grenke around the globe
Please note that this website shows an excerpt from the grenke AG Annual Report 2025. The annual report, which is also available in the “Reports & Key Figures” section of the grenke AG website, prevails.
Results 2025
Group earnings
Leasing new business
Results Parameters 2025
Equity ratio
Cost-income ratio
Loss ratio
CM2 margin
Guidance 2026
Key Figure
2026
Group earnings
74 - 86 EURm
Leasing new buisness
3.4 - 3.6 EURbn
Underlying parameters for this guidance:
Key Figures
2026
Contribution Margin (CM) 2 margin
> 16.5%
Loss rate
1.6 - 1.7 %
Cost-income ratio
ca. 55%
Equity ratio
ca. 15%
Interactive key figures tool
Our interactive key figures tool provides a graphical and tabular presentation of our key figures for new business, the income statement, the balance sheet and the cash flow statement. All data is also available for Excel download.
Download consolidated financial statements
Find the notes to the consolidated financial statements and all consolidated financial statement tables for the 2025 financial year in one file here.
Selected notes to the income statement
Interest and similar income from financing business
Interest and similar income from financing business break down as follows:
EURk
2025
2024
Interest income from leasing business
651,841
556,148
Interest and similar income from factoring business
11,208
13,353
Interest income from Bank’s lending business
5,558
4,847
Total
668,607
574,348
Interest expenses from refinancing including deposit business
Interest expenses from refinancing, including deposit business, break down as follows:
EURk
2025
2024
Interest expenses from refinancing (excl. deposit business)
213,654
181,279
Interest expenses from deposit business
49,806
36,332
Total
263,460
217,611
Profit from service business
The profit from service business comprises income and expenses from the service and protection business (processing of property insurance in connection with leasing transactions), as well as income and expenses from operating lease arrangements.
The respective year-on-year increase is attributable to the existing portfolio of Intesa Sanpaolo Rent Foryou S.p.A., which was included in the scope of consolidation as of June 1, 2025. For the first time recognition of the associated positive contribution to the income from operating leases, the amount in the reporting year was EUR 5,392k. This existing operating lease portfolio will expire successively in the years ahead as new business is entered into in the form of finance leases.
Effects due to hyperinflation result from the application of IAS 29 “Financial Reporting in Hyperinflationary Economies” in the context of leasing business in Turkey.
The income and expenses from service business break down as follows:
EURk
2025
2024
Revenue from service and protection business
176,707
161,598
Expenses from service and protection business
16,675
14,217
Profit from service and protection business
160,032
147,381
Revenue from
operating leases
72,655
24,381
Depreciation of
lease assets from
operating leases
69,834
27,858
Effect of high inflation
389
2,496
Profit from
operating leases
3,210
– 981
Total
163,242
146,400
Profit from new business
The profit from new business is comprised as follows:
EURk
2025
2024
Capitalised initial
direct costs
40,524
36,800
Revenue from lease
down payments
13,691
13,139
Service fees for making lease assets available for use
9,789
10,374
Net commission income from lending and
factoring business
1,025
768
Other
0
– 1
Profit from
new business
65,029
61,080
Based on the calculations specific to the lease agreement, mainly initial direct costs, revenue from lease down payments and service fees for making lease assets available for use are recorded in the profit from new business. Initial direct costs primarily include commissions paid to resellers, bonus payments, variable remuneration components and other initial direct costs incurred in connection with the conclusion of the lease. The presentation of capitalised initial direct costs is on a gross basis, which means the costs incurred are still included within the corresponding items of the income statement.
Gains (+) / losses (–) from disposals
EURk
2025
2024
Capital gains / losses from disposal after end of the basic lease term
26,840
14,044
Capital gains / losses from the mutually agreed early dissolution of contracts
577
– 2,214
Profit
27,417
11,830
The gains/losses from disposals consist of capital gains and losses from the termination of lease contracts after the agreed basic lease term and capital gains / losses from the premature mutual termination of contracts. The income components of subsequent business are reported as interest and similar income from financing business within the framework of finance leases.
Staff costs
In the 2025 reporting year, the grenke Group’s headcount (excluding the Board of Directors) averaged 2,439 employees (previous year: 2,295). An additional 92 employees (previous year: 77) were in training.
Number of employees
2025
2024
Europe
2,288
2,160
of which in Germany
1,036
982
of which in France
235
218
of which in Italy
214
202
Other countries
151
135
grenke
Consolidated Group
2,439
2,295
The average number of employees (excluding the Board of Directors) in full-time equivalents was 2,331 (previous year: 2,196).
Staff costs consisted of the following:
EURk
2025
2024
Salaries
175,505
162,617
Social security and pension expenses
39,721
35,592
Total
215,226
198,209
Severance payments totalling EUR 2,427k (previous year: EUR 2,477k) are included in salaries.
As in the previous year, staff costs do not include any government grants.
For the existing defined benefit pension plans, a net pension expense totalling EUR 813k (previous year: EUR 692k) was recognised in staff costs for the 2025 financial year.
Expenses by category were as follows:
EURk
2025
2024
Staff costs
215,226
198,209
Own work capitalised
2,166
892
Total staff costs
217,392
199,101
Selling and administrative expenses
Selling and administrative expenses are divided into the following categories:
EURk
2025
2024
Operating expenses
32,868
30,301
Consulting and audit fees
20,237
17,553
Distribution costs
(excl. commissions and bonuses)
20,591
24,450
Administrative expenses
29,426
24,773
Other taxes
5,576
5,162
IT project costs
15,114
14,795
Remuneration of the supervisory committees
856
855
Total
124,668
117,889
Information technology (IT) project costs that were not capitalised as development costs occurred as a result of the involvement of external expertise, particularly for process optimisation projects of the central and standardised IT processes. The costs are at the same level as for the previous year as a result of activities related to the Digital Excellence Programme, which included the design and implementation of automated processes in the areas of customer verification and anti-money laundering, as well as the gradual establishment of a suitable cloud infrastructure.
Expenses by category were as follows:
EURk
2025
2024
Selling and administrative expenses
124,668
117,889
Expenses from service and protection business
16,675
14,217
Commissions and bonuses paid to dealers and recorded in profit from new business
82,033
75,901
Total selling and administrative expenses
223,376
208,007
Depreciation, amortisation and impairment
EURk
2025
2024
Other intangible assets
5,730
5,132
Operating and office equipment
3,603
4,634
Office buildings
1,373
1,172
Rights of use
13,983
13,983
Total
24,689
24,921
For expenses from impairment of property, plant and equipment and other intangible assets, please refer to Notes 5.6 to 5.8. For the depreciation of right-of-use assets recognised under IFRS 16 as a lessee, please refer to Note 5.10.
Expenses by category were as follows:
EURk
2025
2024
Depreciation and amortisation
24,689
24,921
Depreciation and amortisation of operating leases recognised in the profit from service business
69,834
27,858
Depreciation and amortisation of operating leases recognised in the risk provisions of leasing business
23
81
Total depreciation and amortisation
94,546
52,860
Settlement of claims and risk provision
The expenses from the settlement of claims and risk provision break down as follows:
EURk
2025
2024
Impairment in leasing business
88,400
42,457
Settlement of claims in leasing business
105,734
92,231
Depreciation of terminated operating leases
23
81
Expenses from disposal of residual carrying amounts under operating leases
294
354
Total claims settlement and risk provisioning in leasing business
194,451
135,123
Impairment in Bank’s lending business
– 948
– 7,848
Settlement of claims in lending business
436
519
Total claims settlement and risk provisioning in Bank’s lending business
– 512
– 7,329
Impairment in factoring business
– 1,352
– 751
Settlement of claims in factoring business
1,706
1,944
Total claims settlement and risk provisioning in factoring business
354
1,193
Impairment in trade receivables
– 338
1,811
Settlement of claims in trade receivables
445
214
Total claims settlement and risk provisioning in trade receivables
107
2,025
Impairment in other financial assets
1,553
0
Total
195,953
131,012
thereof impairment
87,315
35,669
Impairment of goodwill
The recognised impairment of goodwill is as follows:
EURk
2025
2024
Impairment of goodwill Spain (ES)
0
4,415
Total
0
4,415
In the 2025 financial year, there was no goodwill impairment. For details, see Note 5.8.
Other operating result
Other operating result consists of other operating income and other operating expenses.
Other operating income is structured as follows:
EURk
2025
2024
Revenue from overdue payment fees
2,070
1,885
Maintenance revenues
974
669
Other revenue from lessees
794
568
Revenue from the disposal of merchandise
738
111
Change in inventory
0
6
Previous period income
4,869
1,032
Proceeds account management
131
130
Rental income
93
99
Rental income from investment property
66
0
Capital gains from the disposal of non-current assets
62
71
Reversal of other provisions
5,674
1,389
Government grants
129
126
Other items
983
1,817
Total
16,583
7,903
Other operating expenses is structured as follows:
EURk
2025
2024
Currency translation differences
9,818
10,230
Revenue deductions
7,584
6,087
Non-deductible input tax
420
421
Capital losses from the disposal of operating and office equipment
10
81
Expenses from previous periods
220
5
Depreciation of investment property
26
0
Other items
1,122
665
Total
19,200
17,489
Revenue from contracts with customers
The following table shows revenue from contracts with customers (IFRS 15):
EURk
2025
2024
Gross revenue from service and protection business
(service business)
176,707
161,598
Service fee for making lease assets available for use
9,789
10,374
Revenue from reminder fees (leasing)
2,052
1,871
Revenue from reminder fees (factoring)
18
14
Other revenue from lessees
794
568
Disposal of lease assets
232,084
199,460
Commission income from banking business
1,025
768
Total
422,469
374,653
Revenue from contracts with customers and other revenue
The following table shows revenue from contracts with customers (IFRS 15) and other revenue (IFRS 9, IFRS 16):
EURk
2025
2024
Revenue from contracts with customers
(IFRS 15)
422,469
374,653
Other revenue
(IFRS 9, IFRS 16)
Interest and similar income from financing business
668,607
574,348
Revenue from operating leases
72,655
24,381
Portions of revenue from lease down payments
13,691
13,138
Total
1,177,422
986,520
Income taxes
EURk
2025
2024
Current taxes
30,169
34,640
Corporate and trade taxes (Germany)
1,572
18,385
International income taxes
28,597
16,255
Deferred taxes
– 8,512
– 15,396
Germany
– 858
7,167
International
– 7,654
– 22,563
Total
21,657
19,244
Current taxes include tax expenses of EUR 1,858k from previous years (previous year: EUR 13,636k).
The reconciliation of the expected applicable tax rate of grenke AG to the effective tax rate based on earnings before taxes (100 percent) is as follows:
Applicable tax rate
2025
2024
Trade tax
14.13%
14.13%
Corporate income tax
15.00%
15.00%
Solidarity surcharge (5.5% of corporate income tax)
0.83%
0.83%
Expected average tax rate grenke AG
29.96%
29.96%
Non-deductible expenses
5.44%
4.54%
Changes due to international taxes
– 4.23%
– 2.32%
Effective changes in tax rates
– 0.69%
0.42%
Utilisation of non-capitalised loss carryforwards
– 9.39%
– 18.01%
Tax-free income
2.45%
2.05%
Effect of non-tax deduct- ible goodwill impairment
0.00%
1.48%
Tax reductions due to tax-free income
– 4.59%
– 8.14%
Back payments and tax refunds from previous years
– 0.87%
15.25%
Controlled foreign corporation rules
5.72%
0.00%
Other
– 0.60%
– 3.70%
Effective average tax rate for the Consolidated Group
23.20%
21.53%
Earnings per share
Group earnings attributable to the shareholders of grenke AG in the amount of EUR 57,146k (previous year: EUR 65,446k) is the basis for the calculation of both diluted and basic earnings per share. There was no dilutive effect in the 2025 financial year or in the previous year. Earnings per share for the reporting year amounted to EUR 1.29 (previous year: EUR 1.44).
Shares
2025
2024
Shares outstanding at beginning of period
44,177,878
46,495,573
Average number of shares outstanding at end of period
44,177,878
45,462,141
Shares outstanding at end of period
44,177,878
44,177,878
EURk
2025
2024
Net profit attributable to grenke AG ordinary shareholders
57,146
65,446
Net profit attributable to grenke AG hybrid capital holders
12,615
10,498
Profit/loss attributable to non-controlling interests
2,014
– 5,786
Group earnings
71,775
70,158
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