largely attributable to the acquisition in 2025 of the existing portfolio of Intesa Sanpaolo Rent Foryou S.p.A., which was only partially part of the Group in the same prior-year period. Operating selling expenses, consisting of staff costs, selling and administrative expenses, and depreciation and amortisation, increased by 1.6 percent to EUR 172.0 million (Q1 – Q2 2025: EUR 169.1 million). These expenses are allocated to the segments based on internal cost accounting. At 5.2 percent, the greatest increase was recorded in the Southern Europe segment, which was also driven by the acquisition of Intesa Sanpaolo Rent Foryou S.p.A. in 2025. The result from settlement of claims and risk provision of the leasing companies declined by 25.9 percent to EUR – 118.4 million (Q1 – Q2 2025: EUR – 94.0 million). This development was recorded across all segments, reflecting higher claims as a result of the macroeconomic environment. This also reflects the baseline effect in Italy, part of the Southern Europe segment, resulting from the acquisition of the existing portfolio of Intesa Sanpaolo Rent Foryou S.p.A. #### Selected information from the segment report | | | | | | :---------------------------- | ------------: | ------------: | ----------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | Change (%) | | **External operating income** |||| | DACH region | 53,752 | 52,327 | 2.7 | | Western Europe (without DACH) | 97,033 | 89,998 | 7.8 | | Southern Europe | 92,862 | 77,011 | 20.6 | | Northern/Eastern Europe | 64,881 | 61,326 | 5.8 | | Other Regions | 36,209 | 29,094 | 24.5 | | **Operating expenses** |||| | DACH region | – 37,584 | – 37,104 | 1.3 | | Western Europe (without DACH) | – 36,866 | – 37,182 | – 0.8 | | Southern Europe | – 41,751 | – 39,701 | 5.2 | | Northern/Eastern Europe | – 37,476 | – 38,426 | – 2.5 | | Other Regions | – 18,157 | – 16,679 | 8.9 | | **Result from settlement of claims and risk provision** |||| | DACH region | – 15,521 | – 9,425 | 64.7 | | Western Europe (without DACH) | – 32,962 | – 29,216 | 12.8 | | Southern Europe | – 34,206 | – 28,321 | 20.8 | | Northern/Eastern Europe | – 19,452 | – 18,651 | 4.3 | | Other Regions | – 16,231 | – 8,440 | 92.3 | | **Segment result** |||| | DACH region | 647 | 5,798 | – 88.8 | | Western Europe (without DACH) | 27,205 | 23,600 | 15.3 | | Southern Europe | 16,905 | 8,989 | 88.0 | | Northern/Eastern Europe | 7,953 | 4,249 | 87.2 | | Other Regions | 1,821 | 3,975 | – 54.2 | [Selected information from the segment report] #### #### 2.5 Financial position At 15.4 percent, the equity ratio is within our planned range. Our diversified refinancing mix gives us a solid liquidity position. Increasing lease receivables reflect the positive new business growth. ##### 2.5.1 Capital structure At the grenke Group, we place a particular focus on maintaining an adequate level of liquidity to give us the flexibility to respond to market conditions. Regulatory requirements also require the Consolidated Group to maintain a liquidity buffer. During periods of market volatility, we deliberately maintain a high level of liquidity to reliably ensure our flexibility for our new business. On the liabilities side of the balance sheet, the rise in total assets was reflected, among others, in a slight rise totalling EUR 30.8 million in current and non-current financial liabilities to EUR 7.3 billion (December 31, 2025: EUR 7.3 billion). This was primarily driven by an increase of EUR 26.1 million in current and non-current refinancing liabilities, excluding the deposit business, to EUR 5.0 billion (December 31, 2025: EUR 5.0 billion). Equity remained at a solid level of EUR 1.4 billion as of June 30, 2026 (December 31, 2025: EUR 1.4 billion). Group earnings of EUR 32.6 million generated during the reporting period were primarily offset by the payment of a dividend (EUR 18.6 million) and interest payments on hybrid capital amounting to EUR 17.5 million. Currency translation recognised directly in equity, on the other hand, had a positive impact of EUR 2.0 million. With the rise in total assets accompanied by essentially unchanged equity, the equity ratio declined to 15.4 percent as of June 30, 2026 (December 31, 2025: 15.6 percent). #### Selected information on the capital structure | | | | | | :------------------------------- | ------------: | --------------: | ----------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025\* | Change (%) | | **Current liabilities** | **3,397,979** | **2,975,104** | **14.2** | | _of which financial liabilities_ | _3,046,540_ | _2,696,520_ | _13.0_ | | **Non-current liabilities** | **4,359,644** | **4,695,827** | **– 7.2** | | _of which financial liabilities_ | _4,265,872_ | _4,585,130_ | _– 7.0_ | | Equity | 1,416,133 | 1,417,533 | – 0.1 | | **Total liabilities and equity** | **9,173,756** | **9,088,464** | **0.9** | | Equity ratio (in percent) | 15.4 | 15.6 | – 0.2 pp | [Selected information on the capital structure] _\*Previous year's figure adjusted (see Note 2.3 of the notes to the condensed interim consolidated financial statements). ##### 2.5.2 Cash flow We deliberately used a portion of our high liquidity reserves as of December 31, 2025 to finance our leasing new business, without raising additional liquidity. As a result, our cash flow from operating activities amounted to EUR – 156.3 million in the first half of 2026, compared with EUR – 22.9 million in the prior-year period. This line item comprises cash flow from new and existing business, as well as other cash flows from operating activities. ##### Selected information from the statement of cash flows | | | | | | :--------------------------------------------------------------- | ------------: | ------------: | ------------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | Change | | – Investments in new lease receivables | – 1,691,448 | – 1,641,629 | – 49,819 | | + Addition of new refinancing (excl. deposit business) | 1,364,883 | 1,858,401 | – 493,518 | | + Net inflows / outflows from deposit business | 4,663 | 133,056 | – 128,393 | | **(I) Cash flow new business** | **– 321,902** | **349,828** | **– 671,730** | | + Payments by lessees | 1,526,810 | 1,380,124 | 146,686 | | – Payments / repayments of refinancing (excl. deposit business) | – 1,475,873 | – 1,781,438 | 305,565 | | **(II) Cash flow from existing business** | **50,937** | **– 401,314** | **452,251** | | **(III) Other cash flow from operating activities** | **114,693** | **28,634** | **86,059** | | **Cash flow from operating activities (I) + (II) + (III)** | **– 156,272** | **– 22,852** | **– 133,420** | | Cash flow from investing activities | – 5,922 | 24,498 | – 30,420 | | Cash flow from financing activities | – 43,002 | – 26,126 | – 16,876 | | **Total cash flow** | **– 205,196** | **– 24,480** | **– 180,716** | |[Selected information from the statement of cash flows]|||| During the reporting period, cash flow from new business declined to EUR – 321.9 million, compared to EUR 349.8 million in the first half of 2025. This sum comprised payments for the net acquisition values of newly acquired leased objects and costs directly associated with contract origination. Due to the continued high volume of new business, investments in new lease receivables rose to EUR 1,691.4 million in the first half of 2026, compared to EUR 1,641.6 million in the same prior-year period. These were offset by deliberately managed refinancing proceeds of EUR 1,364.9 million, compared with EUR 1,858.4 million in the same prior-year period. In addition, cash flow from grenke Bank’s deposit business declined only marginally to EUR 4.7 million, compared with EUR 133.1 million in the first half of 2025. Cash flow from existing business improved to EUR 50.9 million in the reporting period, compared with EUR – 401.3 million in the first half of 2025. This development was primarily attributable to repayments from refinancing of EUR 1,475.9 million, compared to EUR 1,781.4 million in the same prior-year period. At the same time, payments from lessees rose to EUR 1,526.8 million from EUR 1,380.1 million in the first half of 2025. This performance was mainly a result of the continuous growth achieved in our new business in recent years. Other cash flow from operating activities increased to EUR 114.7 million in the reporting period (Q1 – Q2 2025: EUR 28.6 million), primarily reflecting the baseline effect resulting from the acquisition of the existing portfolio of Intesa Sanpaolo Rent Foryou S.p.A. in 2025. Cash flow from investing activities amounted to EUR – 5.9 million, compared to EUR 24.5 million in the first half of 2025. This included payments of EUR 3.6 million for the acquisition of property, plant and equipment and intangible assets, compared with EUR 5.9 million in the same prior-year period. Proceeds from the disposal of property, plant and equipment and intangible assets were unchanged at EUR 0.1 million. During the reporting period, payments totalling EUR 2.5 million arose in connection with a subsequent purchase price payment under an earn-out agreement. Of this amount, EUR 2.4 million is included in cash flow from investing activities as payments for the acquisition of subsidiaries. In the first half of 2025, proceeds of EUR 46.4 million and payments of EUR 16.0 million were recognised in connection with the acquisition of subsidiaries. Cash flow from financing activities amounted to EUR – 43.0 million in the first half of 2026, compared with EUR – 26.1 million in the first half of 2025. This level was mainly attributable to interest payments on hybrid capital of EUR 17.5 million, compared with EUR 17.1 million in the same prior-year period, and a dividend payment of EUR 18.6 million for the previous financial year, compared to a dividend of EUR 17.7 million paid in the first half of 2025. In addition, repayments of lease liabilities resulted in a cash outflow of EUR 6.9 million, which was unchanged compared to the same period in the prior year. The same prior-year period also included cash outflows of EUR 182.0 million from the repurchase of AT1 bonds and net cash inflows of EUR 197.6 million from the issue of new hybrid capital. Overall, total cash flows amounted to EUR – 205.2 million in the first half of 2026, compared to EUR – 24.5 million in the same prior-year period. Cash and cash equivalents decreased to EUR 468.8 million as of June 30, 2026, compared to EUR 674.0 million as of December 31, 2025. This decline is attributable to the deliberate decision to finance a greater proportion of the planned new business from our cash resources. ##### 2.5.3 Liquidity Our balanced liquidity management allows us to maintain a solid liquidity position and a diversified refinancing structure, enabling us to meet our payment obligations at all times during the reporting period. We have a broad range of refinancing instruments at our disposal, which are deployed in line with the overall strategy depending on market conditions. Our debt financing is essentially based on four pillars: senior unsecured instruments, such as bonds and commercial paper, which largely depend on our rating; grenke Bank AG’s deposit business, including development loans; receivables-based financing, particularly asset-backed commercial paper (ABCP) programmes; and external bank funding, mainly comprising promissory notes, revolving credit facilities, money market transactions, and overdraft facilities. We thereby avoid maturity transformation at the portfolio level, minimising the portfolio’s interest rate and refinancing risks. Thanks to our broad refinancing mix, we can utilise the individual pillars in a targeted manner and expand or reduce the share depending on requirements and the market situation. At the same time, we want to be active in all four pillars for strategic reasons. The refinancing mix across the grenke Group’s refinancing pillars as of June 30, 2026 was structured as follows: #### Selected information on the refinancing mix | | | | | | | :------------------------------ | ------------: | ---------: | ------------: | ---------: | | EURm | Jun. 30, 2026 | Share in % | Dec. 31, 2025 | Share in % | | Deposit business of grenke Bank | 2,294 | 31.2 | 2,288 | 31.2 | | Senior unsecured | 3,478 | 47.3 | 3,143 | 42.9 | | Asset-backed | 987 | 13.4 | 1,208 | 16.5 | | External bank funding | 593 | 8.1 | 687 | 9.4 | | **Total** | **7,352** | ** 100 ** | **7,326** | ** 100 ** | [Selected information on the refinancing mix] The moderate increase in refinancing volumes of EUR 26.5 million to EUR 7,352.0 million (December 31, 2025: EUR 7,325.5 million) was mainly attributable to new business growth and the resulting higher refinancing requirements for our leasing business. This was primarily addressed through the strategic placement of a new EUR 500 million benchmark bond. Refinancing through the asset-backed pillar accounted for a smaller share of refinancing during the reporting period. Within the refinancing mix, grenke Bank’s deposit business remained essentially unchanged at EUR 2,293.9 million as of June 30, 2026, compared to EUR 2,288.2 million at the end of 2025. During the reporting period, in addition to the new EUR benchmark bond, a CAD bond with a nominal volume of CAD 100 million was issued for the first time. Scheduled repayments during the reporting period comprised four bonds with a total nominal volume of EUR 168.0 million, promissory notes with nominal volumes of EUR 107.5 million, CHF 30.0 million, and GBP 7.5 million, and commercial paper with a volume of EUR 115.0 million. Further information on refinancing instruments and measures undertaken during the reporting period is provided in Note 5 Financial liabilities in the notes to the condensed interim consolidated financial statements. As at the reporting date, the Group’s undrawn credit lines, comprising bank credit lines plus available volumes from bonds and commercial paper, amounted to EUR 2,666.8 million, AUD 375.0 million, and HUF 300.0 million (December 31, 2025: EUR 3,002.4 million, AUD 375.0 million, HUF 500.0 million and PLN 10.0 million). #### 2.6 Net assets Compared with year-end 2025, our total assets increased by EUR 85.3 million to EUR 9.2 billion as of June 30, 2026 (December 31, 2025: EUR 9.1 billion). The increase in assets as of June 30, 2026 was mainly attributable to higher current and non-current lease receivables. Lease receivables, our largest balance sheet item, rose by EUR 329.9 million to EUR 7.7 billion, driven by the continued positive development of new business (December 31, 2025: EUR 7.3 billion). Cash and cash equivalents declined moderately to EUR 468.9 million (December 31, 2025: EUR 674.1 million). Of this amount, EUR 341.9 million was held in accounts with the Deutsche Bundesbank as of June 30, 2026 (December 31, 2025: EUR 549.2 million). #### Selected information on net assets | | | | | | :----------------------------------- | ------------: | --------------: | ----------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025\* | Change (%) | | **Current assets** | **3,611,971** | **3,693,970** | **– 2.2** | | _of which cash and cash equivalents_ | _468,948_ | _674,232_ | _– 30.4_ | | _of which lease receivables_ | _2,627,103_ | _2,489,734_ | _5.5_ | | **Non-current assets** | **5,561,785** | **5,394,494** | **3.1** | | _of which lease receivables_ | _5,044,760_ | _4,852,193_ | _4.0_ | | **Total assets** | **9,173,756** | **9,088,464** | **0.9** | [Selected information on net assets] _\*Previous year's figure adjusted (see Note 2.3 of the notes to the condensed interim consolidated financial statements)._ ### 3. Related party disclosures For disclosures on relationships with related parties, please refer to Note 14 in the notes to the condensed interim consolidated financial statements. ### 4. Report on risks, opportunities, forecasts and outlook #### 4.1 Macroeconomic and sector environments Global macroeconomic conditions initially eased towards the end of the second quarter, following the preliminary peace agreement between the United States and Iran in mid-June 2026 and the subsequent fall in energy prices. After the US president declared on July 8, 2026 that the ceasefire with Iran agreed in June had ended, the military situation in the region escalated once again. As a result, shipping through the Strait of Hormuz, and now also through the Bab el-Mandeb Strait, is restricted and remains an unpredictable variable. Against this backdrop, there remain substantial risks of constrained supplies of energy commodities, renewed increases in energy prices, and consequently, higher inflation and weaker global economic growth. The ongoing Russian war of aggression against Ukraine, continued tensions in the Middle East, and additional geopolitical conflicts involving Venezuela as well as Taiwan and China represent further sources of uncertainty for the global economy. The ongoing trade conflict with the United States could affect supply chains and global economic growth. High tariffs are likely to further curb growth in Europe and particularly in export-oriented Germany. Insolvency figures also remained at persistently high levels. At its meeting on July 23, 2026, the European Central Bank (ECB) kept its benchmark interest rate unchanged at 2.25 percent. Although the outlook for energy prices remained highly volatile, prices were close to the June 2026 forecast while remaining significantly above the level estimated before the war in the Middle East. Given the high level of uncertainty, the ECB is monitoring developments very closely. The ECB remains committed to its aim of stabilising inflation at 2 percent over the medium term. According to an initial estimate, inflation in the eurozone equalled 2.9 percent in July 2026. Financial market experts surveyed by the ECB expect the benchmark rate to rise further to 2.5 percent in September 2026. On July 8, 2026, the International Monetary Fund (IMF) forecast global economic growth of 3.0 percent for 2026, down 0.1 percentage point from its April 2026 outlook. According to the IMF, the global economy remained resilient overall despite the war with Iran. The release of strategic oil reserves and commercial inventories, together with greater energy efficiency, helped to offset supply shortages. Faster, demand-driven momentum in the technology sector, fuelled by innovations in artificial intelligence, also helped to avert a sharper downturn. With energy prices 25 percent above pre-war levels, the IMF raised its inflation forecast for 2026 to 4.7 percent. This forecast assumed that the Strait of Hormuz would reopen in mid-July 2026. The IMF expects the US economy to grow by 2.3 percent, supported by investment in artificial intelligence. Growth of 0.9 percent is projected for the euro area. Within the euro area, Spain is expected to post growth of 2.1 percent, followed by Germany (+0.7 percent), France (+0.6 percent) and Italy (+0.5 percent). The IMF forecasts economic growth of 1.0 percent for the United Kingdom. The IMF identifies downside risks to its outlook from a renewed escalation of conflicts in the Middle East, faster trade fragmentation and potential corrections in market expectations surrounding artificial intelligence. In its latest study, published on April 22, 2026, Allianz Trade forecasts that global insolvencies will rise for the fifth consecutive year in 2026 (+6 percent). This increase is expected to be driven primarily by North America (+7 percent), and particularly the US (+9 percent), while the euro area is projected to experience a more moderate increase (+3 percent). Within the euro area, insolvencies are expected to rise in Italy (+5 percent), France (+2 percent) and Germany (+2 percent), while declining in Spain (– 4 percent). The United Kingdom (– 1 percent) is also expected to see a reduction in insolvencies. The June 2026 ifo Business Climate for Germany’s leasing sector had a noticeable drop below the same prior-year level (June 2025: 14.5 points) and stood well below zero at – 14.8 points. A negative reading indicates that pessimistic responses outweigh optimistic ones. In June 2026, there was a sharp decline in both the surveyed companies’ assessment of the current business situation to – 5.0 points (June 2025: 26.3 points) and in their expectations for the next six months to – 24.1 points (June 2025: 3.4 points). Therefore, according to the German Leasing Association, the situation in the leasing sector remains under pressure. The Association believes a sustained recovery in investment financing will require, above all, greater economic policy certainty. #### 4.2 Risks and opportunities ##### 4.2.1 Risks Geopolitical risks remain high worldwide. The ongoing war in Iran has significantly constrained economic growth in Europe, causing a renewed rise in inflation. The situation overall remains difficult to predict as a result of the continuing energy price shock and the blockade of the Strait of Hormuz. The extent of the potential secondary effects remains unclear in the medium term. These uncertainties are also shaping the economic environment in the grenke Group’s core markets accordingly. While we have neither branches nor any other financial exposure in Russia or Ukraine, the current war with Iran affects our branch office in the United Arab Emirates. The business volume there is low, and operations are continuing. The strained macroeconomic environment is also reflected in our loss rate, defined as expenses for settlement of claims and risk provision in relation to leasing volume, which stood at 2.0 percent in the first half-year of 2026 (Q1 – Q2 2025: 1.7 percent). Due to the current lack of reliable indicators pointing to any short-term improvement, we continue to expect high insolvency rates and credit losses in many of our markets. Economists are not expecting any noticeable or sustained upturn in Europe before 2027, and even then, only if the escalation of conflict in the Persian Gulf ceases and the Strait of Hormuz is gradually reopened. We continuously monitor risk developments very closely, both at the macroeconomic level and, above all, on the basis of payment data relating to our leasing portfolio. This includes regularly conducting detailed analyses and implementing targeted sales management measures in response to the macroeconomic situation in each market. The same applies to the calibration of our risk models, particularly in relation to contract acceptance. The appropriateness of these models is reviewed regularly and when circumstances require, and they are adjusted accordingly where necessary. In addition to higher credit defaults, the geopolitical situation may also result in increased volatility in the capital markets. In terms of refinancing our continued new business growth, under certain circumstances, this may also result in higher refinancing costs. Despite the persistently challenging environment and general planning uncertainty, grenke’s business model remains stable. Currently, the Board of Directors does not consider the achievement of medium- and long-term business objectives or the sustainable profitability of the business model to be at risk, despite the existing geopolitical and economic uncertainties. For a more detailed presentation of risks, refer to the risk report in Chapter 5 of our Annual Report 2025. ##### 4.2.2 Opportunities Against the backdrop of ongoing macroeconomic challenges, the sustained growth of our new business underscores the resilience of our business model as well as the importance of our international sales presence. This creates good opportunities for grenke to generate profitable new business, even under challenging macroeconomic conditions. For the 2026 financial year, taking into account a persistently demanding market environment, we expect to continue on our growth trajectory. We have succeeded in gaining market share, even in this current phase. Based on the current data and corresponding forecasts, we intend to continue expanding our international market position, even in this macroeconomic environment, as long as the balance between earnings and risk is maintained. grenke’s international positioning, combined with a strong local foothold in the respective countries, creates opportunities for further profitable growth in small-ticket leasing. Opportunities arise particularly where competitors – for example, due to increased regulatory requirements or insufficient cost efficiency in the high volume business – withdraw fully or partially from markets. By combining global presence with decentralised, market-focused sales units, grenke has a strong understanding of local market conditions as well as long-established relationships with reseller partners and customers. The strategic partnership with Intesa Sanpaolo provides an opportunity to strengthen the market position in Italian small-ticket leasing and to unlock additional growth potential in Italy. With more than 45 years of experience as a financing partner for companies, institutions and the public sector, grenke has a deep understanding of our customers’ evolving needs. We leverage this expertise to further develop our service offering in a targeted and flexible manner and to provide financing solutions for a growing object portfolio. In doing so, we deliberately focus on megatrends such as the green transformation of the economy and the increasing use of intelligent robotics. This creates additional growth potential for us, including in established markets. Long-term business relationships exist with numerous customers and dealers that extend beyond the conclusion of a single contract. Many lessees are repeat contractual partners, often supported by one branch or one country, and increasingly also operating simultaneously across several countries. At present, grenke benefits from operating in its markets exclusively through subsidiaries and not engaging in cross-border business. Thanks to our local networks of specialist reseller partners, customers and branches, we remain fully operational in our local markets, even in internationally challenging times. The continued growth of our leasing new business provides a solid foundation for future interest income. At the same time, grenke is working intensely to achieve lasting cost optimisation through measurable efficiency improvements. Digital solutions that improve efficiency specifically offer grenke the potential to increase profitability. To help accomplish this, we launched our Digital Excellence programme in 2023, which is now in its third and final stage of implementation. After an initial phase that focused primarily on preparing for and migrating to cloud technology, the entire leasing process is now being transferred to a new, future-ready target architecture capable of supporting grenke’s growth objectives both technically and procedurally. We expect this step to deliver additional efficiency gains in selling and administrative expenses. All these measures are used to pursue our strategic objective of sustainably strengthening the grenke brand and expanding our global market position. Further details on these and additional growth opportunities can be found in our Annual Report 2025 in Chapter 6.1 Opportunity report. #### 4.3 Company forecast Our forecast for the current 2026 financial year is based on expectations and assumptions concerning general economic developments and specific market and industry developments which, on the basis of the information currently available, the Board of Directors considers realistic. Our forecast also assumes that geopolitical tensions will not intensify further. These assessments involve uncertainties, especially due to dynamic developments that are difficult to predict that may cause key assumptions to change fundamentally and at short notice. This increases the uncertainty as to whether the developments forecast below will materialise as expected. In January 2024, the Board of Directors resolved to focus on the leasing business going forward and initiated the sale of all factoring companies. The companies are to be transferred to the buyer, the Swiss company Teylor AG, on a step-by-step basis. The sales process remains ongoing and is expected to make marked progress over the course of the year as further companies are transferred to the purchaser. This reflects our intention to fully focus our investment and management resources on advancing digitalisation and achieving further growth in the leasing business. Despite the continued difficulty to forecast the economic outlook, particularly due to the war involving Iran and its potential complex implications for the global economy, the Board of Directors is targeting leasing new business growth to a level of at least EUR 3.4 billion and is therefore maintaining its forecast range of EUR 3.4 billion to EUR 3.6 billion. Given the currently challenging market conditions, we currently expect to achieve the lower end of the guidance range. We still do not expect any significant shifts in the object categories in 2026. We will remain flexible in responding to new customer demands and, if required, will offer new object categories for lease financing, as we have already done, for example, during the green transformation with products such as eBikes, wall boxes, and solar systems. The ongoing digital transformation provides the basis for further growth in our core areas of IT and office communications. The Board of Directors generally continues to expect positive income development for the 2026 financial year, comprising the combined results from interest, the service business, new business and disposal activities. The strong leasing new business generated in previous financial years provides a solid foundation for income growth in the current financial year. At the same time, strong portfolio growth in recent years, together with sharply higher efficiency gains alongside strict cost discipline, resulted in a marked improvement in the cost-income ratio (CIR). The Board of Directors therefore expects the CIR to be under 55 percent in the 2026 financial year, compared with the previous forecast of approximately 55 percent. This is also in line with our medium-term CIR target of under 55 percent. As a result of ongoing growth and investments in digitalisation, staff costs, and sales and administrative expenses are also expected to continue rising. To further advance our successful international expansion strategy, we will continue investing in the digitalisation of our entire value chain. However, the persistently high volatility in the current macroeconomic and geopolitical environments could have a significant impact on insolvency trends and the resulting fluctuations in the loss rate. Given the development of the result from settlement of claims and risk provision year-to-date, the Board of Directors now expects a loss rate of just under 2 percent for full-year 2026, compared with the previous forecast range of 1.6 to 1.7 percent. The current persistently elevated level of defaults and losses is reflected not only in a continued high loss rate but also in a higher forecast for future defaults. The ongoing adjustment in the risk parameters for our new business at portfolio level is essential to entering into new lease contracts based on up-to-date information and data. As the expected losses are deducted in the calculation of the percentage contribution margin 2 (CM2 margin), we temporarily expect a CM2 margin of around 16 percent for full-year 2026. This is 50 basis points lower than previously assumed (previous forecast: CM2 margin of at least 16.5 percent). Achieving this target will depend particularly on refinancing costs, the terms applied to newly concluded lease contracts, and the average ticket size. The average value per lease contract is expected to remain around EUR 10,000. The focus on small tickets will remain a core part of our strategy. Based on the underlying parameters outlined above, the Board of Directors is maintaining its guidance for Group earnings after taxes of between EUR 74 million and EUR 86 million for the 2026 financial year. In addition, the Board of Directors intends to maintain the long-term dividend policy, with a payout ratio of 25 percent for the 2026 financial year. As a result of the planned development of new business, total lease receivables, which are the basis for interest income, are expected to increase in the 2026 financial year. Total assets are projected to increase accordingly. Based on the expected development of Group earnings, grenke expects a reported equity ratio of approximately 15 percent (December 31, 2025: 15.6 percent), thereby meeting both regulatory and rating requirements. This level serves as a benchmark rather than a strict capital management threshold for the Group. The Board of Directors expects cash flow from operating activities to remain stable, enabling the planned investments to be fully financed internally. Given the Group’s solid equity base and cash flow development, the Board of Directors expects the Group to be able to refinance the anticipated new business volume at risk-appropriate terms in 2026 using various money and capital market instruments as well as through the deposit business. Both the Digital Excellence digitalisation programme, launched in the spring of 2023, and our overall investments in digital infrastructure are continuing to progress. The focus is on the end-to-end digitalisation of the core leasing business using cloud technologies, including the automation of all core processes in more than 30 countries. This is intended to deliver a significant increase in efficiency. The Board of Directors firmly believes that the grenke Group is well positioned to continue its profitable growth trajectory and further strengthen its position as one of the world’s leading providers of small-ticket leasing for companies, self-employed professionals, institutions, and the public sector. More details on the Company forecast can be found in Chapter 6.2 Forecast report, contained in our Annual Report 2025. ## Condensed interim consolidated financial statements ### Consolidated income statement | | | | | | | :--------------------------------------------------------------------------------------- | ----------: | ----------: | -----------: | -----------: | | EURk | Q2 2026 | Q2 2025 | Q1 – Q2 2026 | Q1 – Q2 2025 | | Interest and similar income from financing business\* | 180,514 | 164,963 | 358,091 | 324,779 | | Expenses from interest on refinancing including deposit business | 72,264 | 64,018 | 143,162 | 123,994 | | **Net interest income** | **108,250** | **100,945** | **214,929** | **200,785** | | Profit from service business | 45,637 | 39,350 | 89,017 | 75,310 | | Profit from new business | 17,924 | 16,686 | 33,891 | 31,419 | | Gains (+) / losses (–) from disposals | 9,998 | 5,793 | 14,792 | 10,246 | | **Income from operating business** | **181,809** | **162,774** | **352,629** | **317,760** | | Staff costs | 53,796 | 52,699 | 107,755 | 104,554 | | Selling and administrative expenses (not including staff costs) | 31,625 | 32,514 | 60,882 | 62,693 | | Depreciation and amortisation | 6,629 | 6,040 | 13,304 | 11,975 | | **Total operating expenses** | **92,050** | **91,253** | **181,941** | **179,222** | | **Operating result before settlement of claims and risk provision** | **89,759** | **71,521** | **170,688** | **138,538** | | Result from claims settlement and risk provision | – 61,923 | – 47,148 | – 118,605 | – 94,738 | | of which impairment loss (–) / income (+) | – 13,108 | – 24,511 | – 39,523 | – 52,961 | | Impairment of goodwill | 0 | 0 | 0 | 0 | | Other operating result | – 3,831 | – 1,841 | – 6,678 | – 7,263 | | **Operating result** | **24,005** | **22,532** | **45,405** | **36,537** | | Result from investments accounted for using the equity method | – 59 | – 114 | – 133 | – 226 | | Result from market valuation | – 634 | – 771 | – 565 | – 1,453 | | Other net interest income | 345 | – 1,302 | – 383 | – 1,308 | | **Group earnings before taxes** | **23,657** | **20,345** | **44,324** | **33,550** | | Income taxes | 6,565 | 4,386 | 11,685 | 7,389 | | **Group earnings** | **17,092** | **15,959** | **32,639** | **26,161** | | _of which attributable to ordinary shareholders and hybrid capital holders of grenke AG_ | _15,981_ | _15,674_ | _30,011_ | _26,975_ | | _of which attributable to non-controlling interests_ | _1,111_ | _285_ | _2,628_ | _– 814_ | | Earnings per share (basic / diluted in EUR) | 0.37 | 0.36 | 0.40 | 0.34 | | Average number of shares outstanding | 44,177,878 | 44,177,878 | 44,177,878 | 44,177,878 | [Consolidated income statement] _\* Interest and similar income calculated according to the effective interest method EUR 5,153k (previous year: EUR 4,731k)._ ### Consolidated statement of comprehensive income | | | | | | | :--------------------------------------------------------------------------------------- | ----------: | ---------: | ------------: | ------------: | | EURk | Q2 2026 | Q2 2025 | Q1 – Q2 2026 | Q1 – Q2 2025 | | **Group earnings** | **17,092** | **15,959** | **32,639** | **26,161** | | **Items that may be reclassified to profit or loss in future periods** ||||| | Appropriation to / reduction of hedging reserve | – 2,719 | 134 | – 28 | 1,532 | | _thereof income tax effects_ | _403_ | _19_ | _– 449_ | _– 214_ | | Change in currency translation differences / effects of hyperinflation | 658 | – 821 | 2,044 | 792 | | _thereof income tax effects_ | _0_ | _0_ | _0_ | _0_ | | ||||| | **Items that will not be reclassified to profit or loss in future periods** ||||| | Changes in fair value of equity instruments measured (optionally) directly in equity | 0 | 0 | 0 | 0 | | _thereof income tax effects_ | _0_ | _0_ | _0_ | _0_ | | Appropriation to / reduction of reserve for actuarial gains and losses | 0 | 0 | 0 | 0 | | _thereof income tax effects_ | _0_ | _0_ | _0_ | _0_ | | ||||| | **Other comprehensive income** | **– 2,061** | **– 687** | **2,016** | **2,324** | | **Total comprehensive income** | **15,031** | **15,272** | **34,655** | **28,485** | | _of which attributable to ordinary shareholders and hybrid capital holders of grenke AG_ | _13,939_ | _14,130_ | _32,084_ | _27,910_ | | _of which attributable to non-controlling interests_ | _1,092_ | _1,142_ | _2,571_ | _575_ | [Consolidated statement of comprehensive income] ### Consolidated statement of financial position | | | | | :------------------------------------------------ | ------------- | -------------: | | EURk | Jun. 30, 2026 | Dec. 31, 20251 | | **Assets** ||| | **Current assets** ||| | Cash and cash equivalents | 468,948 | 674,232 | | Derivative financial instruments that are assets | 2,888 | 4,884 | | Lease receivables | 2,627,103 | 2,489,734 | | Other current financial assets | 144,332 | 159,222 | | Trade receivables | 11,658 | 10,758 | | Lease assets for sale | 44,104 | 37,682 | | Tax assets | 36,818 | 32,536 | | Other current assets | 236,773 | 261,055 | | Assets held for sale | 39,347 | 23,867 | | **Total current assets** | **3,611,971** | **3,693,970** | | **Non-current assets** ||| | Lease receivables | 5,044,760 | 4,852,193 | | Derivative financial instruments that are assets | 3,453 | 3,316 | | Other non-current financial assets | 69,254 | 63,803 | | Investments accounted for using the equity method | 1,920 | 2,053 | | Property, plant and equipment | 209,014 | 233,908 | | Investment property | 7,349 | 7,429 | | Right-of-use assets | 30,627 | 35,091 | | Goodwill | 115,401 | 115,240 | | Other intangible assets | 37,567 | 38,224 | | Deferred tax assets | 37,089 | 37,733 | | Other non-current assets | 5,351 | 5,504 | | **Total non-current assets** | **5,561,785** | **5,394,494** | | **Total assets** | **9,173,756** | **9,088,464** | [Consolidated statement of financial position] _1 Previous year's figure adjusted (see Note 2.3 of the notes to the condensed interim consolidated financial statements)._ ### Consolidated statement of financial position | | | | | :--------------------------------------------------------- | ------------: | -------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025¹ | | **Liabilities and equity** ||| | **Liabilities** ||| | **Current liabilities** ||| | Financial liabilities | 3,046,540 | 2,696,520 | | Lease liabilities | 10,119 | 11,477 | | Derivative liability financial instruments | 11,303 | 8,724 | | Trade payables | 56,220 | 53,575 | | Tax liabilities | 18,381 | 14,220 | | Deferred liabilities | 44,632 | 56,736 | | Other current liabilities | 84,502 | 67,874 | | Deferred lease payments | 119,023 | 62,087 | | Liabilities related to assets held for sale | 7,259 | 3,891 | | **Total current liabilities** | **3,397,979** | **2,975,104** | | **Non-current liabilities** ||| | Financial liabilities | 4,265,872 | 4,585,130 | | Lease liabilities | 21,708 | 24,662 | | Derivative liability financial instruments | 26,038 | 27,657 | | Deferred tax liabilities | 34,240 | 45,029 | | Pensions | 4,426 | 4,247 | | Other non-current liabilities | 7,360 | 9,102 | | **Total non-current liabilities** | **4,359,644** | **4,695,827** | | **Equity** ||| | Share capital | 46,496 | 46,496 | | Capital reserves | 298,019 | 298,019 | | Retained earnings | 845,345 | 851,389 | | Own shares | – 55,551 | – 55,551 | | Other components of equity | 12,856 | 10,783 | | **Total equity attributable to shareholders of grenke AG** | **1,147,165** | **1,151,136** | | Additional equity components2 | 200,000 | 200,000 | | Non-controlling interests | 68,968 | 66,397 | | **Total equity** | **1,416,133** | **1,417,533** | | **Total equity and liabilities** | **9,173,756** | **9,088,464** | [Consolidated statement of financial position] *1 Previous year's figure adjusted (see Note 2.3 of the notes to the condensed interim consolidated financial statements).* *2 Including AT1 bonds (hybrid capital), which are reported as equity under IFRS.* ## Consolidated statement of cash flows | | | | | | :---- | :------------------------------------------------------------------------------------- | ------------: | ------------: | | EURk | | Q1 – Q2 2026 | Q1 – Q2 2025 | | | **Group earnings** | **32,639** | **26,161** | | | **Non-cash items included in group earnings and reconciliation to cash flow from operating activities** ||| | + | Depreciation, amortisation and impairment of goodwill | 13,304 | 11,975 | | –/+ | Profit / loss from the disposal of property, plant and equipment and intangible assets | – 36 | – 7 | | –/+ | Other non-cash income / expenses | 13,865 | 10,325 | | +/– | Increase / decrease in deferred liabilities, provisions and pensions | – 11,925 | – 1,405 | | **=** | **Subtotal** | **47,847** | **47,049** | | ** | **Change in assets and liabilities from operating activities after adjustment for non-cash items** ||| | +/– | Lease receivables | – 329,936 | – 366,930 | | +/– | Loan receivables | – 12,166 | – 256 | | +/– | Factoring receivables | 23,901 | 1,100 | | +/– | Other assets | 24,602 | – 38,428 | | +/– | Financial liabilities | 30,739 | 286,468 | | +/– | Other liabilities | 81,170 | 60,890 | | + | Interest received | 11,803 | 15,383 | | – | Interest paid | – 12,186 | – 16,691 | | – | Income taxes paid | – 22,046 | – 11,437 | | **=** | **Cash flow from operating activities** | **– 156,272** | **– 22,852** | | – | Payments for the acquisition of property, plant and equipment and intangible assets | – 3,596 | – 5,946 | | + | Proceeds from the acquisition of subsidiaries | 0 | 46,401 | | – | Payments for the acquisition of subsidiaries | – 2,375 | – 16,000 | | + | Proceeds from the sale of property, plant and equipment and intangible assets | 49 | 43 | | **=** | **Cash flow from investing activities** | **– 5,922** | **24,498** | | – | Repayment of lease liabilities | – 6,947 | – 6,892 | | - | Repurchase of AT1 bonds | 0 | – 182,046 | | + | Net proceeds from hybrid capital | 0 | 197,608 | | – | Interest coupon payments on hybrid capital | – 17,500 | – 17,125 | | – | Dividend payments to grenke shareholders | – 18,555 | – 17,671 | | **=** | **Cash flow from financing activities** | **– 43,002** | **– 26,126** | | | Cash and cash equivalents at beginning of period\* | 674,139 | 973,361 | | + | Cash flow from operating activities | – 156,272 | – 22,852 | | + | Cash flow from investing activities | – 5,922 | 24,498 | | + | Cash flow from financing activities | – 43,002 | – 26,126 | | +/– | Change due to currency translation | – 111 | 1,028 | | **=** | **Cash and cash equivalents at end of period\*** | **468,832** | **949,909** | [Consolidated statement of cash flows] _\* Less current account liabilities with an amount of EUR 116k (previous year: EUR 11,827k)._ ### Consolidated statement of changes in equity | | | | | | | | | | | | | | | :----------------------------------------- | ------------: | ---------------: | ----------------: | -----------: | --------------: | -----------------------------------: | -------------------------------------------------: | -------------------------------------: | -----------------------------------------------------: | ---------------------------: | ------------------------: | ------------: | | EURk | Share capital | Capital reserves | Retained earnings | Own shares | Hedging reserve | Reserve for actuarial gains / losses | Currency translation / effects from hyperinflation | Revaluation reserve equity instruments | Total equity attributable to shareholders of grenke AG | Additional equity components | Non-controlling interests | Total equity | | **Equity as of Jan. 1, 2026** | **46,496** | **298,019** | **851,389** | **– 55,551** | **1,165** | **1,061** | **10,982** | **– 2,425** | **1,151,136** | **200,000** | **66,397** | **1,417,533** | | Group earnings | | | 17,451 | | | | | | 17,451 | 12,560 | 2,628 | 32,639 | | Other comprehensive income | | | | | – 28 | | 2,101 | | 2,073 | | – 57 | 2,016 | | **Total comprehensive income** | | | **17,451** | | **– 28** | | **2,101** | | **19,524** | **12,560** | **2,571** | **34,655** | | Dividend payment | | | – 18,555 | | | | | | – 18,555 | | | – 18,555 | | Interest coupon payment for hybrid capital | | | | | | | | | | – 17,500 | | – 17,500 | | Tax share for hybrid capital | | | – 4,940 | | | | | | – 4,940 | 4,940 | | | | **Equity as of Jun. 30, 2026** | **46,496** | **298,019** | **845,345** | **– 55,551** | **1,137** | **1,061** | **13,083** | **– 2,425** | **1,147,165** | **200,000** | **68,968** | **1,416,133** | | ||||||||||||| | **Equity as of Jan. 1, 2025\*** | **46,496** | **298,019** | **847,776** | **– 55,551** | **– 2,865** | **– 382** | **12,054** | **– 2,725** | **1,142,822** | **200,000** | **– 19,649** | **1,323,173** | | Group earnings | | | 14,981 | | | | | | 14,981 | 11,994 | – 814 | 26,161 | | Other comprehensive income | | | | | 1,532 | | – 597 | | 935 | | 1,389 | 2,324 | | **Total comprehensive income** | | | **14,981** | | **1,532** | | **– 597** | | **15,916** | **11,994** | **575** | **28,485** | | Dividend payment | | | – 17,671 | | | | | | – 17,671 | | | – 17,671 | | Cost of issuance of AT1 bond | | | – 1,800 | | | | | | – 1,800 | 200,000 | | 198,200 | | Repayment of AT1 bonds | | | – 592 | | | | | | – 592 | | | – 592 | | Interest coupon payment for hybrid capital | | | 1,154 | | | | | | 1,154 | – 183,200 | | – 182,046 | | Interest coupon payment for hybrid capital | | | | | | | | | | – 17,125 | | – 17,125 | | Tax share for hybrid capital | | | – 5,131 | | | | | | – 5,131 | 5,131 | | | | Others | | | 28,645 | | | | | | 28,645 | | 54,587 | 83,232 | | Transactions with nci | | | 1,512 | | | | | | 1,512 | | 4,518 | 6,030 | | **Equity as of Jun. 30, 2025** | **46,496** | **298,019** | **868,874** | **– 55,551** | **– 1,333** | **– 382** | **11,457** | **– 2,725** | **1,164,855** | **216,800** | **40,031** | **1,421,686** | |[Consolidated statement of changes in equity]||||||||||||| _\* Previous year's figure adjusted (see Note 2.3 of the notes to the condensed interim consolidated financial statements)._ ## Notes to the condensed interim consolidated financial statements ### 1. General information GRENKE AG is a stock corporation with its registered office located at Neuer Markt 2, Baden-Baden, Germany. The Company is recorded in the commercial register of the District Court of Mannheim, Section B, under HRB 201836. GRENKE AG (hereinafter referred to as “grenke AG”) is the parent company of the grenke AG Group (“the grenke Group”). The subject matter of grenke AG’s condensed interim consolidated financial statements (“interim consolidated financial statements”) as of June 30, 2026, is grenke AG, its subsidiaries and consolidated structured entities. These interim consolidated financial statements have been prepared in accordance with the IFRSs applicable for interim reporting (IAS 34) as published by the International Accounting Standards Board (“IASB”) and adopted by the European Union (EU) into European law. These interim consolidated financial statements should be read in conjunction with the IFRS consolidated financial statements as of December 31, 2025. An audit review, as defined in Section 115 of the German Securities Trading Act (WpHG), was performed on the condensed interim consolidated financial statements and the interim group management report as of June 30, 2026. ### 2. Accounting policies The accounting policies applied to the interim consolidated financial statements are generally the same as those applied in the previous year. Exceptions relate to changes resulting from the mandatory application of new accounting standards discussed in the paragraphs below. Early application was waived for the amended standards and interpretations that will be mandatory as of the 2027 financial year or later. grenke AG will apply these standards to the consolidated financial statements at the time of their mandatory application. This application is not expected to have any material impact on the reporting. The same accounting and valuation methods apply to these interim financial statements as to the consolidated financial statements as of December 31, 2025, that we refer to here. We have furthermore added the following supplemental information. #### 2.1 First-time applicable, revised and new accounting standards For the 2026 financial year, the grenke Group takes into account all new and revised standards and interpretations whose application was mandatory for the first time as of January 1, 2026, as well as those already adopted into European law (endorsement), provided they were relevant for the grenke Group. All of the following new and revised standards and interpretations have no or only an insignificant impact on the accounting and reporting of grenke AG’s consolidated financial statements. For further explanations, please refer to our Annual Report 2025. ###### Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” relating to the classification and measurement of financial instruments The amendments to IFRS 9 and IFRS 7 address the derecognition of electronically transferred financial liabilities, the application of the cash flow criterion for categorising financial instruments in various scenarios, and additional disclosure requirements under IFRS 7. For financial liabilities settled via electronic payment systems, entities will be granted an option regarding the timing of derecognition. This option allows the derecognition of a financial liability before the settlement date using an electronic payment system. In terms of the classification of financial assets under the cash flow criterion, particularly when specific contractual terms (e.g. ESG-related conditions) modify the timing or amount of contractual cash flows, adjustments will be made to the IFRS 9 assessment criteria. The amendments also include changes to the classification of non-recourse assets and contractually linked instruments. For disclosures in the notes under IFRS 7, the amendments introduce additional reporting requirements, including enhanced reporting on equity instruments classified as “at fair value through other comprehensive income” (FVtOCI). Furthermore, new disclosures are introduced for financial instruments with cash flows whose amount or timing depends on the occurrence or non-occurrence of a contingent event. Annual IFRS Improvements On July 18, 2024, as part of the “Improvements to IFRS” project, the IASB published several amendments to existing IFRS standards. These include adjustments in terminology and editorial corrections. The amendments affect IFRS 1 “First-time Adoption of International Financial Reporting Standards”, IFRS 7 “Financial Instruments: Disclosures”, as well as the implementation guidance for IFRS 7, IFRS 9 “Financial Instruments”, IFRS 10 “Consolidated Financial Statements”, and IAS 7 “Statement of Cash Flows”. ###### Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” On December 18, 2024, the IASB published amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” for contracts for price-dependent natural resources. The amendments primarily address the classification and measurement of such contracts, as well as the related disclosure requirements. The objective of the amendments is to provide a clearer distinction between financial and non-financial contracts and to enhance transparency for users of financial statements. #### 2.2 Accounting standards and interpretations already issued but not yet adopted The IASB has issued the following new and amended standards or interpretations, the application of which will only become mandatory at a later date. Some of these standards have already been endorsed into European law (“endorsement”) by the EU. Early voluntary application of these standards is explicitly permitted. grenke AG generally does not make use of this option. These standards will be implemented in the consolidated financial statements at the time of mandatory application. The following amendments are not expected to have a material impact on the consolidated financial reporting of grenke AG, unless explicitly stated otherwise. ###### IFRS 18 “Presentation and Disclosure in Financial Statements” On April 9, 2024, the IASB published IFRS 18 “Presentation and Disclosure in Financial Statements”. The new standard aims to provide investors with more transparent and comparable information about a company’s financial performance to support better decision-making. The new standard, IFRS 18, replaces the previous standard, IAS 1 “Presentation of Financial Statements”, and includes requirements for the presentation and disclosure of information in financial statements. The key changes resulting from the introduction of IFRS 18 are briefly outlined below. With regard to the income statement, three new categories (operating, investing and financing) are introduced, each with specific allocation rules. Additionally, IFRS 18 requires the presentation of certain totals and subtotals in the income statement. In addition, the notes to the financial statements must include information on management-defined, publicly communicated performance measures (management-defined performance measures – MPMs), along with a reconciliation to the closest comparable IFRS subtotal. Additional principles for the aggregation and disaggregation of items are also introduced. Limited amendments affect IAS 7 “Statement of Cash Flows”, including the removal of the previous options for the classification of dividends and interest received or paid. IFRS 18 also results in targeted changes to other IFRSs, including IAS 33 “Earnings per share.” The amendments are to be applied to financial years beginning on or after January 1, 2027. For companies reporting under IFRS as adopted by the EU, the changes will apply once they are incorporated into European law. The adoption by the EU (“endorsement”) took place on February 13, 2026. The primary effects on the consolidated financial statements of grenke AG concern changes in the presentation of the income statement and the statement of comprehensive income. In future periods, operating cash flow will be derived from the operating result. In addition, there will be changes to the allocation of individual items and the presentation of subtotals to align with the categorisation requirements of IFRS 18. ###### IFRS 19 “Subsidiaries without Public Accountability: Disclosures” On May 9, 2024, the IASB issued the new standard IFRS 19 “Subsidiaries without Public Accountability: Disclosures”. The new standard allows certain subsidiaries, particularly those that are neither financial institutions nor publicly listed, to apply IFRS accounting standards with reduced disclosure requirements in the notes. The application of IFRS 19 by a subsidiary is contingent upon the subsidiary not having public accountability and its parent company preparing IFRS consolidated financial statements. The simplifications apply only to the notes to the financial statements. The recognition, measurement and presentation requirements of other IFRS standards continue to apply. The amendments are to be applied to financial years beginning on or after January 1, 2027. For companies reporting under IFRS as adopted by the EU, the changes will apply once they are incorporated into European law. EU endorsement is still pending. The amendments will not impact the consolidated financial statements, as grenke AG does not have any subsidiaries without public accountability. ###### Amendments to IFRS 19 “Subsidiaries without Public Accountability: Disclosures” On August 21, 2025, the IASB issued amendments to IFRS 19 “Subsidiaries without Public Accountability: Disclosures” to align the standard with more recent IFRS pronouncements. The supplements extend the reduced disclosure requirements to include standards and amendments issued between February 2021 and May 2024, including IFRS 18, amendments relating to Supplier Finance Arrangements (IAS 7/IFRS 7), Pillar Two Model Rules (IAS 12), Lack of Exchangeability (IAS 21), and Classification and Measurement of Financial Instruments (IFRS 9/IFRS 7). The amendments are to be applied to financial years beginning on or after January 1, 2027. For companies reporting under IFRS as adopted by the EU, the changes will apply once they are incorporated into European law. EU endorsement is still pending. The amendments will not impact the consolidated financial statements, as grenke AG does not have any subsidiaries without public accountability. ###### Amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” On November 13, 2025, the IASB issued an amendment to IAS 21 “The Effects of Changes in Foreign Exchange Rates”. This amendment addresses the translation of financial statements into a hyperinflationary presentation currency and is intended to ensure consistent application of the standard in cases where a company switches its reporting or presentation currency to one subject to hyperinflation. The revisions include clarifications on how to determine the appropriate translation basis and editorial refinements. The amendments are to be applied to financial years beginning on or after January 1, 2027. For companies reporting under IFRS as adopted by the EU, the new rules will not take effect until they are formally endorsed into European law. EU endorsement is still pending. The amendments will have no impact on the consolidated financial statements, as the Group continues to present its financials in euros and is therefore not subject to the provisions on translation into a hyperinflationary presentation currency. ###### IFRS 20 “Regulatory Assets and Regulatory Liabilities” On May 27, 2026, the IASB issued the new standard IFRS 20 “Regulatory Assets and Regulatory Liabilities”. The new standard sets out the accounting requirements for assets and liabilities arising from specified rate-regulated activities. The standard aims to provide greater transparency regarding the effects of regulatory price-setting on entities’ net assets, financial position and results of operations. IFRS 20 replaces the interim standard IFRS 14 “Regulatory Deferral Accounts” and introduces a consistent accounting model for entities subject to qualifying regulatory rate-setting. The amendments are to be applied to financial years beginning on or after January 1, 2029. For companies reporting under IFRS as adopted by the EU, the changes will apply once they are incorporated into European law. EU endorsement is still pending. The amendments will have no impact on the consolidated financial statements because grenke AG is not subject to regulatory rate-setting within the scope of IFRS 20. Amendments to IAS 28 “Investments in Associates and Joint Ventures” On June 26, 2026, the IASB issued amendments to IAS 28 “Investments in Associates and Joint Ventures”. The amendments provide clarification on the application of the fair value option under IAS 28. It is available to companies whose primary business activity is to invest in certain types of assets in accordance with IFRS 18. The aim is to eliminate divergent accounting practices when determining which entities are eligible to apply the fair value option. The amendments are to be applied to financial years beginning on or after January 1, 2027. For companies reporting under IFRS as adopted by the EU, the changes will apply once they are incorporated into European law. EU endorsement is still pending. The amendments will have no impact on the consolidated financial statements because the grenke Group is not eligible to apply the fair value option under IAS 28. #### 2.3 Adjustment of prior-year figures On November 21, 2025, grenke AG acquired the Portuguese agency GWFACT-Invoice Solutions Lda. The company was classified as held for sale and accounted for as a discontinued operation. The planned sale was not completed because the potential acquirer unexpectedly decided not to proceed with the acquisition of the factoring business in Portugal due to the associated requirements and complexity. Consequently, the disposal could no longer be considered highly probable in June 2026, and the criteria for classification as non-current assets held for sale and discontinued operations were therefore no longer met. The classification was changed retrospectively in accordance with IFRS 5.28, and the prior-year figures were restated. Pursuant to IFRS 5.27, and in conjunction with IFRS 5.28, the assets are measured at the lower of their adjusted carrying amount and recoverable amount. The resulting adjustments are explained below. A purchase price allocation was performed retrospectively as of the initial consolidation date. The purchase price allocation identified goodwill of EUR 738k. The goodwill was allocated to the Agency Factoring Portugal cash-generating unit. The EUR 738k of goodwill attributable to the Agency Factoring Portugal cash-generating unit, which was recognised retrospectively as part of the reclassification described above, was fully impaired in the fourth quarter of 2025. The impairment was recognised due to the company’s low profitability and the deterioration in its resale prospects. Accordingly, equity as of December 31, 2025 is EUR 738k lower. The table below presents the reclassification of the corresponding assets and liabilities. | | | | | | :------------------------------------------ | --------------------------------------------------------: | ----------------------------------: | -------------------------------------------------------: | | EURk | Carrying amount recognised as of Dec. 31, 2025 (reported) | Adjustment of previous-year figures | Carrying amount recognised as ofDec. 31, 2025 (adjusted) | | **Assets** |||| | **Current assets** |||| | Cash and cash equivalents | 674,092 | 140 | 674,232 | | Other current assets | 261,028 | 27 | 261,055 | | Assets held for sale | 24,772 | – 905 | 23,867 | | **Non-current assets** |||| | Property, plant and equipment | 233,908 | 0 | 233,908 | | |||| | **Liabilities** |||| | **Current liabilities** |||| | Trade payables | 53,573 | 2 | 53,575 | | Tax liabilities | 14,219 | 1 | 14,220 | | Deferred liabilities | 56,491 | 245 | 56,736 | | Other current liabilities | 67,853 | 21 | 67,874 | | Liabilities related to assets held for sale | 4,160 | – 269 | 3,891 | In addition, a retrospective reclassification was made within equity with no impact on profit or loss. This involved a transfer relating to foreign currency translation from retained earnings to other components of equity. The resulting effect on the recognition within equity under IAS 8.42 amounts to EUR 1,568k and was reflected as of January 1, 2025. ### 3. Use of assumptions and estimates In preparing the condensed interim consolidated financial statements, assumptions and estimates have been made that affect the recognition and the reported amounts of assets, liabilities, income, expenses and contingent liabilities. The estimates and underlying assumptions are subject to regular reviews. Changes to estimates are prospectively recognised and have occurred in the areas that follow. The persistently tense geopolitical situation, particularly in connection with the conflict involving Iran, has had no material impact on the grenke Group, with the exception of effects from downstream indirect risks recognised as part of risk provisions under IFRS 9. With the exception of its branch in the United Arab Emirates (UAE), the grenke Group has no sales branches in the Middle East. Downstream indirect risks could also arise, including higher inflation, increased interest rate expectations and weaker economic growth. The grenke Group continuously monitors these risks and has identified no additional effects beyond the risk provisions recognised through post-model adjustments. ###### Determination of impairments for financial assets The determination of impairments on financial assets is based on assumptions and estimates for default risks and expected loss rates. When determining these assumptions and selecting the inputs for the calculation of impairment, the Consolidated Group exercises discretion based on past experience, existing market conditions and forward-looking estimates at the end of each reporting period. In accordance with the announcements made by various regulators (ESMA, EBA), an assessment of the modelling of IFRS 9 impairment and the estimation of expected credit losses (ECL) is carried out. The ECL model, including the input parameters and submodels, is validated at least once a year or based on the occasion and updated if necessary. To determine risk provisions in accordance with IFRS 9, expected credit losses amid various macroeconomic scenarios are weighted. For this purpose, the grenke Group calculates a negative, a positive and a baseline scenario. The development of gross domestic product assumed for each scenario is shown in the following table: | | | | | | | | | | | | :--------------------- | :----------: | :----------: | :----------: | :----------: | :----------: | :----------: | :----------: | :----------: | :----------: | | Gross domestic product | Jul. 1, 2026–Dec. 31, 2026 ||| Jan. 1, 2027–Dec. 31, 2027 ||| Jan. 1, 2028–Dec. 31, 2028 ||| | | **Negative** | **Baseline** | **Positive** | **Negative** | **Baseline** | **Positive** | **Negative** | **Baseline** | **Positive** | | Eurozone | – 6.3% | 1.0% | 2.6% | 1.0% | 1.3% | 2.6% | 1.3% | 1.3% | 2.6% | | Germany | – 4.1% | 0.8% | 2.2% | 0.8% | 1.2% | 2.2% | 1.2% | 1.2% | 2.2% | | France | – 7.6% | 0.9% | 2.4% | 0.9% | 0.9% | 2.4% | 0.9% | 1.2% | 2.4% | | Italy | – 8.9% | 0.5% | 1.8% | 0.5% | 0.5% | 1.8% | 0.5% | 0.8% | 1.8% | | Spain | – 10.9% | 2.1% | 3.5% | 2.1% | 1.8% | 3.5% | 1.8% | 1.8% | 3.5% | | United Kingdom | – 10.0% | 0.8% | 2.8% | 0.8% | 1.3% | 2.8% | 1.3% | 1.6% | 2.8% | In the table above, the base effect should be taken into account. In the negative scenario, this may lead to growth in the second or third year that may be higher than in the comparable base scenario due to the sharp decline in the first year. The amount of the risk provision on current lease receivables for each scenario is shown in the following table: | | | | | | :------------- | :------: | :------: | :-------: | | | Scenarios as of Jun. 30, 2026 ||| | **EURk** | **Negative** | **Baseline** | **Positive** | | Risk provision | 179,912 | 159,308 | 132,264 | | | | | | | | Scenarios as of Dec. 31, 2025 ||| | **EURk** | **Negative** | **Baseline** | **Positive** | | Risk provision | 171,697 | 151,386 | 124,765 | Baseline scenario: The geopolitical situation remains tense, especially due to the ongoing conflicts in Ukraine and the Middle East. Heightened trade conflicts between major economic powers occur sporadically but do not result in significant punitive tariffs or broad sanctions. International supply chains continue to remain stable. Global economic growth is flat, whereas growth in Europe is relatively robust. Inflation remains within the central banks’ target range, enabling prudent monetary policy management. Companies are selectively investing in digitalisation and automation to safeguard against potential future trade barriers. Government programmes provide support for strategically important sectors such as sustainable energy, semiconductor manufacturing, and critical infrastructure. The unemployment rate is largely stable overall but continues to be elevated in certain sectors. Structural job losses continue, particularly in traditional industries more affected by trade conflicts, while new jobs are being created in growth sectors. Negative scenario: Persistent geopolitical tensions, particularly between the US, China and the EU, result in new punitive tariffs and trade sanctions that significantly disrupt global trade. Escalating conflicts in geopolitically sensitive regions are fuelling further uncertainty. A renewed uptick in inflation following rising commodity and energy prices and global supply chain bottlenecks once again prompts central banks worldwide to raise interest rates more aggressively. The result is widespread layoffs in economically sensitive and capital-intensive industries. Unemployment rises sharply, especially in countries with high export dependency. Companies severely affected by international supply chain disruptions and rising production costs are increasingly turning to automation and relocating operations, leading to further job losses. In many countries, social tensions are exacerbating the economic downturn, as rising unemployment continues to suppress consumer spending. Positive scenario: A global easing of geopolitical tensions and improved multilateral cooperation lead to the removal of trade barriers and tariffs. International trade in goods is significantly simplified. New free trade agreements between major economic regions boost exports and foster economic stability. At the same time, governments roll out additional support programmes to invest specifically in future-oriented technologies such as renewable energy, the hydrogen economy, semiconductor production, and artificial intelligence. Tax incentives for businesses and public subsidies for research and development trigger a wave of innovation, while infrastructure projects enhance both digital and physical connectivity. The unemployment rate declines gradually as companies expand in response to a stable investment climate. Positive economic momentum drives wage growth, which in turn stimulates consumption and further reinforces economic stability. Various minimum default rates (floors) are taken into account in all scenarios. The probabilities of occurrence of the macro scenarios are determined on a country-by-county basis in order to take the respective country’s economic and political circumstances into account. These scenario weightings are derived from public data provided by the ECB. By surveying various analysts, the ECB establishes a probability distribution for GDP in the subsequent three years. Probabilities of occurrence for individual scenarios can be calculated from these probability distributions. In addition, publicly available GDP expectations and historical GDP observations of the IMF are used for the country-specific determination of the probabilities of occurrence. As of June 30, 2026, the scenarios in the core markets of the grenke Group were weighted as follows: | | | | | | | | | | | | :----------------- | :------: | :------: | :------: | :------: | :------: | :------: | :------: | :------: | :------: | | Scenario weighting | Jul. 1, 2026–Dec. 31, 2026 ||| Jan. 1, 2027–Dec. 31, 2027 ||| Jan. 1, 2028–Dec. 31, 2028 ||| | | **Negative** | **Baseline** | **Positive** | **Negative** | **Baseline** | **Positive** | **Negative** | **Baseline** | **Positive** | | Germany | 15.1% | 81.5% | 3.4% | 15.0% | 77.4% | 7.6% | 15.0% | 75.2% | 9.8% | | France | 15.0% | 82.1% | 2.9% | 15.0% | 81.8% | 3.2% | 15.0% | 78.1% | 6.9% | | Italy | 25.8% | 70.7% | 3.5% | 27.1% | 68.8% | 4.1% | 15.0% | 76.5% | 8.5% | | Spain | 15.0% | 81.7% | 3.3% | 15.0% | 82.5% | 2.5% | 15.0% | 81.8% | 3.2% | | United Kingdom | 15.0% | 83.7% | 1.3% | 15.0% | 82.2% | 2.8% | 15.0% | 78.7% | 6.3% | Had the macroeconomic parameters used as of December 31, 2025 been applied, the risk provision would have been EUR 849k lower. The impact on earnings resulting from the change was recognised in profit or loss in the reporting period. Due to the increased economic uncertainty, various sensitivity analyses were also carried out. In these sensitivity analyses, the effects on risk provisioning were analysed by shifting various input parameters. Specifically, the probability of default (PD) was multiplied by a factor of 1.15, representing a 15 percent upward or downward shift. A 15 percent increase in the PD would lead to an increase in risk provisions of EUR 7,140k. Conversely, a 15 percent decrease in the PD would result in a reduction in risk provisions of EUR 5,856k. Additionally, the macroeconomic scenario was adjusted upward and downward by 20 percent. A 20 percent improvement in the macroeconomic scenario would lead to lower risk provisions of EUR 1,077k. A 20 percent deterioration in the macroeconomic scenario would lead to higher risk provisions of EUR 935k. In addition to the risk provisioning calculated under the IFRS 9 model, management adjustments were made for future, difficult-to-quantify or novel risks. These adjustments cover, among others, downstream indirect effects and uncertainties arising from supply and energy shortages, inflation, recession, and geopolitical risks. As of June 30, 2026, these additional management adjustments totalled EUR 22,914k (December 31, 2025: EUR 19,273k). They included both an in-model adjustment of EUR 6,366k (December 31, 2025: EUR 6,259k), reflecting heightened economic uncertainty by incorporating potential changes in credit quality within the leasing portfolio through PD shifts and raising the floor for the probability of occurrence of the negative scenario by 5 percentage points to 15 percent. Without this adjustment to this floor, risk provisions would have been EUR 596k lower. In addition, post-model adjustments of EUR 16,548k (December 31, 2025: EUR 13,014k) were recognised and incorporated into the hierarchy allocation under IFRS 9. These were determined based on additional sensitivity analyses to cover novel risks, particularly in the context of the impacts of geopolitical risks. In light of the ongoing tense geopolitical environment, particularly in relation to the Iran conflict, and the resulting secondary effects, such as potential supply chain disruptions, increased volatility in energy supply and sustained inflationary pressure, the risk outlook has increased. As part of the June 30, 2026 post-model adjustment, the sector and country selection was unchanged from the previous quarter, as geopolitical risks remained elevated. The existing selection therefore continues to adequately reflect the persistently challenging risk environment, particularly due to the Iran war. The elevated severity level of the underlying scenario analyses was also maintained unchanged. For the three risk categories derived from the sector and country selection, the first step is to determine an appropriate risk premium, depending on the level of exposure to geopolitical risks. In calculating the adjustment as of June 30, 2026, a scenario-based weighting developed on the basis of expert estimates is applied in the second step. Five geopolitical development scenarios of varying severity are considered and assigned a probability of occurrence. Had the scenario narrative as of December 31, 2025 been applied, risk provisions would have been lower by EUR 4,165k. Although the grenke Group’s market share in the United Arab Emirates (UAE) is of minor significance and no material adverse effects have been identified to date, the current geopolitical situation has led to a further adjustment in the scenario probabilities for the UAE, resulting in an additional, volume-dependent risk provision of EUR 73k. Estimation assumptions in accordance with IAS 8 were considered on a prospective basis. The resulting effects on risk provisioning were recognised in profit or loss in the reporting period. Within the framework of the post-model adjustment, the macroeconomic country factors for impaired lease receivables were also selectively increased and incorporated into the risk provisioning calculation. The necessary adjustments continue to be reviewed on an ongoing basis and updated accordingly where required. ###### Use of estimated residual values at the end of the lease term to determine the present value of lease receivables Non-guaranteed (estimated) residual values are taken into account when determining the present value of lease receivables in accordance with the definition in IFRS 16. The estimated residual values at the end of the contract period are determined according to the expiration group of the respective lease contract and include the expected subsequent business at the end of the term based on historical experience. For additions since January 1, 2026, estimated residual values amount to 1 to 22 percent of the acquisition cost (previous year: 1 to 30 percent since January 1, 2025). The estimated residual values are based on statistical analyses as part of the best possible estimate. If the proceeds actually achieved in post-leasing business (consisting of the sale and subsequent lease) are lower than expected, the lease receivables are impaired. However, any higher proceeds remain unrecognised. ###### Assumptions made in the context of the impairment tests in the measurement of existing goodwill The underlying cash flows for the discounted cash flow method used to measure goodwill are based on current business plans and internal planning. This involved making assumptions as to the future development of income and expenses. Future growth rates of the respective cash-generating unit are assumed on the basis of past experience, and income and expense trends to date are projected into the future, taking into account current and expected market developments. The projections reflect the best possible estimates for the future development of the macroeconomic environment and the respective cash-generating unit. The estimates made and the underlying methodology can have a considerable influence on the values determined. Due to the current general political and economic environment, the estimates for the further development of new business and for the returns of the cash-generating units continue to involve added uncertainty. If significant assumptions deviate from actual values, this could lead to the future recognition of impairment losses in profit or loss. As of the reporting date, the grenke Group examined whether there was any indication of an impairment of recognised goodwill. As of the reporting date, there was no need to recognise an impairment loss on goodwill, also in light of the changes in the measurement parameters and the economic developments of the cash-generating units. The risk-free interest rate relevant for determining recoverability declined slightly to 3.5 percent as of June 30, 2026 (March 31, 2026: 3.6 percent; December 31, 2025: 3.5 percent). The market risk premium, derived from total return expectations observable in the market, remained unchanged at 5.5 percent as of June 30, 2026 (March 31, 2026: 5.5 percent; December 31, 2025: 5.5 percent). During the last scheduled impairment test on October 1, 2025, the risk-free interest rate was 3.3 percent. As of October 1, 2025, the market risk premium amounted to 5.75 percent. As the increase in the risk-free interest rate observed since the last scheduled impairment test was accompanied by a simultaneous reduction in the market risk premium, there was no material increase in the overall interest rate level compared to the last scheduled impairment test on October 1, 2025, and therefore no indications of a potential impairment of goodwill. However, if discount rates were to rise sharply again, this could result in impairment losses affecting profit or loss in future reporting periods. No significant negative developments were identified in the new business growth rates during the detailed planning phase, the ramp-up phase, or the perpetuity growth rate that would lead to an impairment of the recognised goodwill. ###### Recognition of lease assets in the process of disposal at estimated residual values The measurement of lease assets in the process of disposal is based on the disposal proceeds achieved over the past financial year, averaged by age category relative to the original acquisition cost. Lease assets in the process of disposal are measured based on their actual marketability, using residual values determined from historical data. The residual values recognised as of the reporting date were between 3.1 and 14.1 percent (previous year: between 2.7 and 13.1 percent) of the original acquisition costs. If a disposal is considered unlikely due to the condition of the asset, the asset is impaired in profit and loss. ###### Fair value of financial instruments The fair values of financial assets and financial liabilities, not derived from information on active markets, are determined using valuation models. The input parameters of these models are based on observable market data, if possible. If this is not possible, determining fair values requires a certain degree of judgement. This judgement relates to input parameters such as liquidity risk, credit risk, and volatility. Changes regarding the assumptions of these input parameters may have an effect on the recognised fair value of financial instruments. If observable prices and parameters are available in active markets, they are used to determine fair value without the need for significant judgment, as a functioning (liquid) market must exist in addition to the price. Recognition and measurement of deferred taxes on tax-loss carryforwards Deferred tax assets are recognised for all unused tax-loss carryforwards to the extent to which it is likely that taxable income will be available so that the tax-loss carryforwards may, in fact, be utilised. Determining the amount of the deferred tax assets requires considerable use of judgement on the part of management with regard to the expected occurrence and level of the future taxable income, as well as to future tax planning strategies. Recognition and measurement of actual tax assets and tax liabilities Due to the complexity of tax legislation, taxpayers and local tax authorities may have varying constructions and interpretations of the tax laws. This can lead to subsequent tax payments for previous financial years. Tax provisions are recognised in the event that the amounts stated in the tax declarations are not likely to be realised (uncertain tax items). The amount is determined from the best estimate of the anticipated tax payment. Tax receivables from uncertain tax items are recognised when it is probable and adequately ensured that they can be realised. The assumptions of the amount of uncertain tax items that can be recognised are based on management’s assessment. We refer to the accounting policies described in the notes to the consolidated financial statements as of December 31, 2025. ### 4. Lease receivables The following overview shows the development of lease receivables: | | | | | :----------------------------------------------------------- | ------------: | ------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | Lease receivables from current contracts (performing) | 7,622,129 | 7,298,306 | | Lease receivables in arrears (non-performing) | 35,279 | 33,555 | | Lease receivables from terminated contracts (non-performing) | 676,335 | 630,066 | | **Gross lease receivables ** | **8,333,743** | **7,961,927** | | ||| | Impairment on performing lease receivables | – 171,173 | – 161,046 | | Impairment on non-performing lease receivables | – 490,707 | – 458,954 | | **Impairment** | **– 661,880** | **– 620,000** | | ||| | **Carrying amount lease receivables** | **7,671,863** | **7,341,927** | | thereof current lease receivables | 2,627,103 | 2,489,734 | | thereof non-current lease receivables | 5,044,760 | 4,852,193 | The overview below shows the gross amount of lease receivables and the related impairment recognised according to the IFRS 9 impairment level. The grenke Group does not have any financial instruments classified as POCI (purchased or originated credit impaired) as defined by IFRS 9: | | | | | | | | :-------------------------------- | ------------- | ----------: | ----------: | ------------: | ------------: | | | Jun. 30, 2026 |||| Dec. 31, 2025 | | EURk | Level 1 | Level 2 | Level 3 | Total | Total | | **Gross lease receivables** |||||| | Germany | 1,452,065 | 78,875 | 53,751 | 1,584,691 | 1,514,534 | | France | 1,538,240 | 94,490 | 188,748 | 1,821,478 | 1,730,640 | | Italy | 934,592 | 62,414 | 161,508 | 1,158,514 | 1,078,581 | | Other countries | 3,013,670 | 236,038 | 519,352 | 3,769,060 | 3,638,172 | | **Total gross lease receivables** | **6,938,567** | **471,817** | **923,359** | **8,333,743** | **7,961,927** | | Impairment | 79,840 | 40,386 | 541,654 | 661,880 | 620,000 | | **Carrying amount** | **6,858,727** | **431,431** | **381,705** | **7,671,863** | **7,341,927** | Gross lease receivables increased by 4.7 percent compared to December 31, 2025, due to new business growth. In addition, impairments rose by 6.8 percent. This was primarily due to higher impairments in Level 3. | | | | | | | :---------------------------------------------------------------------------------- | ------------: | ----------: | ----------: | ------------: | | EURk | Level 1 | Level 2 | Level 3 | Total | | **Gross receivables as of Jan. 1, 2026** | **6,657,260** | **457,254** | **847,413** | **7,961,927** | | Newly extended or acquired financial assets1 | 1,617,028 | 51,871 | 22,549 | 1,691,448 | | Reclassifications | | | | | | _to Level 1_ | _63,368_ | _– 45,715_ | _– 17,653_ | _0_ | | _to Level 2_ | _– 150,824_ | _201,626_ | _– 50,802_ | _0_ | | _to Level 3_ | _– 152,065_ | _– 104,095_ | _256,160_ | _0_ | | Mutual contract dissolution or payment for financial assets (without derecognition) | – 1,440,464 | – 111,458 | – 73,796 | – 1,625,718 | | Derecognition of financial assets | – 2,090 | – 4,492 | – 77,993 | – 84,575 | | Currency translation and other differences | 27,351 | 6,029 | 7,478 | 40,858 | | Interest income | 319,003 | 20,797 | 10,003 | 349,803 | | **Gross receivables as of Jun. 30, 2026** | **6,938,567** | **471,817** | **923,359** | **8,333,743** | _1 The values stated in Levels 2 and 3 relate to lease receivables newly extended in the financial year that were allocated at their time of acquisition to Level 1 but were reallocated to another level during the financial year._ | | | | | | | :---------------------------------------------------------------------------------- | ------------: | ----------: | ----------: | ------------: | | EURk | Level 1 | Level 2 | Level 3 | Total | | **Gross receivables as of Jan. 1, 2025** | **5,941,886** | **393,528** | **697,870** | **7,033,284** | | Newly extended or acquired financial assets1 | 3,142,270 | 129,635 | 121,977 | 3,393,882 | | Reclassifications ||||| | _to Level 1_ | _64,646_ | _– 49,200_ | _– 15,446_ | _0_ | | _to Level 2_ | _– 203,619_ | _248,989_ | _– 45,370_ | _0_ | | _to Level 3_ | _– 214,257_ | _– 88,492_ | _302,749_ | _0_ | | Mutual contract dissolution or payment for financial assets (without derecognition) | – 2,653,020 | – 211,636 | – 139,317 | – 3,003,973 | | Derecognition of financial assets | – 8,845 | – 3,333 | – 103,399 | – 115,577 | | Currency translation and other differences | – 6,960 | – 1,662 | 11,092 | 2,470 | | Interest income | 595,159 | 39,425 | 17,257 | 651,841 | | **Gross receivables as of Dec. 31, 2025** | **6,657,260** | **457,254** | **847,413** | **7,961,927** | _1 The values stated in Levels 2 and 3 relate to lease receivables newly extended in the financial year that were allocated at their time of acquisition to Level 1 but were reallocated to another level during the financial year._ The following tables show the changes in impairments of the current and non-current lease receivables portfolio for the current financial year and the 2025 financial year: | | | | | | | :---------------------------------------------------------------------------------- | ---------: | ---------: | ----------: | ----------: | | EURk | Level 1 | Level 2 | Level 3 | Total | | **Impairment as of Jan. 1, 2026** | **74,416** | **42,625** | **502,959** | **620,000** | | Newly extended or acquired financial assets\* | 20,184 | 6,637 | 6,582 | 33,403 | | Reclassifications ||||| | _to Level 1_ | _6,540_ | _– 4,231_ | _– 2,309_ | _0_ | | _to Level 2_ | _– 2,638_ | _12,364_ | _– 9,726_ | _0_ | | _to Level 3_ | _– 2,644_ | _– 14,909_ | _17,553_ | _0_ | | Change in risk provision due to change in level | – 5,342 | 2,469 | 66,007 | 63,134 | | Mutual contract dissolution or payment for financial assets (without derecognition) | – 18,384 | – 8,371 | – 15,986 | – 42,741 | | Change in contractual cash flows due to modification (no derecognition) | 0 | 0 | 0 | 0 | | Change in category in processing losses | 0 | 0 | 35,646 | 35,646 | | Change in models/risk parameters used in ECL calculation | 796 | – 140 | 1,266 | 1,922 | | Derecognition of financial assets | – 17 | – 567 | – 69,418 | – 70,002 | | Currency translation and other differences | 470 | 190 | 4,160 | 4,820 | | Accrued interest | 6,459 | 4,319 | 4,920 | 15,698 | | **Impairment as of Jun. 30, 2026** | **79,840** | **40,386** | **541,654** | **661,880** | | _thereof impairment on non-performing lease receivables_ | _0_ | _0_ | _490,707_ | _490,707_ | | _thereof impairment on performing lease receivables_ | _79,840_ | _40,386_ | _50,947_ | _171,173_ | _\* The values stated in Levels 2 and 3 relate to lease receivables newly extended in the financial year that were allocated at their time of acquisition to Level 1 but were reallocated to another level during the financial year._ | | | | | | | :----------------------------------------------------------- | ---------: | ---------: | ----------: | ----------: | | EURk | Level 1 | Level 2 | Level 3 | Total | | **Impairment as of Jan. 1, 2025** | **71,770** | **36,981** | **408,291** | **517,042** | | Newly extended or acquired financial assets\* | 33,719 | 15,881 | 55,486 | 105,086 | | Reclassifications | | | | | | _to Level 1_ | _6,906_ | _– 4,580_ | _– 2,326_ | _0_ | | _to Level 2_ | _– 3,156_ | _12,781_ | _– 9,625_ | _0_ | | _to Level 3_ | _– 3,558_ | _– 12,096_ | _15,654_ | _0_ | | Change in risk provision due to change in level | – 5,931 | 2,360 | 105,303 | 101,732 | | Mutual contract dissolution or payment for financial assets (without derecognition) | – 25,884 | – 11,881 | – 22,640 | – 60,405 | | Change in contractual cash flows due to modification (no derecognition) | 0 | 0 | 0 | 0 | | Change in category in processing losses | 0 | 0 | 39,599 | 39,599 | | Change in models/risk parameters used in ECL calculation | – 4,530 | 163 | 124 | – 4,243 | | Derecognition of financial assets | – 68 | – 407 | – 90,496 | – 90,971 | | Currency translation and other differences | – 549 | – 194 | – 208 | – 951 | | Accrued interest | 5,697 | 3,617 | 3,797 | 13,111 | | **Impairment as of Dec. 31, 2025** | **74,416** | **42,625** | **502,959** | **620,000** | | _thereof impairment on non-performing lease receivables_ | _0_ | _0_ | _458,954_ | _458,954_ | | _thereof impairment on performing lease receivables_ | _74,416_ | _42,625_ | _44,005_ | _161,046_ | _\* The values stated in Levels 2 and 3 relate to lease receivables newly extended in the financial year that were allocated at their time of acquisition to Level 1 but were reallocated to another level during the financial year._ As a supplement to the cash flow statement, the following shows the cash flows related to lease receivables: | | | | | :------------------------------------------------------------------------------ | ------------: | ------------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | | Payments by lessees | 1,526,810 | 1,380,124 | | Interest and similar income from leasing business | – 349,803 | – 316,261 | | Additions of lease receivables / net investments | – 1,691,448 | – 1,641,629 | | **Subtotal** | **– 514,441** | **– 577,766** | | Disposals / reclassifications of lease receivables at residual carrying amounts | 98,908 | 89,189 | | Change in other receivables from lessees | – 14,790 | – 11,239 | | Non-cash income / expenses | 100,387 | 132,886 | | **Change in lease receivables** | **– 329,936** | **– 366,930** | Non-cash income and expenses include derecognitions totalling EUR 84,575k (previous year: EUR 52,573k), changes in impairments totalling EUR 41,880k (previous year: EUR 48,618k), and currency translation differences of EUR – 26,068k (previous year: EUR 31,695k). ### 5. Financial liabilities The grenke Group’s financial liabilities consist of the following current and non-current financial liabilities: | | | | | :------------------------------------------ | ------------- | ------------- | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | **Current financial liabilities** ||| | Asset-backed | 407,607 | 446,475 | | Senior unsecured | 626,069 | 378,933 | | Deposit business of grenke Bank | 1,611,754 | 1,434,057 | | External bank funding | 400,994 | 436,962 | | Other bank liabilities | 116 | 93 | | **Total current financial liabilities** | **3,046,540** | **2,696,520** | | **Non-current financial liabilities** ||| | Asset-backed | 448,970 | 603,398 | | Senior unsecured | 2,916,897 | 2,848,892 | | Deposit business of grenke Bank | 707,591 | 880,625 | | External bank funding | 192,414 | 252,215 | | **Total non-current financial liabilities** | **4,265,872** | **4,585,130** | | **Total financial liabilities** | **7,312,412** | **7,281,650** | #### 5.1 Asset-backed financial liabilities ##### 5.1.1 Structured entities As of the reporting date, the following consolidated structured entities were in place: Opusalpha Purchaser II Limited (Helaba), Kebnekaise Funding Limited (SEB AB), CORAL PURCHASING (IRELAND) 2 DAC (DZ Bank), SILVER BIRCH FUNDING DAC (NordLB), FCT “GK”-COMPARTMENT “G4” (Helaba) and FCT “GK”-COMPARTMENT “G5” (DZ Bank). All structured entities have been set up as asset-backed commercial paper (ABCP) programmes. | | | | | :--------------------------------- | ------------: | ------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | Programme volume in local currency | | | | _EURk_ | _1,293,308_ | _1,293,308_ | | _GBPk_ | _286,364_ | _286,364_ | | Programme volume in EURk | 1,625,602 | 1,621,481 | | Utilisation in EURk | 942,325 | 1,154,592 | | Carrying amount in EURk | 813,531 | 1,000,089 | | _thereof current_ | _378,491_ | _416,560_ | | _thereof non-current_ | _435,040_ | _583,529_ | Two structured entities were deconsolidated as of the reporting date. Further information is provided in Note 12.2 Deconsolidations. ##### 5.1.2 Sales of receivables agreements The following table shows the programme volumes, utilisation, and carrying amounts of sales of receivables agreements: | | | | | :--------------------------------- | ------------: | ------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | Programme volume in local currency | | | | _EURk_ | _16,500_ | _16,500_ | | _BRLk_ | _240,000_ | _240,000_ | | Programme volume in EURk | 57,176 | 53,788 | | Utilisation in EURk | 42,287 | 48,103 | | Carrying amount in EURk | 33,504 | 38,791 | | _thereof current_ | _21,927_ | _21,817_ | | _thereof non-current_ | _11,577_ | _16,974_ | ##### 5.1.3 Committed development loans The table below shows the carrying amounts of the utilised development loans at different development banks. | | | | | :--------------------------------- | ------------: | ------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | NRW Bank | 0 | 1,499 | | Thüringer Aufbaubank | 2,584 | 3,222 | | KfW | 6,945 | 6,221 | | Landeskreditbank Baden-Württemberg | 5 | 19 | | Accrued interest | 8 | 32 | | **Total development loans** | **9,542** | **10,993** | #### 5.2 Senior unsecured financial liabilities The following table provides an overview of the carrying amounts of the individual refinancing instruments: | | | | | :-------------------- | ------------: | ------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | Bonds | 3,439,780 | 3,040,467 | | _thereof current_ | _522,883_ | _191,575_ | | _thereof non-current_ | _2,916,897_ | _2,848,892_ | | Commercial paper | 20,000 | 85,000 | | Accrued interest | 83,186 | 102,358 | | _thereof current_ | _83,186_ | _102,358_ | | _thereof non-current_ | _0_ | _0_ | ##### 5.2.1 Bonds In the current financial year, a new EUR benchmark bond with a nominal volume of EUR 500 million and a CAD bond with a nominal volume of CAD 100 million were issued. Four bonds with an aggregate nominal volume of EUR 168,048k were repaid as scheduled. ##### 5.2.2 Commercial paper Two commercial paper instruments with an aggregate nominal volume of EUR 50 million have been issued in the financial year-to-date. A total of EUR 115,000k in promissory notes was repaid as scheduled. #### 5.3 External bank funding The following table provides an overview of the carrying amounts of the individual refinancing instruments: | | | | | :-------------------------- | ------------: | ------------: | | EURk | Jun. 30, 2026 | Dec. 31, 2025 | | Promissory notes | 296,809 | 442,873 | | _thereof current_ | _193,168_ | _233,208_ | | _thereof non-current_ | _103,641_ | _209,665_ | | Revolving credit facilities | 239,699 | 219,880 | | _thereof current_ | _150,926_ | _177,330_ | | _thereof non-current_ | _88,773_ | _42,550_ | | Money market trading | 36,000 | 20,000 | | thereof current | 36,000 | 20,000 | | Overdrafts | 16,835 | 3,965 | | Accrued interest | 4,065 | 2,459 | | _thereof current_ | _4,065_ | _2,459_ | | _thereof non-current_ | _0_ | _0_ | The following table shows the refinancing framework of the individual instruments: | | | | | :---------------------------------------- | ------------: | ------------: | | | Jun. 30, 2026 | Dec. 31, 2025 | | Bonds EURk | 5,000,000 | 5,000,000 | | Bonds AUDk | 500,000 | 500,000 | | Bonds CADk | 100,000 | 0 | | Commercial paper EURk | 750,000 | 750,000 | | Syndicated revolving credit facility EURk | 350,000 | 400,000 | | Revolving credit facility EURk | 16,600 | 16,600 | | Revolving credit facility PLNk | 200,000 | 200,000 | | Revolving credit Facility CLPk | 15,000,000 | 15,000,000 | | Revolving credit facility HUFk\* | 800,000 | 800,000 | | Revolving credit facility BRLk | 506,000 | 506,000 | | Money market trading EURk | 36,000 | 35,000 | _\* The refinancing instrument presented is attributable to an entity classified as held for sale in accordance with IFRS 5._ ##### 5.3.1 Promissory notes No new promissory notes were issued during the reporting period. Five promissory notes with aggregate nominal volumes of EUR 107,500k, CHF 30,000k, and GBP 7,500k were repaid as scheduled. #### 5.4 Supplementary disclosures on financial liabilities in the statement of cash flows As a supplement to the statement of cash flows, the following shows the cash flows related to the financial liabilities: | | | | | :------------------------------------------------------------------------ | -----------: | -----------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | | **Financial liabilities** ||| | Additions of liabilities / assumption of new liabilities from refinancing | 1,364,883 | 1,858,401 | | Interest expenses from refinancing | 118,452 | 99,627 | | Payment / repayment of liabilities to refinancers | – 1,475,873 | – 1,781,438 | | Currency translation differences | 18,614 | – 23,178 | | **Change in liabilities from refinancing** | **26,076** | **153,412** | | Additions / repayment of liabilities from deposit business | – 20,047 | 108,689 | | Interest expenses from deposit business | 24,710 | 24,367 | | **Change in liabilities from deposit business** | **4,663** | **133,056** | | **Change in financial liabilities ** | **30,739** | **286,468** | ### 6. Equity grenke AG’s share capital is unchanged compared to December 31, 2025 and divided into 46,495,573 no-par value shares. The number of treasury shares also remains unchanged compared to December 31, 2025, at 2,317,695 shares, representing 4.98 percent of the share capital. Treasury shares are directly deducted from equity. The shares were purchased in 2024 for a total volume of EUR 55.6 million. The authorisation of May 7, 2025 to buy back treasury shares was not utilised during the reporting period. The “Franchise” category within non-controlling interests includes the results of the not yet fully acquired entity in the US. The “Italy” category reflects the proportionate results attributable to the non-controlling shareholder Intesa Sanpaolo S.p.A. that arose from the transfer of the shares in 2025. The table below provides a detailed overview of the development of non-controlling interests: | | | | | | :------------------------------------------------ | ----------: | ---------: | ---------: | | EURk | Franchise | Italy | Total | | Non-controlling interests as of Jan. 1, 2026 | – 1,641 | 68,038 | 66,397 | | Earnings | – 251 | 2,879 | 2,628 | | Currency translation | – 57 | 0 | – 57 | | **Non-controlling interests as of Jun. 30, 2026** | **– 1,949** | **70,917** | **68,968** | ### ### 7. Assets held for sale and associated liabilities As of June 30, 2026, the scope of the disposal group classified under IFRS 5 had changed compared with the annual report as of December 31, 2025. The Portuguese subsidiary GWFACT – Invoice Solutions Lda. is no longer included in the disposal group because it no longer meets the criteria for classification under IFRS 5. Further information is provided in Note 2.3. As of June 30, 2026, the factoring companies in Germany and Hungary continued to be classified as held for sale in accordance with IFRS 5, unchanged from the previous quarter. The factoring companies in Ireland and the United Kingdom also continue to be classified as held for sale in accordance with IFRS 5. As of June 30, 2026, both of these companies had exceeded the twelve-month period generally provided for under IFRS 5 for completing a disposal. The delay in disposal was attributable to circumstances relating to the transaction settlement and integration process on the part of the acquirer, which led to the postponement of the required closing. Both grenke AG and Teylor AG remain committed to completing the transaction. The underlying disposal plans therefore remain unchanged, and the completion of the transaction continues to be considered highly probable. The key assets within the disposal group comprise receivables from the factoring business, which are classified as financial assets within the scope of IFRS 9 in accordance with IFRS 5.5(c). Consequently, the measurement provisions of IFRS 5 do not apply to these assets, and no measurement effects arise from the application of IFRS 5. The disposal group classified in accordance with IFRS 5 includes liabilities to affiliated companies of EUR 37,631k, which were eliminated as part of Group consolidation. These liabilities comprise EUR 37,235k of internal loans and EUR 396k of clearing accounts. | | | | :---------------------------------- | ------------- | | EURk | Jun. 30, 2026 | | **Assets** || | **Current assets** || | Cash and cash equivalents | 3,618 | | Receivables from factoring business | 35,062 | | Tax assets | 30 | | Other current assets | 172 | | Total current assets | 38,882 | | Property, plant and equipment | 37 | | Right-of-use assets | 428 | | **Total non-current assets** | **465** | | **Total assets** | **39,347** | | | | | :-------------------------------- | ------------: | | EURk | Jun. 30, 2026 | | **Liabilities** || | **Current liabilities** || | Financial liabilities | 1,403 | | Lease liabilities | 174 | | Trade payables | 3,700 | | Deferred liabilities | 93 | | Other current liabilities | 1,612 | | **Total current liabilities** | **6,982** | | **Non-current liabilities** || | Lease liabilities | 277 | | **Total non-current liabilities** | **277** | | **Total liabilities** | **7,259** | ### 8. Disclosures on financial instruments #### 8.1 Fair value hierarchy The grenke Group uses observable market data to the extent possible to determine the fair value of an asset or a liability. The fair values are assigned to different levels of the valuation hierarchy (fair value hierarchy) based on the input parameters used in the valuation methods. Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Measurement procedures in which all input factors having a significant effect on the recognition of fair value are directly or indirectly observable in the market Level 3: Measurement procedures that use input factors that have a significant effect on the fair value recognised and are not based on observable market data. When input factors used to determine the fair value of an asset or a liability may be assigned to different levels of the valuation hierarchy, then the measurement at fair value is completely assigned to that level in the valuation hierarchy which corresponds to the input factor of the highest level that is material for the overall measurement. The grenke Group recognises reclassifications between the different levels of the valuation hierarchy in the reporting period in which the change has occurred. There were no reclassifications between the three levels of the valuation hierarchy in the reporting period. #### 8.2 Fair value of financial instruments ##### 8.2.1 Fair value of primary financial instruments The following table presents the carrying amounts and fair values of financial assets and financial liabilities by category of financial instruments that are not measured at fair value. This table does not contain information on the fair value of financial assets and financial liabilities when the carrying amount represents an appropriate approximation to the fair value, which includes the following line items of the statement of financial position: cash and cash equivalents, trade receivables, and trade payables. All primary financial instruments are assigned to Level 2 of the valuation hierarchy, except for exchange-listed bonds that are included in refinancing liabilities and assigned to Level 1 of the valuation hierarchy and the other investment assigned to Level 3 of the fair value hierarchy. As of the reporting date, the carrying amount of exchange-listed bonds was EUR 3,439,780k (December 31, 2025: EUR 3,040,467k), and their fair value amounted to EUR 3,473,836k (December 31, 2025: EUR 3,401,850k). All primary financial assets are measured at amortised cost (AC), with the exception of lease receivables, which are measured in accordance with IFRS 16 in conjunction with IFRS 9 (impairment and derecognition), and the other investment, which is assigned to the FVtOCI measurement category and therefore measured at fair value. Financial liabilities are also measured at amortised cost. | | | | | | | :------------------------------------------ | -----------------------: | ----------------------------: | -----------------------: | ----------------------------: | | EURk | Fair value Jun. 30, 2026 | Carrying amount Jun. 30, 2026 | Fair value Dec. 31, 2025 | Carrying amount Dec. 31, 2025 | | **Financial assets** ||||| | Lease receivables | 8,366,525 | 7,671,863 | 8,013,913 | 7,341,927 | | Other financial assets | 219,834 | 212,786 | 227,097 | 222,225 | | _thereof receivables from lending business_ | _137,818_ | _130,770_ | _123,476_ | _118,604_ | | **Financial liabilities** ||||| | Financial liabilities | 7,574,015 | 7,312,412 | 7,843,350 | 7,281,650 | | _thereof refinancing liabilities_ | _5,220,562_ | _4,992,950_ | _5,482,653_ | _4,966,875_ | | _thereof liabilities from deposit business_ | _2,353,337_ | _2,319,346_ | _2,360,604_ | _2,314,682_ | ##### 8.2.2 Fair value of derivative financial instruments As of the reporting date, all derivative financial instruments, which include interest rate derivatives (interest rate swaps), forward exchange contracts and cross-currency swaps, are carried at fair value in the grenke Group. All derivative financial instruments are assigned to Level 2 of the valuation hierarchy. | | | | | :--------------------------- | -----------------------: | -----------------------: | | EURk | Fair value Jun. 30, 2026 | Fair value Dec. 31, 2025 | | **Financial assets** ||| | **Derivative financial instruments with hedging relationship ** ||| | Interest rate derivatives | 1,577 | 1,370 | | Cross-currency swaps | 994 | 534 | | Forward exchange derivatives | 1,594 | 2,488 | | **Derivative financial instruments without hedging relationship** ||| | Interest rate derivatives | 208 | 91 | | Forward exchange derivatives | 1,968 | 3,717 | | **Total** | **6,341** | **8,200** | | **Financial liabilities** ||| | **Derivative financial instruments with hedging relationship ** ||| | Interest rate derivatives | 1,250 | 3,030 | | Cross-currency swaps | 19,821 | 19,095 | | Forward exchange derivatives | 11,416 | 10,801 | | **Derivative financial instruments without hedging relationship** ||| | Interest rate derivatives | 180 | 471 | | Forward exchange derivatives | 4,674 | 2,984 | | **Total** | **37,341** | **36,381** | The derivative financial instruments used by the grenke Group are known as over-the-counter (OTC) derivatives. These are directly concluded with counterparties having at least investment grade status. Consequently, there are no quoted market prices available. Fair values are determined based on valuation models that include observable input parameters. Forward exchange contracts are measured on the basis of a mark-to-market valuation model. The fair value of interest rate derivatives is determined on the basis of the net present value method. The input parameters applied in the valuation models are derived from market quotes. Interest rates with matching maturities in the traded currencies are used for forward exchange contracts, and interest rates are used for interest rate derivatives. To obtain the fair value of such OTC derivatives, the determined amounts are multiplied by the coupons of the counterparty’s credit default swaps (CDS) that are observable on the market or by their own credit risk using what is known as the “add-on method”. #### 8.3 Measurement methods and input factors used The following table presents the measurement methods used and the input parameters and assumptions applied to determine the fair values: | | | | | :---------------------------------------------------------------------------------------------------------------- | :----------------------------------------------------------------------- | :--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Category and level | Valuation method | Input factors | | **Fair value hierarchy Level 1** ||| | Listed bonds | n/a | In active markets quoted market price as of the reporting date | | **Fair value hierarchy Level 2** ||| | Other financial assets | Present value of estimated future cash flows | Available interest rates for comparable terms and remaining maturities, adjusted for the counterparty’s credit risk | | Financial liabilities (liabilities from refinancing the leasing business, promissory notes, and bank liabilities) | Present value of estimated future cash flows | Available interest rates for comparable terms and remaining maturities, adjusted for own default risk using a debt valuation adjustment (DVA) | | Forward currency contracts/cross-currency swaps | Mark-to-model Present value of estimated future cash flows | Available interest rates at the end of the term in the traded currencies using the own counterparty risk (debt value adjustment – DVA) or the counterparty’s credit risk (credit value adjustment – CVA) derived from available credit default swap (CDS) quotes | | Interest rate derivatives | Present value of estimated future cash flows | Available interest rates for comparable terms and remaining maturities, adjusted for own counterparty risk using a debt valuation adjustment (DVA) or for the counterparty’s credit risk using a credit valuation adjustment (CVA), both derived from available credit default swap (CDS) quotations | | **Fair value hierarchy Level 3** ||| | Other investments (investment in Finanzchef24 GmbH) | Discounted cash flow model Present value of estimated future cash flows | Business plan of Finanzchef24 GmbH to determine future cash flows; sustainable growth rate of future cash flows; parameters to determine the discount rate (in particular, risk-free interest rate, market risk premium, beta factor, adjustment factors) | ### 9. Revenue from contracts with customers and other revenue The following table shows the revenue from contracts with customers (IFRS 15): | | | | | :-------------------------------------------------------------------- | -----------: | -----------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | | Gross revenue from service and protection business (service business) | 91,912 | 82,732 | | Service fee for making lease assets available for use | 5,255 | 4,927 | | Revenue from reminder fees (leasing) | 1,153 | 1,062 | | Revenue from reminder fees (factoring) | 9 | 8 | | Other revenue from lessees | 704 | 556 | | Disposal of lease assets | 126,008 | 113,581 | | Commission income from banking business | 541 | 239 | | **Total** | **225,582** | **203,105** | The following table shows the revenue from contracts with customers (IFRS 15) and other revenue (IFRS 9, IFRS 16): | | | | | :-------------------------------------------------- | -----------: | -----------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | | **Revenue from contracts with customers (IFRS 15)** | **225,582** | **203,105** | | **Other revenue (IFRS 9, IFRS 16)** ||| | Interest and similar income from financing business | 358,091 | 324,779 | | Revenue from operating leases | 50,741 | 18,760 | | Portions of revenue from lease down payments | 7,059 | 6,829 | | **Total** | **641,473** | **553,473** | ### 10. Income taxes The main components of the income tax expense in the consolidated income statement are the following: | | | | | :------------------------------------ | -----------: | -----------: | | EURk | Q1 – Q2 2026 | Q1 – Q2 2025 | | Current taxes | 21,926 | 12,330 | | _Corporate and trade taxes (Germany)_ | _3,212_ | _– 82_ | | _International income taxes_ | _18,714_ | _12,412_ | | Deferred taxes | – 10,241 | – 4,941 | | _Germany_ | _– 868_ | _– 6,721_ | | _International_ | _– 9,373_ | _1,780_ | | **Total** | **11,685** | **7,389** | ### 11. Group segment reporting | | | | | | | | | | :-------------------------------------------------- | ----------: | ----------------------------: | --------------: | ------------------------: | ------------: | -------------: | -----------------: | | EURk | DACH region | Western Europe (without DACH) | Southern Europe | Northern / Eastern Europe | Other Regions | Reconciliation | Consolidated Group | | **Q1 – Q2 2026** |||||||| | External operating income | 53,752 | 97,033 | 92,862 | 64,881 | 36,209 | 7,892 | 352,629 | | _of which interest income_ | _31,351_ | _60,723_ | _42,509_ | _45,717_ | _27,278_ | _7,351_ | _214,929_ | | _of which interest from financing business_ | _65,551_ | _100,308_ | _76,327_ | _71,165_ | _36,536_ | _8,204_ | _358,091_ | | _of which expenses from interest on refinancing_ | _– 34,200_ | _– 39,585_ | _– 33,818_ | _– 25,448_ | _– 9,258_ | _– 853_ | _– 143,162_ | | Operating expenses |||||||| | _Staff costs_ | _– 23,304_ | _– 23,072_ | _– 22,915_ | _– 22,610_ | _– 10,176_ | _– 5,678_ | _– 107,755_ | | _Selling and administrative expenses_ | _– 11,432_ | _– 11,239_ | _– 15,530_ | _– 12,127_ | _– 6,774_ | _– 3,780_ | _– 60,882_ | | _Depreciation / amortisation_ | _– 2,848_ | _– 2,555_ | _– 3,306_ | _– 2,739_ | _– 1,207_ | _– 649_ | _– 13,304_ | | Result from settlement of claims and risk provision | – 15,521 | – 32,962 | – 34,206 | – 19,452 | – 16,231 | – 233 | – 118,605 | | Segment result | 647 | 27,205 | 16,905 | 7,953 | 1,821 | – 2,448 | 52,083 | | |||||||| | Reconciliation to the consolidated income statement |||||||| | _Impairment of goodwill_ | _0_ | _0_ | _0_ | _0_ | _0_ | _0_ | _0_ | | _Other operating result_ | _ | _ | _ | _ | _ | _– 6,678_ | _– 6,678_ | | **Operating result** | ** | ** | ** | ** | ** | ** | **45,405** | | |||||||| | Contribution margin 2 (CM2) on leasing new business | 52,624 | 70,927 | 66,501 | 48,655 | 22,127 | 0 | 260,834 | | |||||||| | **Jun. 30, 2026** |||||||| | Segment assets | 2,084,856 | 2,399,331 | 2,201,897 | 1,483,620 | 554,806 | 375,339 | 9,099,849 | | _of which lease receivables_ | _1,873,277_ | _2,168,278_ | _1,729,307_ | _1,393,892_ | _507,109_ | _0_ | _7,671,863_ | | Segment liabilities | 1,768,500 | 2,083,069 | 1,645,912 | 1,327,232 | 564,006 | 316,283 | 7,705,002 | _\* Note: Income amounts are shown as positive numbers and expenses as negative numbers._ | | | | | | | | | | :-------------------------------------------------- | ----------: | ----------------------------: | --------------: | ------------------------: | ------------: | -------------: | -----------------: | | EURk | DACH region | Western Europe (without DACH) | Southern Europe | Northern / Eastern Europe | Other Regions | Reconciliation | Consolidated Group | | **Q1 – Q2 2025** |||||||| | External operating income | 52,327 | 89,998 | 77,011 | 61,326 | 29,094 | 8,004 | 317,760 | | _of which interest income_ | _30,114_ | _54,873_ | _44,266_ | _42,646_ | _21,122_ | _7,764_ | _200,785_ | | _of which interest from financing business_ | _60,170_ | _89,597_ | _72,204_ | _66,252_ | _28,122_ | _8,434_ | _324,779_ | | _of which expenses from interest on refinancing_ | _– 30,056_ | _– 34,724_ | _– 27,939_ | _– 23,606_ | _– 7,000_ | _– 669_ | _– 123,994_ | | Operating expenses |||||||| | _Staff costs_ | _– 22,557_ | _– 22,931_ | _– 21,484_ | _– 22,598_ | _– 8,951_ | _– 6,033_ | _– 104,554_ | | _Selling and administrative expenses_ | _– 11,847_ | _– 11,691_ | _– 15,561_ | _– 13,341_ | _– 6,662_ | _– 3,591_ | _– 62,693_ | | _Depreciation / amortisation_ | _– 2,700_ | _– 2,560_ | _– 2,656_ | _– 2,487_ | _– 1,066_ | _– 506_ | _– 11,975_ | | Result from settlement of claims and risk provision | – 9,425 | – 29,216 | – 28,321 | – 18,651 | – 8,440 | – 685 | – 94,738 | | **Segment result** | **5,798** | **23,600** | **8,989** | **4,249** | **3,975** | **– 2,811** | **43,800** | | |||||||| | Reconciliation to the consolidated income statement |||||||| | _Impairment of goodwill_ | _0_ | _0_ | _0_ | _0_ | _0_ | _0_ | _0_ | | _Other operating result_ | _ | _ | _ | _ | _ | _– 7,263_ | _– 7,263_ | | **Operating result** | ** | ** | ** | ** | ** | ** | **36,537** | | |||||||| | Contribution margin 2 (CM2) on leasing new business | 53,908 | 75,274 | 72,260 | 56,101 | 23,131 | 0 | 280,674 | | |||||||| | **Dec. 31, 2025** |||||||| | Segment assets | 1,945,363 | 2,297,918 | 2,203,357 | 1,490,222 | 514,850 | 566,485 | 9,018,195 | | _of which lease receivables_ | _1,792,278_ | _2,069,552_ | _1,637,924_ | _1,384,438_ | _457,735_ | _0_ | _7,341,927_ | | Segment liabilities | 1,682,095 | 1,960,856 | 1,606,454 | 1,346,679 | 510,921 | 504,677 | 7,611,682 | _\* Note: Income amounts are shown as positive numbers and expenses as negative numbers._ #### 11.1 Description of reportable segments The grenke Group’s reporting on the development of its segments is aligned with the dominant organisational structure within the grenke Group, which is based on what is referred to as the management approach. The segment information serves as a tool for the top decision-maker, the Board of Directors of grenke AG, to evaluate segment performance and make decisions regarding the allocation of resources to the segments. Based on the differing economic, regulatory and cultural conditions across various markets, the Group’s leasing business has been divided into the following five geographical segments: - DACH (Germany, Austria, Switzerland) - Western Europe (without DACH) (Belgium, France, Luxembourg, and the Netherlands) - Southern Europe (Italy, Croatia, Malta, Portugal, Slovenia, and Spain) - Northern/Eastern Europe (Czech Republic, Denmark, Finland, Hungary, Ireland, Latvia, Norway, Poland, Romania, Slovakia, Sweden, and the United Kingdom) - Other Regions (Australia, Brazil, Canada, Chile, Singapore, Turkey, UAE, and the USA) All segments contain all activities related to the grenke Group’s operations as a lessor. The service offering encompasses the financing for commercial lessees, the lease, service, protection and maintenance offers, as well as the disposal of used equipment. The grenke Group specialises primarily in small-ticket leasing, where the ticket size is less than EUR 50k. In addition to IT products such as PCs, notebooks, servers, monitors and other peripheral devices, our leasing portfolio includes office communication products such as telecommunications and copying equipment, as well as medical technology products, small machines and equipment, security devices and green economy objects, including wall boxes, photovoltaic systems and eBikes. Virtually all leasing contracts entered into are full amortisation contracts. The “Reconciliation” column includes operating income and expenses from the refinancing and factoring units, as well as the elimination of intercompany transactions between segments. Separate financial information is available for the operating segments. This includes data from both external and internal accounting. #### 11.2 Segment data The accounting principles used to prepare the segment information are in accordance with the accounting policies applied in the consolidated financial statements. Intercompany transactions are carried out at standard market prices. The grenke AG Board of Directors is the corporate body responsible for assessing the performance of the grenke Group. The Board of Directors has identified the following key performance indicators: new business growth (total acquisition costs of newly acquired leased assets) and contribution margin 2 (CM2), which measures the future profitability of new business. The performance components for the segments are detailed in the group management report. The additional performance metrics include external operating income and operating expenses. Operating income consists of net interest income, profit from service business, profit from new business and gains / losses from disposals. Net interest income, as a key metric, is presented separately and further divided into interest income from financing activities and interest expenses from refinancing. Operating expenses comprise staff costs, selling and administrative expenses, as well as depreciation and amortisation. These expenses are allocated to the respective segments using internal cost accounting and are based on the number of leasing employees in each country. Additionally, the result from the settlement of claims and risk provision is included in the segment result. The items “result from investments accounted for using the equity method”, “result from fair value measurement”, “other interest result” and “income taxes” are part of the consolidated income statement and are not included in the segment result. The segment assets include the assets required for operations. Segment liabilities correspond to liabilities attributable to the respective segment. Segment assets and liabilities do not take tax positions into account. ### 12. Changes in the scope of consolidation in the 2026 financial year #### 12.1 First-time consolidations In the first half of the 2026 financial year, no entities were newly included in the scope of consolidation. #### 12.2 Deconsolidations As of March 31, 2026, FCT “GK”-COMPARTMENT “G2”, Saint-Denis/France, and Elektra Purchase No 25 DAC, Dublin/Ireland, were deconsolidated. Both companies were structured entities in the form of asset-backed commercial paper (ABCP) programmes. The programme was closed and liquidated as scheduled in the first quarter of 2026. The deconsolidation did not have material effects on grenke AG’s interim consolidated financial statements. #### 12.3 Additional information ##### 12.3.1 Contingent consideration In connection with the 2025 acquisitions of B2F S.r.l. and Selfrent S.r.l., Milan, Italy, earn-out arrangements were agreed and recognised as contingent consideration liabilities. In the second quarter of 2026, the first milestone under the existing earn-out arrangement was met following the successful implementation of the B2F software in two additional countries within the grenke Group. Following the associated payment of EUR 2,500k, which was recognised directly in equity, the corresponding contingent consideration liabilities decreased to EUR 1,651k as of June 30, 2026 (December 31, 2025: EUR 3,970k). The remaining change as of June 30, 2026 was attributable to other operating expenses of EUR 125k (June 30, 2025: EUR 0k), resulting from the occurrence of conditions that had previously been assigned a 95 percent probability of occurring. A further EUR 56k (June 30, 2025: EUR 10k) related to interest expenses from the periodic accretion of the contingent consideration liability recognised through profit or loss. ##### 12.3.2 Merger In the second quarter of 2026, GRENKEFACTORING AG, Basel, Switzerland, was merged into GRENKELEASING AG, Zurich, Switzerland, retrospectively effective from January 1, 2026. The merger had no impact on the interim consolidated financial statements of grenke AG. ### 13. Payments to hybrid capital holders grenke AG made a scheduled coupon payment of EUR 17.5 million to hybrid capital holders on March 30, 2026. In the previous year, coupon payments of EUR 5,948k and EUR 6,726k were made on January 20, 2025 and March 31, 2025, respectively, in connection with the repurchase of AT1 bonds. In addition, scheduled coupon payments of EUR 903k were made on March 31, 2025 on the remaining nominal volume of previous AT1 bonds following the repurchases, which amounted to EUR 16.8 million at that time, and coupon payments of EUR 3,548k on the new AT1 bond issued on January 16, 2025, with a total volume of EUR 200 million. These distributions are recognised directly in equity and do not affect profit or loss. ### 14. Related party disclosures The Supervisory Board of grenke AG has entered into a phantom stock agreement with all current members of the Board of Directors. No payments have been made under these agreements in the financial year-to-date (Q1 – Q2 2025: EUR 0k). As of June 30, 2026, the value of all existing phantom stock agreements amounted to EUR 0k (December 31, 2025: EUR 34k). Any expenses are recognised in the consolidated income statement under staff costs and reported under variable compensation components. Transactions with associated companies and subsidiaries Transactions between grenke AG and its subsidiaries qualify as related third-party transactions. When such transactions are eliminated during the consolidation process, no disclosure is required. Transactions between the grenke Group and associated companies must be disclosed as related third-party transactions. As of the reporting date, a receivable of EUR 850k was outstanding from a convertible loan to an associate, including interest accrued up to that date (December 31, 2025: EUR 850k). Transactions with associates relating to the acquisition of leased assets and commission payments resulted in expenses of EUR 619k (Q1 – Q2 2025: EUR 476k) and a liability of EUR 78k (December 31, 2025: EUR 49k). These amounts are capitalised within lease receivables in the consolidated financial statements. There were no disclosable transactions with subsidiaries as of either June 30, 2026 or December 31, 2025. ###### Transactions with persons in key positions Persons in key positions are persons who have direct or indirect authority and responsibility for planning, directing and overseeing the activities of the grenke Group. Persons in key positions were exclusively sitting members of the Board of Directors and Supervisory Board of grenke AG and persons closely related to them, such as family members. As of the June 30, 2026 reporting date, grenke Bank AG had received deposits and credit balances in current accounts totalling EUR 144k from key management personnel and persons closely related to them (December 31, 2025: EUR 140k). The related interest expense equalled EUR 3k (Q1 – Q2 2025: EUR 4k). ###### Transactions with other related parties Other related parties include subsidiaries and joint ventures of persons in key positions or persons related to this group of persons. Other related parties include persons who have been declared as related parties in accordance with IAS 24.10 due to the economic substance of the relationship. Current account agreements exist with other related parties. As of the reporting date, no credit facilities had been drawn, and the overdraft facility limit remained unchanged at EUR 0k (December 31, 2025: EUR 0k). No impairment allowance had been recognised for existing receivables as of the reporting date (December 31, 2025: EUR 0k). These receivables did not give rise to any impairment expense during the reporting period (Q1 – Q2 2025: EUR 25k). No interest income was generated during the reporting period (Q1 – Q2 2025: EUR 17k). Income of EUR 1k from transactions with other related parties (Q1 – Q2 2025: EUR 2k) arose from lease agreements and employee loans. As of the reporting date, there were no receivables from other related parties (December 31, 2025: EUR 0k). ### 15. Contingent liabilities Irrevocable loan commitments arising from the lending business amounted to EUR 261k (December 31, 2025: EUR 143k). They comprised undrawn fixed-term overdraft facilities and loan commitments not yet drawn down and related to Germany as the country of risk concentration. The amount also represents the maximum credit risk. Beyond this, there were no significant changes in contingent liabilities as of the reporting date compared to December 31, 2025. ### 16. Employees During the interim reporting period, the grenke Group had an average headcount of 2,476 employees (excluding the Board of Directors) (Q1 – Q2 2025: 2,413). A further 90 employees were undergoing training (Q1 – Q2 2025: 94). ### 17. Subsequent events No material events occurred after the reporting date. ## Responsibility statement We confirm to the best of our knowledge and in accordance with the applicable accounting standards for half-year financial reporting that the half-year consolidated financial statements give a true and fair view of the net assets, financial position and results of operations of the Group and that the interim group management report conveys a fair review of the business development, including the results and the position of the Group, together with a description of the important opportunities and risks for the expected development of the Group for the remainder of the financial year. Baden-Baden, August 10, 2026 Dr Sebastian Hirsch Chief Executive Officer (CEO) Gilles Christ Chief Sales Officer (CSO) Dr Martin Paal Chief Financial Officer (CFO) Isabel Tufet Bayona Chief Operations Officer (COO) ## Review report To GRENKE AG, Baden-Baden We have reviewed the condensed interim consolidated financial statements comprising the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and selected explanatory notes to the condensed interim consolidated financial statements, as well as the interim group management report of GRENKE AG, Baden-Baden, for the period from January 1, 2026 to June 30, 2026, which are part of the half-year financial report pursuant to Section 115 WpHG (“Wertpapierhandelsgesetz”: German Securities Trading Act). The preparation of the condensed interim consolidated financial statements in accordance with the IFRSs applicable to interim financial reporting, as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the Company’s management. Our responsibility is to issue a report of the audit review of the condensed interim consolidated financial statements and interim group management report based on our review. We conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany [IDW]) and additionally in compliance with the International Standard on Review Engagements “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” (ISRE 2410). Those standards require that we plan and perform the review so that we can preclude through critical evaluation and with moderate assurance that the condensed interim consolidated financial statements have not been prepared, in all material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance attainable from a financial statement audit. As in accordance with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion. Based on our review, no matters have come to our attention that would cause us to presume that the condensed interim consolidated financial statements have not been prepared, in all material respects, in accordance with the IFRSs applicable to interim financial reporting as adopted by the EU nor that the interim group management report has not been prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. Frankfurt am Main, August 10, 2026 BDO AG Wirtschaftsprüfungsgesellschaft Signed: Pawelkiewicz Wirtschaftsprüfer [German Public Auditor] Signed: Büning Wirtschaftsprüfer [German Public Auditor] ## Financial calendar November 12, 2026  //  Quarterly Statement for Q3 and Q1–Q3 2026 ## ## Imprint ### Information and contact grenke AG Investor Relations Team Neuer Markt 2 76532 Baden-Baden Tel: +49 7221 5007-8611 Email: investor@grenke.de ### Imprint Publisher:grenke AG Board of Directors Editor:grenke AG, Investor Relations Design, layout & typesetting:SPARKS CONSULTING GmbH, Munich Date:August 13, 2026 © grenke AG, Baden-Baden ### Disclaimer The figures in this half-year financial report are generally presented in EURk and EUR millions. Rounding differences may occur in individual figures compared to the actual EUR amounts, which by their nature cannot be significant. This financial report is published in German and English. The German version is always authoritative.