Kommunalkredit Austria Annual Report 2025

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Integrated Annual Report Kommunalkredit Austria AG 2025 INFRA BANKING EXPERTS

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As an infra banking expert, Kommunalkredit specializes in financing and advising forward-looking infrastructure projects throughout Europe. It is thus strengthening Europe’s resilience, promoting economic growth, and accelerating the green and industrial transition. With lending, advisory, asset management, and public finance as its core business fields, the bank supports projects in the areas of Energy & Environment, Communication & Digitalization, Transport, and Social Infrastructure. Kommunalkredit’s tailored solutions enable project financing, as well as corporate and acquisition financing in infrastructure and energy. Founded in 1958, Kommunalkredit has enabled new infrastructure and energy financing with a volume of around EUR 12 billion since 2020 alone. The majority shareholder is European private equity firm Altor, which focuses on innovative companies and the green transition, and has raised more than EUR 12 billion since its inception.

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INTEGRATED ANNUAL REPORT KOMMUNALKREDIT AUSTRIA AG 2025 INFRA BANKING EXPERTS

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4 INFRA BANKING EXPERTS International reach. Sectoral focus. Core markets and sectors Spotlight on 2025 Key facts and ﬁgures At the heart of Europe’s transition ramp-up Foreword by the CEO Continued progress Highlights 2025 Infra insights Perspectives from our expertise Outstanding projects Case studies 2025 Making a difference A forum for Europe’s infrastructure leaders A strong team Executive Board A solid foundation Ownership and company structure 08 12 14 16 18 24 26 28 30 Supervisory Board 32 Report by the Supervisory Board Continued progress The 2025 financial year confirmed Kommunalkredit's solid performance and its clear positioning as a key enabler of Europe's infrastructure transformation. Page 16 Making a difference The KOMMUNALE SOMMERGESPRÄCHE are a key forum for Europe’s infrastructure leaders, bringing experts and decision-makers together to shape the future of cities and communities. Page 26 Management Report Economic environment Business review Kommunalkredit on the capital market Equity participations Assets, financial position, and income Employees Other material disclosures 36 42 48 50 54 58 63 Internal control and risk management system 64 Research and development 65 Risk management 66 Sustainability Outlook 82 97

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Financials Separate financial statements Statement of ﬁnancial position (under the Austrian Banking Act) Income statement (under the Austrian Banking Act) Notes to the annual financial statements of Kommunalkredit Austria AG for the 2025 financial year Auditor's report 102 104 105 130 Statement by the legal representatives 135 Increased capital market presence Strong capital market presence with successfully executed transactions in 2025 serves as a testament to strong confidence in Kommunalkredit. Page 48 5 Outstanding projects Data centers play a central role in infra- structure. Among other things, Kommunalkredit was involved in the implementation of a 90 MW plant in Norway. Page 24 Owner and publisher Self-published by Kommunalkredit Austria AG Tuerkenstrasse 9, 1090 Vienna, Austria Phone: +43 1 31631 www.kommunalkredit.at Corporate Communication & Marketing communication@kommunalkredit.at Phone: +43 1 31631 593 Investor Relations investorrelations@kommunalkredit.at Phone: +43 1 31631 434 Creative direction Rosebud Layout Dechant Graﬁsche Arbeiten Proofreading & translation Male Huber Friends Photos Adobe Stock (4, 5, 6, 22, 24, 57), Adobe Stock (Maps (c) vukrytas), Adobe Stock (Icons (c) vukrytas, rawku5, peacefully7, Panuwat, davvodda, Waseem, Cetacon, flaticon), Adobe Stock (Flag (c) jehafo, Porcupen), fotowagner.com (4, 14, 17, 26, 27, 28, 29), FRV Fotowatio Renewables Venture (17), Christoph Markus Kleinsasser (52, 53, 59), TheNounProject (Icons), Renalfa Solar- pro Group (16), Rosebud x AI. Image created by Rosebud using AI-assisted generative processes (1, 5, 11, 18, 21, 24, 34, 41, 73, 81, 96, 100, 108), Südwerk Energie GmbH (25), WU Wien L C (11)

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7 INFRA BANKING EXPERTS International reach. Sectoral focus. Core markets and sectors Spotlight on 2025 Key facts and figures At the heart of Europe’s transition ramp-up Foreword by the CEO Continued progress Highlights 2025 Infra insights Perspectives from our expertise Outstanding projects Case studies 2025 Making a difference A forum for Europe’s infrastructure leaders A strong team Executive Board A solid foundation Ownership and company structure 08 12 14 16 18 24 26 28 30 Supervisory Board 32 Report by the Supervisory Board

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8 INFRA BANKING EXPERTS INTERNATIONAL REACH COMMITTED TO EUROPE Centered in the heart of Europe, we bring our expertise across the entire continent, which consistently represents one of the world's most dynamic regions for infrastructure invest- ment. From sustainable energy supply and modern transport networks to crucial social infrastructure, thereby contributing decisievly to improving people's lives and fostering economic prosperity. OUR TARGET MARKETS OUR OFFICES Kommunalkredit also provides selected structured export financings in countries such as the USA, Angola, Benin, Côte d’Ivoire, Egypt, and Ghana, secured by Export Credit Agencies (ECAs).

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CORE MARKETS AND SECTORS 9 FRANKFURT VIENNA

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10 INFRA BANKING EXPERTS SECTORAL FOCUS DRIVING LONG-TERM PROGRESS Efficient infrastructure is a key prerequisite for sustainable eco- nomic development. Through our specialized financing solutions and comprehensive advisory services, we contribute to the effi- cient and economically viable implementation of forward-looking infrastructure projects. Two financing pillars for greater resilience With a client base spanning both private and public institutions, Kommunalkredit combines the agility of the private sector with the stability of public debt. This balanced approach strength- ens the bank’s resilience, ensuring long-term stability across its diverse portfolio. Portfolio by borrower 68% Private debt The enormous investment needs of European infrastructure cannot be met by the public sector alone. The majority of our business evolves around enabling financing for private corporates and utilities as well as private project financing. EUR 6.3bn 32% Public debt Around 32% of our portfolio consists of municipal projects in Austria and across Europe focusing on projects such as building and refurbishment of nurseries and schools, expansion of water supply and wastewater systems as well as municipal housing. Private debt Public debt

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CORE MARKETS AND SECTORS 11 Energy & Environment Energy supply Renewable energy Water supply Waste management Hydrogen LNG terminals Pipelines Energy storage Communication & Digitalization Data centers Broadband fiber, connectivity solutions Telecom, broadcasting towers Transport Roads, bridges, tunnels Airports Ports, waterways Rail transport Public transport Specialized logistics solutions (cold storage etc.) Social Infrastructure Hospitals, care homes Modular space, building solutions Digital diagnostics, health- care infrastructure, medical equipment Nurseries, schools, universities, public adminis- tration buildings

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12 INFRA BANKING EXPERTS SPOTLIGHT ON 2025 EUR 12bn New business volume from I&E financing since 2020 EUR 2.1bn New business volume incl. Public Finance in 2025 17.6% Tier 1 ratio (bank stand-alone) SELECTED PERFORMANCE INDICATORS in EUR m or % Net interest income Operating result* Profit for the period before tax Profit for the period after tax Cost/income ratio Return on equity before tax Return on equity after tax Tier 1 ratio 45.1% Cost-income ratio Austrian GAAP 2021 2022 2023 2024 2025 55.6 52.5 56.2 47.1 51.2% 16.3% 13.7% 20.4% 94.5 61.2 68.5 70.2 47.8% 24.7% 20.0% 19.4% 173.0 139.1 135.6 100.4 35.1% 31.4% 23.3% 20.0% 175.1 135.6 123.9 84.5 36.2% 23.3% 15.9% 20.3% 130.8 97.6 3.0 1.5 45.1% 0.4% 0.2% 17.6% * Operating result before tax and adjusted for net provisioning and result from the sale of active portfolio

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KEY FACTS AND FIGURES 13 EUR 1.5m EUR 97.6m Profit for the period after tax Operating result** EUR 500m Senior preferred bond (2.6 times oversubscribed) EUR 150m Tier II bond issue (3.6 times oversubscribed) PRIME STATUS ISS ESG rating BBB+ Average rating of overall portfolio BBB↘︎ S&P Global Ratings Long-term issuer credit rating AA+↘︎ S&P Global Ratings Covered bond rating (Upgrade by 2 notches as of 29/01/2026) ** Before tax and adjusted for net provisioning and result from the sale of active portfolio

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14 INFRA BANKING EXPERTS AT THE HEART OF EUROPE’S INFRASTRUCTURE RAMP-UP After four months at the helm of Kommunalkredit, this annual report is a good occasion for me to step back and tell you how convinced I am of the incredible potential of this bank. What I see internally every day, and what our clients consistently tell me, confirms that our positioning and our expertise are spot on. We are focused, agile and fast, solution-oriented, with lean management structures and a cost-income ratio of around 45%, which in challenging times is one of the strongest assets a bank can have. Our growth strategy is clear and will enable us to gradually be the indisputable go-to bank for Infrastructure and Energy projects in Europe. Strong operating income enabling continuous investment Kommunalkredit has generated EUR 2.1 billion of new business in 2025, through a large number of landmark transactions across its core infrastructure sectors. Selected examples include financing critical transport and logistics assets in Ireland, supporting 100% renewable-powered digital infrastructure in Norway, or enabling large-scale renewable energy and storage projects in Germany and Finland. In addition, we acted as a financial advisor on several major transactions, including a cross-border renewable platform in Central and Eastern Europe, combining advisory excellence with lending capabilities. These transactions are representative of our broader activity and underline our commitment to delivering sustainable, resilient infrastructure across Europe. From a revenue standpoint, 2025 was a year of normalization, with the disappearance of the tailwind effects of falling interest rates in 2024. We knew this would happen and that our true performance needed to be assessed without it. On that aspect, we can be more than satisfied, as strong commercial activity, with a strong ramp-up in the last quarter, enabled us to increase our core revenues by 4%. As we kept our costs under strict control, our operating result1 reached EUR 97.6 million: a very substantial amount. This strong operating result has certainly not been achieved at the detriment of investing for the future. To the contrary, 2025 was a year of organizational transformation, marked by targeted investments to further strengthen the bank’s long-term readiness and operational resilience. Kommunalkredit continued to invest in its people, operating model and core IT capabilities, with a strong focus on digitalization, data management, cyber security and IT security, further enhancing our operational and regulatory robustness. 1 Operating result before tax and adjusted for net provisioning and result from the sale of active portfolio

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FOREWORD BY THE CEO 15 Sector-specific challenges impacting net result but not capital strength Nevertheless, 2025 confronted us with significant headwinds, due to unprecedented challenges in certain sectors. Most notably the fiber-optic sector, a key enabler of Europe’s digitalization, is ex- periencing cyclical and structural consolidation, especially in the United Kingdom and Germany, posing challenges across the bank- ing landscape. A number of projects across this sector ended the year with insufficient liquidity, at a time when both sponsors and banks are reluctant to inject additional capital. Like many peers, this has affected us and we have set aside almost EUR 100 million of risk provisions and valuation effects to cover our exposures, effectively erasing our expected net result for 2025. As our risk weighted assets have been kept under control, the absence of retained earnings has not altered our very strong cap- ital structure. With more than EUR 970 million of total capital, a capital ratio stands at 22.0% far above our regulatory standards (14.8%) and our mid-term objectives. This strong capitalization, the high level of provisions set aside, and our ample liquidity buff- er of more than a billion euros by year-end, are here to demon- strate our willingness to build a fortress balance sheet. Strong shareholder support and continued investor trust Another benefiting factor for Kommunalkredit is the strong back- ing of its main shareholder Altor. Since the acquisition, our share- holders have not upstreamed any dividends, have retained all earnings in the bank, and have supported us with a EUR 100 mil- lion capital increase. Their long-term view on value creation and their deep ESG credentials are key enablers of Kommunalkredit’s sustainable growth story. Investor confidence in our business model was also once again evident in 2025. The participation of international institutions such as IFC and AIIB in our issues underscores Kommunalkredit’s reputation as a trusted partner in the European market. On the capital market, we successfully placed several benchmark trans- actions, including a EUR 500 million senior preferred bond and a EUR 150 million Tier II bond – both significantly oversubscribed. In March 2025, Standard & Poor’s upgraded our covered bond rat- ing to AA-/stable. In December, Kommunalkredit’s BBB/A-2 long- and short-term issuer credit ratings, as well as the BBB rating on our senior unsecured (senior preferred) debt and the BB rating on the subordinated Tier 2 instrument, were affirmed although the outlook was revised from stable to negative. As part of this review, S&P assessed Kommunalkredit as a solid bank, well positioned in its markets, and not surprisingly with a likely peak in non-perform- ing loans and provisions around 2025-2026. The new year started with a further upgrade of our covered bond rating by two notches to AA+/negative. With this significant upgrade, Standard & Poor’s underlined the commitment of Kommunalkredit to maintain a 13% over-collateralization in the cover pool and to comply with liquidity buffer requirements for all outstanding bonds. A strategic path and growth story unchanged Although challenging, 2025 leaves us well positioned going for- ward and with a clear strategy. First and foremost, we will not lose our focus and continue to develop our strategic advantage of being an expert in lending and advisory for the European energy and infrastructure market. This market remains fundamentally attractive as it continues to benefit from powerful megatrends across Europe: ageing population, urbanization, digitalization, sovereignty and of course the long-term need for renewable en- ergy and climate transition projects. These trends lie at the very heart of our business model and mission: to enable and advance the transformation of essential infrastructure for a sustainable, resilient future. Alongside public authorities, private investors have accumulated significant amounts of capital and are actively seeking opportunities. To deploy this capital efficiently they will increasingly rely on institutions like Kommunalkredit for lending, structuring, and advisory expertise. Teamwork, ethics and deep expertise at the heart of our culture Providing our clients with the best service, being solution-orient- ed, advising them efficiently: in the end, it all relies on the quality of our staff and on the working environment in which they ope- rate. At Kommunalkredit, we value teamwork, and this is not just a buzzword. Our culture is one of high ethics and we don’t tolerate any exception to that. We aim at the best expertise and invest in training and cross-functional development to enable each of our employees to progress. And our initiatives to foster this corpo- rate culture have concrete effects on increased job satisfaction that has helped us retain and attract talents. In three years, our total staff turnover has drastically decreased: 22% in 2023, 13% in 2024 and only 9% in 2025, a clear indicator of improved employee satisfaction and alignment with our strategy. So, together with my colleagues on the Executive Board – Sebas- tian Firlinger, Nima Motazed, and John Weiland – I would first like to thank our employees for their outstanding commitment, professionalism, and teamwork. Their expertise, dedication, and agility make Kommunalkredit what it is today – a reliable partner in Europe’s infrastructure transformation. I would like to conclude by expressing my gratitude to our cli- ents, investors, and shareholders for their continued trust and cooperation. I hope you enjoy reading this year’s Annual Report. Jacques Ripoll Chief Executive Officer Kommunalkredit Austria AG

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16 INFRA BANKING EXPERTS CONTINUED PROGRESS l p u o r G o r p r a o S a f l a n e R © Advisory and lending powering CEE’s green energy offensive Kommunalkredit advised Renalfa IPP, a leading independent power producer focused on renewable energy in Central and Eastern Europe, on a EUR 315 million HoldCo financing that supports a EUR 1.2 billion investment program. The portfolio comprises 1.6 GW of renewable generation capacity and 3 GWh of co-located battery storage across Bulgaria, Hungary, Romania and North Macedonia. Kommunalkredit also provided debt financing, showcasing the combined strength of structur- ing and lending expertise under one roof. EUR 150 million Tier II bond 3.6 times oversubscribed 2% Middle East 4% Northern Europe 4% Southern Europe 8% France Kommunalkredit has successfully completed its first public Tier II bond issue, raising EUR 150 million from a broad international investor base despite a volatile market environment. The transaction attracted strong demand, with 56 institutional investors participating and an order book exceeding EUR 540 million – making it 3.6 times oversubscribed. Investor appetite was led by the UK/Ireland (61%), with further participation from US (13%), the D-A-CH region (8%) and France (8%). 8% Germany (D), Austria (A), Switzerland (CH) 13% US offshore EUR 150m Investor distribution by country 61% United Kingdom/ Ireland 2,00 %4,00 %4,00 %8,00 %8,00 %13,00 %61,00 %

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HIGHLIGHTS 2025 17 Upgrade for covered bond rating Due to Kommunalkredit's strong presence on the capital market and its successful bond issues, S&P Global Ratings raised our rating for covered bonds in a first step from A+/stable to AA-/stable at the beginning of 2025. One year later, in January 2026, the rating agency upgraded the rating again by 2 notches to AA+/negative. These upgrades reflect the high quality of Kommunalkredit’s covered bond pool and the commitment to main- tain a 13% over-collateralization in the cover pool and to obey to liquidity buffer requirements for all outstanding bonds. Jacques Ripoll appointed CEO In May 2025, the Supervisory Board of Kommunalkredit appointed Jacques Ripoll as CEO. Jacques brings extensive management experience from various senior positions in the European banking industry. He took up his new position on 1 September 2025. Enabling Finland’s largest battery energy storage system In Finland, Fotowatio Renewable Ventures is currently developing one of the country’s largest battery energy storage systems. Once completed, it will have a storage capacity of 100 MW. As sole arranger and leader, Kommunalkredit is providing financing for the project in the form of a term loan. l s e r u t n e V e b a w e n e R o ti a w o t o F V R F ©

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18 INFRA BANKING EXPERTS

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INFRA INSIGHTS 19 INFRA INSIGHT Huge need for infrastructure investment in Europe According to EU projections, investments of around EUR 2.5 trillion will be needed over the next five years to build wind and solar power plants, battery storage facilities, robust power grids, data centers, fiber- optic networks, modern hospitals, and many more. These investments cannot be shouldered by the public sector alone. As an expert in infrastructure and energy financing, Kommunalkredit is strength- ening Europe’s resilience and driving its green transition. 2,500,000,000,000

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20 INFRA BANKING EXPERTS 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% INFRA INSIGHT 80% of new business by Kommunalkredit fuels Europe’s green transition As a pan-European leader in infrastructure and energy financing, Kommunalkredit ensures that capital is channeled into urgently needed projects. Around 80% of our new business in 2025 was linked to initiatives driving Europe’s green transition – from wind and solar parks to sustainable mobility and energy-efficient public buildings.

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INFRA INSIGHTS 21 INFRA INSIGHT European data demand to triple by 2030 Data centers form the backbone of the digital economy. According to McKinsey, Europe’s demand for data processing capacity is expected to almost triple by 2030. Experts estimate that meeting this demand will require investments of EUR 250 billion to EUR 300 billion. To support this growth sustainably, more green energy will also be needed. We are actively contributing to this expansion by financing urgently needed projects in Germany, Scandinavia and the Netherlands – with a strong focus on energy efficiency and green energy production.

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22 INFRA BANKING EXPERTS INFRA INSIGHT Demographic shift forces massive investment in Europe’s medical infrastructure According to Germany’s ifo Institute, by 2050 nearly one in three Europeans will be over 65 – a demographic group that today accounts for 40% to 50% of total healthcare spending in OECD countries. Ensuring efficient and economically sus- tainable healthcare will require substantial investment, from building medical facilities to deploying AI-based diagnostic technologies. Kommunalkredit has long-standing expertise in financing healthcare projects, supporting the expansion of essential medical infrastruc- ture across Europe.

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INFRA INSIGHTS 23 INFRA INSIGHT Europe needs trillions for modern mobility A sustainable transport infrastructure is a vital foundation of modern economies. According to the European Commission, Europe will require EUR 1.5 trillion in investments between 2021 and 2030 to expand its transport networks and related infrastructure. Alongside public funding, private capital is expected to play a crucial role here. With its deep expertise in the transport sector, Kommunalkredit helps address this significant investment demand.

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24 INFRA BANKING EXPERTS OUTSTANDING PROJECTS In 2025, Kommunalkredit executed 45 transactions across its four sectors – Energy & Environment, Communication & Digitalization, Transport, Social Infrastructure – in 19 countries, with a clear focus on Europe. In the service of health Transport, chemical logistics provider Ireland Kommunalkredit played a key role in a banking syndicate which provided a comprehensive financing package for Basalt Infrastructure Partners’ acquisition of Chemco Group, a leading provider of chemical logistics and distribution services in Ireland. Chemco (Liffey) provides end-to-end logistics management services, including warehousing and transportation, primarily to the semiconductor sector in Ireland, and acts as a stocking distributor of key chemicals for the pharmaceutical, food and broader chemical industries. Supported by significant barriers to entry – notably specialized technical expertise and stringent regulatory requirements, including a wide range of certifications – the underlying assets exhibit strong infrastructure- like characteristics. 100% green data Communication & Digitalization, data centers Norway Kommunalkredit is contributing EUR 50 million to the senior financing of a new data center in Hamar, Norway, with a total volume of EUR 371 million. The data center will have an initial capacity of 90 MW, with potential expansion to 150 MW. The facility will be powered entirely by hydroelectricity. The operator, Green Mountain Innlandet AS, is Norway’s largest data center operator, providing approximately half of the country’s IT capacity. It operates six sustainable data centers in Norway and the UK, all powered by 100% renewable energy.

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CASE STUDIES 2025 25 Powering Bavaria’s energy transition Energy & Environment, renewable energy Germany Kommunalkredit is providing Südwerk GmbH, a leading development company based in Bavaria, with a HoldCo financing package of up to EUR 47.8 million. The first tranche of EUR 37.8 million will fund construction equity for a 250 MWp solar portfolio, a 20 MW battery system and four substations, all located in Bavaria. A further EUR 10 million may follow as additional projects progress, supporting Südwerk’s strong growth and accelerating its transformation from a pure project developer into a major independent power producer with a strong footprint in the German market. i H b m G e g r e n E k r e w d ü S

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26 INFRA BANKING EXPERTS MAKING A DIFFERENCE Since 2005, the KOMMUNALE SOMMERGESPRÄCHE (“Municipal Summer Talks”) have evolved into one of the most important forums for Europe’s infrastructure leaders. Experts, public administration officials, politicians, and private-sector decision-makers come together at the invitation of Kommunalkredit and Austrian Association of Municipalities to shape the future of our cities and communities through inspiring presentations and lively discussions. Megatrends challenge municipalities Megatrends such as demographics, decentralization, digitaliza- tion and decarbonization place increasing demands on munici- palities, particularly with regard to public infrastructure devel- opment. These challenges were discussed at the 20th KOMMU- NALE SOMMERGESPRÄCHE, held at the beginning of September in Bad Aussee, Styria, with contributions from leading Austrian and international experts and decision-makers, including for- mer German federal ministers Karl-Theodor zu Guttenberg and Christian Lindner. The discussions showed unmistakably that the great challenges of our time can only be solved together. Europe must come of age, define its independent position be- tween the global power blocs, and assume greater responsibility. With half a billion people, a high level of prosperity, and strong social cohesion, Europe has the prerequisites for this. Yet, this prosperity is based on a functioning infrastructure. There are challenges: trade barriers, economic slowdowns, and geopolit- ical tensions. The discussions highlighted that addressing these challen- ges requires cooperation across public and private sectors. In his opening remarks, Kommunalkredit CEO Jacques Ripoll emphasized the importance of mobilizing capital and struc- turing efficient investment frameworks, underlining the role of specialist banks in providing innovative financing solutions and advisory services for complex infrastructure projects. The place to be for infrastructure Beyond the exchange of expertise, the event once again served as a key networking platform for around 400 participants. By fos- tering dialogue among municipalities and private stakeholders, Kommunalkredit reinforced the message that strong local infra- structure is a cornerstone of Europe’s long-term competitiveness and future resilience.

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KOMMUNALE SOMMERGESPRÄCHE 27 Fireside chat with former German Federal Minister of Finance Christian Lindner. Altor’s Partner Paal Weberg attended this year’s event as a representative of the majority owner of Kommu- nalkredit, Altor Funds. His key message: “We have to save the world. But it has to pay off.” One of the great strengths lies in the numerous op- portunities it offers participants to exchange ideas and connect in an informal setting. In his keynote speech, former German Federal Minister for Economic Affairs Karl-Theodor zu Guttenberg explained why strategic resilience begins locally. Around 400 representatives used the two-day conference to gain first-hand insights from international experts into current trends, challenges, and approaches to shaping municipal infrastructure.

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28 INFRA BANKING EXPERTS A STRONG TEAM The four members of Kommunalkredit’s Executive Board combine extensive expertise with many years of experience in the European infra banking market, forming a strong and complementary management team.

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EXECUTIVE BOARD 29 Jacques Ripoll CEO Areas of responsibility Strategy | Corporate Communication & Marketing | Legal & Stakeholder | People & Culture | Compliance | Internal Audit “Europe is undergoing major structural shifts that require significant infrastructure investment at a time when public budgets are constrained. With our specialized financing services and deep expertise, we make public and private infrastructure projects bankable.” Sebastian Firlinger CFO/CRO Nima Motazed COO Areas of responsibility Accounting & Regulatory Reporting | Financial Planning & Analysis | Risk Controlling | Credit Risk Areas of responsibility Banking Operations | IT & Transformation | Group Operational Services | KPC John Weiland CCO Areas of responsibility Banking | Markets | Asset Management “Through disciplined financial management, strong capital market performance, and a prudent approach to risk, we secure the financial stability that gives our partners confidence and strengthens Kommunalkredit’s long- term resilience.” “By continuously enhancing our operational efficiency, we ensure consistently robust performance and the capacity to respond effectively to changing market conditions.” “By maintaining a clear focus on client needs and delivering tailor- made solutions, we expand value- creation opportunities and position Kommunalkredit for sustainable long-term growth.”

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30 INFRA BANKING EXPERTS A SOLID FOUNDATION Satere Beteiligungsverwaltungs GmbH (“Satere”), which holds a 99.8% interest in Kommunalkredit, is the Company’s majority shareholder. Satere is indirectly majority-owned by funds and in- vestment companies managed by Altor Fund Manager AB, as well as minority investors. Altor focuses on financing innovative businesses and projects that support the green transition, making it a strong and strategic part- ner for Kommunalkredit. Since its inception, Altor has launched funds totaling more than EUR 12 billion to invest in around 100 companies. The remaining 0.2% of Kommunalkredit is owned by the Austrian Association of Municipalities. Kommunalkredit ownership structure (as of 31/12/2025) Alternative investment funds and investment vehicles managed by Altor Fund Manager AB (Sweden) Minority investor Minority investor GOF PoolingCO GOF PoolingCO (SUB) AB (Sweden) AB (Sweden) 80.20% 97.89% 100.00% Green Opera Finance Invest AB (Sweden) Green Opera Finance Bidco AB (Sweden) Satere Beteiligungsverwaltungs GmbH (Austria) 99.80% 9.90% 9.90% 1.12% 0.99% Austrian Association of Municipalities 0.20% Kommunalkredit Austria AG

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OWNERSHIP & COMPANY STRUCTURE 31 The Kommunalkredit Group includes several specialized subsidi- aries. This structure allows the bank to manage complex activities effectively, meet regulatory requirements, and provide its clients with comprehensive specialist expertise across all relevant areas. Kommunalkredit company structure (as of 31/12/2025) Satere Beteiligungsverwaltungs GmbH (Austria) Austrian Association of Municipalities 99.80% 0.20% Kommunalkredit Austria AG 100.00% 90.00% 100.00% 45.00% 100.00% <1.00% Kommunalkredit KBI Immobilien GmbH Kommunalkredit Public Consulting GmbH Florestan KA GmbH Kommunalnet E-Government Solutions GmbH Fidelio KA Beteiligung GmbH Einlagensicherung AUSTRIA Ges.m.b.H. GP1 LP2 Kommunalkredit 4OG Immobilien GmbH & Co KG LP2 Kommunalkredit KBI Immobilien GmbH & Co KG LP2 Kommunalkredit TLI Immobilien GmbH & Co KG GP1 GP1 100.00% 40.00% 100.00% 100.00% Florestan KA Hydrogen GmbH PeakSun Holding GmbH Fidelio KA Infrastructure Opportunities Fund GP S.à r.l. LP2 GP1 Fidelio KA Infrastructure Opportunities Fund SICAV-RAIF SCA Fidelio KA Investment Advisory GmbH 1 General partner 2 Limited partner Subsidiaries Second-tier subsidiaries

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32 INFRA BANKING EXPERTS REPORT BY THE SUPERVISORY BOARD The Supervisory Board of Kommunalkredit Austria AG (Kommunalkredit) presents the Annual Report for the 2025 financial year to the Annual Shareholders’ Meeting. With the adoption of the annual financial statements 2024 in February 2025, Kommunalkredit exceeded the threshold of EUR 5 billion average total assets during the past three years and was classified as a credit institute of significant relevance accord- ing to § 5 (4) Austrian Banking Act (BWG). Accordingly, a Risk Committee (pursuant to Section 39d of the Austrian Banking Act (BWG)) was established by resolution of the Supervisory Board on 27 February 2025. A Nomination Committee was also estab- lished and merged with the existing Remuneration Committee, taking into account the provisions for its composition pursuant to Section 39c (3) BWG and FMA Fit & Proper Circular 3/2023 RZ103. In addition, internal BWG-compliance and risk functions were established. Since 15 July 2024, the Supervisory Board has been chaired by Hans Larsson (Board Member of Traton Financial Services), who is an independent member of the Supervisory Board. The share- holder representatives are Paal Weberg (Deputy Chairman, Part- ner Altor Equity Partners, delegated by Satere Beteiligungsver- waltungs GmbH), Andreas Haindl (independent management consultant, delegated by Satere Beteiligungsverwaltungs GmbH) and Herman Korsgaard (Partner Altor Equity Partners). Henrik Matsen (Partner Henry Costa Partners) and Kurt Svoboda (CFO/ CRO UNIQA Insurance Group AG) are independent members of the Supervisory Board. Anne Jaeger (Group Chief Compliance Officer and Executive Director of Zurich Insurance Group) was appointed as a new independent member of the Supervisory Board at the Annual General Meeting on 27 February 2025. Anne Jaeger was then appointed by the Supervisory Board to the Risk Committee (Chair), the Credit Committee (Deputy Chair, replacing Hans Larsson), and the Renumeration and Nomination Commit- tee (Compensation Expert). The Supervisory Board members dele- gated by the Works Council remain Oliver Fincke, Claudia Slauer and Gerald Unterrainer. At the reporting date, the Supervisory Board consisted of three shareholder representatives, four independent members and three employee representatives. Jacques Ripoll has been appointed as member of the Executive Board and new CEO as of 1 September 2025 by the bank's Super- visory Board. He brings intensive leadership experience from mul- tiple senior executive positions in the European banking industry, including CEO of the Corporate and Investment Bank at Crédit Agricole, Global Head of Corporate and Investment Banking at Santander Group, and various executive roles at Société Générale. As of the reporting date, the Executive Board consists of Jacques Ripoll (Chief Executive Officer), Sebastian Firlinger (Chief Risk Of- ficer and Chief Financial Officer), Nima Motazed (Chief Operating Officer), and John Weiland (Chief Commercial Officer). In 2025, Kommunalkredit generated new business of EUR 2,080 million including Public Finance, supported by 45 new projects. Core revenues increased by 4%. Challenging market developments, particularly in the fiber sector, affected Kommunalkredit and, in line with its prudent provisioning policy and commitment to a true and fair view of assets, led to value adjustments. These resulted in significant risk costs and had a material impact on the net result. At the same time, 2025 marked a year of organizational transformation, focused on strengthening long-term readiness, resilience and scalability. Significant investments in digitalization, data management, cyber security and IT security further enhanced operational and regulatory robustness. Despite the elevated risk costs, the bank’s capital and liquidity position remained strong, with a core capital ratio exceeding 17% and total capital of EUR 973.8 million at year-end 2025. Kommunalkredit has continuously expanded its access to the ca- pital markets in recent years. In 2025, a total of around two billion euros was refinanced on the capital market – these transactions underline Kommunalkredit's commitment to establishing itself as a regular issuer on the capital market.

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REPORT BY THE SUPERVISORY BOARD 33 The Supervisory Board performed its duties in accordance with the articles of association and rules of procedure at four ordi- nary meetings and one extraordinary meeting; the committees (Audit Committee, Supervisory Credit Committee and the newly established Risk Committee, and Remuneration and Nomination Committee) also met and performed their duties in accordance with the rules of procedure. The Supervisory Board was continuously and comprehensively in- formed by the Executive Board at the meetings of the Supervisory Board and its committees as well as through direct information on the course of business, the situation and development of the com- pany, and the intended business policy. The Supervisory Board advised and monitored the Executive Board in the management of the company in accordance with the duties incumbent upon it by law, the articles of association, and the rules of procedure. In accordance with the Fit & Proper policy (based on the EBA/ ESMA Guidelines on the assessment of the suitability of mem- bers of the management body and key function holders, version 2021/06, and the FMA Fit & Proper Circular of March 2023), the newly appointed Supervisory Board member Anne Jaeger and the Executive Board member and CEO Jacques Ripoll completed com- prehensive Fit & Proper training on the regulatory framework for Austrian credit institutions in 2025. Further, all the bank's Super- visory and Executive Board members completed training about changes and novelties in the regulatory area in December 2025. These annual financial statements and the management report were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The audit did not give rise to any objections and the statutory provisions were complied with. The annual financial statements give a true and fair view of the assets, financial position and results of operations of the company as at 31 December 2025, which is why an unqualified audit opinion was issued. The Supervisory Board concurred with the findings of the audit and approved the 2025 annual financial statements at its meeting on 26 February 2026, which are thus adopted. The consolidated financial statements as at 31 December 2025, including the man- agement report, were also examined and acknowledged. Hans Larsson Chairman of the Supervisory Board Members Supervisory Board Hans Larsson Chairman of the Supervisory Board, Non-Executive Director Traton Financial Services Paal Weberg Deputy Chairman of the Supervisory Board, Partner Altor Equity Partners Andreas Haindl Independent Management Consultant Anne Jaeger Group Chief Compliance Officer Zurich Insurance Group since 27 February 2025 Herman Korsgaard Partner Altor Equity Partners Henrik Matsen Partner Henry Costa Partners Kurt Svoboda CFO/CRO UNIQA Insurance Group AG Oliver Fincke Delegated by the Works Council Claudia Slauer Delegated by the Works Council Gerald Unterrainer Delegated by the Works Council State Representatives Philipp Schweizer State Representative, Federal Ministry of Finance Marion Stiastny Deputy State Representative, Federal Ministry of Finance Vienna, 26 February 2026 Corporate governance documents at kommunalkredit.at

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34 34 MANAGEMENT REPORT

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35 36 42 48 50 54 58 63 MANAGEMENT REPORT Economic environment Business review Kommunalkredit on the capital market Equity participations Assets, financial position, and income Employees Other material disclosures Internal control and risk management system Research and development Risk management Sustainability Outlook 64 65 66 82 97

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36 MANAGEMENT REPORT Economic environment Infrastructure markets performed significantly better than the overall economy in 2025. While global economic growth remained subdued, infrastructure investment continued to expand, supported by structural trends, government initiatives and private capital in- flows. At the same time, certain segments faced increasing challenges, including rising consolidation pressure in the fiber sector and a more demanding environment for the green energy transition, which is progressing under less favorable conditions than in previous years. A year shaped by geopolitics and policy shifts Looking back on 2025, the global economic environment was characterized by heightened geopolitical tensions, shifting growth dynamics’ and monetary policy adjustments. As a result, the glob- al recovery remained fragile and uneven, with significant differ- ences across regions. Geopolitical risks continued to weigh on economic activity throughout the year. In the first half of 2025, escalating tensions in the Middle East, particularly between Israel and Iran, added to existing global uncertainty. In addition, the continuation of trade policies and tariffs introduced during the second term of U.S. President Donald Trump negatively affected global trade flows and investment sentiment. Together with the ongoing war in Ukraine, these factors contributed to subdued economic mo- mentum, particularly in Europe. GDP growth in %1 Source: OECD Economic growth developments remained divergent across re- gions. While the U.S. economy demonstrated a comparatively high degree of resilience, economic growth in Europe remained muted. For Kommunalkredit, these conditions translated into el- evated uncertainty within the European infrastructure and ener- gy sector, resulting in cautious investment behavior and adverse sector-specific developments. On the other hand, the European infrastructure market continued to be supported by strong structural drivers. Ongoing investment needs related to the energy transition, decarbonization, transport infrastructure, and social infrastructure remained intact. These long-term fundamentals continued to underpin demand for in- frastructure financing and formed a stable basis for Kommunal- kredit’s new business activities in 2025, notwithstanding short- term volatility in the macroeconomic environment. ■ 2023 ■ 2024 ■ 2025 1 OECD: Economic Outlook, Issue 2, December 2025. An adjustment to the measure- ment method may lead to changes in comparative values from the past. 6 5 4 3 2 1 0 3.2 3.3 3.2 3.6 3.3 3.2 Global G20 2.9 2.8 2.0 1.3 0.5 0.8 Eurozone USA China 5.2 5.0 5.0

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ECONOMIC ENVIRONMENT 37 Europe’s biggest infrastructure markets in 20252 by investment volume Great Britain Germany* Spain* France* Italy* Poland EUR 170bn EUR 52bn EUR 47bn EUR 44bn EUR 42bn EUR 20bn Netherlands* EUR 13bn Denmark EUR 11bn Sweden EUR 9bn * Eurozone Easing inflation and monetary policy responses Inflationary pressures in the euro area eased steadily over the course of the year, bringing inflation close to the European Central Bank’s (ECB) target of 2%. In response to weakening economic momentum, the ECB adopted a more accommodative monetary policy stance and lowered interest rates in four steps of 25 basis points each. As a result, the deposit facility rate declined from 3.0% at the beginning of the year to 2.0% by year-end.3 Government bond issuance in Europe reached elevated levels in 2025, reflecting increased fiscal spending and refinancing require- ments. Despite higher issuance volumes, interest rate volatility declined over the course of the year. In the second half of 2025, yields on German government bonds traded largely within a nar- row range of approximately 2.6% to 2.8%4, contributing to greater stability in long-term reference rates relevant for infrastructure financing. Credit spreads tightened during the same period, al- though further compression remained constrained by persistent geopolitical and macroeconomic risks. This shift supported financing conditions in the euro area and im- proved visibility for long-term investment decisions, particularly in capital-intensive infrastructure sectors. Within the European banking sector, credit growth showed ear- ly signs of recovery, with lending volumes increasing by 2.2%5 year-on-year. Banks continued to benefit from the post-zero-in- terest-rate environment and maintained solid profitability levels. For the European infrastructure market, these developments supported the availability of financing and reinforced the role of banks as long-term partners in the funding of essential infra- structure projects, which remain at the core of Kommunalkredit’s business activities. 2 lnframation & SparkSpread database, 12/2025. An adjustment to the measurement method may lead to changes in comparative values from the past. 3 European Central Bank: Press release, 18/12/2025 4 Finance Agency Germany: Government bond, December 2025 5 European Central Bank: Economic Bulletin, Issue 7/2025

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38 MANAGEMENT REPORT Infrastructure market diverging from macroeconomic development In contrast to the overall macroeconomic environment, European infrastructure investment developed very dynamically in 2025, reaching a new annual record of EUR 464 billion6, predominantly driven by energy-related projects. Investments in renewable en- ergy increased significantly, with offshore wind and small-scale solar as the main contributors. A reduction in interest rates had a positive impact on the infrastructure market in the second half of 2025 and led to a significant increase in refinancing volumes. According to the BlackRock Investment Institute7, the investment landscape in infrastructure and energy is increasingly shaped by structural “mega forces” such as artificial intelligence, digitaliza- tion, and geopolitical fragmentation, rather than by traditional cyclical indicators. And the OECD highlighted in its Economic Out- look of December 2025 that infrastructure investment – particu- larly in green energy, electricity grids, and storage – was a key driver of growth in 2025. Overall, the European infrastructure market (including United Kingdom), which is primarily relevant for Kommunalkredit, re- mained resilient in 2025 despite political and military conflicts and subdued macroeconomic conditions, reaching a record volume of around USD 450 billion (2024: around USD 370 billion).8 However, market conditions varied across subsectors, with some facing a more challenging environment. Public initiatives support growth in the infra- structure and energy sector A significant proportion of infrastructure investment continues to come from the public sector: In March, Germany approved a comprehensive investment package worth more than EUR 500 billion in the areas of defence and infrastructure. At EU level, the ReArm Europe strategic plan was launched, with the aim of strengthening investment in defense capacities, deepening the internal market for defense-related products and enhancing Eu- rope’s strategic resilience. In October 2025, the German federal government approved a special fund of EUR 500 billion for infra- structure and climate-neutral investments in the coming years. In France, an investment package of EUR 109 billion was an- nounced at the AI Action Summit in early 2025, primarily intended for the expansion of large data centers and artificial intelligence infrastructure. In August, Italy approved a EUR 13.5 billion project to build a bridge between the Italian mainland and Sicily. On the private side, one project by Siemens Energy stood out in 2025: the company is investing around EUR 220 million in expand- ing its transformer plant in Nuremberg. Rising private capital inflows At the same time, interest in private infrastructure investments appears to be rising. According to BloombergNEF9, infrastructure investments increased by 63% in Europe and by 36% in the United States, with substantial capital seeking deployment. The strong momentum in Europe may attract US investors, as the continent is viewed as a reliable destination for infrastructure investments. In addition, the growing participation of non-bank financial insti- tutions – including infrastructure funds, pension funds, and al- ternative asset managers – is opening further avenues to finance private infrastructure development. The current environment of high inflation and low GDP growth significantly supported this trend in 2025. In the past, it had repeatedly been shown that private infrastructure investments outperformed public markets most strongly when low economic growth was accompanied by high inflation. Refinancing increases significantly In the first half of 2025, many players in the infrastructure market were rather cautious and only refinanced when absolutely ne- cessary. From the summer onwards, however, refinancing gained noticeable momentum on the basis of significantly lower interest rates. Overall, the refinancing volume in 2025 was significantly higher than in the previous year. For Kommunalkredit, a gradual reduction in interest rates pre- sents both opportunities and risks. Lower refinancing costs and potentially higher transaction volumes are offset by lower interest income and greater competition from US-based credit funds. The latter can usually operate more flexibly than more heavily regu- lated banks such as Kommunalkredit. The trend toward accordion financing also continued in 2025. With this form of financing, equity sponsors secure the option of taking out additional credit – usually from existing banks – within the existing contract structure as soon as the initial financing is concluded. This enables them to respond quickly and flexibly to or- ganic and inorganic growth. In most cases, these additional funds are uncommitted and depend on the economic performance of the respective asset. If this is positive, Kommunalkredit sup- ports its existing customers with appropriate financing solutions. 6 lnframation & SparkSpread database, 12/2025 7 Black Rock: Q4/2025 Investment Outlook, 19/09/2025 8 lnframation & SparkSpread database, 12/2025 9 BloombergNEF: Press release, 26/08/2025

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ECONOMIC ENVIRONMENT ECONOMIC ENVIRONMENT 39 Greenfield financing with a clearly positive trend The financing volume of greenfield projects10 in Europe in 2025 significantly exceeded the previous year’s level. New construc- tion projects in the renewable energy sector contributed to this, led by large offshore wind farms on the British and Polish coasts. Further momentum came from numerous projects in areas such as battery energy storage systems (BESS), biogas/biomethane, and others, which, however, have not yet generated high deal volumes. Nevertheless, they point to a positive trend. The BESS sector in particular has recently become increasingly important, as it contributes to the transition to renewable energy sources, thereby relieving the burden on the power grids. Here, Kommu- nalkredit once again focused on innovative financing solutions with a special focus on construction and bridge financing, which support project developers and independent power producers in realizing their project pipelines quickly and flexibly. 2025 also showed that Eastern Europe is gaining importance as a market for greenfield projects in the energy sector. In recent years, Kommunalkredit has succeeded in continuously expand- ing its market position in the renewables sector in this region, particularly in Romania, on the basis of its credit structuring and advisory services. At the global level, the urgently needed expansion of data centers represents an important growth driver for greenfield projects. Cloud computing, artificial intelligence, and data processing re- quire a massive expansion of capacity worldwide. In 2025, Kom- munalkredit participated in a series of transactions to structure and finance smaller colocation data centers as well as large hyper- scalers with long-term purchase agreements with global players such as Google, Amazon, and Meta. At the same time, the bank largely refrained from entering into further transactions in the fiber sector. Brownfield and M&A financing remains at a high level The volume of financing for brownfield and M&A projects11 in Europe stood at around USD 200 billion at the end of 2025, re- maining at the already high level of 2024. Brownfield and M&A projects are projects involving the purchase or sale of mostly ex- isting projects or infrastructure companies. The year 2025 was characterized by increased economic uncer- tainty and thus by diverging price expectations among buyers and sellers. This was also confirmed by Kommunalkredit’s experience, especially in the first six months of the year. However, the bank was able to keep the negative effects of this trend relatively low thanks to its broad geographical positioning, its focus on strongly customer-oriented financing solutions, and new services, particularly in the areas of M&A and debt advisory. For 2026, it can be assumed that lower interest rates and invest- ment pressure on infrastructure funds with a lot of dry powder will lead to rising M&A volumes. Market development by sector12 Energy & Environment A glance at the relative volumes of the sectors relevant to Kom- munalkredit in Europe in 2025 shows that renewables (PV, wind, etc.), together with other energy-related sectors such as biogas, LNG, and battery storage, account for around 65% of the total infrastructure market. This development was also reflected in Kommunalkredit’s transactions in 2025. The persistently relatively low wholesale energy prices increase the importance of tailor-made financing solutions. Maximum flex- ibility is required with regard to various models for purchasing the electricity generated – from full market risk to power purchase agreements to government-supported purchase agreements. Kommunalkredit successfully applied its expertise in this area in 2025, for example in an innovative BESS transaction for an impor- tant customer in the UK. In addition, the bank participated highly successfully in a whole series of project financing and advisory activities, primarily in Central and Eastern Europe. Transport The transport sector performed solidly overall in 2025. Larger refinancing transactions in the airport and rail sectors played a particularly important role here, positively influencing the financ- ing volume. Overall, the transport sector accounted for 13.5% of the total market, representing a slight decline compared with 2024 (18.7%). Kommunalkredit is primarily active in the airport sector and par- ticipated in tenders for advisory mandates for refinancing, which should materialize in 2026. In addition, the bank was able to po- sition itself in the growing niche markets for cold storage and special logistics. Communication & Digitalization In the Communication & Digitalization sector, investor interest is currently focused almost exclusively on data centers, telecommu- nications and broadcasting towers. In 2025, Kommunalkredit was very successful in structuring financing for various data centers – from smaller colocation to large hyperscaler projects, primarily in Germany and Northern Europe. 10 Greenfield projects are new infrastructure assets erected on undeveloped (“green”) land, which may involve construction phases of varying lengths and financing requirements – depending on the sector and nature of the project – before they can enter service. 12 lnframation & SparkSpread database, 12/2025 11 Brownfield projects are pre-existing, often already-operational infrastructure assets whose financing is restructured mostly through M&A transactions (mergers & acquisitions).

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40 MANAGEMENT REPORT Social Infrastructure In the Social Infrastructure sector, Kommunalkredit successfully completed a series of transactions in the area of private diagnostic imaging centers and social care homes (two of them in the United Kingdom). The trend toward an increasingly aging society and the associated need to expand preventive medicine forms the basis for a growing number of transactions in this sector. Megatrends support Kommunalkredit’s business model The macroeconomic developments of 2025 clearly demonstrate that long-term megatrends continue to support growth in the infrastructure sector, even against an unstable economical back- drop. Structural drivers such as decarbonization and green energy, digitalization, artificial intelligence, rising energy demand, demo- graphic change, and decentralization are reinforcing the sector’s role as a significant, resilient, and strategically important asset class. For Kommunalkredit, as an infra banking expert, this environment continues to offer numerous opportunities to allocate capital in a targeted manner for sustainable growth – in a market that pro- vides attractive opportunities even in turbulent times. The booming market for data centers is primarily driven by the transmission, processing, and storage of exponentially grow- ing amounts of data. According to estimates by McKinsey13, their global capacity will increase from around 60 GW in 2024 to at least 200 GW in 2030. Some estimates even predict up to 300 GW. This requires not only a massive expansion of these as- sets, but also a corresponding expansion of the energy production necessary for their operation – ideally from renewable sources – as well as substantial investments in national power grids. Given the existing capacity bottlenecks in the grid and blackouts in Spain and Portugal in May 2025, the massive investment required in this area is easy to imagine. Against this backdrop, Kommunalkredit further expanded its Europe-wide footprint in this area, including in Germany, France, and Scandinavia. On the other hand, the fiber optics and broadband segment is cur- rently facing a substantial crisis, particularly in countries with little regulatory support, such as Germany and the United Kingdom. Here, underestimated expansion costs, high competition (over- build), and a lack of regulatory framework conditions led to liquid- ity problems for some providers, whose continued existence in the medium term depends on the ability of their owners to provide further equity capital or on the financing banks. In countries with better framework conditions, such as Spain, Portugal, and France, many fiber optic providers were able to successfully compete with established players in the market. In Portugal, Kommunalkredit successfully supported one such player with refinancing in 2025. Nevertheless, in 2025, larger fiber optic assets of well-known and powerful equity funds ran into substantial difficulties, which are likely to necessitate a series of significant restructurings. For Kommunalkredit, these developments materially impacted the bank’s cost of risk in 2025. 13 McKinsey: Report Infrastructure that powers and colls AI data centers, 29/10/2025

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ECONOMIC ENVIRONMENT 41

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42 MANAGEMENT REPORT Business review With new business volume of around EUR 2.1 billion and solid core revenues growth of 4%, Kommunalkredit’s business model showed its resilience once again in a fairly challenging market environment, thereby helping to confirm the bank’s position as a leading European infra banking expert. A year of organizational transformation 2025 was a year of organizational transformation for Kommu- nalkredit, focused on strengthening long-term readiness, resi- lience and scalability. Significant investments in digitalization, data management, cyber security and IT security further en- hanced the bank’s operational and regulatory robustness. Key initiatives included the migration to SAP S/4HANA, full prepar- edness for DORA, the transition to CSRD reporting, as well as ad- ditional regulatory and risk-related IT programs. These measures improved data quality, transparency and process efficiency across the organization. Governance structures were further strengthened, including the introduction of centralized procurement to enhance cost ef- ficiency and transparency. This disciplined cost management is reflected in a consistently low cost-income ratio of 45.1%, provid- ing a solid basis for operational resilience even in economically turbulent times. In parallel, important milestones were reached in the ongoing transformation of Kommunalkredit’s headquarters in Vienna. The historic Bösendorfer Palais in the 9th district is being rede- veloped into a modern office building, demonstrating the Bank’s commitment to preserving its heritage while meeting contempo- rary workplace requirements. Solid top-line performance in a persistently challenging market environment Kommunalkredit’s short-term performance in 2025, particular- ly in the first quarter, was affected by heightened geopolitical uncertainty, including ongoing international conflicts, volatile policy announcements related to trade measures, and declin- ing interest rates. These factors led sponsors and borrowers to delay refinancing activities and investment decisions, resulting in lower new business volumes in the early part of the year. Transaction activity began to gather pace in the second quarter of the year. This resulted in a new business volume of EUR 2,080 million (EUR 1,697 million Infrastructure & Energy financing | EUR 383 million Public Finance) and a core revenue growth of 4%, despite a record level of early repayments and higher funding costs at year-end 2025, representing a solid level compared with the previous year (EUR 2,280 million). A total of 45 new transac- tions contributed to this volume, driven primarily by the Energy & Environment sector, which accounted for around 59% of new business. The main I&E markets were Germany (20%), Great Brit- ain (11%), Portugal (10%) and Romania (8%). In December alone, nine transactions were successfully signed, representing a monthly record for Kommunalkredit. Gross reve- nues increased year-on-year, and the strong momentum in the fourth quarter translated into a robust pipeline entering 2026. Cultural initiatives to strengthen corporate culture, increase job satisfaction and stabilize workforce dynamics continued to show results. Total staff turnover decreased to 9%, down from 13% in 2024, indicating improved employee satisfaction and retention. At the same time, the second half of 2025 — and in particular the fourth quarter — was marked by a material increase in risk costs and the need for prudent loan provisions, mainly driven by developments in the fiber sector. Overall, Kommunalkredit strengthened its core competencies, attracted additional “Future Minds”, and laid the foundation for greater efficiency, scalability and data quality. The profit of the year before tax therefore declined to EUR 3.0 million as of 31 December 2025. Against this backdrop, the bank’s low cost-income ratio of 45.1% proved to be a key strength, sup- porting earnings resilience in a more challenging environment.

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BUSINESS REVIEW 43 Accordion financing for more flexibility In order to adapt to volatile market conditions with a significant degree of unpredictability, Kommunalkredit has strengthened its competitive position by offering flexible accordion financing solu- tions. This approach enables sponsors to mobilize additional fund- ing for organic or inorganic growth within already existing credit frameworks – thereby reducing transaction cost and increasing speed and flexibility by forgoing a complete and often time-con- suming refinancing process. Against the backdrop of geopolitical uncertainties and tariff-related inflation risks, this solution proved to be the best answer in many complex situations. New business I&E in 2025 in % Energy & Environment Communication & Digitalization Transport Social Infrastructure Other 9% 7% 59% 2025 EUR 1.7bn 8% 17% Strong new business performance in all four focus sectors Once again, Kommunalkredit successfully structured and financed transactions across its four focus sectors – Energy & Environment, Communication & Digitalization, Transport, and Social Infrastruc- ture – in the 2025 financial year. This was driven by the bank’s collective efforts including financing solutions, cross-sector advisory services and further supported by the continued me- gatrends decarbonization, decentralization, demographic chan- ges, and digitalization. In total, Kommunalkredit’s financing vol- ume including Public Finance amounted to EUR 2,080 million as of 31 December 2025. Energy & Environment Around 6% of the European infrastructure project volume in 2025 was attributable to renewable energies and energy-related sectors such as biogas and battery energy storage systems. Kom- munalkredit is broadly positioned in this market and achieved particular successes in areas such as innovative battery storage fi- nancing. In consideration of the low wholesale energy prices, flexi- bility with regard to electricity usage models (e.g. Power Purchase Agreements versus market price risk) was of central importance – an area in which the bank was able to make targeted use of its structuring expertise. In addition, the Group increasingly focused on bridging and construction financing to enable project devel- opers and independent power producers, particularly in Central and Eastern Europe, to rapidly implement their project pipelines. At the same time, Kommunalkredit established itself in this region as a leading partner in M&A and debt advisory services. Communication & Digitalization Global digitalization and the exponential increase in data volumes led to a strong increase in investor interest in digital infrastructure, particularly in the data center segment. In 2025, Kommunalkredit structured and financed several new projects in this area – ranging from smaller colocation data centers to large-volume hyperscal- ers featuring long-term usage agreements with global technology companies such as Google, Amazon, and Meta. At the same time, the bank largely refrained from further engagements in the fiber sector, given the challenging market environment. Transport In the Transport sector, Kommunalkredit was primarily active in the airport and railway segments as well as in the warehous- ing/logistics sub-sector. Refinancing and structured specialized financing dominated here. In the charging infrastructure sector, the Bank is currently working on several projects that focus on differentiated operator and usage models. Social Infrastructure In the Social Infrastructure segment, the focus in 2025 was again on private health and care facilities, particularly in the area of diagnostic imaging and nursing homes. Against the backdrop of demographic developments, an increase in transactions is expect- ed here in the years to come.

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44 MANAGEMENT REPORT Loan portfolio by region in EUR m, as of 31/12/2025 3,079 2,695 2,544 31/12/2024 30/06/2025 31/12/2025 2% 19% 15% 3% 12% 2025 EUR 6.3bn* Austria Eurozone (excl. Austria) Other EU countries Multilateral Non-EU Europe Other 1,205 1,167 1,179 * of which project bonds 6% and disbursement obligations 17% 801 791 775 49% 963 794 782 Austria Eurozone (excl. Austria) Other EU countries Mulitlateral Non-EU Europe Other 214 125 100 235 196 133 20% 15% 2025 EUR 6.3bn 9% 3% 3% 4% 35% 9% 2% Loan portfolio by borrower in EUR m, as of 31/12/2025 Municipalities (Austria) Municipalities (EU) Municipalities (multilateral) Municipalities (third countries) Public sector entities Utilities (I&E portfolio) Credit institutions Profject finance (I&E portfolio) Companies (I&E portfolio) 31/12/2024 30/06/2025 31/12/2025 961 962 940 2,226 1,944 1,831 1,218 1,237 1,053 572 520 537 690 673 583 214 125 100 89 45 181 186 172 228 250 140 101 Municipalities (Austria) Municipalities (EU) Municipalities (multilateral) Municipalities (third countries) Public-sector entities Utilities Credit institutions Project finance Companies 3,000 2,500 2,000 1,750 1,500 1,250 1,000 750 500 250 0 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0

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BUSINESS REVIEW Public finance in 2025 in % 45 35.4% 2025 EUR 383m Social Infrastructure Energy & Environment Transport Communication & Digitalization Other (local authority, disaster protection, sewers, maintenance, etc.) 62.6% 0.0% 1.7% 0.3% Public finance as a stabilizing factor Public finance has a long tradition at Kommunalkredit and re- mains an integral part of its business model. As of 31 December 2025, the public finance volume amounted to some EUR 383 mil- lion. By investing in essential infrastructure that directly benefits citizens and municipalities, Kommunalkredit creates and secures jobs while stimulating economic activity. In 2025, however, Kommunalkredit has increased its financing of international transactions. While only 21% of new business was concluded in Austria, 79% was allocated to public sector deals in core Europe. This decline was driven by a highly competitive market environment in Austria: in public tenders, financing al- locations are sometimes awarded at interest rates below those of comparable government bonds, often rendering such trans- actions economically infeasible. Consequently, Kommunalkredit has increased its activities in sub-sovereign assets in core Europe. Successful cooperation with established partners In 2025, the International Finance Corporation and the Asian In- frastructure Investment Bank participated in a senior unsecured bond issued by Kommunalkredit. With a total volume of EUR 200 million, both institutions are supporting the financing of sustain- able infrastructure projects in Central and Eastern Europe – demonstrating the confidence that global development partners have in Kommunalkredit’s business model and effectiveness. Kommunalkredit pursues a business approach that focuses on co- operation with established partners (originate and collaborate) and concentrates in particular on its ability to place transactions on the international financing market. The Group is also able to offer its business partners access to infrastructure and energy financing through asset management solutions. Together with its affiliated company Florestan KA GmbH, Kommunalkredit is im- plementing landmark projects to drive forward European energy transition. The electrolysis plant in Schwechat, Austria, developed jointly with OMV , demonstrates how successful partnerships can accelerate the development of the green hydrogen market. Since it went into operation in May 2025, the 10-megawatt plant pro- duces up to 1,500 tonnes of green hydrogen annually, which is used directly for the production of sustainable fuels. With annual savings of up to 15,000 tonnes of CO2, the project is a pioneering example of the effectiveness of private infrastructure financing in the industrial decarbonization of Europe. Another Florestan project is a joint venture with the Austrian energy group eww under the brand name PeakSun. The mo-del enables customers to lease their roof space to PeakSun on a long- term basis for the installation of a PV system. The electricity gen- erated can either be consumed by the customer or fed into the public grid.

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46 MANAGEMENT REPORT Retail deposits (KOMMUNALKREDIT INVEST) in EUR m, as of 31/12/2025 Overnight deposits Term deposits Wholesale deposits in EUR m, as of 31/12/2025 Direct business with corporate/institutional customers Deposits from municipalities and public institutions, corporate clients, institutional investors (KOMMUNALKREDIT DIREKT) 1,034 382 922 360 869 475 799 464 652 562 412335 394 777 587 190 2021 2022 2023 2024 2025 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2,123 218 1,964 90 1,756 96 1,287 434 1,905 901 148 753 853 1,874 1,660 2021 2022 2023 2024 2025 Refinancing structure in EUR m, as of 31/12/2025 190 587 Deposits 2,543 922 1,756 1,964 10 ∑ EUR 5,869m 1,964 10.0% 2,886 Capital market instruments 3,326 1,555 752 1,100 1,000 900 800 700 600 500 400 300 200 100 0 253 1,666 1,407 Deposits from corporates/institutional customers Deposits from municipalities Retail deposits Interbank deposits Subordinated bonds incl. AT1 Senior incl. promissory note loans Covered

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BUSINESS REVIEW 47 Asset quality Comfortable liquidity position Infrastructure remains one of the most stable and resilient in- vestment themes on a global basis. This is reflected in Kommunal- kredit’s overall asset quality with an average rating of BBB+ as of 31 December 2025 anchored in a proportion of investment-grad- ed projects of 59%. Nevertheless, Kommunalkredit inter alia had to acknowledge an industry-wide deterioration of fiber and broadband transactions affecting almost all financial institutions active in the infrastructure sector. As a consequence, value ad- justments had to be increased significantly. The NPL ratio in 2025 rose to 7.0% (2024: 2.8%). Stable deposit development In addition to its solid portfolio quality, Kommunalkredit’s deposit business also showed stable development in 2025. It comprises retail deposits (KOMMUNALKREDIT INVEST) and wholesale depos- its (KOMMUNALKREDIT DIREKT for municipalities and public insti- tutions as well as deposits from corporate clients and institutional investors). In the 2025 financial year, both the wholesale and the retail deposit business purposely sligthly declined. The share of fixed-term deposits rose again compared with overnight deposits. For more details on capital market instruments, see the chapter Kommunalkredit on the capital market. LCR 344% NSFR 121% Building on this stability, Kommunalkredit maintained a very com- fortable liquidity position, amounting to EUR 1,242 million as of 31 December 2025. The Group held cash and cash equivalents as well as balances with central banks (including minimum reserves) amounting to EUR 513 million (31/12/2024: EUR 930 million). In addition, Kommunalkredit had a free liquidity reserve in the form of high-quality liquid assets amounting to EUR 729 million (31/12/2024: EUR 376 million). This strong liquidity position provides the bank with a high degree of operational flexibility, resilience against market volatility and a solid basis for supporting further growth in its lending activities. Strategic liquidity management Moreover, it reflects Kommunalkredit’s successful strategic li- quidity management. In light of geopolitical uncertainties and the resulting volatility on the capital markets, Kommunalkredit deliberately maintained a strong liquidity position for strategic reasons. This resulted in a significant increase in the liquidity coverage ratio (LCR) during the first half of the year, which – as expected – normalized again based on expected asset growth. The LCR, as defined under the Capital Requirements Regulation, measures the short-term resilience of a bank’s liquidity risk profile in a 30-day stress scenario and is closely monitored as part of the bank’s early warning system. As of 31 December 2025, Kommu- nalkredit’s LCR stood at 344% (31/12/2024: 314%), well above the regulatory minimum of 100%. Credit institutions are also required to maintain a stable long-term funding profile relative to their assets and off-balance-sheet activ- ities. Kommunalkredit’s net stable funding ratio (NSFR) amounted to 121% as of 31 December 2025 (31/12/2024: 119%). Both ratios refer to those at the level of Kommunalkredit Austria AG. Strong capital position In addition to its comfortable liquidity position, Kommunalkredit maintained a very strong capital base in 2025. By year-end, the core capital ratio exceeded 17.6% and total capital amounted to EUR 973.8 million, marking the strongest capitalization position in the company’s history. This solid capital foundation provides a substantial buffer against market volatility, supports prudent risk management and underpins the bank’s ability to pursue its strategic objectives in a disciplined manner.

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48 MANAGEMENT REPORT Kommunalkredit on the capital market In recent years, Kommunalkredit has continuously significantly expanded its presence on the capital markets. In March 2025, the issuance program (DIP 4) launched in 2024 was updated. Issues under this program can be listed in Vienna, which underscores our commitment to the Austrian capital market. The successful issuance of further capital market transactions in 2025 and the improved covered bond rating are testament to the above-average confidence in Kommunalkredit. Senior preferred bond H1 2025 (oversubscribed 2.6 times): by region by investment type ■ United Kingdom/Ireland ■ Germany/Austria/ Switzerland ■ France ■ Southern Europe ■ Middle East ■ CEE ■ Benelux & Nordics ■ Other 4% 3% 3% 5% 8% 14% 20% Tier II issue H1 2025 (oversubscribed 3.6 times): by region ■ United Kingdom/Ireland ■ US offshore ■ Germany/Austria/ Switzerland ■ France ■ Southern Europe ■ Northern Europe ■ Middle East 2% 4% 4% 8% 8% 13% 2% 3% 13% 43% EUR 500m EUR 500m by investment type 5% 4% 20% EUR 150m 61% EUR 150m ■ Funds/asset manager ■ Hedge funds ■ Central banks ■ Other 82% ■ Funds/asset manager ■ Banks ■ Credit institutions ■ Other 71%

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CAPITAL MARKET 49 Public senior preferred bond shows high investor confidence In March 2025, Kommunalkredit placed its first public senior pre- ferred bond with a term of six years and a volume of EUR 500 million among institutional investors – with great success: Based on a final order book of EUR 1.3 billion comprising the demand from more than 100 investors, led by the UK (43%), with further strong participation from the D-A-CH region (20%) and France (14%), the coupon on the bond was fixed at 4.25%. The issue was 2.6 times oversubscribed – a clear sign of investor confidence in the strategic direction and credit rating of Kommunalkredit Group. In addition, the bank carried out private placements and issued senior preferred promissory note loans with a total volume of EUR 283 million. Successful Tier II issue for further growth in Europe Another sign of Kommunalkredit’s excellent reputation on the capital market was yet another successful issue in June 2025: As part of its capital structure optimization and the concurrent strengthening of its equity position, the bank issued an inaugural public Tier II issue worth EUR 150 million. This transaction was also met with strong demand from investors. The subscribed or- der volume exceeded EUR 500 million. At 5.5%, the bond coupon was set significantly lower than expected. The transaction was 3.6 times oversubscribed – a remarkable result given the geopolitical uncertainties. Kommunalkredit is using the successful issue not only to strengthen its regulatory total capital, but also to finance further growth in European markets. An overview of Kommunalkredit’s refinancing structure can be found on page 46 of this report. High-quality and diversified cover pool As of 31 December 2025, Kommunalkredit had a well-diversified cover pool worth EUR 1,845 million, while public covered bonds in EUR and CHF amounting to approximately EUR 1,407 million were outstanding. The cover pool contained assets from Austria (63.7%), Germany (12.1%), Belgium (6.8%), France (5.8%), Portu- gal (2.0%), and other countries (9.6%). 68.1% of the positions had a rating of AAA or AA, while 28.3% had a rating of A. The level of surplus cover amounted to 31.1% as of 31 December 2025. S&P upgrades covered bond rating The rating of Kommunalkredit’s covered bonds by S&P Global Ratings was upgraded from A+/stable to AA-/stable in a first step in March 2025. One year later, in January 2026, the rating agency upgraded the rating again by 2 notches to AA+/negative. These upgrades reflect the high quality of Kommunalkredit’s covered bond pool and the commitment to maintain a 13% over-collater- alisation in the cover pool and to obey to liquidity buffer require- ments for all outstanding bonds. Change in rating outlook On 11 December 2025, S&P revised the outlook on Kommu- nalkredit from “stable” to “negative” and affirmed the BBB/A-2 long and short-term issuer credit ratings. S&P noted that the reason for the negative outlook is primarily due to asset quality deterioration, which could worsen further, with a direct impact on Kommunalkredit’s financial performance. Nevertheless, S&P stressed that Kommunalkredit’s solid capital buffers as well its strong pre-provision income would be sufficient to absorb po- tential higher-than-expected credit losses over the next few years. Investor Relations Kommunalkredit has continuously increased its interaction with investors over the years. With a dedicated investor relations func- tion established in 2024, Kommunalkredit had the opportunity to present its financial results and business development during more than 150 investor meetings in 2025. Kommunalkredit is committed to continuing an open and transparent dialogue with investors to foster its capital market presence. S&P Global Ratings Long-term Issuer Credit Rating BBB/Negative S&P Global Ratings Covered Bonds AA+/Negative (Update as of 29/01/2026)

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50 MANAGEMENT REPORT Equity participations Kommunalkredit holds stakes in selected companies in areas such as public consulting, project development, asset management, and IT. Kommunalkredit Public Consulting GmbH Promoting environmental and climate protection in Austria With around 170 employees, Kommunalkredit Public Consulting GmbH (KPC) is Kommunalkredit’s largest subsidiary. Its main ac- tivities include subsidy management and advisory services for projects in the areas of renewable energies, energy efficiency, climate-friendly mobility, circular economy, biodiversity, urban water management, flood protection, and contaminated site remediation in Austria. 90% of its shares are held by Kommunal- kredit Austria AG. Point of contact for agencies and applicants As the point of contact for funding agencies that provide the finan- cial resources – primarily Austrian federal ministries such as the Federal Ministry of Agriculture and Forestry, Climate and Environ- mental Protection, Regions and Water Management (BMLUK) and the Federal Ministry of Economy, Energy and Tourism (BMWET) as well as the Federal Ministry of Innovation, Mobility and Infra- structure (BMIMI) via the Climate and Energy Fund, the Federal Ministry of Housing, Arts, Culture, Media and Sports (BMWKMS) and the Federal Ministry of Labour, Social Affairs, Health, Care and Consumer Protection (BMSGPK) – and funding applicants, KPC supports the entire project funding process. It also offers comprehensive advisory services for international financial insti- tutions such as the European Union (EU) or the European Bank for Reconstruction and Development (EBRD). Working together for global climate protection Although the number of climate and environmental protection projects declined in 2025, the level of funding remained high (EUR 3.0 billion | 2024: EUR 2.9 billion). Nevertheless, a total of 601,299 climate and environmental protection projects (2024: 768,352) with an investment volume of approximately EUR 9.1 billion (2024: EUR 9.1 billion) were evaluated in 2025. This was mainly due to the Austrian governmental sustainability initiative “Renovation Offensive”. Effects of environment-related subsidies granted by KPC in 2025 more than 6,600 properties connected up to the sewer system over 2,700,000 MWh of energy produced from renewable energy sources over 350 km of sewers constructed over 1,700,000 t of CO2 avoided over 1,350,000 m2 of contaminated land remediated approx. 21,200 residents connected up to the water supply 452,400 devices repaired almost 1,400,000 MWh of energy saved over300 km of water pipes laid around 6,200 residents protected from flooding KPC in 2025 in no. / EUR m No. of projects completed Subsidy amount in EUR m 1,000,000 750,000 500,000 250,000 0 768,352 633,403 601,299 2023 2024 2025 4m 3m 2m 1m 0 2,868 3,019 1,735 2023 2024 2025

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EQUITY PARTICIPATIONS 51 Current subsidy programs processed by KPC 1 Repair bonus: successful program relaunched On 26 May 2025, the “Repair Bonus” subsidy program launched by the Austrian federal government in 2022 came to an end as the available funds had been exhausted. A total of around 1.8 million applications with a funding volume of EUR 186.3 mil- lion were approved under this program. In 2025 alone, there were around 452,000 applications with a funding volume of EUR 46.7 million. The program was relaunched at the end of 2025 as “Device Rescue Bonus”. 2 Renovation offensive: demand remains high The “Renovation Offensive” funding program ended in December 2024. Here, too, the funding made available was fully utilized. By that date, a total of around 129,000 applications had been sub- mitted with a funding volume of around EUR 2.3 billion. Following the relaunch of the program in October 2025, a total of 89,700 applications were approved by the end of the year, resulting in a funding volume of EUR 1.6 billion. 3 Transformation of industry: promoting fossil fuel alternatives As part of the two calls for proposals under the “Transfor- mation of Industry” funding program of the Austrian feder- al government in 2025, companies operating in Austria were able to apply for a transformation grant. The initiative aims to contribute to the greatest possible reduction in green- house gas emissions from the direct combustion of fossil fuels and from industrial production processes. A total of EUR 3 billion in funding will be available until 2030. 4 Brownfield recycling: reducing land consumption In the first half of 2025, the new “Brownfield Recycling” funding program was launched. The initiative aims to make former indus- trial sites with contaminated soil usable for the development of new construction projects. This should help to reduce land con- sumption in Austria from the current average of 10 hectares per day to 2.5 hectares per day by 2030. 5 Circular economy: ongoing funding program Since 2025, funding applications in the field of circular econo- my in Austria are no longer submitted in the context of calls for proposals, but on the basis of ongoing funding submissions. This ensures a continuous process of submission and processing. Each year, a budget of around EUR 51 million is available through this channel to fund projects that will help steer the Austrian economy towards a circular economy. 6 Biodiversity: restoration of the ecosystem The current “Biodiversity Fund Call 2025” supported projects in Austria aimed at ecosystem restoration, aquatic network develop- ment, de-sealing, and biodiversity measures in urban areas. The announced and available funding budget of EUR 6.5 million was exceeded by more than three times. 7 Flooding grant: new contract for KPC KPC succeeded in winning the Austrian Federal Ministry of Labour, Social Affairs, Health, Care and Consumer Protection as a new client. The “Flooding Grant” covers the processing of financial assistance that victims of the September 2024 flood disaster have been able to apply for. By the end of the deadline in September 2025, around 2,000 applications had been submitted. 8 Bilateral climate financing KPC manages climate protection projects directly funded by the Federal Ministry of Agriculture and Forestry, Climate and Environ- mental Protection, Regions and Water Management (BMLUK) to support climate protection measures in developing and emerging countries. Under this funding program, nearly 40 climate protec- tion projects in developing countries were managed in 2025. KPC in 2025 in % / EUR m Investment volume evaluated Funding volume paid-out 13% 16% 6% 601,299 projects EUR 9.1bn 11% 11% 3% 9% 16% 1% 1% 38% ■ Industrial transformation ■ Climate and energy fund ■ Circular economy ■ Repair bonus ■ Renovation offensive ■ Other ■ Environmental-related subsidies in Austria ■ Water management 601,299 projects EUR 3.0bn 8% 12% 1% 2% 52%

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52 MANAGEMENT REPORT Kommunalkredit TLI Immobilien GmbH & Co KG Kommunalkredit TLI Immobilien GmbH & Co KG holds and man- ages Kommunalkredit’s properties at Tuerkenstrasse 9 and Liech- tensteinstrasse 13 in Vienna. The office premises of these prop- erties are mainly leased to Group companies. Kommunalnet E-Government Solutions GmbH Kommunalkredit holds a 45% stake in Kommunalnet E-Govern- ment Solutions GmbH. A further 45% is held by the Austrian Asso- ciation of Municipalities and 10% by three regional associations of the Austrian Association of Municipalities. Kommunalnet serves as a digital work and information portal for Austrian municipal- ities, mayors, and municipal civil servants. It provides current news for municipalities and access to databases for municipal authorities, and acts as an information and communication hub for federal, provincial, and municipal authorities. Kommunalnet is an official component of the Austrian eGovernment Roadmap. Branch office Frankfurt In addition to its headquarters in Vienna, the company also has a branch office in Frankfurt am Main, Germany, from where it offers its comprehensive services directly to the German and European market. Fidelio KA Infrastructure Opportunities Fund platform Through the Luxembourg-based Fidelio KA Infrastructure Oppor- tunities Fund SICAV-RAIF SCA, Kommunalkredit provides a plat- form that allows institutional investors to participate alongside the bank in selected European infrastructure and energy debt in- vestments. The platform leverages Kommunalkredit’s experience in structuring and portfolio management, with the bank investing alongside the fund. Florestan KA GmbH Florestan KA GmbH serves as a project development company enabling investments in infrastructure and energy projects with strong development and growth through equity participation. One of the company’s flagship projects is the 10 MW electrolysis plant, which was invested in jointly with OMV, Austria’s leading oil, natural gas and chemicals group. Green hydrogen plays a key role in the decarbonization of energy-intensive industries. The plant successfully commenced operations in spring 2025. PeakSun Holding GmbH PeakSun Holding GmbH is a joint venture between Kommu- nalkredit and the Austrian energy supplier eww AG for the de- velopment, construction, and operation of rooftop photovol- taic systems in Austria. Under the offered “contracting model,” customers are not required to make any initial investment, as the company finances the systems, installs them on the roof sur- faces provided by customers, and leases them back on a long-term basis. Customers receive all electricity generated by the system, which can either be used within the building or fed into the public grid. Through this model, the bank directly supports the climate targets of the Austrian federal government. The first systems were successfully commissioned in 2022. Above the rooftops of Vienna: The roof terrace is used for work, lunch breaks, and internal and external events.

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EQUITY PARTICIPATIONS 53 Where tradition and modernity meet: floor by floor, the headquarters in Vienna’s ninth district is being transformed into a state-of-the-art office building.

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54 MANAGEMENT REPORT Assets, financial position, and income Operating profit amounted to EUR 97.6 million in fiscal year 2025, while the cost-income ratio rose to 45.1%. The result was significantly impacted by a sharp rise in risk costs, which were mainly attributable to consolidation processes in selected infrastructure sub-sectors. Net income after taxes for the period amounted to EUR 1.5 million. Kommunalkredit’s strategic focus on infrastructure and energy financing as well as public finance remains unchanged. Financial performance indicators under Austrian GAAP in EUR m or % Total assets Total capital Net interest Income Income from securities and investments Nеt fee & commision income Other operating income General administrative expenses Other operating expenses Operating profit Loan impairment, valuation and sales result Profit for the year before tax Income taxes Profit for the year Cost/income ratio* Return on equity before tax** Return on equity after tax** 31/12/2025 31/12/2024 6,994.7 677.7 130.8 7.0 33.6 6.3 -76.6 -3.5 97.6 -94.6 3.0 -1.5 1.5 45.1% 0.4% 0.2% 6,552.7 676.2 175.1 0.8 32.7 5.7 -76.7 -1.9 135.6 -11.7 123.9 -39.5 84.5 36.2% 23.3% 15.9% Cost-Income-Ratio = operating expenses / operating income * ** Return on equity = proft for the year/common equity tier 1 capital of Kommunalkredit Austria AG as of 1.1. Regulatory performance indicators of Kommunalkredit Austria AG under Austrian GAAP in EUR m or % Risk weighted assets Total capital (CET 1, additional Tier 1, Tier 2) CET 1 ratio Common equity ratio Total capital ratio Rating Issuer rating Long term rating Short term rating Outlook Covered bond rating Long term rating Outlook 31/12/2025 31/12/2024 4,427.9 973.8 16.2% 17.6% 22.0% 3,834.0 820.8 18.7% 20.3% 21.4% S&P GLOBAL RATINGS BBB A-2 negative (updated as of 29/01/2026) AA+ negative

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ASSETS, FINANCIAL POSITION, AND INCOME 55 Structure of statement of financial position Total assets according to UGB/BWG amounted to EUR 6,994.7 mil- lion as of 31 December 2025 (31/12/2024: EUR 6,552.7 million), representing an increase of around 6% over the previous year. The growth in total assets is mainly attributable to the further expan- sion of the lending business. On the assets side, loans and advanc- es to customers remain the largest item at EUR 5,096.9 million (31.12.2024: EUR 4,639.8 million). Debt securities and fixed-in- come securities amounted to EUR 944.1 million (31/12/2024: EUR 665.4 million) and mainly comprise securities in the liquidi- ty portfolio. Cash and balances with central banks decreased to EUR 527.0 million (31/12/2024: EUR 929.5 million). On the liabilities side, liabilities to customers amounting to EUR 2,812.3 million (31/12/2024: EUR 3,130.1 million) repre- sent a significant refinancing component. Securitized liabilities increased significantly to EUR 2,906.6 million (31/12/2024: EUR 2,342.1 million) and reflect Kommunalkredit’s intensified capital market activities. Kommunalkredit’s equity amounted to EUR 677.7 million as of 31 December 2025 (31/12/2024: EUR 676.2 million), remaining largely stable. Income Kommunalkredit Austria AG reported a pre-tax profit for the 2025 financial year in accordance with Austrian GAAP of EUR 3.0 mil- lion (2024: EUR 123.9 million). The significant decline is mainly attributable to increased credit risk costs of EUR -97.7 million (2024: -10.6 million), which were influenced by developments in individual infrastructure sub-sectors. Operating profit amounted to EUR 97.6 million in 2025 (2024: EUR 135.6 million) and contin- ues to show robust operating performance despite a moderate decline in net interest income. Profit for the period after taxes amounts to EUR 1.5 million (2024: EUR 84.5 million). The earnings situation thus reflects a solid operating performance for the fiscal year, albeit one that was impacted by high risk costs. The under- lying business performance remains positive, supported by stable operating income, a disciplined cost structure, and a continued focus on the core business of infrastructure and energy financing. Net interest income Net interest income declined significantly in fiscal year 2025 com- pared with the previous year, amounting to EUR 130.8 million (2024: EUR 175.1 million). This was mainly due to a decline in interest income to EUR 347.2 million (2024: EUR 393.2 million). While new financing business continued to grow, the overall inter- est result was negatively impacted by the generally lower interest rate environment in the Eurozone in 2025, as well as by increased early prepayments and refinancing activity. Interest expenses were slightly below the previous year’s figure at EUR 216.4 million (2024: EUR 218.2 million). The Bank’s active refinancing strategy led to a broader and more balanced funding structure, particularly through continued capital market activities in the area of senior and covered bonds. The resulting shift in the refinancing mix contributed to a stable cost base. Overall, net interest income in 2025 shows a resilient operating performance, supported by both solid customer lending business and a strate- gically aligned refinancing structure. Net fee and commission income Net commission income amounted to EUR 33.6 million (2024: EUR 32.7 million), reflecting the continued positive development in the advisory, arrangement, and structuring business. Fee and commission income rose significantly to EUR 42.2 million (2024: EUR 37.2 million), driven by continued high demand for struc- turing and arrangement services in the context of infrastructure and energy financing, as well as increased activity in the advisory and services business. The increase in commission income was offset by commission expenses of EUR 8.6 million (2024: EUR 4.5 million). The increase is mainly due to expenses related to capital market transactions, in particular fees and external costs in con- nection with issuance and placement activities. General administrative expenses General administrative expenses in fiscal year 2025 were slight- ly below the previous year’s figure at EUR 76.6 million (2024: EUR 76.7 million). While personnel expenses declined to EUR 43.6 million (2024: EUR 46.5 million), material expenses rose to EUR 32.0 million (2024: EUR 29.3 million). As in 2024, no ex-ante contributions to the Bank Resolution Fund were collected in 2025 after the target level of the fund in the euro area was reached. The cost-income ratio increased to 45.1% (2024: 36.2%) due to lower operating income and despite largely stable administrative expenses. Other operating income Other operating income amounted to EUR 6.3 million in 2025 (2024: EUR 5.7 million) and mainly comprises income from the provision of operational services to Kommunalkredit Public Con- sulting GmbH in the amount of EUR 4.3 million (2024: EUR 4.8 million). Other operating expenses Other operating expenses increased to EUR 3.5 million in the 2025 financial year (2024: EUR 1.9 million). The main reason for this was a special payment of EUR 1.8 million for the stability levy, which increased the total burden from the stability levy to EUR 2.9 million (2024: EUR 0.7 million). In addition, a provision of EUR 0.5 million was made for macro-economic losses in 2025. Loan impairment, valuation and sales result Loan impairment, valuation and sales result amounted to EUR -94.6 million in fiscal year 2025 (2024: EUR -11.7 million) and were thus significantly impacted by higher risk provision expenses. The credit risk result is attributable to significant additions to specific loan loss provisions of EUR -53.3 million (2024: EUR -9.1 million) and write-offs of receivables of EUR -41.1 million (2024: EUR 0.0 million). Furthermore, there was an increase in statistical risk provisions (expected credit loss) of EUR -3.8 million (2024: EUR -2.6 million) in 2025. This is offset by income from the reversal of provisions in accordance with § 57 (1) of the Austrian Banking Act (BWG) of EUR 0.5 million (2024: EUR 1.1 million).

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56 MANAGEMENT REPORT As of 31 December 2025, exposures of EUR 366.8 million (31 De- cember 2024: EUR 142.4 million) were classified as IFRS Stage 2 (lifetime ECL). The credit risk result for the period from 1 Janu- ary to 31 December 2025 amounted to EUR -97.7 million (2024: EUR -10.6 million) and reflects new business, rating changes, stage transfers, the recognition of impairments, write-offs and the PD update. Risk-weighted assets and total capital As of 31 December 2025, Kommunalkredit reported Com- mon Equity Tier 1 capital (CET 1) of EUR 716.5 million (31 December 2024: EUR 715.2 million), Tier 1 capital of EUR 779.8 million (31 December 2024: EUR 778.5 million) and total own funds of EUR 973.8 million (31 December 2024: EUR 820.0 million). Risk-weighted assets increased in fis- cal year 2025 to EUR 4,427.4 million (31 December 2024: EUR 3,834.0 million), driven by strong new business origination. Kommunalkredit thus continued to maintain solid capital ratios as of 31 December 2025: the total capital ratio amounted to 22.0% (31 December 2024: 21.4%), the Tier 1 capital ratio to 17.6% (31 December 2024: 20.3%) and the CET 1 ratio to 16.2% (31 Decem- ber 2024: 18.7%). The figures presented reflect the capital base of Kommunalkredit’s standalone financial statements prepared in accordance with the Austrian GAAP, including the 2025 annual result. A positive contribution of EUR 0.9 million (2024: EUR -1.3 million) from the valuation of investments was recognized in the valuation result. In addition, the sale of infrastructure and energy financing resulted in income of EUR 2.2 million (2024: EUR 1.3 million). Tax expense Tax expense amounted to EUR -1.5 million in fiscal year 2025 (2024: EUR -39.3 million). The significant decline is mainly attrib- utable to the lower taxable income. Deferred taxes had a positive effect of EUR 0.4 million (2024: EUR -9.5 million). Development in risk provisions taking the current macroeconomic developments into account The allowance for expected credit losses (ECL) is determined using a provisioning model based on statistically derived historical expe- rience in accordance with IFRS 9. The expected loss is calculated as the product of probability of default (“PD”)—which incorpo- rates forward-looking information—loss given default (“LGD”), and exposure at default (“EAD”) at the time of default. Kommu- nalkredit applies portfolio-specific PDs for Specialized Lending, Corporates and Financial Institutions, and “All-Sector” PDs for all other exposures. A key driver of these PDs is the development of macroeconomic input parameters. While through-the-cycle PDs remained broadly stable year-on-year, point-in-time PDs in- creased. This reflects the continued projection of comparatively low GDP growth for 2026 and a negative rating-migration trend in 2025 with a higher number of downgrades. Both factors carry significant weight in the model and, as a result, adversely affected point-in-time PDs—an effect that could not be offset by strong equity markets trending positively and approaching near all-time highs. Owing to contractual and structural risk-mitigation features typi- cal of infrastructure finance, the Bank’s portfolio has been solid in recent years. Many project-finance exposures benefit from avail- ability-based models, fixed feed-in tariffs or long-term contracts and, in addition, are protected by further contractual mitigants such as stringent disbursement controls, restrictive financial cov- enants and reserve accounts. Taking sensitivity analyses into ac- count, financing structures and amortization profiles are set to ensure sufficient headroom for orderly debt service. In 2025, however, asset quality was adversely affected in cer- tain sectors - inter alia by challenging market conditions in the fib- er segment, characterized by consolidation pressure and tight- er financing conditions. This led to an increase in the volume of non-performing loans, as well as to several rating downgrades and stage transfers. As of 31 December 2025, exposures totaling EUR 375.0 million (31 December 2024: EUR 129.0 million) were in default, corre- sponding to a regulatory non-performing loan ratio of 7.0% (31 December 2024: 2.8%) or 6.4% net after taking ECA cover into account (31 December 2024: 2.4%). Specific allowances recog- nized for these cases amounted to EUR 68.2 million (31 December 2024: EUR 13.3 million). As of 31 December 2025, exposures of EUR 366.5 million (31 De- cember 2024: EUR 144.1 million) were classified as forborne. As of the same date, with the exception of the defaulted exposures mentioned above, no exposure was more than 30 days past due.

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ASSETS, FINANCIAL POSITION, AND INCOME 57

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58 MANAGEMENT REPORT Employees Diversity and inclusion are firmly anchored in Kommunalkredit’s corporate strategy, and the organization is consistently committed to ensuring that discrimination has no place in its activities – be it based on gender, sexual orientation, age, ethnic or social origin, cognitive or physical abilities, family responsibilities, genetic characteristics, religion or ideology. This reporting period demonstrates a steady and positive devel- opment in our workforce composition, reflecting ongoing efforts to foster diversity, employee retention, and a conducive working environment, promoting innovation and growth in a modern, dynamic organization. Workforce composition and growth In 2025, employees of 36 nationalities were employed at Kommunalkredit. The total number of employees as of 31 De- cember 2025, including the Executive Board and those on leave, increased from 447 in 2024 to 455 in 2025. Of these, 288 worked at Kommunalkredit Austria AG (2024: 266), while 167 worked for Kommunalkredit Public Consulting GmbH (2024: 181). Of the banking employees, 13 were based at the branch office in Frank- furt am Main. The proportion of part-time employees remained steady at around 19%, with 85 part-time staff in 2025. In 2025, 18 employees were on parental leave (thereof 15 women) and 5 employees on educational leave (thereof 2 women). Employment contracts at Kommunalkredit are subject to the Aus- trian collective bargaining agreement for employees of banks and bankers (Kollektivvertrag für Angestellte der Banken und Banki- ers). The collective bargaining agreement for employees in the information and consulting fields applies to Kommunalkredit Public Consulting (KPC). All our employees are covered by a col- lective bargaining agreement. All basic benefits are provided to all employees. Employee benefits Restaurant card EUR 1,728 p.a. on Pluxee card (full-time basis) Free coffee, tea, and fruit Available free of charge on all floors and in the entrance area Education & career development Diverse education and training programs for employees Public transport ticket EUR 305 refund per year for annual public transport pass BENEFITS Working from home Up to half of working time (bank) / up to two days per week (KPC) Private pension scheme Kommunalkredit pays two-thirds annual premiums of the basis package Occupational healthcare Company health consultant available every day of the week for all employees: health exams, psychological consulta- tions, and vaccination programs for all employees

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EMPLOYEES 59 The Palais in Vienna’s 9th district is immediately adjacent to the Old Town. Constructed in 1858/59, new life – architecturally speaking – is carefully being breathed into the former “Haus Bösendorfer”. A state-of-the-art interior combined with the resplendence of past centuries on the exterior. Diversity and experience Our focus on gender inclusion has yielded gradual improvements. Women constituted 46% of the total workforce in 2025, up from 45% in 2024 and 44% in 2023. The share of women in manage- ment positions increased from 34.2% in 2024 to over 35% in 2025, with the total number of women in management rising from 25 to 29. This progression underscores our commitment to promoting gender equality within leadership roles. The average age of employees remained stable at around 42 years. Notably, the proportion of employees over 50 has increased from 26% in 2024 to 28% in 2025, reflecting a balanced distribution across age groups and emphasizing the value of experienced personnel. A significant 61% of employees hold university degrees, with those holding degrees among women reaching 46% in 2025. This high level of qualification supports the company’s high standards for expertise and professionalism. Employee satisfaction Total staff turnover decreased significantly in 2025, falling to 9% from 13% in 2024, indicating rising employee satisfaction and ef- fective retention strategies. This was also reflected in an anony- mous employee satisfaction survey Kommunalkredit conducted in 2025, in which 77% of employees participated, ensuring broad representation. Notable strengths included a 69% engagement score, strong motivation to exceed expectations, and supportive relationships with immediate managers. Employees also reported a positive, comfortable work environment. Areas of improvement were communication, resource availabil- ity, and interdepartmental cooperation. To address these areas, the organization will examine communication and collaboration, more closely, work on organizational and technical effectiveness and expand growth opportunities through workshops and staff sessions. Turnover among employees aged over 50 decreased significantly from 11% in 2024 to 8% in 2025, reflecting targeted retention initiatives and stability in mid-career staffing. Kommu- nalkredit and KPC each have an on-site Works Council in Vienna. These two bodies are committees representing the workforce to safeguard and promote the economic, social, health, and cultural interests of employees (Section 38 of the Austrian Labour Rela- tions Act, ArbVG). Due to the Works Councils being represented on the Supervisory Board they are continuously kept abreast of current business activities. Training and development Expenditure on training and education remained robust, exceed- ing EUR 1,200 per FTE in 2025, with around two days per em- ployee dedicated to staff development. All employees are trained on the topics of sustainability, conflicts of interest, data protection, compliance, anti-financial crime, social engineering, information security, operational risk, and others. To support our employees in their career development, Kommunalkredit offers a three-tier performance management system that includes annual apprais- als and performance reviews for all employees. This underscores Kommunalkredit’s dedication to continuous employee growth, with ongoing investments in skills and expertise.

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60 MANAGEMENT REPORT Social performance figures Definition Number of employees Employees including Executive Board and those on leave – as of 31 December thereof women thereof employees aged under 30 thereof employees aged 30–50 thereof employees aged over 50 Executive Board thereof women Employees excluding Executive Board and those on leave – as of 31 December Average workforce in full-time equivalents Average workforce Full-time equivalents (FTE) excluding Executive Board and those on leave – as of 31 December Active employees as of 31 December in full-time equivalents (including Executive Board) Agency workers – as of 31 December Full-time/part-time split Part-time employees thereof women thereof part-time employees aged under 30 thereof part-time employees aged 30–50 thereof part-time employees aged over 50 Full-time employees thereof women thereof full-time employees aged under 30 thereof full-time employees aged 30–50 thereof full-time employees aged over 50 Average age structure Age (in years) Length of service (in years) Employees with a university degree In total in relation to the number of employees (including Executive Board and employees on leave) thereof women with a university degree Management positions11 Employees in management positions thereof employees aged under 30 thereof employees aged 30–50 thereof employees aged over 50 Full-time employees in management positions thereof women Part-time employees in management positions thereof women Total number of women in management positions1, 21, 2 Unit 2023 2024 2025 416 447 455 185 (44%) 203 (45%) 210 (46%) 63 (15%) 70 (16%) 56 (12%) 249 (60%) 261 (58%) 272 (60%) 104 (25%) 2 0 403 116 (26%) 3 0 431 373 394 381 394 0 397 420 407.5 422 0 128 (28%) 4 0 439 421 458 414 418 0 78 (19%) 54 86 (19%) 58 85 (19%) 61 8 50 20 338 131 55 199 84 40 5 8 52 26 361 145 62 209 90 41 5 7 49 29 370 149 49 223 98 42 5 259 (62%) 277 (62%) 277 (61%) 111 (43%) 121 (44%) 126 (46%) 61 0 32 29 56 16 5 5 21 (34%) 72 0 37 35 64 18 8 7 25 (34.2%) 84 1 45 38 76 24 8 5 29 (35%)

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EMPLOYEES 61 Definition Staff turnover Total staff turnover thereof women thereof employees aged under 30 thereof employees aged 30–50 thereof employees aged over 50 Annual total compensation ratio Annual total compensation ratio33 Employees on leave Employees on leave – as of 31 December44 thereof women Total number of employees on parental leave thereof women Employees that returned to work after parental leave ended55 Total number of employees who came back from parental leave thereof women Rates of retention of employees after parental leave66 Total number of employees that remained with the company after parental leave ended66 thereof women Number of employees entitled to parental leave thereof women New hires New hires last year thereof women thereof employees aged under 30 thereof employees aged 30–50 thereof employees aged over 50 Training and education77 Expenditure on training and education Total number of training and education days Training and education days per employee Training and education days per senior employee Total number of training and education days thereof completed by women88 Training and education days per employee Training and education days per senior employee Sick days Total sick days Sick days per employee Unit 2023 2024 2025 89 (22%) 42 (10%) 23 (26%) 37 (42%) 29 (33%) 56 (13%) 23 (12%) 12 (18%) 32 (13%) 12 (11%) 60 (13%) 23 (11%) 26 (38%) 24 (9%) 10 (8%) 1.87% 2.39% 3.28% 11 8 8 8 100% 11 7 86% 6 3 17 10 117 (29%) 60 (51%) 30 (26%) 33 (28%) 54 (46%) 810,459 700 1.8 3.9 4,900 n/a 12 28 2,907 7.4 13 9 6 6 100% 7 5 100% 9 6 23 13 97 (22%) 44 (45%) 35 (36%) 51 (53%) 11 (11%) 250,047 715 1.7 2.3 5,005 n/a 12 16 2,763 6.6 12 11 11 11 100% 5 3 100% 5 3 18 15 59 (13%) 28(48%) 16 (27%) 33 (56%) 10 (17%) 500,000 849 1.9 2.5 5,945 n/a 13 18 3,194 7.0 EUR days days/empl. days/empl. hours hours hours/empl. hours/empl. days days/empl.

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62 MANAGEMENT REPORT Definition Supervisory Board members KA and KPC99 Number of members thereof women thereof Supervisory Board members aged under 30 thereof Supervisory Board members aged 30–50 thereof Supervisory Board members aged over 50 Unit 2023 2024 2025 14 14 15 1 (7.1%) 1 (7.1%) 7 (50.0%) 6 (42.9%) 1 (7.1%) 2 (13.3%) 0 (0%) 0 (0%) 6 (42.9%) 5 (33.3%) 8 (57.1%) 10 (66.6%) 1 2 3 4 5 6 7 8 9 Management positions refer to the management team, division heads, departmental heads and team leaders. Percentage refers to full-time equivalents, excluding the Executive Board and employees on leave. Compares the median total compensation paid to all employees (excluding the highest paid employee) with the total compensation paid to the highest paid employee. This is based on the extrapolated total annual salaries for full-time equivalents, including the bonus for which provisions were set up in the statement of financial position. Executive Board members and employees who left in the course of the year were excluded. The highest-earning person is a member of the management board. Figure for 2023 was restated as an incorrect formula was applied. Includes all types of leave (such as educational or parental leave). Proportion of employees set to return from parental leave in the reporting period who actually returned to work. Employees that remained with the company for at least 12 months after their parental leave ended. Data on Training and Education is based on estimated figures. The breakdown by gender for 2023 and 2024 could not be determined. The Supervisory Board composition changed in July 2024.

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OTHER MATERIAL DISCLOSURES 63 Other material disclosures Changes on the Executive Board Legal risks There are currently no legal proceedings pending that could have a material impact on the presentation of a true and fair view of the net assets, financial position, and results of operations of Kommunalkredit Austria AG. Irrespective of this, Kommunalkredit Austria AG has recognized adequate provisions for existing legal risks based on legal risk assessments. The Supervisory Board has appointed Jacques Ripoll as CEO as of 1 September 2025. He brings intensive leadership experience from multiple senior executive positions in the European banking industry, including CEO of the Corporate and Investment Bank at Crédit Agricole, Global Head of Corporate and Investment Bank- ing at Santander Group, and various executive roles at Société Générale. Sebastian Firlinger (interim CEO until 1 September 2025) conti- nues in his position as Chief Risk Officer and Chief Financial Officer (CRO|CFO). Nima Motazed in the role of Chief Operating Officer (COO) and John Weiland serving as Chief Commercial Officer (CCO) complete the board. Kommunalkredit’s Executive Board thus consists of Jacques Ripoll, Sebastian Firlinger, Nima Motazed, and John Weiland.

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64 MANAGEMENT REPORT Internal control and risk management system The Executive Board of Kommunalkredit is responsible for establishing and structuring an internal control system and risk management system that meet the needs of the com- pany regarding the accounting process. The Audit Committee monitors the accounting process in general as well as the effectiveness of the internal control system. The Kommunalkredit internal control system (ICS) is a component of the company’s risk management and has been integrated into its specific processes. To do this, controls are defined in order to minimize or avoid core risks and to safeguard the achievement of the principal business objectives to the greatest extent possible. Control environment Kommunalkredit’s control environment is shaped by its general Code of Conduct as well as specific policies and work instructions. These are supplemented by a formal organizational structure and procedural organization (the latter within the scope of an overall process map). The implementation of the ICS regarding the accounting process is defined in specific internal policies and regulations. These ensure that transactions and the sale of company assets are disclosed correctly, compliantly, and in sufficient detail. Functions that play a key role in the accounting process – Finance and Risk Accounting – are organized into separate divisions. Exec- utive, transactional, and administrative activities are clearly sepa- rated from one another or are subject to the two-person-review principle. Within the procedural organization in Finance, standard software is generally used for making entries, cross-checking, con- trols, and reporting. Data and IT systems are protected from un- authorized access. Relevant information is only provided to those employees who actually require this information for their work, in line with a “need to know” principle. Results are discussed be- tween divisions where necessary. Internal Audit independently and regularly reviews compliance with internal regulations relat- ing to the accounting process. The Internal Audit management reports directly to the Executive Board and Supervisory Board. Risk assessment A two-step risk assessment process is implemented at Kom- munalkredit – on the one hand, in order to define ICS-relevant processes within the framework of “scoping”, and on the other via analysis of the individual processes described in the overall process map. The main risk in the accounting process is that circumstances may not be accurately represented in keeping with the company’s net assets, financial position, and results of operations due to errors or willful misconduct. Control measures Relevant risks are identified on the basis of the individual process- es and control points, the respective control objectives, the type of control and the control officer are defined. In a risk-control matrix (RCM), the controls allocated to the process in question are defined and assigned to a control officer. All control measures are applied to current business processes to ensure that potential errors or deviations in financial reporting are prevented or identified and eliminated early on. The software used for accounting and reporting is market-standard software (SAP). As well as automated controls (validations) which are im- plemented in SAP, manual controls are performed by employees. Control measures relating to accounting and IT security are a cornerstone of the ICS. Separation of sensitive activities by re- strictively assigning IT rights and strict observance of the two-per- son-review principle are closely monitored.

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INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM 65 Information and communication Monitoring Monitoring activities within the scope of the ICS are implement- ed by means of a structural audit and a functional audit. This includes an appropriate link between the respective risk, control objective and control activity as well as a spot check audit of whether controls are actually implemented and documented in an orderly fashion. In case of shortcomings in the control system, remedial and preventative measures will be developed within the scope of the ICS management system and their implementation will be monitored. To ensure compliance with regulations and banking requirements, compliance is also reviewed based on the annual audit plan laid out by Internal Audit. Within the scope of the ICS management, the division heads pro- vide half-yearly confirmation of the orderly implementation and documentation of key controls. Finance and Risk Controlling regularly report to the Executive Board within the scope of the accounting process in the form of monthly and quarterly reports. The Executive Board is for its part is required to report to Kommunalkredit’s Supervisory Board. The individual reports include the calculated data for the com- pany (statement of financial position, statement of profit or loss, budget and capital planning statements, target/actual compari- sons, including comments on major developments), a quarterly risk report, reports and analyses on liquidity risk for the Markets division, and reports and analyses on the Banking division’s op- erating activities. The owners, investors and market partners, as well as the pub- lic, are comprehensively informed via a half-year report and the annual financial report. The requirements laid out by statutory provisions regarding ad hoc disclosures are also satisfied. Research and development As a specialist bank for infrastructure and energy financing, Kom- munalkredit has focused on transforming the energy system, go- ing far beyond the remit of a pure financier. No research activities are conducted within the meaning of § 243 (3) no. 3 of the Aus- trian Commercial Code (UGB).

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66 MANAGEMENT REPORT Risk management In line with Kommunalkredit’s corporate objectives, business activities are conducted in a manner which takes risk strategy into account and devotes particular attention to risk-bearing capacity. The bank places special focus on the risk-income calculation and on sustainably increasing the aggregate risk cover. Organization of risk management The risk drivers of the business model are identified and measured using annual assessments, from which Kommunalkredit derives a risk map. The risk map serves to establish a uniform understand- ing of risk, the assessment of the data for completeness and the identification of potential control gaps to be closed within the scope of continuous development. The economic capital required for the main types of risk (in par- ticular: credit risk, liquidity risk and market risk) is calculated us- ing internal methods based on generally recognized principles of bank management. Additionally, a risk buffer is available for risks that cannot be sufficiently quantified (in particular operational risk, but also reputational risk, legal risks and other risks). All ma- terial risks at Kommunalkredit are subject to a bank-wide limit structure that is continually monitored. A prompt, regular and complete risk reporting system is implemented in the form of risk reporting. In addition to the monthly risk management re- port (RMC Report), which provides a detailed view of all material risks and their covering with the available aggregate risk cover, regular reports are provided to the Executive Board about single exposures with increased risk profile (Monitoring or Watchlist). Furthermore, the Supervisory Board (in particular the Audit Com- mittee and the Credit Committee) is provided with comprehensive information in the form of regular reports on the latest risk-re- lated developments. Kommunalkredit has established an organizational structure for risk management which clearly defines and sets out the tasks, competences and responsibilities in the risk management pro- cess. Risk-taking organizational units (front office) are therefore clearly separated from organizational units in charge of monitor- ing and communicating risks (back office) at all levels up to the Executive Board. The Chief Risk Officer (CRO) is responsible for the risk management function, which is independent of the front of- fice, as a member of the Executive Board. The CRO receives tech- nical and operational support from the Risk Controlling (RCON), Credit Risk (CR) and Compliance (CO) divisions in particular. A formalized and structured approval and implementation proce- dure has been set up for the introduction of new fields of business, new markets or new products, ensuring that these are adequately reflected in all areas of settlement, risk management and report- ing, accounting and financial reporting. Credit risk Liquidity risk Market risk Operational risk Limiting economic risk according to the risk-bearing capacity (ICAAP and/or ILAAP) and the risk appetite of the bank Monthly Risk Management Committee (RMC) Monthly Asset Liability Committee (ALCO) Regular monthly assessment meeting  Central element of strategic risk steering  Risk overview of all relevant risks  Risk-relevant decision making  Definition and monitoring of limits  Timely supervision, planning and steering of short-term liquidity and interest rate positions  Capital planning  Investor enquiries  Month-on-month IFRS valuation and key P&L drivers  Valuation spreads (quarterly)  Special topics regarding valuation impacts Credit Committee twice a week (CC)  Central role in credit approval and portfolio review processes  Monitoring of counterparties with increased credit risk, NPLs, etc.  Uniform analysis of new applications and existing business

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RISK MANAGEMENT 67 Risks are managed and monitored by the following committees: The Risk Management Committee (RMC) constitutes the central element of the comprehensive risk monitoring and steering process, providing information to the Executive Board on the bank’s overall risk position on a monthly basis. The Asset Liability Committee (ALCO) supports the operation- al management of market and liquidity risks. At its meetings, the committee evaluates the market situation and discusses the management of interest rate- and liquidity risks. The Credit Committee (CC) approves individual transactions and new business (unless a resolution of the Supervisory Board is required in accordance with the authorization pro- cess) and conducts the review of portfolios and single names from the portfolio. The Valuation-Jour-Fixe deals with valuation issues and spread assessments of portfolio positions and new business, especially in relation to project financing. Risk Controlling (RCON) is responsible for the quantification of risks and the aggregate risk cover as well as for the performance of stress tests. In addition, the division is responsible for assessing risk positions and validating the risk measurement methods used by the bank. Credit Risk (CR) i.a. handles the analysis and assessment of sin- gle-name risks, casting of a second vote on credit approval and/ or review, assigns ratings, monitors limits of industry and coun- try risks, monitors and manages exposures with increased risk profile (in particular exposures on the monitoring and Watchlist) and performs qualitative portfolio analyses. Compliance (CO) is responsible for anti-money laundering, including financial sanc- tions, capital market and regulatory compliance, as well as data protection, anti-financial crime (anti-fraud & anti-corruption), conflicts of interest, complaint management and process compli- ance (internal control system/ICS). Main principles of risk management Within the context of the risk strategy for the main types of risk, the Executive Board specifies the principles for their adequate management and limitation. The economic risk is limited and monitored in accordance with the defined risk appetite for the bank as a whole in conjunction with the risk-bearing capacity (ICAAP – Internal Capital Adequacy Assessment Process and/or ILAAP – Internal Liquidity Adequacy Assessment Process) and the willingness to assume risk of the bank. In addition, the following main principles apply to Kommunalkred- it’s risk management: Kommunalkredit does not incur risks as an end in itself but to create sustainable benefits. The limitation of risks at the bank is commensurate with the bank’s earning strength and its equity base. Kommunalkredit supports a risk culture characterized by the deliberate management of risks at all levels. The bank only takes risks for which it owns or has access to the necessary expertise. The introduction of new products or markets is contingent on an adequate analysis of the business-specific risks. All material risks are subject to a limit structure. The obser- vance of limits must be continually monitored – any failures to observe such limits must be escalated. The risk measurement results have to be subjected to regular stress testing. Outsourcing of core bank functions is only permissible with adequate skills and expertise.

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68 MANAGEMENT REPORT Overall bank management process and risk-bearing capacity The objective of the overall bank management process is to opti- mize the use of capital resources in terms of risk and return within CREDIT RISK Default Risk and Issuer Risk Counterparty Risk (Replacement Risk) Risk of decrease in credit quality (= Migration Risk) Partizipation Risk LIQUIDITY RISK Liquidity Structure Risk Funding Risk MARKET RISK Interest Rate Risk – Banking Book Foreign Currency Risk Credit Spread Risk OPERATIONAL RISK Outsourcing Risk Human, Process and System Risk and External Risks Physical Risk OWN CREDIT RISK BCVA Risk* MACROECONOMIC RISK Macroeconomic Risk OTHER RISKS Strategic Risk Equity Risk Reputational Risk Earnings and Business Risk * Comprises CVA risk and DVA risk and is allocated in its entirety to the funding risk. the limits of the bank’s risk appetite and risk-bearing capacity. At Kommunalkredit, the following risks have been identified as rel- evant as of the reporting date and are monitored on an ongoing basis in the context of the risk-bearing capacity calculation: Country and/or Transfer Risk Settlement Risk Cluster Risk Residual Risk from Credit Risk mitigation techniques Market Liquidity Risk Basis Spread Risk Option Risk OIS Risk Information and Communication Technology (ICT) Risk Legal Risk Replacement Risk due to rating triggers Risk of exzessive indebteness (Leverage Ratio) Risk of money laundering and terrorism financing Syndication risk

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RISK MANAGEMENT 69 Depending on the hedging target pursued, two economic steering circles are applied in the risk-bearing capacity calculation: Liquidation perspective (economic steering circle based on the principle of creditor protection)   Hedging objective: the main focus is on securing a level of capitalization to ensure that, in the event that the company is liquidated, all lenders can have their claims satisfied with a defined level of probability (“creditor protection”). Economic capital requirements (internal risk measurement) are compared with the economic capital/aggregate risk cov- er. Both economic capital requirements and the aggregate risk cover are determined on the basis of its present value (“full fair value” approach). A confidence level of 99.95% is used in determining the economic risk.  Risk status as of 31. December 2025 (and previous year): Economic risks in % of the aggregate risk cover 70.4% (63.7%) Risk buffer in % of the aggregate risk cover 29.6% (36.3%) Going concern perspective (economic steering circle based on the going-concern principle)   Hedging objective: if the risks materialize, the survival of the bank as a going concern without additional equity is to be ensured with a defined degree of probability. All risks impacting on profit and loss must be covered by the budgeted profit for the year, realizable reserves and the “free capital”. Free capital is the capital which exceeds the internally defined hedging objective, expressed through a minimum T1 ratio and a minimum total capital ratio. The hedging objectives are preceded by corresponding early warning levels. A confidence level of 95% is used in deter- mining the economic risk.  Risk status T1 rate as of 31. December 2025 (and previous year): Economic risks in % of the aggregate risk cover 34.8% (42.1%) Risk buffer in % of the aggregate risk cover 65.2% (57.9%)  Risk status TC rate as of 31. December 2025 (and previous year): Economic risks in % of the aggregate risk cover 34.3% (67.2%) Risk buffer in % of the aggregate risk cover 65.7% (32.8%) Alongside these economic steering circles, compliance with reg- ulatory/statutory minimum requirements and hedging objectives within the context of medium-term planning and current capital budgeting is guaranteed. Additionally, stress tests are performed on a regular basis to test the robustness of the business model and to ensure capital ade- quacy. This involves essentially defining two different economic scenarios and quantifying their impact on the bank’s risk-bearing capacity. In addition to the stressed risk-bearing capacity, a stressed mul- ti-year plan is drawn up for each scenario in order to test the stability of the business model over time. Besides the macroeco- nomic stress tests, reverse stress tests are performed. These are intended to show the extent to which parameters and risks can be stressed until regulatory or internal minimum requirements can no longer be met. Credit risk Fundamentals Credit risk is the risk of financial losses arising from a counterparty not meeting its contractual payment obligations. Based on the current CRR standardized approach for all classes of receivables, Kommunalkredit primarily uses external ratings where available. If no external ratings are available, ratings are de- rived from internal scoring and/or rating models for internal risk control. Every active customer is assigned an external or internal rating, which is updated at least once a year. On the basis of an internal rating scale (master scale), the probabilities of default are grouped in categories to which external ratings can be assigned. The effectiveness and discriminatory power of the rating proce- dures and their ability to forecast defaults are checked regularly and adjusted if necessary. At Kommunalkredit, two types of credit collateral are taken into ac- count: financial collateral and guarantees. Financial collateral uses netting arrangements and cash collateral that reduce the counter- party risk. Financial collateral received reduces the existing expo- sure. On the other hand, the exposure is not reduced by guarantees. If guarantess are available, the exposure can be counted towards the guarantor, depending on the assessment of the risk, and in- cluded in the portfolio model and the limit system. In addition, col- lateral packages in line with the market are in place for financings by Kommunalkredit, which potentially have a loss-reducing effect in practice, but are not eligible from a regulatory perspective (for example, company shares, asset pledges without valuations) and are therefore not recognised. Overall, based on the values derived from external studies for losses in the event of default (loss given default), they are included indirectly in the determination of the bank’s risk costs.

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70 MANAGEMENT REPORT Unexpected loss To quantify the unexpected loss from credit risks, monthly credit VaR calculations are performed to manage and limit the risk and to determine the economic capital required as part of risk-bearing capacity analyses. Kommunalkredit uses a default model based on the CreditRisk+ approach to quantify the risk of unexpected default for credit risks. To calculate the credit VaR, rating-depend- ent one-year probabilities of default (PD) as well as regional and sector-specific loss ratios (LGD) are used. The model used is based on statistical methods and assumptions. These parameters are reviewed and updated at least once a year and documented in a validation report. From the liquidation perspective, the potential unexpected loss from credit defaults for a holding period of one year as of 31. De- cember 2025 14.5% (31/12/2024: 17.3%) relative to the economic aggregate risk cover; from the going concern perspective, the po- tential unexpected credit defaults for a holding period of one year as of 31. December 2025 11.2% (31/12/2024: 12.8%) relative to the economic aggregate risk cover (T1) and, as of 31. December 2025 this figure amounts to 11.0% (31/12/2024: 20.4%) relative to the economic aggregate risk cover (total capital). Rating distribution, portfolio quality and concentration risk Total exposure of EUR 7,368.8 million (31/12/2024: EUR 6,427.8 million) by rating is concentrated in the top rating categories; as of 31. December 2025 32.3% (31/12/2024: 30.5%) of the exposure was rated “AAA”/”AA”, 59.4% (31/12/2024: 57.9%) are investment grade. The exposure-weighted average rating of the total expo- sure is “BBB+” (according to Standard & Poor’s rating scale). In 2025, the asset quality was negatively influenced by unfavora- ble developments in individual sectors, inter alia challenging market conditions in the fiber sector, characterized by consol- idation pressure and tighter financing conditions, which led to an increased volume of non-performing loans. All in all, as of 31 December 2025, the non-performing loan ratio increased to 7.0% (31/12/2024: 2.8%), or a net ratio of 6.4% (31/12/2024: 2.4%) taking into account the ECA cover. Kommunalkredit monitors overdue receivables in accordance with the regulatory require- ments. As of 31 December 2025, there were no receivables that had been in delay for more than 30 days, with the exception of the receivables in default as referred to above. Rating distribution 31/12/2025. Exposure in EUR m or % AAA AAA Total AA AA+ AA AA- Total AA A A+ A A- Total A BBB BBB+ BBB BBB- Total BBB BB BB+ BB BB- Total BB B B+ C D * B B- Total B CCC+ CCC CCC- C total D1 D2 D Total 848.9m (11.5%) 848.9m (11.5%) 857.0m (11.6%) 897.0m (12.2%) 848.8m (11.5%) 1,094.5m (14.9%) 905.4m (12.3%) 821.7m (11.2%) 1,534.5m (20.8%) WITH AN AVERAGE RATING OF BBB+ 2,351.6m (31.9%) 149.6m (2.0%) 527.9m (7.2%) 380.7m (5.2%) 261.7m (3.6%) 254.6m (3.5%) 76.6m (1.0%) 169.1m (2.3%) 624.5m (8.5%) 40.2m (0.5%) 7.5m (0.1%) 217.4m (3.0%) 265.1m (3.6%) 14.1m (0.2%) 0.0m (0.0%) 0.0m (0.0%) 14.1m (0.2%) 1.1m (0.0%) 362.0m (4.9%) 363.1m (4.9%) *net figure taking ECA cover into consideration. Total 7,368.8m

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RISK MANAGEMENT 71 As of 31. Dezember 2025 the overall exposure, broken down by sub-portfolio, is as follows in EUR or %: GRAPHS 2025 DIFFERENCE 31/12/2025 VS. 31/12/2024 2,228.1m (30.2%) +393.7m & E R U T C U R T S A R F N I Y G R E N E Project financing Utilities companies Austrian municipalities Public sector entities 2.86bn E C N A N I F C I L B U P Int’l municipalities 4.05bn 582.5m (7.9%) 1,236.9m (16.8%) 1,051.7m (14.3%) 285.8m (3.9%) -107.2m +183.7m -4.7m +43.6m 1,524.8m (20.7%) +510.7m Banks/Insurance 0.46bn 459.0m (6.2%) Total Total 7,368.8m (100%) -78.7m +941,1m +600m Rating distribution 31/12/2024. Exposure in EUR m or % AAA AAA Total AA AA+ AA AA- Total AA A A+ A A- Total A BBB BBB+ BBB BBB- Total BBB BB BB+ BB BB- Total BB B B+ C D * B B- Total B CCC+ CCC CCC- C total D1 D2 D Total 546.4m (8.5%) 546.4m (8.5%) 417.2m (6.5%) 501.9m (7.8%) 498.1m (7.7%) 710.3m (11.1%) 864.3m (13.4%) 1,050.9m (16.3%) 1,016.5m (15.8%) 736.1m (11.5%) 1,417.2m (22.0%) WITH AN AVERAGE RATING OF BBB+ 2,371.1m (36.9%) 216.3m (3.4%) 252.7m (3.9%) 241.2m (3.8%) 37.7m (0.6%) 149.0m (2.3%) 618.5m (9.6%) 164.4m (2.6%) 14.0m (0.2%) 9.9m (0.2%) 188.3m (2.9%) 23.3m (0.4%) 0.0m (0.0%) 0.0m (0.0%) 23.3m (0.4%) 1.2m (0.0%) 119.1m (1.9%) 120.3m (1.9%) *net figure taking ECA cover into consideration. Total 6,427.8m

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72 MANAGEMENT REPORT Exposure of infrastructure and energy financing portfolio by regions as of 31/12/2025 and 31/12/2024 14.5% 0.0% 7.6% 15.4% 0.0% 16.4% 2025 EUR 4.0bn 24.4% 19.6% 8.6% 2024 EUR 3.6bn 28.6% 28.5% 5.1% 22.5% 8.9% Exposure of infrastructure and energy financing portfolio by sectors as of 31/12/2025 and 31/12/2024 6.8% 8.0% 1.0% 7.0% 8.0% 24.6% 0.0% 16.6% 2025 EUR 4.0bn 15.0% 1.9% 5.4% 2024 EUR 3.6bn 35.7% 26.2% 31.7% 6.8% 5.2% Benelux + France D.A.CH (Germany, Austria, Switzerland) Northern States Other Eurozone incl. Iberian Peninsula Other OECD countries incl. United Kingdom CEE region (Central and Eastern Europe) Other Communication & digitalization Conventional energy Natural resources Renewable energy Social infrastructure Traffic & transport Water & environment Other Risk concentrations are taken into account in the process of loan origination, monitored in the course of the monthly credit risk reports submitted to the RMC and shown in reports submitted to the Credit Committee and the Supervisory Board/Credit Com- mittee. The total portfolio is broken down according to different parameters (including by sub-portfolio, country, region, top 20 “group of related customers”, rating, segment); limits are set by top risk drivers, sectors and geographic distribution, countries and foreign currencies. In addition, further limitations are defined, which limit the overall exposure with a higher level of risk (for example, IFRS 9 High Risk Exposure, Single-B Exposures, ECL). Depending on the risk assessment, reviews are performed at dif- ferent intervals, but at least once a year. Credit risk analysis and monitoring The lending business is a key element of Kommunalkredit’s core business. Therefore, taking credit risks and their management is one of the bank’s key competencies, the focus in particular be- ing on project financing in the infrastructure sector and financial support for public sector projects. The tasks of operational credit risk management (CR) include all activities to review, monitor and limit risks from the individual transaction. The granting of loans, the valuation of any collateral and the cred- itworthiness assessment are subject to clear regulations that are documented in the relevant regulations and working directives of Kommunalkredit. Apart from the underwriting criteria (= “credit risk strategy”), this includes the authorization process and policies for creditworthiness assessment and rating determination.

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74 MANAGEMENT REPORT For transactions in infrastructure, the bank follows a three-tier process to make the risk-income profile transparent to the re- quired extent: 1. Initial assessment of a potential transaction through the front and back offices with a clear recommendation regarding its fol- low-up (under special circumstances if necessary) or rejection by the competent party; 2. Due diligence phase with a focus on economic, financial, tech- nical, legal and insurance-specific aspects as a basis for the application and risk assessment; 3. Submitting the transaction as part of a credit application (front office), including a risk statement (back office), for approval by the competent party (Supervisory Board Credit Committee). Credit risk early warning and risk provisions The portfolio is reviewed regularly for objective indications of im- pairments of customer exposures. Assessments of impairment are performed in the course of the annual rating/review process or on an ad hoc basis. Exposures with elevated credit risk or anom- alies as part of an “early warning” are also monitored monthly at the monthly portfolio monitoring meeting. To that end, Kommu- nalkredit uses specific early warning indicators for each segment, which identify exposures based on qualitative and quantitative features subject to increased monitoring frequency. As of the reporting date of 31. December 2025 the exposure on the Watchlist amounted to EUR 204.6 million (31/12/2024: EUR 135.5 million). The organic separation of front office and back office is always observed. There was an exposure in the amount of EUR 375.0 million (31/12/2024: EUR 129.0 million) in default. EARLY WARNING SIGNALS / TRIGGERS QUANTITATIVE TRIGGERS ENTERPRISES / UTILITIES1 Internal rating deterio- ration 30 days past due Covenant breach Reporting delay > 3 months PROJECT FINANCING (SPECIALIZED LENDING) Internal rating deterio- ration 30 days past due Covenant breach Reporting delay > 3 months QUALITATIVE TRIGGERS Country risk downgrade Management reports Falling electricity prices Ad hoc publicity Press & industry reports Individual analysis External rating report Country risk downgrade Lock-up ratio breach Falling electricity prices Management reports Industry reports Exercise of PIK interest option Individual analysis PUBLIC SECTOR, SOVEREIGN & SUPRANATIONAL ORGANISATIONS Internal rating deterio- ration 30 days past due Country risk downgrade Credit spread2 FINANCIAL INSTITUTIONS Internal rating deterio- ration 30 days past due Country risk downgrade Credit spread2 1 Incl .enterprises with significant public support. 2 If available/publicly listed. External rating report Press & industry reports Ad hoc publicity Individual analysis External rating report Press & industry reports Ad hoc publicity Individual analysis

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RISK MANAGEMENT 75 Credit Risk (CR) continuously updates the list of counterparties with increased credit risk and submits monthly reports to the Credit Committee meeting, which then decides on the measures to be taken. Impairments to be recognized for defaulting loans are determined by Risk Management, subject to approval by the Credit Commit- tee. Counterparty default risk from derivatives and securities transactions Legally binding Netting Agreements for derivatives exist with all active counterparties of Kommunalkredit (close-out netting) in the form of Credit Support Agreements or Collateral Annexes to Master Agreements providing for daily collateral margining in compliance with the bilateral collateralization requirements set out in the European Market Infrastructure Regulation (EMIR). De- rivative contracts in the cover pool are excluded from this. Howev- er, also here Master Agreements and Netting Arrangements with standard market conditions exist for these (one-way collaterali- zation by the counterparty, rating trigger). Counterparty default risk positions are limited through vol- ume-based counterparty and credit concentration limits on the one hand, and through the economic credit risk in the credit VaR calculation of the risk-bearing capacity calculation on the other. The exposure of the counterparty default risk of derivatives, which is taken into account in credit risk, is defined as the resid- ual risk of the current replacement cost, considering CSAs and Netting Agreements, plus an “add-on” for potential changes in the market value during the “residual period of risk” between the default of the counterparty and the closing out/replacement of the derivative transaction. The counterparty default risk from derivatives is calculated as a credit valuation adjustment (CVA) according to IFRS 13. The meth- odology for the calculation of the CVA is described in Note 11. The risk of CVA fluctuations (CVA risk) is determined by means of a VaR-based approach. Securities business is cleared mainly on the basis of “delivery against payment” via Euroclear and/or Clearstream. Investment risk Given the nature of the participations held, the investment risk is of minor importance. The carrying amount of investments in associates (at equity) was 31. December 2025 EUR 3.9 million (31/12/2024: EUR 2.9 million). The carrying amount of invest- ments, which are reported under assets at fair value through other comprehensive income, amounted to EUR 1.2 million (31/12/2024: EUR 1.1 million). IDENTIFICATION OF CREDIT POSITIONS AND “WATCH LIST” SOURCE RESULT QUANTITATIVE TRIGGER QUALITATIVE TRIGGER REVIEW/SIGN-OFF BY CREDIT RISK MANAGEMENT “LONG LIST” Identification of credit positions with potential deterioration of the risk profile through specific triggers and/or expert opinion “MONITORING LIST” Identification of credit positions with minor/temporary deterioration of the risk profile A B A Elimination of ”false positive” cases B Proposal of potential exposures to be classified as “watch loan” REVIEW/SIGN-OFF BY CREDIT COMMITTEE (CC) “WATCH LIST” Credit positions with sustained deterioration of the risk profile (incl. forebearance)

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76 MANAGEMENT REPORT Liquidity risk management The task of liquidity risk management at Kommunalkredit is to identify, analyze and manage the liquidity risk position of the bank with the aim of guaranteeing cost-effective, adequate liquidity cover at all times. The strategic framework of liquidity risk man- agement is defined by the ILAAP, which forms an integral part of the more comprehensive ICAAP. To that end, the bank has im- plemented extensive policies, working directives and methods such as liquidity risk strategy, ICS framework, and funding and/ or contingency plans. Central elements of liquidity risk management include the following: 08 Internal and regulatory limitation of maturity transformation 01 Analysis of Liquidity position 07 time-to-wall hedging objectives for stress cases 06 Review and determination of transfer prices 02 Reporting to the Executive Board and the Supervisory Board LIQUIDITY RISK MANAGEMENT 03 Evaluation and development of the liquidity emergency plan 04 Scenario-based dynamic liquidity forecast (including LCR and NSFR simulation) 05 Determination of the medium- and long-term refinancing requirements

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RISK MANAGEMENT 77 Analysis of the liquidity position [element 1] The following table shows the maturities of contractual, non-discounted cash flows of financial liabilities. The fig- ures for interest swaps, cross-currency swaps and curren- cy swaps are shown in gross terms, meaning that only the cash outflows for the derivative in question are shown. The nominal amount of interest-rate swaps as of the report- ing date 31. December 2025 EUR 5.4 billion (31/12/2024: EUR 5.1 billion). Besides principal repayments, the cash flows also comprise interest payments. For liabilities with variable cash flows, future cash flows are determined on the basis of forward rates. Cash flows as of 31/12/2025 (and 2024) CASH FLOWS AS OF 31/12/2025 (and 2024) in EUR m Liabilities Liabilities at amortized cost As a matter of principle, the amounts are allocated on the basis of their contractual rather than expected residual maturity. This means that demand deposits and cash collateral received from collateral margining for derivatives are shown as repayable on demand. If the date of repayment is at the lender’s discretion, the amount is allocated to the maturity range with the earliest possible redemption. If the date of repayment is at the discretion of Kommunalkredit, a conservative view is applied. Payments that have been pledged but not yet called, as well as (any) guarantee lines granted, are also shown with the earliest possible call date. Kommunalkredit does not engage in any trading activities. Up to one month More than one month up to three months More than three months up to one year More than one year up to five years More than five years Total 31/12/2025 335.4 334.9 1,225.7 3,662.1 2,022.2 7,580.2 31/12/2024 403.1 308.5 1,199.4 3,391.1 1,785.8 7,087.9 Derivatives designated as hedging instruments 31/12/2025 2.2 15.0 28.8 116.3 64.5 226.8 31/12/2024 2.6 16.9 30.8 119.8 134.7 304.9 Trading* 31/12/2025 231.3 300.3 59.3 12.1 - 603.0 31/12/2024 67.9 40.2 5.1 10.9 1.0 125.2 * The derivatives are not formally embedded in a micro hedge as defined in IFRS, but serve for risk management at portfolio level. Reporting to the Executive Board and the Supervisory Board [element 2] An operational projection of liquidity calculation for a period of one year and a time-to-wall stress scenario is prepared weekly. In addition, operational and strategic liquidity issues are discussed in the monthly ALCO. The liquidity risk is also monitored in the monthly RMC and reported to the Supervisory Board at quarterly meetings. Liquidity contingency plan [element 3] Kommunalkredit’s liquidity emergency plan specifies the tasks and the composition of emergency units to be set up in a crisis, the internal and external communication channels and, if nec- essary, the measures to be taken. The emergency plan permits efficient liquidity management in a market environment in crisis and is activated by clearly defined events and/or early warning indicators. In the event of an emergency, responsibility for liquid- ity management is assumed by the emergency unit, which then decides on the specific measures to be taken. Liquidity as of 31/12/2025 (and 2024): Management of the operational and structural liquidity risk [elements 4-8] For the purposes of short-term liquidity steering (<1 year), the management uses short- and medium-term liquidity scenari- os. These scenarios include not only contractually determined cash flows but also expected cash flows from new issues, the termination of existing business, cash outflows from new trans- actions, cash inflows from syndication agreements, retail demand deposits, repurchase prolongations and liquidity demand for cash collateral received (under Credit Support Agreements/ISDA Agreements). The resulting liquidity gaps are available daily in the short-term liquidity scenario. The following table shows the expected liquidity gaps after the measures planned, the free liquidity reserve, and the net liquidity position resulting from the liquidity gap and the liquidity reserve: LIQUIDITY in EUR m Up to one month More than one month up to three months More than three months up to one year Total Expected liquidity gap 31/12/2025 664.6 105.3 305.4 1,075.4 31/12/2024 953.1 648.3 -738.9 862.6 Available liquidity 31/12/2025 502.3 10.8 72.9 585.9 31/12/2024 352.0 17.2 87.7 456.8 Liquidity position 31/12/2025 1,166.9 116.1 378.3 1,661.2 31/12/2024 1,305.1 665.5 -651.2 1,319.4

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78 MANAGEMENT REPORT For the purposes of managing the structural liquidity risk position (>= 1 year), Kommunalkredit analyzes the expected capital flows over the entire term of all on- and off-balance sheet transactions. Overhangs from capital inflows and outflows are monitored by maturity range and at the cumulative level and provide the basis for strategic liquidity management. Market risk management Market risks refer to potential risk exposures to balance sheet and off-balance sheet positions arising from market price movements with an adverse impact on the bank. The bank-specific market risks mainly include interest rate risk, currency exchange risk, credit spread risk, basis spread risk and option price risk. Interest rate risk When it comes to the measurement, management and limitation of interest rate risks from positions not held in the trading book, Kommunalkredit generally distinguishes between the period-ori- ented repricing risk and the net present value (NPV)-oriented interest rate risk. For the purpose of efficiently managing the interest rate risk and net interest income, Kommunalkredit uses an analysis and simu- lation tool (interest rate gap structure by currency, interest rate VaR, sensitivity analyses, simulation trades), which enables the forecast and targeted management of the bank’s overall interest rate risk from positions not held in the trading book, the P&L sensitivity of the fair value portfolios according to IFRS and net interest income for the period. To calculate the interest rate VaR, an internal model based on historical interest rate movements is applied. Kommunalkredit’s portfolio mainly comprises positions with clearly defined interest rate and capital commitment. As a rule, non-linear risks are completely hedged and quantified in a sce- nario analysis; open positions are strictly limited and monitored. Retail deposits include positions without clearly defined interest rate and capital commitment (deposits repayable on demand). The interest rate period of sight deposits is modeled as a function of the pricing strategy. For interest rate risk measurement by the RMC, the gap structures are analyzed and the price sensitivity of the overall position as well as the impact of interest rate changes on the net interest income of the period (repricing risk) are quantified for different scenarios. The repricing risk is measured for the currencies EUR, USD, CHF, GBP and JPY. For risk management purposes, Kommunalkredit differentiates between the following sub-portfolios: less-than-twelve-months interest-rate position (short-term ALM) more-than-twelve-months interest-rate position (long-term ALM) equity investment portfolio (“equity book”) IFRS fair value position IFRS OCI value position An analysis and steering tool is used for the management of short- term, less-than-twelve-months interest risk positions which per- mits the efficient management of the repricing risk by currency. The annual net interest income effect from Kommunalkredit’s repricing risk as of 31. December 2025 in the event of a parallel rise of short-term interest by +100 basis points to EUR -0.8 million (31/12/2024: EUR +1.0 million). As of 31. December 2025 the NPV risk of interest rate changes in the banking book and of the IFRS interest rate risk position impacting on P&L in the event of a parallel shift by +30 basis points amounts to EUR +1.4 million and EUR 0.0 million, respectively. (31/12/2024: EUR +3.7 million and EUR -0.4 million). That of the IFRS interest rate risk position with an impact on OCI stands at EUR -3.6 million (31/12/2024: EUR -4.3 million). Currency exchange risk The currency exchange risk is the risk of losses in foreign currency positions caused by an unfavorable change in the exchange rate, the open FX position being the difference between the sum total of asset positions and the sum total of liability positions, including foreign currency derivatives, in a given currency. To measure the risk, a VaR of the open foreign currency position, according to the Austrian Commercial Code (UGB), is determined daily based on a variance/co-variance approach with a holding period of one trading day and a confidence interval of 99%, using exponentially weighted historical volatilities and correlations. Except for small residual positions, the open FX position according to the Austri- an Commercial Code (UGB) is closed daily. The FX VaR as of 31. December 2025 was EUR 158.2 thousand (31/12/2024: EUR 1.0 thousand). Credit spread risk The credit spread risk is the risk of losses in value due to mar- ket-related changes in credit spreads, although there is no dete- rioration in the rating of the issuing group. Credit spreads refer to the risk premiums allocated by the market, an issuer or an issuing group which are priced-in when determining the market value of a financial instrument. As of 31. December 2025 the credit spread risk in the event of credit spreads widening by +20 basis points was -1.9 million (31/12/2024: EUR -3.3 million) in the IFRS P&L position and EUR -15.4 million (31/12/2024: EUR -16.3 million) in the IFRS-OCI position. Basis spread risk The basis spread risk is the risk resulting from a change in basis spread, which is factored into the variable interest rate conditions for non-standard reference interest rates and payment frequen- cies. Except for residual risks in the individual currencies, the basis spread risk relevant under IFRS is hedged. The basis spread risk in the event of basis spreads widening by one basis point was EUR +0.0 million as of 31. December 2025 (as of 31/12/2024: EUR +0.0 million). Option price risk The option price risk for Kommunalkredit is the risk of changes in the market values of open option positions. To measure the option price risk, a scenario matrix is used to determine interest rate shifts (-/+30bp), volatility shifts (-/+30%) and combined shifts. The option price risk in the banking book calculated on the basis of the scenario matrix amounted to EUR -0.0 million as of 31. De- cember 2025 (31/12/2024: EUR 0.0 (31/12/2024: EUR 0.0 million based on a -/+30bp interest rate shift). The open option price risk in the banking book results exclusively from unilateral call rights of Kommunalkredit for own issues (i.e. Kommunalkredit has the

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RISK MANAGEMENT 79 right to call). As of 31. December 2025 there were no P&L-relevant option price risks. Operational risk Kommunalkredit defines operational risk as the possibility of loss- es occurring due to the inadequacy or failure of internal proce- dures (processes), people and systems or as a result of external events. The legal risk as well as the ICT risk and model risk are part of operational risk. External events classified as pure credit risk, market risk, liquidity risk or other types of risk with no oper- ational background are not covered by this definition. The aim of Operational Risk Management (ORM) is to reduce the probability of occurrence of operational risks and their potential to adversely impact the bank. Operational risk management is located in Risk Controlling (RCON) with operational support from Compliance (CO) as a special division for dedicated risk issues. The operational risk correspondents (ORC) for the divisions, appointed in consul- tation with them, act as points of contact, establishing the link to operational risk management and supporting the ORM process. An operational event database for “operational losses” as well as risk and control self-assessments are the key instruments availa- ble for the management of operational risks. The database rep- resents a retrospective view, that is, realized gains/losses above a relevance threshold from operational events in the past are re- corded there with the involvement of the line managers in charge. In addition, “near misses” are recorded, i.e. those operational events that have not led to any damage by chance or the damage is below the relevance threshold of the event database, but still involve a potential risk. In contrast, risk and control self-assess- ments represent a prospective, future-oriented view. Potential risks are identified and subjected to an expert assessment in terms of their severity. At Kommunalkredit, the assessments are performed as coached self-assessments; that is, individual risks are assessed and eval- uated by the divisions concerned under the guidance of the Op- erational Risk Management. The entries made in the operational event database serve as input and provide feedback for the re- assessment of risks. High-risk topics are discussed, analyzed and evaluated at divisional level with the responsible division heads and top risks are presented on an internal OpRisk risk map. To mitigate these risks, additional measures are to be defined and a tailored plan of action prepared. The OpRisk risk maps for the divisions are condensed, in an overall view of the relevant risks, into an OpRisk risk map for the bank as a whole. Headed by the Credit Risk Officer (CRO), a consultation takes place with significant internal stakeholders every six months regarding operational risks within the Risk Management Committees (RMC). The Executive Board and the senior management are informed about operational risks at the monthly RMC meetings. Kommunalkredit uses the new standardised approach under CRR III to quantify its total capital requirements. The total capital held on this basis significantly exceeds the actual losses suffered in the past. Business Continuity Management The established business continuity management (BCM) system ensures the adequate, comprehensive and efficient management of business continuity. In the course of implementing the Digital Operational Resilience Act (DORA), the BCM was also supple- mented by the extended requirements. Continuity management includes the elaboration and the management of continuity and recovery plans as well as the allocation of resources to manage any business interruptions effectively, and keeping interruption times at a minimum. The annual resource assessment was performed, and the resourc- es required in the event of a crisis were established. The annual business impact analysis (BIA), performed within the framework of the resource assessment, served to assess business processes and information and communication technology (ICT) services 1 Risk identification at process group level 2 Risk assessment at process group level 3 Risk consolidation at divisional level 4 Detailed analysis of the top risks at divisional level 5 Consolidation of cross-divisional risks at company level 6 Detailed analysis of the top risks at company level 7 Options for risk management

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80 MANAGEMENT REPORT Crisis workplace/ working from home IT- Infrastructure Security architecture Tele- communication Processes Data centre range Anti-fraud activities Organisation Disaster recovery test Outsourcing it, an internally developed “ESG/Sustainability Check”, which is a three-stage process, has been applied for many years: Details can be found under ESG risk assessment (page 160) Sector limits in the areas of infrastructure and energy are used to systematically limit risk within the meaning of with the bank’s strategic orientation. In addition to the sector limit, the share of exposures in categories 4 and 5 in the infrastructure and energy portfolio is also limited. These limits form an integral part of the monthly risk reporting to the Executive Board. Moreover, when deriving the liquidity buffer, ESG risks are in- cluded as a distinct component, with the customer and maturity structure of the liabilities, among other factors, analysed for this purpose. Furthermore, threats to the bank’s in-house infrastruc- ture posed by climate and environmental events are evaluated as part of information security risk management and OpRisk man- agement. ESG-related risks and issues are marked individually in the OpRisk event database and were included in the risk & control self assessments of Kommunalkredit. for their criticality, and to verify the time to full restoration of services. The emergency plans were revised at the same time. As part of the comprehensive BCM tests, the largest single test was a complete fail-over switchover of the georedundant central data centre infrastructure. Policy management All Kommunalkredit operating procedures (policies, work instruc- tions, manuals, works agreements) are stored in a policy overview on the intranet and can be accessed by all employees. The formal minimum requirements that policies/work instructions have to meet are defined, as are the responsibilities for updating, approv- ing and distributing policies and work instructions. Sustainability risks Sustainability risks form an integral part of the risk strategies and risk categories of Kommunalkredit. The inclusion of sustainability factors in the concepts, management and measurement methods of the credit, market, liquidity, syndication and operational risks is evaluated and expanded on an ongoing basis. Kommunalkredit primarily finances the public sector in Austria and projects in the areas of renewable energy, telecommunica- tions and social infrastructure in Europe. ESG risks in the portfolio are therefore assessed as low overall on the basis of the analyses carried out. Any risks are taken into account in the process of loan origination and are appropriately reflected in the planning assumptions for borrowers and the established ratings. To assess whether investments in infrastructure and energy pro- jects meet the sustainability requirements set by Kommunalkred-

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82 MANAGEMENT REPORT Sustainability We create infrastructure. Kommunalkredit Group recognized the opportunities linked to the need to innovate and adapt to a changing climate. For over three decades, our strategic focus has put us at the forefront of the global energy transition, driven by a strong commit- ment to improving lives, supporting energy security, and promoting a sustainable future. Kommunalkredit Group's Sustainability chapter for the financial year 2025 includes Kommunalkredit Austria AG and its fully con- solidated subsidiaries in Vienna. Sustainability governance Sustainability activities at Kommunalkredit are well anchored and steered within a clear governance structure. The Executive Board holds overall responsibility for the Group’s sustainability agenda, with operational duties delegated to the sustainability team. To ensure participation of all relevant stakeholders, the Sustainabil- ity Board including the Executive Board, the sustainability team, senior management, and KPC meets quarterly to oversee strategic sustainability matters and provide directional guidance. Regulatory environment The dynamic sustainability-related regulatory environment in 2025 has had significant impact. While the implementation of ESRS and Taxonomy disclosure requirements have been suspend- ed, efforts have been focused on further strengthening Kommu- nalkredit’s ESG risk management framework – among other things by allowing a regular reporting of climate-relevant KPIs – and on designing the new sustainability strategy. Sustainability strategy Starting from the outcome of the Double Materiality Assessment performed in 2025, Kommunalkredit has set strategic objectives to be achieved by 2030. They aim to maximize the positive im- pact and support climate change mitigation efforts by directing financing flows in the renewable energy portfolio to projects that support the energy transition, and to ensure equal opportunities for employees. Supervisory Board Sustainability Board | Key decision-making Executive Board | Final decisions & guidance Sustainability team | Driver of projects, reporting, voluntary commitments & regulatory compliance | Prepares board decisions & monitors KPIs Management from all relevant business areas Business areas | Execution & implementation MAR | Sustainable funding BAN | Sustainability check (incl. IFC/AIIB) PC | Diversity, training GOS | Operation ecology data KPC | Subsidy management, consultancy services STR | ESG strategy, reporting RCON/CR | ESG risk scores, exclusions CO | Business ethics & conduct FPA | ESG ratings & performance reporting IT | ESG data & systems enablement IA | ESG audits

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SUSTAINABILITY 83 ESG strategy | 2030 targets The electricity generation portfolio is aligned to the global IEA Net Zero by 205014 pathway At least 35% of management positions are held by women At least 95% of employees must complete mandatory sustainability trainings To support the global energy transition, Kommunalkredit is com- mitted to aligning the electricity generation portfolio to the global International Energy Agency’s (IEA) Net Zero by 205014 pathway and achieving a CO2 intensity of ≤0.186 tCO2/MWh by 2030. To promote diversity and equal opportunities within the organ- ization Kommunalkredit is committed to having at least 35% of management positions held by women. To equip all employees with the knowledge and skills to promote sustainability, at least 95% of Kommunalkredit's total workforce must complete mandatory sustainability trainings. ESG risk management The identification, management and monitoring of ESG risks is an integral part of Kommunalkredit's risk management framework. Methodologies and approaches are being enhanced to follow best practices and regulatory expectations. ESG impacts and risks associated with the bank’s project finance portfolio are first screened at origination stage. This acts as the first line of defense with the aim to ensure rigorous application of exclusion criteria and to conduct an internal Environmental and Social (E&S) due diligence. Exclusion criteria consolidate the list of activities that Kommunalkredit does not finance as they do not align with its social, environmental, and ethical standards. Exclusion criteria Exclusion criteria have been central to Kommunalkredit's strategy since 2021 and were strengthened in 2024 to broadly align with International Finance Corporation (IFC) standards. The exclusion criteria are set out in the relevant guidelines and fullfil a critical dual function, not only safeguarding the organization against rep- utational risks but also reinforcing Kommunalkredit’s commitment to responsible and ethical business practices. No financing of transactions or assets that pose a permanent/ material risk to the environment; in particular no financing for the purposes of (a) coal, gas, peat and oil extraction (in particular tar sand drilling and arctic drilling), (b) the construction of new coal- and peat-fired power plants, (c) the production or trade of unbound asbestos fibers, (d) drift net fishing with nets longer than 2.5 km, (e) commercial logging in humid tropical primary forests and the production or trade of timber or other forestry products that do not come from sustainably managed forests. No financing of activities that have serious negative social impacts or pose a threat to life or health, of (a) countries at war if con- demned by the United Nations, (b) the manufacture or trafficking of arms, (c) gambling, (d) the manufacture or sale of liquor, (e) the manufacture or sale of tobacco products, (f) pornography – in each case (with the exception of (a)) if the relevant activities account for more than 5% of the borrower's revenues. No funding in the event of violations of (a) national or interna- tional laws, sanctions, (b) the UN Declaration of Human Rights, (c) the ILO Core Labour Standards (e.g. harmful forced labor, harmful child labor), (d) ethical principles or in the event of problematic corporate governance issues, in particular corruption (acceptance or solicitation of bribes). No financing for customers without sufficient information or with unclear ownership, and no lending business where the purpose of which has not been understood. A special standard of care must be applied also with regard to repu- tational risk. The exclusion criteria are absolute – projects to which these exclusion criteria apply are not financed by Kommunalkredit. 14 Net Zero Roadmap: A Global Pathway to Keep the 1.5 °C Goal in Reach (2023 Update)

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84 MANAGEMENT REPORT The E&S due diligence (Sustainability Check) covers climate and nature-related, social, and governance topics, and is applied to projects in the Infrastructure and Energy portfolio. It is a struc- tured process with the purpose of identifying whether key risks and impacts are associated with projects financed. It is conducted at origination stage for all transactions, regardless of whether they will materialize on the bank’s balance sheet. The ESG risk profile of projects is finally assessed by the second line of defense via the ESG risk score, which flows directly into in the credit approval process. The classification of Kommunalkred- it’s on balance exposure as of YE 2025 shows a low ESG risk of the Infrastructure and Energy portfolio. The bank’s internal audit plan (third line of defense) regularly features a review of ESG processes and methodologies. To support ESG know-how capabilities within the organization, dedicated mandatory trainings are rolled out for all employees and management. Climate risk mitigation – Portfolio emissions The analysis of the carbon footprint allows the identification of key emissions drivers and climate-related risks. Besides, it informs the design of corporate action needed to support the delivery of national binding commitments under the Paris Agreement. The most significant source of emissions for financial institutions stems from the category Scope 3-15 – i.e., indirect downstream emissions associated with investment activities. ESG risk profile in % LOW RISK 2% 18% k s i r G S E 1 2 3 4 5 HIGH RISK 18% 28% 1% 1% 2% 11% 30% Environmental „E“ Social „S“ Governance „G“ 52% 52% 85% In alignment with industry best practices, Kommunalkredit dis- closes its Scope 3-15 financed emissions inventory on a yearly basis. The exposure covered by the Group’s GHG financed emis- sions inventory equals 78% of lending and investment activities, and 70% of total assets. The exposure definition applied is the on-balance gross carrying amount including accrued interest. Financed emissions and portfolio alignment Financed emissions for all asset classes covered, excluding sov- ereign debt, amount to 0.9 million tCO2e and have decreased by 15% YoY, yielding an overall emission intensity of 207 tCO2e/EURm (2024: 262 tCO2e/EURm). Emissions are driven by exposure, sec- tor/activity financed, and the location of the project. The decline in emission intensity shows a consistent shift of the portfolio to- wards low-emission sectors. Financed emissions – Coverage Business loans and unlisted equity Listed equity and corporate bonds Project finance Sovereign debt Subsovereign debt Total Gross carrying amount in EURm 2023 1,540 412 1,537 421 854 4,763 2024 2,001 387 1,869 138 1,000 5,395 2022 1,311 424 1,104 273 792 3,904 out of which covered in % 2025 2022 2023 2024 2025 1,990 412 2,181 316 1,334 6,233 98% 100% 100% 100% 0% 79% 98% 100% 100% 100% 0% 82% 99% 100% 100% 100% 0% 81% 99% 100% 100% 100% 0% 78% Note: Subsovereign debt (regional and local authorities) will be covered from 2026 on, following the updated PCAF standard 'PCAF (2025). The Global GHG Accounting and Reporting Standard Part A: Financed Emissions. Third Edition.'

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SUSTAINABILITY 85 Financed emissions – Asset classes other than Sovereign Debt (Scope 1-3) Gross carrying amount in EURm Financed emissions (Scope 1-3) in tCO2e Financed emissions intensity (Scope 1-3) in tCO2e / EURm Business loans and unlisted equity Listed equity and corpo- rate bonds Project finance Total 2022 1,283 2023 1,516 2024 1,979 2025 1,968 2022 2023 1,189,407 594,494 2024 748,468 2025 525,196 2022 927 2023 392 2024 378 2025 267 424 412 387 412 13,688 12,430 10,811 10,237 32 30 28 1,104 2,811 1,537 3,465 1,869 4,235 2,181 4,560 314,607 1,517,703 299,552 906,476 348,285 1,107,564 408,978 944,412 285 540 195 262 186 262 25 188 207 Financed emissions – Asset classes other than Sovereign Debt (split by Scope 1, 2, 3) Financed emissions (Scope 1) in tCO2e Financed emissions (Scope 2) in tCO2e Financed emissions (Scope 3) in tCO2e 2022 2023 2024 2025 1,040,220 421,589 546,684 362,194 2022 14,426 2023 17,457 2024 19,345 2025 15,152 2022 2023 2024 134,761 155,447 182,439 2025 147,850 4,557 4,060 3,480 3,285 530 542 503 462 8,601 7,828 6,828 6,491 232,970 210,761 213,718 251,335 9,292 9,862 15,098 14,608 72,345 78,930 119,469 143,034 1,277,747 636,410 763,882 616,814 24,248 27,861 34,946 30,222 215,707 242,205 308,736 297,376 Business loans and unlisted equity Listed equity and corpo- rate bonds Project finance Total Financed emissions – Sovereign Debt Gross carrying amount in EURm Financed emissions (Scope 1) in tCO2e Financed emissions intensity (Scope 1) in tCO2e / EURm Sovereign debt - incl. LULUCF Sovereign debt - excl. LULUCF 2022 2023 2024 2025 273 421 138 316 2022 68,464 2023 101,000 2024 38,952 2025 75,583 2022 250 2023 240 2024 282 2025 239 70,374 103,936 43,019 79,393 257 247 311 251 Note: Sovereign Scope 1 Production emissions are estimated with and without the effect of the Land Use, Land Use Change and Forestry (LULUCF) sector. The LULUCF sector records the net impacts of land use (forest, arable land, grassland, wetlands, settlements, other land) and wood products on a country's emissions. Some land use categories (arable land, grassland, wetlands and settlements) are typically a source of CO2 for the atmosphere, while forests generally represent a net carbon sink.

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86 MANAGEMENT REPORT Emissions intensi- ty (Scope 1-3) in tCO2e / EURm 596 590 484 587 685 1,515 2,460 33 6 11 687 36 33 142 68 62 62 61 225 Financed emissions by sector (YE 2025)15 Sector Subsector Gross carrying amount in EURm Financed emis- sions (Scope 1) in tCO2e Financed emis- sions (Scope 2) in tCO2e Financed emis- sions (Scope 3) in tCO2e Energy Generation Gas Energy Transmission Other Conventional Energy Electricity Storage Energy from Waste Geothermal Offshore Wind Onshore Wind Other Renewable Energy Solar CSP Solar PV Natural Resources Water & Environment Conventional Energy Renewable Energy Transport Other Infrastructure & Energy Other Public Finance / Infrastructure PF / Budget finance PF Communication & Digi- tization Social Infrastructure Total 191 437 31 26 19 120 49 45 35 188 19 9 622 389 320 126 843 679 4,148 44,880 190,365 15,205 11,202 9,501 156,182 121,190 - - - 9,491 - - 23,221 6,333 2,497 9,729 13,250 613,529 6,918 7,448 - 416 353 2,262 - - - - 352 - - 2,294 1,139 345 6,243 1,972 29,761 Note: Sector categories follow the bank's internal sector/subsector classification. Financed emissions by sector15 in EUR 16% 20% 3% 8% ∑ EUR 4,148m 4% 6% 1% 2% 6% 36% 5% 11% 2% 26% 9% ∑ tCO2e 0.9m 61,914 60,124 - 3,478 2,950 23,324 - 1,466 213 2,109 2,947 317 20,591 29,609 14,347 5,043 36,174 26,129 290,884 12% 28% 5% ■ Natural Resources ■ Water & Environment ■ Conventional Energy ■ Renewable Energy ■ Transport ■ Other I&E ■ Other PF / Infrastructure PF / Budget Finance PF ■ Communication & Digitization ■ Social Infrastructure 15 Covering the PCAF asset classes Business loans and unlisted equity (EUR 1.97bn) and Project Finance (EUR 2.18bn)

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SUSTAINABILITY 87 ■ Natural Resources ■ Water & Environment ■ Conventional Energy ■ Renewable Energy ■ Transport ■ Other I&E ■ Other PF / Infrastructure PF / Budget Finance PF ■ Communication & Digitization ■ Social Infrastructure Portfolio economic emission intensity by sector in tCO2e/EURm 596 590 569 313 142 600 500 400 300 200 100 0 tCO2e EURm 12% 5% 28% 11% 5% 2% 36% 26% 6% 9% 68 2% 8% 62 62 61 1% 3% 6% 20% 4% 16% ∑ 0.9 m ∑ 4,148 Financed emissions and avoided emissions Standard and methodology Financed emissions and avoided emissions are disclosed on a vol- untary basis; the calculation methodology applied is based on the PCAF Standard16. Estimated emissions include Scope 1, 2 and 3 of clients and projects financed wherever available, and Scope 1 (pro- duction emissions) for sovereign debt exposures and avoided emis- sions. The organizational boundaries for reporting on Scope 3-15 emissions are determined based on the financial control approach, analogous to the scope of consolidation for financial reporting. Due to data limitations, the indirect emissions from Kommunalkredit’s participation in the Fidelio Fund’s assets cannot be included in the financed emissions inventory. Given the comparatively small size of the exposure (EUR 22 million) and the run-down profile of these assets, this exclusion is deemed immaterial. The PCAF asset classes covered17 by the calculations broadly correspond to the project finance, sovereign bonds, and treasury portfolios. Data quality and limitations The figures presented are estimates and are subject to considera- ble uncertainty. This is primarily due to the lack of project-specific data, a challenge Kommunalkredit shares with its peers across the banking sector. Considering the limited data availability, the PCAF method allows the use of different data types. To calculate Scope 1 (production emissions) for the sovereign debt asset class, Option 1a is applied by referring to the verified UN Framework Conven- tion on Climate Change (UNFCCC) emissions data for 2021. For all other exposures covered by the Scope 3-15 emission inventories, Option 3c is applied. Emission factors from the PCAF database18 are used which enable the calculation of emissions at project level19, although only the outstanding amount is known. We follow PCAF recommendations and apply regional averages from Exiobase for all sectors, with the exception of power generation, where Climate Trace country values are applied to electricity generation from gas and waste sectors and global averages are applied to electricity generation from photovaltaics, solar CSP, on-shore/off-shore wind power and geothermal sectors20. The corresponding data quality score is 5 (lowest score) for the non-sovereign financed emissions and for the avoided emissions, and close to 1 (highest score) for the estimates of indirect production emissions from our sovereign debt portfolio. An inflation adjustment is applied to the econom- ic activity based emissions factors, following the methodological guidance of PCAF21. This step serves the purpose of updating emissions intensities to the price level prevailing in the country of location of the activity financed at portfolio cut-off date. Avoided emissions of solar, wind and geothermal projects are estimated based on country-specific electricity generation mixes22 and eco- nomic emission intensities of coal, gas, oil and waste electricity generation projects. The importance of more accurate data to refine our carbon foot- print is evident and Kommunalkredit recognizes the challenges the financial industry faces in obtaining comprehensive and reliable emissions data from counterparties. Despite these data limitations and challenges, the calculations can support the identification of current hotspots and large issuers within the portfolio. Recalculation policy In accordance with the PCAF standard, we have established a pol- icy to recalculate our financed baseline emissions to ensure data consistency, comparability and relevance of reported greenhouse gas emissions data over time. Triggers for baseline recalculations are: i) Structural changes in the organization and its underlying portfolio (e.g. mergers, acquisitions and divestitures); ii) Signifi- cant changes in calculation methodologies or improvements in data accuracy (e.g. moving to the use of asset-specific emissions data or more current emissions factors); iii) The identification of significant errors (or a series of cumulative errors) in the original base year calculation. 16 PCAF (2022). The Global GHG Accounting and Reporting Standard Part A: Financed Emissions. Second Edition. 17 Subsovereign debt (regional and local authorities) will be covered from 2026 on, following the updated PCAF standard. Reported exposure for the asset classes Motor vehicle loans, Commercial real estate, and Mortgages is zero. 18 The sector analysis of the portfolio is limited by the sector classifications and granularity used in the PCAF database. 19 In our calculations we treat project finance exposure as if projects had already reached the operational stage. 20 As PCAF does not offer economic emission factors (data quality 5) for solar CSP and geothermal, and their life-cycle emission are comparable to the ones of photovoltaics, 21 We apply the inflation adjustment logic as per Financed emissions calculation worksheet - released by PCAF in the Additional resources section – accessible to PCAF they are assigned the emission factor for photovoltaics. members. 22 International Energy Agency (IEA) Countries and regions.

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88 MANAGEMENT REPORT By applying a deeper analysis of the portfolio, the exposure spe- cifically attributable to Electricity generation within the sectors Conventional energy and Renewable energy was isolated. At YE 2025, the on-balance exposure within the Electricity generation portfolio amounts to EUR 979m (24% of the I&E and PF portfolio covered by financed emissions calculations and 84% of the sectors Conventional energy and Renewable energy). This is the only port- folio exposure which is eligible for the application of the sectoral decarbonization approach and target setting. 92% of the Elec- tricity generation portfolio relates to low-emission technologies. Using proxy data for physical emission intensity (tCO2e/MWh) by technology type and country23 and using expert estimates for out- put data (MWh), we have produced a first measure for the emis- sion intensity of the Electricity generation portfolio at YE 2025 of 0.09 tCO2e/MWh. This value lies well below the global Net Zero by 2050 pathway calculated by the International Energy Agency (IEA)24. The estimated distance of Kommunalkredit’s Electricity generation portfolio to the 2030 value on the Net Zero by 2050 pathway is -52%25. This favourable alignment reflects the struc- tural characteristics of the Electricity generation portofolio, which is shaped by a strategic focus on low-emission technologies. We are committed to refining the approach going forward – among others by relying on collected customer-specific data – to enhance the robustness of our results and strengthen target setting. Electricity generation - portfolio alignment Methodology The portfolio in scope covers the PCAF asset classes Project finance and Business loans and unlisted equity and focuses on counter- parties active in the Electricity generation sector, identified based on the internal subsector classification. Clients/projects producing electricity from solar PV, solar CSP, on-shore wind, off-shore wind, geothermal, gas, bioenergy and waste are included. Emission intensities are proxied with data published by EMBER23, which provides country- and technology-specific data expressed in tCO2e/MWh which is mapped to Kommunalkredit's portfolio based on internal sector classification. The portfolio intensity is cal- culated by applying technology-specific weights corresponding to annual electricity output (MWh p.a.) – derived using expert-based assumptions. We disclose portfolio alignment by mapping the port- folio intensity against the global decarbonization pathway pub- lished by the IEA Net Zero by 205024, Table A.5. Data quality and limitations The figures presented are estimates and are subject to considera- ble uncertainty. We use proxies for 100% of the portfolio covered and rely on less granular emission intensity data for the technolo- gies geothermal and electricity generation from waste. Additionally, the IEA Net Zero by 2050 decarbonization pathway is calculated at global level, no regional pathways are available. This might overstate the degree of portfolio alignment, considering that most of Kommunalkredit’s Electricity generation exposure is in advanced economies that are expected to converge to Net Zero faster. The applied pathway and underlying data may be subject to future revisions. Changes in the data and underlying methodology will be transparently communicated. Electricity generation portfolio Alignment to global Net Zero by 2050 scenario KA emission intensity YE 2025 IEA Net Zero by 2050 Scenario24 h W M / 2 O C t 0.50 0.40 0.30 0.20 0.10 0.00 2025 2020 2030 2040 2050 23 Yearly Electricity Data | Ember 24 Net Zero Roadmap: A Global Pathway to Keep the 1.5 °C Goal in Reach (2023 Update) 25 The distance is calculated following the approach highlighted in the Annex 2 – Instructions for ESG prudential disclosure templates (EBA ITS) Avoided emissions For the first time, Kommunalkredit is publishing the avoided emissions related to renewable electricity generation projects, associated with 12% of the non-sovereign debt portfolio covered by financed emissions calculations. Avoided emissions represent the positive impact created when comparing the emission impact of a low-emission technology to an alternative scenario with a high-emission technology in place. Using PCAF economic emis- sion intensities (tCO2e/EURm) by sector and country, we have produced a first measure for the Scope 1 avoided emissions at YE 2025 of 2.1 million tCO2e. Operational ecology Kommunalkredit has a longstanding tradition of environmen- tal responsibility, supported by credible external verification of its environmental management system since 1997 and further strengthened by internal environmental management capabili- ties. The company’s efforts are reflected in measurable improve- ments across various ecological indicators. The company has been using exclusively green electricity since 2003 and district heating since 2024. A complete list of environmental performance figures for the headquarter in Vienna can be found below.

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SUSTAINABILITY 89 Building upgrades Recent renovations and upgrades, such as connecting the build- ing to 100% district heating, installing an on-site 100 kWp pho- tovoltaic system, and window renovations, have contributed to energy efficiency improvements in 2023 and 2024. Further core renovations of the company’s Viennese office buildings in 2025 and upcoming years are expected to contribute to further energy savings. The decreased utilisation of office space since mid-2025 will continue until refurbishment is completed and will influence the development of the environmental KPIs herewith reported and their comparability with previous reporting periods. Energy consumption and efficiency In 2025, the company's total energy consumption (electricity and heating) was 1.33m kWh, demonstrating a 7.5 % decrease compared to 2024 (1.43m kWh). The building's energy use per employee decreased slightly, with total energy consumption per employee dropping to 2,998 kWh from 3,307 kWh in 2024. The company’s energy mix has shifted significantly towards renewa- bles, with renewable energy sources accounting for 99.8 % of the total energy consumption in 2025, up from 85.3% in 2024 and 65.7% in 2023. This includes green electricity (100%) — made up of 434,736 kWh of grid power and 74,407 kWh generated by the company’s own PV system, with almost all of it being directly con- sumed on-site. At 1,131 kWh per employee (2024: 1,426 kWh), the relative electricity consumption fell by 21 % in 2025. Business travel The kilometres covered per employee in 2025 remained stable at 2,122 km (2024: 2,114 km). Kommunalkredit is growing steadily and serves all its international customers from its locations in Vienna and Frankfurt. About 93 % of kilometres were travelled by plane, 1 % by train and 6 % by car. The internal business travel policy requires that ecological aspects are considered, e.g. for business travel distances <500 km, trains or electric cars must be used, and air travel is only permitted if virtual alternatives are not feasible. Since 2024 Kommunalkredit has had no vehicle fleet. CO2 emissions Reported emissions from own operations have declined as a result of the transition to 100% district heating and the application of updated, lower emission factors for the business travel emissions calculations. CO2e emissions from business activities fell to 236 tonnes in 2025, down from 405 tonnes in 2024. Kommunalkredit’s Scope 1 emissions have fallen significantly after the connection to the district heating in 2024, completed in 2025; they are entirely driven by mandatory tests for the diesel-run emergency generator. In 2025, Scope 1 emissions have decreased by 98 % compared to 2024 and amounted to 1 tonne of CO2e. Scope 2 emissions from purchased electricity (100% green) and heat (100% district heating) increased by 15 % and amounted to 23 tonnes in 2025. This results from the reclassification of heating emissions from Scope 1 (direct) to Scope 2 (indirect), combined with the full transition to 100% district heating in 2025. Structural measures in which the company has been investing over the past years imply that the biggest lever for further reduction of Scope 2 emissions rests on the further decarbonisation of the energy mix used for district heating, in line with the city of Vienna’s target of climate neutrality until 2040. Indirect emissions from business travel (Scope 3-6) amounted to 212 tonnes of CO2e in 2025 (2024: 333 tonnes). The total CO2e emissions per employee resulting from our business activities have decreased to 0.5 tonnes compared to 2024 (0.9 tonnes) due to the switch to district heating and the supplementation of the power supply by the company’s own PV. The total CO2e emissions that Kommunalkredit Group could not avoid amounted to 236 tonnes in 2025. The bank supported Austrian climate protection projects by making a voluntary contribution through Climate Aus- tria, matching the amount of unavoidable emissions. Waste, water, and paper consumption Waste generation increased to 41.6 tonnes annually (2024: 32.9 tonnes), out of which 0.09 tonnes were hazardous. Waste per em- ployee increased to about 94 kg (2024: 75.5kg), due to disposed furniture. Water use stabilized at roughly 27 litres per employee per day. Paper consumption (100% recycled) markedly increased to approximately 5 kg per employee in 2025 from 2 kg in 2024. Improvement of operational ecology Kommunalkredit continues its journey towards operational sus- tainability, with consistent improvements in energy efficiency and emission reductions, which are supported by the ISO 14001 certification. Total energy consumption per employee in kWh 3,706 3,361 3,307 2,998 4,000 3,000 2,000 1,000 0 2 emissions per employee CO in tonnes of CO2 equivalents 3.3 2.6 3 2.5 2 1.5 1 0.5 0 3,000 2,500 2,000 1,500 1,000 500 0 0.9 0.5 Business travel km per employee 2,988 2,228 2,114 2,122 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025

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90 MANAGEMENT REPORT Environmental performance figures Definition Unit 2023 2024 2025 km kWh 1,210,152 1,571,831 921,753 752,967 940,221 431,222 2.0% -42.7% Employees (including Executive Board) 11 Total assets Office space used 22 Office space used per employee Energy consumption Total energy consumption Total energy consumption per employee Total consumption from renewable sources Total consumption from non-renewable sources Electricity (100% green electricity) Grid power PV generation 33 PV own consumption PV own consumption share of total energy con- sumption PV own consumption share of PV generation Electricity per employee Diesel consumption 44 Biomass consumption (pellets) 33 Gas consumption District heating (Fernwärme) 33 Total heating energy consumption Heating energy consumption (per m2) Heating energy consumption per employee Share of renewable energy sources in relation to total energy consumption (biomass and green electricity) Water and paper Water consumption in m3 55 Water consumption in litres per employee and day Paper consumption (in kg) Paper consumption (in kg) per employee Paper consumption (in kg) per employee and day Paper consumption (in sheets) per employee and day Share of recycled paper Transport Total business travel Total energy consumption for transport in EUR m m2 m2/employ- ee kWh kWh/em- ployee kWh kWh kWh kWh kWh kWh % % kWh/em- ployee kWh kWh kWh kWh kWh kWh/m2 kWh/em- ployee % m3 l/employ- ee/day kg kg/employ- ee kg/employ- ee/day sheets/ employee/ day % 405 5,871 7,722 19.1 1,361,010 3,361 894,267 466,743 637,887 637,887 0 0 0 0 1,575 2,646 256,380 464,097 0 720,477 93.3 1,779 434 6,606 7,722 17.8 1,435,105 3,307 1,224,242 210,863 618,712 600,281 18,861 18,431 3 98 1,426 2,009 0 208,854 605,530 814,384 105.5 1,876 443 6,998 6,332 14.3 1,327,932 2,998 1,325,139 2,793 500,882 434,736 74,407 66,146 13 89 1,131 2,793 0 0 824,257 824,257 130.2 1,861 Change 2024-2025 2.1% 5.9% -18.0% -19.7% -7.5% -9.3% 8.2% -98.7% -19.0% -27.6% 100.0% 100.0% 100.0% 100.0% -20.7% 39.0% 0.0% -100.0% 100.0% 1.2% 23.4% -0.8% 65.7 85.3 99.8 17.0% 2,878 28 2,000 5 0.02 4 2,885 26 1,050 2 0.01 4 3,015 27 2,000 5 0.01 2 4.5% 3.8% 90.5% 150.0% 0.0% -38.3% 100.0 100.0 100.0 0.0%

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SUSTAINABILITY 91 Definition Total business travel per employee Kilometres travelled by rail Share of kilometres travelled by rail in relation to total distance travelled Kilometres travelled by rail per employee Kilometres travelled by car Share of kilometres travelled by car in relation to total distance travelled Kilometres travelled by car per employee Kilometres travelled by air Share of kilometres travelled by air in relation to total distance travelled Kilometres travelled by air per employee CO2 emissions 66 CO2 emissions caused by business activities Scope 1 (direct emissions) thereof fossil emissions thereof biogenic emissions Scope 2 (green electricity market-based) 77 Scope 2 (electricity location-based) 77 Scope 3 (business travel) 88 CO2 emissions caused by business activities per employee Waste 99 Total annual waste volume Total annual waste volume per employee Waste paper Waste paper (share of total volume of waste) Waste paper per employee Domestic-type commercial waste Domestic-type commercial waste (share of total volume of waste) Domestic-type commercial waste per employee Hazardous waste Hazardous waste (share of total volume of waste) Hazardous waste (in kg) per employee Unit km/em- ployee km % km/em- ployee km % km/em- ployee km % km/em- ployee t t t t t t t t/employee kg kg/employ- ee kg % kg/employ- ee kg % kg/employ- ee kg % kg/employ- ee 2023 2024 2025 2,988 9,636 0.8 24 16,041 1.3 40 1,184,475 97.9 2,114 4,738 0.5 11 44,089 4.8 102 872,929 94.7 2,122 5,940 0.6 13 54,837 5.8 124 879,445 93.5 2,925 2,011 1,985 1,340 123 118 4.0 9.0 144 1,208 3.3 31,147 76.9 11,246 36.1 28 14,448 46.4 36 185 0.6 0.46 405 64 52 0.0 8.0 136 333 0.9 32,907 75.5 11,246 34.0 26 14,448 44.0 33 21 0.1 0.05 236 1 1 0.0 23.0 99 212 0.5 41,623 94.0 11,246 27.02 25 14,448 34.7 33 90 0.2 0.20 Change 2024-2025 0.4% 25.4% 22.9% 22.8% 24.4% 21.9% 21.9% 0.7% -1.2% -1.3% -41.8% -98.6% -98.3% 0.0% 187.5% -27.4% -36.3% -42.9% 26.5% 24.4% 0.0% -20.5% -2.4% 0.0% -21.1% -1.2% 328.6% 260.4% 306.3% 1 2 3 4 5 6 7 8 9 Employees (headcount) including Executive Board and excluding those on leave; the figures for 2020–2022 were adjusted due to the updated definition in 2023. The area reported in 2024 was scaled by the reduced proportion of office space due to building renovations. As office area varied over the year, the average was used. In 2024, a 100 KWp photovoltaic system was installed on the roof of the building and the pellet heating system was converted to district heating at the end of 2023. Totals based on emissions calculation using the factor 1L=9.8 kWh; the data for 2022 was corrected in 2023. All water was withdrawn from the municipal water supply. No water was withdrawn from areas under water stress. All data refers to carbon dioxide equivalents (CO2e). Emission factors based on OIB Guideline 6 (2019). In accordance with the GRI Standards, emissions from the purchase of electricity are to be shown based on both the market-based and location-based methods. The market-based method shows emissions from the electricity that an organisation chose in a targeted manner. Emission factors were calculated based on OIB Guideline 6 (2019). The emissions calculation for business travel is based on data from the Environmental Agency Austria, June 2025, for direct emissions per passenger kilometre. Waste paper and domestic-type commercial waste are calculated using the number of corresponding containers with allocated filling levels and the collection interval notified by MA48. Due to the unchanged situation, the figures for 2021–2023 are identical. Due to a correction made in calculating the volume of waste paper, the figures for 2020–2022 were adjusted. The significant increase in the volume of hazardous waste is attributable to the disposal of screens in 2023.

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92 MANAGEMENT REPORT GRI Content Index GRI STANDARD GRI DISCLOSURE UNGC REFERENCE REASON FOR OMISSION / COMMENT General Disclosures GRI 2: General Disclosures 2021 2-1 Organizational details 2-2 Entities included in the organization’s sustainability reporting 2-3 Reporting period, frequen- cy and contact point 2-4 Restatements or restate- ment of information 2-5 External assurance 2-6 Activities, value chain and other business relationships 2-7 Employees 2-8 Workers who are not employees 2-9 Governance structure and composition 2-10 Nomination and selection of the highest governance body 2-11 Chair of the highest gov- ernance body 2-12 Role of the highest gov- ernance body in overseeing the management of impacts 2-13 Delegation of responsibili- ty for managing impacts 2-14 Role of the highest gov- ernance body in sustainability reporting 2-15 Conflicts of interest Chapter Regional reach. Sectoral focus. Kommunalkredit KYC | Articles of Association (website) Kommunalkredit Company Presentation (website) Chapter Sustainability Chapter Sustainability Chapter Regional reach. Sectoral focus. Chapter Economic environment Chapter Business review Chapter Kommunalkredit on the capital market In 2025 there are no restate- ments of information. The sustainability chapter is part of the Financial Report and is not audited separately. Chapter Employees | Workforce composition and growth Chapter Employees | Social performance figures As of 31/12/2025 there were three fixed term employee. In 2025 there were no workers who are not employees. Principle 1, principle 2, principle 4, principle 5, principle 6, principle 7, principle 9 Principle 6 Principle 6 Chapter Sustainability | Sustainability governance Chapter Employees | Social performance figures Kommunalkredit Company Presentation (website) Kommunalkredit KYC | Articles of Association (website) Kommunalkredit KYC | Articles of Association (website) Kommunalkredit KYC | Publication pursuant to Section 65a of the Austrian Banking Act (BWG) (website) Chapter Sustainability | Sustainability governance Kommunalkredit KYC | Articles of Association (website) Chapter Sustainability | Sustainability governance Chapter Sustainability | Sustainability strategy Chapter Sustainability | ESG risk management Kommunalkredit Company Presentation (website) Kommunalkredit KYC | Articles of Association (website) Chapter Sustainability | Sustainability governance Chapter Sustainability | Sustainability strategy Chapter Sustainability | ESG risk management In Austria the two-tier system applies, i.e. separation between the Supervisory Board (non-ex- ecutive) and the Management Board (executive). Incompatibil- ity of simultaneous membership in Supervisory Board and Man- agement Board in accordance with Section 90 AktG (Austrian Stock Corporations Act). Principle 10 Kommunalkredit KYC | Code of Conduct (website) There is currently no legal requirement.

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SUSTAINABILITY 93 REASON FOR OMISSION / COMMENT There were no critical concerns during the reporting period. There were no penalties or fines in the reporting period. GRI STANDARD GRI DISCLOSURE UNGC REFERENCE 2-16 Communication of critical concerns 2-17 Collective knowledge of the highest governance body 2-18 Evaluation of the performance of the highest governance body 2-19 Remuneration policies 2-20 Process to determine remuneration 2-21 Annual total compensa- tion ratio 2-22 Statement on sustainable development strategy 2-23 Policy commitments 2-24 Embedding policy com- mitments 2-25 Processes to remediate negative impacts 2-26 Mechanisms for seeking advice and raising concerns 2-27 Compliance with laws and regulations 2-28 Membership associations Principle 1, principle 2, principle 4, principle 5, principle 6, principle 7, principle 10 Principle 1, principle 6, principle 10 Principle 1, principle 8, principle 9 2-29 Approach to stakeholder engagement 2-30 Collective bargaining agreements Principle 3 Kommunalkredit KYC | Code of Conduct (website) Chapter Supervisory Board Kommunalkredit KYC | Publication pursuant to Section 65a of the Austrian Banking Act (BWG) (website) Kommunalkredit KYC | Publication pursuant to Section 65a of the Austrian Banking Act (BWG) (website) Kommunalkredit KYC | Publication pursuant to Section 65a of the Austrian Banking Act (BWG) (website) Kommunalkredit KYC | Publication pursuant to Section 65a of the Austrian Banking Act (BWG) (website) Chapter Employees | Social performance figures Chapter At the heart of Europe's transition - Fore- word by the CEO Chapter Sustainability | ESG risk managagement Kommunalkredit KYC | Code of Conduct (website) Chapter Sustainability | ESG risk managagement Kommunalkredit KYC | Code of Conduct (website) Chapter Sustainability | Sustainability strategy Chapter Sustainability | ESG risk managagement Kommunalkredit KYC | Code of Conduct (website) Kommunalkredit KYC | Code of Conduct (website) Energieforum Österreich, European Clean Hydrogen Alliance, International Capital Markets Association, IPFA International Project Finance Association, ISDA International Swaps and Derivatives Association, ÖGUT- Österreichische Gesellschaft für Umwelt und Technik, Österre- ichische Energieagentur, Partnership for Carbon Accounting Financials (PCAF), Pfandbrief- & Covered Bond-Forum Austria, The Loan Market Association / Banking, UN Environmental Pro- gramme for Financial Institutions (Principles for Responsible Banking), UN Global Compact Chapter Making a difference Chapter Kommunalkredit on the capital market Chapter Employees | Employee satisfaction Kommunalkredit KYC | Articles of Association (website) Chapter Employees | Employee benefits

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94 MANAGEMENT REPORT GRI STANDARD GRI DISCLOSURE UNGC REFERENCE REASON FOR OMISSION / COMMENT Material topics & other UNGC topics GRI 3: Material Topics 2021 3-1 Process to determine material topics 3-2 List of material topics Chapter Sustainability Kommunalkredit conducted a Materiality Assessment in 2025. Additonal UNGC topics have been added to the list below. Anti-Corruption GRI 205: AntiCorrup- tion 2016 Emissions GRI 3: Material Topics 2021 GRI 305: Emissions 2016 205-1 Operations assessed for risks related to corruption 205-2 Communication and training about anti corruption policies and procedures 205-3 Confirmed incidents of corruption and actions taken Principle 10 Principle 10 Principle 10 3-3 Management of material topics 305-1 Direct (Scope 1) GHG emissions 305-2 Energy indirect (Scope 2) GHG emissions 305-3 Other indirect (Scope 3) GHG emissions 305-4 GHG emissions intensity 305-5 Reduction of GHG emissions Principle 7, principle 8, principle 9 Principle 7, principle 8, principle 9 Principle 7, principle 8, principle 9 Principle 7, principle 8, principle 9 Principle 7, principle 8, principle 9 305-6 Emissions of ozonede- pleting substances (ODS) 305-7 Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions Principle 7, principle 8, principle 9 Principle 7, principle 8, principle 9 Chapter Employees | Training and development Kommunalkredit KYC | Code of Conduct (website) 0/0 0/0 Chapter Sustainability | Sustainability strategy Chapter Sustainability | ESG risk management | Climate risks mitigation - Portfolio emissions Chapter Sustainability | Operational ecology | CO2 emissions Chapter Sustainability | Operational ecology | CO2 emissions Chapter Sustainabiltiy | Environmental perfor- mance figures Chapter Sustainability | Operational ecology | CO2 emissions Chapter Sustainabiltiy | Environmental perfor- mance figures Chapter Sustainability | ESG risk management | Climate risks mitigation - Portfolio emissions Chapter Sustainability | Operational ecology | CO2 emissions Chapter Sustainabiltiy | Environmental perfor- mance figures Chapter Sustainability | ESG risk management | Climate risks mitigation - Portfolio emissions Chapter Sustainability | Operational ecology | CO2 emissions Chapter Sustainabiltiy | Environmental perfor- mance figures Chapter Sustainability | Sustainability strategy Chapter Sustainability | ESG risk management | Climate risks mitigation - Portfolio emissions Chapter Sustainability | Operational ecology | CO2 emissions Chapter Sustainabiltiy | Environmental perfor- mance figures No ozone depleting substances were emitted in the reporting period. No significant air emissions were emitted in the reporting period. Employment GRI 3: Material Topics 2021 3-3 Management of material topics Chapter Sustainability | Sustainability strategy Chapter Employees | Employee benefits Chapter Employees | Employee satisfaction

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SUSTAINABILITY 95 GRI STANDARD GRI 401: Employ- ment 2016 GRI DISCLOSURE UNGC REFERENCE REASON FOR OMISSION / COMMENT 401-1 New employee hires and employee turnover 401-2 Benefits provided to full time employees that are not provided to temporary or partti me employees 401-3 Parental leave Principle 6 Principle 6 Chapter Employees | Employee satisfaction Chapter Employees | Social performance figures Chapter Employees | Employee benefits Chapter Employees | Social performance figures Principle 6 Chapter Employees | Workforce composition and growth Chapter Employees | Social performance figures Training and education GRI 3: Material Topics 2021 GRI 404: Training and education 2016 3-3 Management of material topics 404-1 Average hours of training per year per employee 404-2 Programmes for upgrad- ing employee skills and transi- tion assistance programmes 404-3 Percentage of employees receiving regular performance and career development reviews 3-3 Management of material topics 405-1 Diversity of governance bodies and employees 405-2 Ratio of basic salary and remuneration of women to men 3-3 Management of material topics 406-1 Incidents of discrimi- nation and corrective actions taken Diversity and equal opportunity GRI 3: Material Topics 2021 GRI 405: Diversity and equal opportuni- ties 2016 Non-discrimination GRI 3: Material Topics 2021 GRI 406: Non-dis- crimination 2016 Supplier social assessment GRI 414: Supplier social assessment 2016 414-1 New suppliers that were screened using social criteria 414-2 Negative social impacts in the supply chain and actions taken Chapter Sustainability | Sustainability strategy Chapter Employees | Training and development Chapter Employees | Training and development Chapter Employees | Social performance figures Chapter Employees | Training and development Chapter Employees | Training and development Chapter Sustainability | Sustainability strategy Chapter Employees | Diversity and experience Kommunalkredit KYC | Code of Conduct (website) Chapter Employees | Diversity and experience Chapter Employees | Social performance figures Chapter Employees | Social performance figures Principle 6 Principle 6 Chapter Employees | Training and development Kommunalkredit KYC | Code of Conduct (website) Principle 6 Principle 1, principle 2, principle 3, principle 4, principle 5 Principle 1, principle 2, principle 3, principle 4, principle 5 Kommunalkredit KYC | Code of Conduct (website) Kommunalkredit KYC | Code of Conduct (website) The collective bargaining agree- ment does not differentiate based on gender. There were no cases of discrimi- nation in the reporting period. All suppliers have to fulfill criteria related to anti-corrup- tion, respect of human rights & labor standards, business ethics, prohibition of money launder- ing & terrorist financing, climate change & biodiversity. Violations have to be reported promptly; suppliers may be audited and agreements may be termined for non-compliance.

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OUTLOOK 97 Outlook Global economic conditions remain challenging, marked by rising trade barriers, ele- vated geopolitical risks and continued market volatility. Central banks are expected to proceed cautiously, while growth dynamics continue to diverge across regions. Persistent global headwinds keep central banks cautious In the eurozone, inflation is expected to remain close to the Euro- pean Central Bank’s (ECB) 2% target, allowing the ECB to maintain a broadly neutral stance. No further rate cuts are anticipated in 2026, with the deposit rate expected to remain at 2%26. Ongo- ing quantitative tightening, combined with elevated government bond issuance, is likely to put upward pressure on long-term yields and lead to a steeper yield curve, with 10-year German govern- ment bond yields potentially rising toward 3%. converging in sectors such as renewable energy, social infrastruc- ture, data centers, and e-mobility infrastructure. These trends are expected to remain relevant in the years ahead. The European Commission expects an investment need of around EUR 2.5 trillion until 203027 for critical areas such as renewable energy as well as digital and social infrastructure. Public budg- ets alone cannot meet these requirements. Private investment is therefore essential to realize necessary infrastructure projects and to strengthen Europe’s competitiveness, independence and resilience. In the United States, the Federal Reserve (Fed) is expected to ease policy gradually, with two to three rate cuts by the end of 2026 in response to slowing economic momentum. While the US dollar is likely to remain broadly stable in the near term, rising debt levels pose longer-term depreciation risks. Against this backdrop, Kommunalkredit’s outlook for 2026 re- mains broadly positive, subject to some restrictions in the areas of fiber optics and digital infrastructure, as well as the possible impact of the current US administration or potential geopolitical conflicts on the European infrastructure market. Market volatility persists amid widening credit spreads Geopolitical tensions, including US-China relations, the war in Ukraine, and instability in the Middle East, continue to weigh on global growth through higher trade barriers, supply chain risks, and rising defense spending. In this environment, financial mar- kets remain volatile. Credit spreads on European bank bonds are likely to widen amid economic slowdown and rising corporate defaults, while equity markets face elevated correction risks, particularly in highly valued sectors such as artificial intelligence. Against this challenging macroeconomic and market backdrop, Germany is expected to see a modest recovery supported by government spending, while Austria is projected to return to a more balanced growth path as exports stabilize and residential construction recovers. Tighter fiscal policy, however, will continue to constrain the pace of recovery and underscores the need for fiscal consolidation. Substantial demand for infrastructure Even though the overall economic situation in Europe is likely to remain challenging in the medium term due to macroeconomic uncertainties and strained public budgets, there continues to be substantial demand for infrastructure. This demand is driven by the long-term megatrends of demographic change, decentraliza- tion, digitalization, and decarbonization, which are increasingly Infrastructure investments have proven resilient in past phases of economic uncertainty, such as during the COVID crisis, support- ed by the broad diversification of the sector. While individual seg- ments with high GDP dependency or reliance on imported equip- ment may face short-term pressure, infrastructure assets with inelastic demand, pricing power and structural growth prospects continue to offer attractive opportunities. While being cognizant of the latest adverse developments in specific sub-industries, Kommunalkredit continues to focus on the infrastructure and energy sector and expects a continuous deal flow in the future. Energy & Environment: Rising need for battery energy storage (BESS) Alongside the continued expansion of wind and photovoltaic capacity, battery energy storage systems (BESS) are expected to play an increasingly important role in the energy sector over the medium term, including 2026. The growing share of varia- ble renewable generation drives demand for flexible assets that support grid stability, congestion management, and price-driven balancing in the wholesale power markets. International ener- gy agencies highlight the declining technology costs and evolv- ing market frameworks are improving the economic viability of battery storage, particularly for merchant and hybrid business models. International Renewable Energy Agency (IRENA)28 projects a significant increase in installed battery storage capa- city under energy transition scenarios, underlying the substantial investments needs over the coming years. 26 European Central Bank: Press release, 18/12/2025 27 European Commission: Competitive compass, April 2024 28 International Renewable Energy Agency, www.irena.org, 05/01/2026

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98 MANAGEMENT REPORT Against this backdrop, battery storage is expected to re- main an active transaction segment in 2026, support- ed by a diversification of revenue models. In addition to contracted structures, such as tolling agreements or ca- pacity-based revenues, merchant and partially merchant models are expected to gain relevance, reflecting both higher price volatility and the growing role of storage in intraday op- timization. Kommunalkredit is well positioned to support these projects through its expertise in structuring, financing and advi- sory services across a range of risk profiles. Transport: Selective Investment amid structural transformation The transport sector continues to undergo structural transforma- tion driven by decarbonization targets, model shift initiatives, and the gradual electrification of mobility. Public policy support at Eu- ropean and national level remains focused on rail infrastructure, public transport systems, and low-emission mobility solutions, while road transport faces increasing regulatory and environmen- tal requirements. At the same time, elevated construction costs, complex permit- ting processes, and constrained public budgets continue to affect project economics and investment timelines. As a result, many transport projects require increased structuring effort, risk re- allocation, and transaction support rather than straightforward balance-sheet financing. For 2026, Kommunalkredit expects advisory activity in the trans- port sector to remain solid. As a specialized infrastructure bank, Kommunalkredit supports its clients in the transport sector with advisory services across areas such as project structuring, pro- curements processes, refinancing and transaction preparation drawing on its long-standing sector expertise. Communication & Digitalization: Sustained boom in data centers The positive trend in the data center sector is also expected to continue in 2026. This asset class is in high demand among asset managers and insurance companies and should continue to sup- port Kommunalkredit’s syndication activities. In the fiber optics sector, however, consolidation has in- tensified and further consolidation is expected. The rapid expansion of digital infrastructure, which had been grow- ing strongly until early 2023, came to a virtual standstill in 2025 in the area of fiber optics in several countries. Across Europe, there has been a shift from rollout and capex-driven models to consolidation and M&A transactions. The first mergers have al- ready taken place in the United Kingdom, a development that is likely to continue, partly due to the financial situation of individual providers. In Germany, a significant market consolidation is also expected in 2026, which could lead to provisions and write-offs for some equity sponsors and lending banks. Kommunalkredit will not be able to fully escape this development in 2026. However, based on its expertise, it can play an active role, particularly in consolidation issues and M&A advisory. Social Infrastructure: Continued relevance amid demographic and fiscal pressure Social infrastructure remains a key component of Europe’s in- frastructure landscape, supported by long-term demand drivers such as demographic change, urbanization, and evolving require- ments in healthcare, education, and care services. In particular, the aging population continues to underpin demand for care-re- lated facilities and services across many European countries. At the same time, investment in social infrastructure is increasingly shaped by fiscal constraints, regulatory requirements, and ris- ing construction and operating costs. Project development and implementation therefore often require careful structuring, risk allocation, and close coordination between public authorities and private operators. For 2026, activity in the social infrastructure is expected to remain stable. Kommunalkredit is active in the financing and advisory of social infrastructure projects, including care facilities and other essential social assets, with a focus on well-structured projects with appropriate risk allocation and long-term, predictable cash flow profiles. Higher risk provisions reflecting a prudent response to sector-specific headwinds While the share of Kommunalkredit’s investment-grade portfolio remains stable and a large part of the bank’s borrowers continues to benefit from structurally strong demand for infrastructure and energy, risk provisions were increased significantly in 2025, in line with accounting and regulatory requirements. The higher provisioning primarily reflects unfavorable develop- ments in individual sectors, inter alia challenging market condi- tions in the fiber sector, characterized by consolidation pressure and tighter financing conditions, which led to an increased vol- ume of non-performing loans, rating changes and stage transfers. Looking ahead, Kommunalkredit will continue to apply a disci- plined and consistent risk approach, with a strong focus on early and transparent risk recognition. The exceptionally high level of provisions recognised in 2025 is expected to represent a peak. Based on the current portfolio assessment, the extent of addi- tional provisioning required in 2026 is anticipated to be lower, in line with expectations of stabilising asset quality and a likely peak in non-performing loans and provisions around 2025-2026. S&P confirms Kommunalkredit’s ratings despite sector headwinds In December 2025, S&P Global Ratings affirmed Kommunalkre- dit’s BBB/A-2 long- and short-term issuer credit ratings, as well as the BBB rating on its senior unsecured (senior preferred) debt and the BB rating on the subordinated Tier 2 instrument. At the same time, the outlook was revised from stable to negative.

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OUTLOOK 99 The energy and infrastructure sectors in which the bank operates are facing clearly identifiable headwinds, including those affecting the fiber sector. In this context, S&P expects the bank’s non-per- forming assets and credit loss ratio to peak at year-end 2025, followed by a gradual recovery by the end of 2027. S&P notes that Kommunalkredit continues to operate with high and sustained capital buffers, supported by the owner’s decision not to distribute dividends. The agency also highlights the bank’s strong risk-adjusted profitability, solid cost efficiency, and per- sistently high pre-provision income. In addition, S&P recognizes Kommunalkredit’s deep project finance expertise, strong market track record, and excellent relationships with sponsors and inves- tors, which support the bank’s ability to navigate market dynamics and continue attracting new business. Rising number of refinancings expected Beyond credit risk considerations, market dynamics on the fund- ing side are also gaining relevance. From a macroeconomic per- spective, 2026 is likely to be characterized by a slow decline in interest rates, assuming that geopolitical uncertainties are set aside. Accordingly, a rising number of refinancing transactions is to be expected. At the same time, the increased market entry of global private debt and private credit funds is ensuring high liquidity. This is likely to lead to increased competition and could result in margin compression for banks such as Kommunalkredit. Momentum for M&A and acquisition financing In the area of M&A and acquisition financing, the level of activity increased significantly in the second half of 2025. This momen- tum is likely to continue in 2026, although transactions are often protracted, particularly due to significant valuation differences between buyers and sellers – for example, as a result of lower energy price assumptions. The existing pipeline indicates that in- creased volumes can be expected in 2026, particularly in sectors such as waste management, logistics, and modular construction solutions. Continued growth trajectory In the long term, Kommunalkredit remains committed to its stra- tegic direction: strengthening its sector expertise and investor networks to support Europe’s infrastructure transformation. This is underpinned by a solid capital base, prudent risk management, and a sustainable cost income ratio. Furthermore, the bank con- tinues to invest in innovation, efficiency, and talent, including nu- merous initiatives aimed at improving operational performance. In doing so, and based on a well-filled pipeline and attractive op- portunities, Kommunalkredit considers its foundation strength- ened to continue its growth trajectory while contributing to Eu- rope’s economic success in 2026 and beyond. Vienna, 17 February 2026 Jacques Ripoll Chief Executive Officer Sebastian Firlinger Executive Board Member Nima Motazed Executive Board Member John Weiland Executive Board Member

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101 SEPARATE FINANCIAL STATEMENTS KOMMUNALKREDIT AUSTRIA AG, VIENNA, FINANCIAL YEAR 2025 102 Statement of financial position (under the Austrian Banking Act) Income statement 104 (under the Austrian Banking Act) Notes to the annual financial statements of 105 Kommunalkredit Austria AG for the 2025 financial year Auditor’s report 130 Statement by the legal representatives 135

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102 SEPARATE FINANCIAL STATEMENTS Statement of financial position (under the Austrian Banking Act) ASSETS in EUR 1. Cash on hand and balances with central banks 2. Debt securities from public issuers that are eligible for refinancing at the central bank Debt securities from public issuers 3. Loans and advances to credit institutions a) repayable on demand b) other loans and advances 4. Loans and advances to customers 5. Bonds and other fixed-income securities a) of public issuers b) of other issuers including own bonds Investments of which in credit institutions Investments in affiliated companies of which in credit institutions Intangible non-current assets 8. 9. Property, plant and equipment 6. 7. of which land and buildings used by the credit institution within the framework of its own activities 10. Other assets 11. Prepaid expenses 12. Deferred tax assets Total assets Off-balance-sheet items 1. Foreign assets Note 4.1. 4.2. 4.3. 4.4. 4.5. 4.5. 4.6. 4.6. 4.7. 4.8. 4.9. 518,952,892.06 34,937,112.33 123,985,395.82 80,808,622.35 344,352,580.17 0.00 0.00 0.00 0.00 31/12/2025 527,002,495.72 518,952,892.06 31/12/2024 929,509,155.58 268,964,393.20 158,922,508.15 5,096,901,808.12 425,161,202.52 36,385,070.23 66,904,044.81 1,246,222.47 3,950,966.90 135,364,141.23 22,148,817.74 1,798,345.97 6,994,738,515.92 268,964,393.20 123,993,878.37 50,257,114.84 73,736,763.53 4,639,808,503.51 396,434,444.24 82,185,336.04 314,249,108.20 0.00 35,446,274.52 0.00 57,474,044.81 0.00 1,038,059.40 3,720,135.05 0.00 71,726,970.50 23,269,312.31 1,362,474.09 6,552,747,645.58 4,970,314,210.19 4,098,448,016.76

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EQUITY AND LIABILITIES in EUR 1. Amounts owed to credit institutions a) repayable on demand b) with fixed maturity or period of call 2. Amounts owed to customers a) other liabilities aa) repayable on demand bb) with fixed maturity or period of call 3. Securitized liabilities a) bonds issued b) other securitized liabilities 4. Other liabilities 5. Deferred income 6. Provisions a) provisions for severance pay b) provisions for pensions c) tax provisions d) other 6A. Fund for general banking risks (§ 57 (3) Austrian Banking Act) 7. Tier 2 Capital 8. Additional Tier 1 capital under Part 2 Title I chapter 3 of Regulation (EU) No. 575/2013 9. Subscribed capital 10. Capital reserves a) restricted b) non-restricted 11. Retained earnings a) statutory reserves b) other reserves 12. Liability reserve pursuant to § 57 (5) Austrian Banking Act 13. Net profit Total equity and liabilities Off-balance-sheet items 1. Contingent liabilities of which liabilities from sureties and guarantees from the assignment of collateral 2. Credit risk of which liabilities from repurchase transactions 3. Liabilities from fiduciary transactions 4. Eligible capital pursuant to Part 2 of Regulation (EU) No. 575/2013 of which Tier 2 capital pursuant to Part 2 title I Chapter 4 of Regulation (EU) No. 575/2013 5. Capital requierments pursuant to Art.92 of Regulation (EU) No. 575/2013 of which capital requirements pursuant to Art. 92 para. 1 (a) of Regulation (EU) No. 575/2013 CET 1 ratio of which capital requirements pursuant to Art. 92 para. 1 (b) of Regulation (EU) No. 575/2013 Tier 1 capital ratio of which capital requirements pursuant to Art. 92 para. 1 (c ) of Regulation (EU) No. 575/2013 Total capital ratio 6. Foreign liabilities Note 4.10. 4.11. 4.12. 4.13. 4.14. 4.15. 4.16. 4.17. 4.18. 4.19. 4.20. 4.20. 4.21. 4.21. 4.22. 4.23. 5.1. 5.2. 5.3. 6.1. 6.1. 6.1. 6.1. 6.1. 103 31/12/2024 127,698,980.53 16,927,466.67 110,771,513.86 3,130,092,431.18 159,787,521.15 2,970,304,910.03 2,342,117,381.30 2,176,372,571.58 165,744,809.72 55,475,593.05 28,464,074.36 47,642,849.22 784,231.12 384,241.03 10,182,729.53 36,291,647.54 40,000,000.00 41,731,152.77 63,321,566.30 177,017,120.82 112,479,260.88 12,479,260.88 100,000,000.00 130,452,739.73 10,434,104.73 120,018,635.00 36,218,579.37 14,544,389.46 134,283,268.74 207,653,085.19 2,604,686,285.64 2,844,647,182.07 61,974,322.30 819,319.24 269,549.82 24,868.53 20,533,048.57 12,479,260.88 100,000,000.00 10,434,104.73 336,877,258.96 31/12/2025 148,827,658.20 2,812,339,370.83 2,906,621,504.37 105,973,527.41 24,292,152.49 21,646,786.16 40,000,000.00 193,968,504.58 63,321,566.30 177,017,120.82 112,479,260.88 347,311,363.69 40,939,700.19 0.00 6,994,738,515.92 220,035,916.07 6,552,747,645.58 0.00 0.00 0.00 4,346,148.00 4,346,148.00 1,114,379,027.09 0.00 973,791,293.99 953,586,685.64 0.00 153,636,842.22 820,768,276.54 193,968,504.58 42,281,152.77 4,427,912,965.31 3,834,027,592.06 16.2% 17.6% 22.0% 18.7% 20.3% 21.4% 3,907,663,184.04 3,304,560,679.67

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104 SEPARATE FINANCIAL STATEMENTS Income statement (under the Austrian Banking Act) in EUR 1. Interest and similar income of which from fixed-income securities Interest and similar expenses 2. I. NET INTEREST INCOME 3. Income from securities and investments a) income from investments b) income from investments in affiliated companies Income/expenses from financial transactions 4. Fee and commission income 5. Fee and commission expenses 6. 7. Other operating income II. OPERATING INCOME 8. General adminstrative expenses a) Personnel expenses aa) salaries bb) expenses for statutory social charges, salary-dependent charges and compulsory contributions cc) other social expenses dd) expenses for pension costs ee) allocations to/cancellation of pension provision ff) expenses for severance pay and contributions to company pension plans b) other adminstrative expenses (other non-personnel administrative expenses) 9. Valuation allowances to assets reported under asset items 8 and 9 10. Other operating expenses III. OPERATING EXPENSES IV. OPERATING RESULT 11. Expenses from the valuation allowance of receivables and allocations to provisions for contingent liabilities and credit risks of which change in provision under § 57 (1) Austrian Banking Act Income from the valuation allowance of receivables and allocations to provisions for contingent liabilities and credit risks 12. 13. Expenses from the valuation allowance of securities 14. measured as financial assets and of investments and shares in affiliated companies Income from the valuation allowance of securities measured as financial assets and of investments and shares in affiliated companies V. PROFIT ON ORDINARY ACTIVITIES 15. Taxes on Income 16. Other taxes not reported unter item 15 VI. PROFIT FOR THE YEAR 17. Appropriation to and release of reserves 7.1.6. 7.1.7. 7.1.7. 7.1.7. 7.1.8. 7.1.8. 7.1.9. a) liability reserve pursuant to § 5 (5) Austrian Banking Act b) statutory reserve c) non-statutory reserve 18. Profit carried forward VII. NET PROFIT -4,721,120.82 0.00 -216,858,623.96 Note 7.1.1. 7.1.2. 7.1.3. 7.1.3. 7.1.5. 7.1.4. 7.1.4.1. 16,025,055.01 4,686,000.00 2,328,300.00 -43,626,296.45 01/01- 31/12/2025 347,220,257.53 -216,424,113.26 130,796,144.27 7,014,300.00 42,181,260.40 -8,612,810.02 -7,708.41 6,313,539.01 177,684,725.25 -75,579,923.92 01/01- 31/12/2024 393,223,355.51 11,520,890.96 -218,151,713.98 175,071,641.53 783,000.00 36,000.00 747,000.00 37,218,456.58 -4,536,205.75 11,976.78 5,662,006.81 214,210,875.95 -75,790,996.79 -46,527,346.68 -39,868,120.66 -5,163,488.39 -612,766.55 -518,000.71 402,936.40 -767,906.77 -36,196,458.77 -5,581,427.30 -759,689.56 -513,451.46 114,691.21 -689,960.57 7.1.4.2. -31,953,627.47 -29,263,650.11 -995,111.55 -903,272.02 -3,498,531.73 -80,073,567.20 97,611,158.05 -97,673,681.94 -1,917,345.40 -78,611,614.21 135,599,261.74 -10,582,177.86 550,000.00 1,100,000.00 0.00 255,821.79 -1,267,915.37 -1,349,938.45 4,378,866.24 4,004.86 3,048,426.98 -1,371,309.86 -133,288.41 1,543,828.71 -221,579,744.78 220,035,916.07 0.00 123,926,972.08 -39,289,817.62 -160,384.67 84,476,769.79 -8,200,629.62 -8,200,629.62 0.00 0.00 143,759,775.90 220,035,916.07

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 105 NOTES TO THE ANNUAL FINANCIAL STATEMENTS OF KOMMUNALKREDIT AUSTRIA AG FOR THE 2025 FINANCIAL YEAR 1. GENERAL INFORMATION Kommunalkredit Austria AG (Kommunalkredit), which has its re- gistered office in Vienna, at Tuerkenstrasse 9, is a specialist bank for infrastructure and energy financing as well as public finance; it forms the bridge between project sponsors (infrastructure constructors and/or operators) and institutional investors such as insurers or pension funds. It is registered with the Commer- cial Court (Handelsgericht) of Vienna under Companies Register number 439528s. Satere Beteiligungsverwaltung GmbH (Satere) owns 99.80% of Kommunalkredit, with a stake of 0.20% held by the Association of Austrian Municipalities. Satere is indirectly owned by funds and investment companies managed by Altor Fund Manager AB (80.20%), as well as by minority investors. 3. ACCOUNTING AND MEASUREMENT METHODS 3.1. General remarks The annual financial statements were prepared in compliance with generally accepted accounting principles and the general standard requiring the presentation of a true and fair view of the assets, the financial position and the income of the company. The principle of completeness was complied with in the prepa- ration of the financial statements. The assets and liabilities were measured on an item-by-item basis on the assumption of a going concern. The principle of prudence, considering the specificities of the banking business, was observed insofar as only profits re- alized on the reporting date were recognized and all identifiable risks and impending losses were taken into account. The consolidated financial statements of Kommunalkredit, in ac- cordance with IFRS, are prepared pursuant to § 59a of the Austrian Banking Act (BWG) in conjunction with § 245a of the Austrian Commercial Code (UGB). Kommunalkredit, as an issuer of listed securities, publishes an annual financial report in accordance with § 124 of the Austrian Stock Exchange Act (BörseG) 2018. Income and expenses are accrued/deferred pro rata temporis and are recognized in the period to which they are attributable in economic terms. Interest is recognized as it accrues in net interest income, considering all contractual arrangements made in con- nection with the financial assets or liabilities. Dividend income is only booked when a corresponding legal claim to payment arises. The consolidated financial statements of Kommunalkredit, which prepares the consolidated financial statements for the smallest consolidated group of companies, are registered with the Com- mercial Court of Vienna under Companies Register number 439528s. Kommunalkredit is an affiliated company of Green Opera Finance Invest AB, with registered office in Stockholm (Sweden), which prepares the consolidated financial statements for the largest consolidation group under company registration number 559411-1998. 2. ACCOUNTING STANDARDS APPLIED These financial statements were prepared in accordance with the relevant provisions of the Austrian Banking Act (Bankwesengesetz – BWG) and the provisions of the Austrian Commercial Code (Un- ternehmensgesetzbuch – UGB) applicable to financial institutions. Fees and commissions for services provided over a certain period of time are recognized over the period of service provision. Fees related to the completion of a specific service are booked as income at the time of completion of the service. Contingent commissions are recognized when the required performance criteria are met. All purchases and sales of financial instruments are recognised on the trade date. Currency translation 3.2. The reporting and functional currency is the euro. Assets and li- abilities denominated in foreign currencies are translated at the rates notified by the European Central Bank (ECB) on the reporting date pursuant to § 58 (1) of the Austrian Banking Act. Forward transactions not yet settled are translated at the forward rate on the reporting date. 3.3. Receivables Receivables purchased from third parties are recognized at am- ortized cost. All other loans and advances to banks and loans and advances to customers are recognized at their nominal value. For receivables with an intention of syndication, the carrying amount is reduced by expected syndication expenses.

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106 SEPARATE FINANCIAL STATEMENTS Risk provisions Statistically expected credit losses are taken into account based on a risk provisioning model with statistically calculated em- pirical values (as per IFRS 9). The risk provisioning is calculated either as the expected 12-month credit loss (stage 1) or the expected credit loss over the residual term until maturity, if the risk of default has increased significantly since the initial recognition of the financial asset (stage 2). The expected loss for stages 1 and 2 is determined by multiplying the probability of default (PD) over 12 months (stage 1) or over the residual term until maturity (stage 2), with the loss given default (LGD) and the exposure at the time of default (EAD). In order to assess whether the risk of default has increased sig- nificantly (stage transfer), Kommunalkredit takes into account quantitative and qualitative factors, covering the 16 indicators according to IFRS 9.B5.5.17 a-p. These include, in particular: The absolute level of credit risk ("low credit risk" criterion), according to which financial assets with investment-grade ratings are generally subject to the expected 12-month credit loss (stage 1). As part of the regular rating and review process, all financial assets in the investment-grade category undergo a qualitative review for significant increases in credit risk. Change in credit risk based on the rating development; Changes of internal price indicators with terms and condi- tions remaining the same; Possible significant changes in contractual terms if the finan- cial instrument were to be newly issued; Changes in external market indicators of a financial instru- ment with equivalent terms; Where payment delays of more than 30 days have occurred, an individual assessment is performed to determine if this leads to a significant increase in credit risk. If the (quantitative or qualitative) circumstances that necessi- tated a stage transfer of the exposure cease to apply, the expo- sure is transferred back after a corresponding recovery period. The risk provisions for stage 1 and stage 2 are calculated on a probability-weighted basis and take into account the expected disbursements and repayments during the period under re- view, as well as the maximum contractual term during which Kommunalkredit is exposed to a risk of default. Input parame- ters for the calculation of the expected credit losses such as the exposure at default (EAD), probability of default (PD) and the loss-given-default ratio (LGD) are determined from a combina- tion of internal and external data. The cashflows for the statis- tically expected credit losses are discounted to the reporting date and aggregated; the discount rate is equal to the effective interest rate. The inclusion of forward-looking information in input parameters is based on a macro-economic model that incorporates factors such as GDP growth, unemployment rates, and changes to the two stock indices S&P 500 and STOXX Eu- rope 50. The derivation of macro-economic scenarios as a ba- sis for the probability-weighted calculation of expected credit losses takes into account the specifics of Kommunalkredit’s portfolios and undergoes regular validation. Impairments requirements (stage 3) are evaluated within Kom- munalkredit for individual transactions for borrowers that are in default according to the regulatory criteria, with financial as- sets and their associated credit commitments being individual- ly taken into account for each transaction. Cash flow estimates in several scenarios are used at the level of the individual trans- action to determine the need for individual value adjustments. To define default events, Kommunalkredit applies the default definition as laid down by Art. 178 CRR. This includes receiv- ables that are more than 90 days past due (overdue receiv- ables) and the criterion “unlikeliness to pay”. A receivable is deemed to be 90 days past due if the overdue receivable exceeds 1.0% of the outstanding loans and advances, and is at least EUR 500.00. As part of the “unlikeliness to pay” re- view, receivables pursuant to Art. 178 CRR are also subject to a qualitative review to determine whether it is unlikely that the debtor can meet its obligations in full. The assessment criteria are specified in more detail by the EBA and ECB, distinguishing between such criteria which, if met, must generally lead to a default status being assigned and those which are an indica- tion of the potential non-recoverability of the receivable. The latter must then be analyzed, and may not necessarily lead to a default status being assigned. At Kommunalkredit, there is a multi-stage risk control process in which all exposures/partners are classified into six risk ca- tegories: Risk category 1a: Standard risk category Standard risk category for all exposures under regular man- agement that are not subject to a higher risk category Risk category 1b: Monitoring list Exposures under regular management but which are under observation and are included on the monitoring list because they exhibit temporary anomalies and are being monitored for various reasons. However, there is still no elevated risk in the sense of a significant deterioration of the probability of default. Risk category 2a: Watchlist/intensive management Includes those exposures that are classified as Watchlist partners due to material or credit-related anomalies and el- evated risk. They are therefore subject to close monitoring and intensive management. Depending on severity of the anomalies, these exposures are classified in IFRS stage 2 (life- time expected credit loss) but do not indicate any need for individual impairment. Risk category 2b: Work out/no default Exposures in risk category 2b are already classified as poten- tial distressed loans. Regardless of any payment delays, risk category 2b includes those exposures that must be classified as “risk positions with a significant need for restructuring” but that are not in default. These positions must be recorded in IFRS stage 2.

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 107 Risk category 3: Work out/default, enforcement Restructuring cases in default or for which a specific loan loss provisions has been recognised must be classified in risk cat- egory 3a, provided no enforcement measures are planned. In case of enforcement measures (acceleration, enforcement of collateral through judicial or non-judicial measures), the receivable is reclassified to risk category 3b. From risk category 1b and below, there is close monitoring and monthly reporting in the Credit Committee. Specific loan loss provisions must be booked where it is expected that a receiv- able – including interest – cannot be collected in full or at all. The need to book a specific loan loss provision is also reviewed if the regulatory default definitions are met (90 days in default and/or unlikeness-to-pay). Specific loan loss provisions and expected credit losses are subject to estimation uncertainties, especially in relation to the amount and the time of the estimated cash flows, the es- timated probabilities of default and the loss ratio. Development in risk provisions An update of the probabilities of default (Probability of Default – "PD"1) was carried out as usual half-yearly in the 2025 finan- cial year, which serve as the basis for calculating ECL2 Kommu- nalkredit uses a PD rating system licesed from S&P. Through- the-cycle PDs are purchased from S&P and updated annually. They are transformed into point-in-time PDs every six months using an S&P model (specific PDs for the Specialized Lending, Corporates, and Financial Institutions portfolios, as well as the "All Sectors" PDs for all other exposures). For the PD model, one of the key drivers of the PDs are chang- es in macroeconomic input parameters. While the through- the-cycle PDs were broadly stable vs. the previous year, the point-in-time PDs showed an increase. This is due to the fact that GDP growth for 2026 is still forecast to be on a compara- tively low level and in addition, the rating migrations for 2025 showed a negative trend with an increased number of rating downgrades. Both factors have a strong weight and therefore a negative impact on the point-in-time PDs in the model, which could not be offset by strong equity markets, which showed a positive trend and nearly reached all-time highs. The bank’s portfolio in the last years was solid due to the con- tractual and structural risk mitigation factors that are typical for infrastructure and energy financing. Many project financ- ings benefit from availability models, fixed feed-in tariffs or long-term contracts and also contain additional risk-mitigat- ing contractual agreements such as extensive disbursement checks, restrictive financial covenants and reserve accounts. Based on sensitivity analyses, the financing structures and the repayment profiles are defined so as to ensure that there are sufficient reserves in place for servicing loans in a due and proper manner. 1 The PDs are determined by applying the provisions of IFRS 9, taking into defaults account forward-looking information. 2 ECL = expected credit loss, risk provision for statistically expected credit However, in 2025, the asset quality was negatively influenced by unfavorable developments in individual sectors, inter alia challenging market conditions in the fibre sector, character- ized by consolidation pressure and tighter financing condi- tions, which led to an increased volume of non-performing loans, as well as several rating downgrades and stage transfers. All in all, as of 31 December 2025, an exposure with a vol- ume of EUR 374,968,663.45 (2024 EUR 129,034,347.86) was in default (non-performing loan ratio of 7.0% (2024: 2.8%), or a net ratio of 6.4% (2024: 2.4%) taking account the ECA cover). Specific loan loss provisions of EUR 68,241,421.84 (2024: EUR 13,300,170.40) have been recognized. As of 31 December 2025 an exposure of EUR 366,524,983.17 (2024: EUR 144,118,547.18) was classified as forborne. As of 31 De- cember 2024, there were no receivables that had been in delay for more than 30 days, with the exception of the receivables in default as referred to above. As of 31 December 2025, an exposure of EUR 366,785,512.54 (2024: EUR 142,381,954.55) was recorded in the bank's loan book under risk provision stage 2 (lifetime ECL). Net provisioning for impairment losses recognized an expense of EUR 98,201,453.91 for the period from 1 January to 31 De- cember 2025 (2024: expense of EUR 11,682,177.86). This was a result of new business, rating changes, level transfers, the booking of new specific loan loss provisions, write-offs and the PD update. The provision of EUR 550,000.00 built for reasons of prudence and in view of the specific risks associated with the banking business, according to § 57 (1) of the Austrian Banking Act (re- ported under loans and advances to customers) from previous years was fully reversed (31 December 2024: EUR 550,000.00). Write-offs Kommunalkredit write-offs a financial asset, or a portion there- of, when there is no realistic expectation of recovering the con- tractually agreed cash flows from that asset. In such cases, the gross carrying amount as well as any previously recognized impairment allowances are reduced accordingly. Write-offs are performed in accordance with the internal criteria for uncollecti- ble exposures as defined in the Early Warning and Workout Pol- icy, which stipulates that non-performing exposures are written off when it can be established with sufficient certainty that no full or partial recovery is expected. The write-off is recognized in the financial year in which uncollectibility is determined; it may be recorded prior to the completion of enforcement proceedings, without implying a waiver of existing claims. Write-offs may also arise in connection with restructurings. If, as part of forbearance measures, a contractual waiver of a portion of the outstanding amount is granted, this serves to stabilize the customer financially and to safeguard the recov- erability of the remaining exposure. In cases where the entity is no longer a going concern, write-offs typically result from legal enforcement scenarios such as insolvency, liquidation or court rulings that prevent realization. Furthermore, write-offs may be recognized when receivables or collateral have become economically worthless or when, based on the prevailing cir- cumstances, further enforcement is not deemed beneficial.

108

108 SEPARATE FINANCIAL STATEMENTS Contractual amendments If a contract is adjusted without such an adjustment being having been provided for beforehand in the contract, this is referred to as a contractual amendment (modification). Each contractual amendment is assessed to determine whether it is a significant contractual amendment or an insignificant contractual amendment from a economic perspective. This involves assessing and comparing qualitative and quantitative aspects of the contract before and after the amendment. If a significant amendment is found after performing the qualitative and/or quantitative assessment, it is considered to be a significant contractual adjustment which substantially changes the economic substance of the asset and results in the derecognition of the old asset and the recognition of the new one. If the fair value of the new asset differs from the previous carrying amount of the old asset, the difference will be realized in the “loan impairment, valuation and sales result”. Losses from non-material contract amendments are recog- nized in profit or loss under items 13 and 14 – expenses and income from securities and investments/shares in affiliated companies – and amortized in net interest income over the remaining term of the contract.

109

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 109 Securities 3.4. Securities to be held for the company’s business operations on a permanent basis are classified as non-current assets. Securities acquired with the intention to trade are assigned to the trading book. Securities that are neither classified as non-current assets nor assigned to the trading portfolio are classified as current as- sets. Kommunalkredit currently holds no securities in the trading book and in current assets on the assets side. Securities are recognized at cost, based on the less stringent vari- ant of the lower-of-cost-or-market principle for non-current assets and the stricter variant of the lower-of-cost-or-market principle for current assets. Securities in the trading portfolio are recog- nized at their market value on the reporting date. DIFFERENCES PURSUANT TO §56 (2) + § 56 (3) AUSTRIAN BANKING ACT in EUR Difference pursuant to § 56 (2) Austrian Banking Act (Difference between the higher acquisition cost and the amount repayable for the securities) Difference pursuant to § 56 (3) Austrian Banking Act (Difference between the lower acquisition cost and the amount repayable for the securities) 31/12/2025 31/12/2024 10,730,039.95 11,131,735.20 3,030,510.81 2,278,500.06 Moreover, securities classified as non-current assets include the following hidden reserves and/or hidden liabilities (without taking the related interest rate swaps into account): CALCULATION OF HIDDEN RESERVES in EUR Carrying amount Fair value Hidden reserves CALCULATION OF HIDDEN LIABILITIES in EUR Carrying amount Fair value Hidden liabilties 31/12/2025 31/12/2024 171,067,275.02 175,687,047.18 4,619,772.16 191,930,065.34 198,922,411.00 6,992,345.66 31/12/2025 1,020,816,432.36 963,001,281.40 -57,815,150.96 31/12/2024 647,430,536.30 597,519,062.64 -49,911,473.66 Hidden liabilities mainly result from fixed-income securities, the low fair value being due to the sharp rise in interest rates. Hidden reserves and hidden liabilities are booked against the fair values of interest rate derivatives concluded for hedging purposes. Securities with hidden liabilities are regularly analyzed and meas- ured with a view to credit risk. On the basis of these analyses, a write-down pursuant to § 204 (1) (2) of the Austrian Commercial Code (UGB) was not required, as the impairment is not considered to be permanent. Fair value measurement In general, the methods used to measure the fair value of securi- ties can be classified into three categories: Level 1: There are quoted prices in an active market for identical financial instruments. Bid quotes for this category are obtained from Bloomberg or Reuters. Level 2: The input factors for the valuation can be observed in the market. This category includes the following price determina- tion methods: Price determination based on comparable securities Pricing on the basis of market-derived spreads (benchmark spreads) Level 3: The input factors cannot be observed in the market. This includes, in particular, prices based mainly on the estimates of experts and/or that contain non-observable data.

110

110 SEPARATE FINANCIAL STATEMENTS Broken down by the above categories, the differences between the fair values and the carrying amounts of securities reported under assets are as follows: DIFFERENCES OF SECURITIES 31/12/2025 in EUR Fair value Book value Temporary difference DIFFERENCES OF SECURITIES 31/12/2024 in EUR Fair value Book value Temporary difference 3.5. Investments and shares in affiliated companies Investments and shares in affiliated companies are valued at acquisition cost unless a write-down to fair value is required to permanent impairment. The review is conducted annually based on financial projections or by comparing the carrying amount of the investment with the investment equity. Intangible assets 3.6. Intangible assets exclusively comprise purchased software. Amor- tization is based on an assumed useful life of three or five years. Property, plant and equipment 3.7. Property, plant and equipment comprise buildings on third-party land, office furniture and equipment, and works of art. Property, plant and equipment are measured at cost following deductions for scheduled depreciation accrued in prior years and in the re- porting year. The period of depreciation is three to eight years for technical equipment and either five to fifteen years for other movable assets. Investments in third-party buildings are depreci- ated over 15 or 20 years. Works of art are not subject to scheduled depreciation. The discretionary right in § 204 (1a) of the Austrian Commercial Code (UGB) is used for assets with single-item ac- quisition costs of up to EUR 1,000.00. These low-value assets are reported in the Schedule of Non-current Asset Transactions as additions and are depreciated in full in the year of acquisition. Their disposal occurs after three years. The discretionary right to immediate depreciation in § 204 (1a) of the Austrian Commercial Code (UGB) for the procurement of similar assets with single-item acquisition costs of up to EUR 1,000.00 (2024: EUR 1,000.00), but totalling over EUR 50,000.00, is not be used; such assets are cap- italized as property, plant and equipment and depreciated over three years. 3.8. Deferred tax assets Deferred tax from temporary differences between the corpo- rate and fiscal law carrying amounts is capitalized. Pursuant to § 235 (2) of the Austrian Commercial Code (UGB), the capitalized amount of EUR 1,798,345.97 is subject to a dividend ban. Level 1 761,726,287.71 781,394,495.54 -19,668,207.83 Level 1 467,406,494.77 488,660,861.94 -21,254,367.17 Level 2 237,454,133.92 267,356,610.55 -29,902,476.63 Level 2 260,996,956.17 280,562,230.69 -19,565,274.52 Level 3 140,397,515.29 144,022,209.63 -3,624,694.34 Level 3 68,038,022.70 70,137,509.01 -2,099,486.31 Liabilities 3.9. Liabilities are recognized at the amount repayable. Differences be- tween the issuing amount and the repayable amount (discount/ premium) are recognized as prepaid expenses/deferred income and are distributed on a linear basis as an interest component within net interest income over the term of the liability. 3.10. Securitized liabilities Securitized liabilities are recognized at the amount repayable. Costs incurred through an issuance that are directly related to funding are recognized as fee and commission expenses. The remaining difference between the proceeds from the issuance and the amount repayable (premium/discount) is recognized as prepaid expenses/deferred income and distributed as an interest component on a linear basis within net interest income over the term of the liability. 3.11. Provisions Provisions for pensions and severance pay entitlements are calculated annually by an independent actuary according to the projected-unit-credit method pursuant to § 211 (1) of the Aus- trian Commercial Code (UGB) in accordance with IAS 19. The “AVÖ 2018-P calculation bases for pension insurance – Pagler & Pagler”, in their version for salaried employees, are used as a bi- ometric basis. The actuarial discount rate was determined on the basis of the yields of prime fixed-income corporate bonds, with due consideration given to the terms of the obligations to be met. The most important parameters underlying the calculation are: an actuarial discount rate of 4.00% (2024: 3.25%) for pensions and 3.25% (2024: 3.00%) for entitlements to severance pay; a rate of increase in the relevant basis for calculation during the vesting period of 3.30% in the first year and in subsequent years of 3.25% (2024: 4.50%; 3.30%; 3.25%) for severance pay enti- tlements; a rate of increase in the relevant basis for calculation during the vesting period of 2.00% (2024: 2.00%) for pensions; assumed pensionable ages of 65 for women and men, taking into account the transitional provisions of the 2003 Austrian Budget Framework Act (Budgetbegleitgesetz) and the provi- sions on age limits for women of the Federal Law on Occupa- tional Retirement, Survivors' and Disability Pension Plans (BVG Altersgrenzen); a personnel turnover discount for severance pay entitlements calculated on the basis of statistically derived rates of early ter- mination of employment with or without severance pay, de- pending on the length of service.

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 111 All pension obligations to active employees have been transferred to a pension fund. The provisions reported therefore only contain entitlements from defined-benefit pension obligations not cov- ered by the pension fund for nine employees, resulting from direct commitments within the framework of the collective bargaining agreement (1961 pension reform, as amended on 1 January 1997) made prior to the transfer to the pension fund, or from individual contracts. The pension plan is a defined-benefit plan under which benefits for active staff, relative to the risk of death and invalidity, depend on the salary earned. Benefits for employees reaching retirement age are already fixed and therefore only subject to adjustment in line with the annual increase agreed upon through collective bargaining. As the defined-benefit components are fully funded, subsequent adjustments will only be required in the event of underperformance or “premature” payment of benefits. The full actuarial obligation for pensions amounts to EUR 873,090.28 (31/12/2024: EUR 998,762.22), of which entitlements in the amount of EUR 603,540.46 (31/12/2024: EUR 614,521.19) have been outsourced to the pension fund. The resulting pro- vision requirement amounts to EUR 269,549.82 (31/12/2024: EUR 384,241.03). Provisions for severance pay entitlements amount to EUR 819,319.24 (31/12/2024: EUR 784,231.12). All actuarial gains and losses are recognized directly in profit or loss. Changes in provisions for severance pay entitlements in 2025 include actuarial gains of EUR 52,792.68 (2024: gains of EUR 35,266.71). The change in pension provisions includes ac- tuarial gains of EUR 87,540.73 (2024: gains of EUR 306,388.00). The change in plan assets includes valuation-related losses of EUR 909.07 (2024: valuation-related gains of EUR 43,737.58). Other provisions were recognized in the amount of their expected use in accordance with the principle of prudence, based on all identifiable risks and on liabilities that are not yet quantifiable. Provisions set up for periods of more than one year are discount- ed. 3.12. Fund for general banking risks pursuant to § 57 (3) Austrian Banking Act As of 31 December 2025, the fund for general banking risks amounted to EUR 40,000,000.00, unchanged from the previous year. Changes in the provisions set up pursuant to § 57 (3) of the Austrian Banking Act are recognized in the extraordinary result, as required under the Austrian Banking Act. According to AFRAC Opinion 30 on “Deferred Taxes in the Annual and Consolidated Financial Statements”, the establishment of the fund for general banking risks constitutes a profit appropriation and does not re- sult in the recognition of deferred taxes. 3.13. Derivatives Swap transactions in the banking book at Kommunalkredit are generally concluded to hedge against interest rate and/or curren- cy risks. Hedging is carried out either at the individual transaction level (accounting as unit of account) or through management at the overall bank level (accounting as a macro hedge). For deriva- tives that are neither classified as a unit of account nor as a macro hedge, the principle of individual valuation applies. If the fair value is negative at the reporting date, a provision for impending losses is recognized and reported under other provisions. Units of account For hedge accounting (units of account), AFRAC (Austrian Finan- cial Reporting and Auditing Committee) Opinion 15 on “Deriva- tives and Hedging Instruments (Austrian Commercial Code) (ver- sion dated December 2023)” contains provisions aimed at avoid- ing economically unjustified effects on the income statement (P&L) due to the different measurement of hedged underlying transactions and hedging instruments. Underlying transactions are individually recognized assets and liabilities at fixed interest rates as well as pending transactions already concluded at the time of classification. The rules on units of account serve to allow the changes in the value of hedging instruments and the hedged transactions to be recognized mostly as mutually offsetting. To apply the regulations for units of account, proof of an effective hedging relationship between the underlying transaction and the hedging transaction must be provided. A hedging relationship is considered effective if the results from the hedging instrument and the compensatory results from the hedged underlying trans- action – relative to the hedged risk – offset each other within a range of 80% to 125%. Kommunalkredit verifies compliance with these requirements through prospective (matching of the components determining the market value) and retrospective effectiveness tests. Prospective effectiveness testing involves a comparison or review of all parameters of the hedged item and the hedge itself affecting the scope of the hedged value change to determine whether the hedge will be fully or largely effective. If all parameters of the underlying transaction and the hedging transaction determining the amount of the hedged value change are identical but compensatory (“critical terms match“), this is taken as an indicator of an effective hedging relationship (sim- plified determination of effectiveness). If the hedged fair value of the structure (underlying and hedging transaction) fluctuates within a range of 80% to 125%, this serves as an indicator that the hedge is largely effective. However, this is allowed only if there is no doubt as to the creditworthiness of the hedge provider and the recoverability of the underlying transaction, apart from the hedged risk. A retrospective effectiveness test verifies whether the hedged fair value of the structure (underlying and hedging transactions) has actually fluctuated between two specified dates and whether the hedge has been fully or largely effective. The ineffective part of a derivative with a negative fair value will be recorded as an impending loss provision; at Kommunalkredit it essentially relates to differences from the application of different interest rates when discounting an underlying and hedging trans- action. Hedging transactions at Kommunalkredit are concluded for the term of the underlying transaction.

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112 SEPARATE FINANCIAL STATEMENTS Macro hedges Interest rate derivatives serving to manage the interest rate risk of the banking book and/or a clearly defined sub-portfolio (macro hedge) are accounted for according to the “FMA circular letter on accounting issues relating to interest rate derivatives and valua- tion adjustments of derivatives pursuant to § 57 of the Austrian Banking Act” (version dated December 2012). As an exception to the principle of individual measurement, compensatory inter- est-induced income effects or value increases from the hedged underlying transactions are taken into account in the assessment of provisioning requirements. If negative swap market values are not fully offset by the compensatory interest-induced earning ef- fects of the underlying transactions, a provision for impending losses is set up for the remaining negative value. As a basis for decisions on risk management and risk limitation concerning the interest rate risk in the banking book, the fixed-interest gap and its sensitivity to interest rate changes affecting the market value of the banking book position are identified. The risk of fixed-in- terest gaps is highlighted through gap analyses and sensitivity analyses with annual maturity bands. Based on the information obtained, the risk of interest rate changes is assessed, managed and mitigated for assets and liabilities in keeping with the risk appetite and the risk-bearing capacity of the bank as a whole, or a management instrument is designated. When a new interest rate derivative contract is concluded, the quantitative suitability of the derivative as an instrument to hedge and limit the risk of interest rate changes for the bank as a whole is verified through a prospective test of the hedging effect using scenario analyses. The net present value risk of the total position as well as for each currency is quantified for a parallel shift and for two turn-around scenarios (steeper – flatter). Owing to its exceptional character, application of this measure- ment method is conditional on compliance with formal and sub- stantive requirements, such as: a need for hedging in view of fixed-interest gaps the existence of a hedging strategy and proof of compliance with this strategy the qualitative suitability of the derivative as a hedging instru- ment The above prerequisites are met and documented by Kommu- nalkredit. If fixed-interest gaps are closed through derivatives at macro level, prospective scenario analyses (net present value changes in the event of changes in interest level) are performed to determine the hedging effect and the effectiveness of the derivative and therefore its suitability for allocation to the macro position. On account of the net present value approach, the hedging period extends over the entire term of the underlying transaction. The interest claims related to the swap contracts and payments made to compensate for contracts not in accordance with prevailing market terms are accrued at matching maturities. Net interest income from derivatives in hedges is shown as the net value under the item in which the net interest income for the corresponding underlying transactions is reported (deal balance). Net interest income from other derivatives is reported in gross terms under swap income/swap expenses. Derivatives are measured by means of an internal valuation model based on the discounted cash flow method, taking current yield and basis spread curves into account. Embedded options are measured by means of commonly used option pricing models. For the measurement of interest-sensitive products with variable indicators, yield curves with different spread premiums are used, depending on the indicator (e.g. 3-month Libor, 12-month Libor). These relate to the respective indicator and are used to derive forward rates for cash flow calculation. For derivatives involving multiple currencies (e.g. cross-currency swaps), a cross-currency basis is applied in accordance with market standards in addition to adjusting forwards via basis swap spreads. Cash flows from derivatives (settled over-the-counter (OTC) or via a central coun- terparty) are discounted using OIS curves (overnight index swaps at the overnight rate in line with the collateral rate, in EUR de- pending on the current collateral agreement – EONIA or ESTR). To determine the fair value of derivatives, counterparty default and own credit risks (credit value adjustment [CVA] and debt value adjustment [DVA]) are also taken into account. To this end, the net present value is adjusted by the BCVA (bilateral CVA adjustment). Kommunalkredit determines the BCVA for all derivatives without daily margin calls at counterparty level. A provision for impending losses is set up for negative BCVAs, whereas positive BCVAs are not taken into account. The BCVA is considered to be immaterial for collateralized derivatives with daily margin calls. The BCVA is calculated using the potential exposure method. Swap transactions in the trading book, if any, are measured at their fair values, determined according to the principles outlined above, and recognized under other receivables and other liabil- ities. At present, Kommunalkredit has no swap transactions in the trading book. 3.14. Residual maturities Residual maturity is defined as the period of time between the reporting date and the contractual maturity of the receivable or liability; in the case of partial amounts, residual maturity is shown for each partial amount. Collateral for market values from derivatives is shown under “repayable on demand” (daily pay- ment dates); interest accruals/deferrals are shown under “up to 3 months”. 3.15. Fiduciary transactions Loans held in trust, where Kommunalkredit has no rights or ob- ligations in relation to the underlying lending transactions, are reported under liabilities from fiduciary transactions in the state- ment of financial position.

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 113 4. 4.1. NOTES TO THE STATEMENT OF FINANCIAL POSITION Securities of public bodies eligible as collateral for funding from the central bank DEBT SECURITIES FROM PUBLIC ISSUERS in EUR Securities in non-current assets Expected credit loss (ECL) Total 31/12/2025 31/12/2024 519,004,160.86 -51,268.80 518,952,892.06 268,987,193.68 -22,800.48 268,964,393.20 This item includes securities of public bodies that are eligible for refinancing with the European Central Bank (ECB). Debt securities with carrying amounts (incl. interest deferral and accounting for ECL) of EUR 199,766,192.51 are due in 2026 (2025: EUR 10,045,293.39). Loans and advances to credit institutions 4.2. Loans and advances to credit institutions include the following: LOANS AND ADVANCES TO CREDIT INSTITUTIONS in EUR Collateral for negative market values from derivative transactions Non-listed securities Credit balances with banks Collateral for loan disbursement obligations Expected credit loss (ECL) Other Total 31/12/2025 31/12/2024 24,068,635.14 10,162,544.24 10,749,883.15 113,689,090.56 -40,225.03 292,580.09 158,922,508.15 29,699,413.18 0.00 18,094,416.73 75,862,871.81 -5,725.54 342,902.19 123,993,878.37 As in the previous year, loans and advances to credit institutions do not include any bills receivable or subordinated claims held against credit institutions. Broken down by (residual) maturity, loans and advances to credit institutions are as follows: LOANS AND ADVANCES TO CREDIT INSTITUTIONS BY RESIDUAL MATURITY in EUR Loans and advances repayable on demand Other loans and advances a) up to 3 months b) more than 3 months up to 1 year c) more than 1 year up to 5 years d) more than 5 years Other loans and advances Expected credit loss (ECL) Total Loans and advances to customers 4.3. Loans and advances to customers include the following: LOANS AND ADVANCES TO CUSTOMERS in EUR Loans Non-listed securities Collateral for negative market values from derivative transactions Specific allowance for impairment loss Provision pursuant to § 57 (1) Austrian Banking Act Expected credit loss (ECL) Total of which loans and advances to affiliated companies 31/12/2025 31/12/2024 34,937,112.33 50,257,114.84 854,090.56 4,562,500.00 86,490,012.79 32,119,017.50 124,025,620.85 158,962,733.18 -40,225.03 158,922,508.15 737,924.93 0.00 31,937,500.00 41,067,064.14 73,742,489.07 123,999,603.91 -5,725.54 123,993,878.37 31/12/2025 4,891,785,166.21 249,882,213.94 36,497,499.06 -68,241,421.78 0.00 -13,021,649.31 5,096,901,808.12 0.00 31/12/2024 4,443,215,051.24 181,909,498.11 38,574,502.59 -13,300,170.40 -550,000.00 -10,040,378.03 4,639,808,503.51 0.00 of which loans and advances to companies in which an equity investment is held 0.00 0.00

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114 SEPARATE FINANCIAL STATEMENTS On the reporting date, all securities with a nominal value of EUR 247,318,209.63 were classified as non-current assets (31/12/2024: EUR 180,096,509.01). Details on the calculation of the ECL are contained in Note 3.3. Loans and advances to customers include subordinated claims with a carrying amount (including accrued interest and ECL) of EUR 100,488,799.51 (31/12/2024: EUR 221,706,007.85). Broken down by maturity (residual maturity), loans and advances to cus- tomers are as follows: LOANS AND ADVANCES TO CUSTUMERS BY RESIDUAL MATURITY in EUR Loans and advances repayable on demand Other loans and advances a) up to 3 months b) more than 3 months up to 1 year c) more than 1 year up to 5 years d) more than 5 years Other loans and advances Provision pursuant to § 57 (1) Austrian Banking Act, expected credit loss (ECL) and specif- ic valuation adjustment Total 4.4. Bonds and other fixed-income securities BONDS in EUR Securities of public issuers Expected credit loss (ECL) Total public issuers Securities of other issuers Expected credit loss (ECL) Total other issuers Total All instruments reported under bonds and other fixed-income securities are exchange-listed. In 2026, bonds from public issuers with book values (including accrued interest and ECL) amounting to EUR 2,500,830.41 (2025: EUR 0.00) and from other issuers with book values (including accrued interest and ECL) amounting to EUR 39,012,920.30 (2025: EUR 49,668,108.90) will mature. As in the previous year, all securities reported under this item were classified as non-current assets at the reporting date and none of the bonds or other fixed-income securities held in the portfolio are subordinated instruments. 31/12/2025 31/12/2024 280,509,190.22 88,305,943.34 171,338,532.39 490,185,196.89 2,797,422,486.97 1,438,709,472.74 4,897,655,688.99 5,178,164,879.21 -81,263,071.09 95,137,978.74 453,016,643.39 2,527,854,128.26 1,499,384,358.21 4,575,393,108.60 4,663,699,051.94 -23,890,548.43 5,096,901,808.12 4,639,808,503.51 31/12/2025 31/12/2024 80,812,781.71 -4,159.36 80,808,622.35 344,375,570.13 -22,989.96 344,352,580.17 425,161,202.52 82,187,609.15 -2,273.11 82,185,336.04 314,258,791.59 -9,683.39 314,249,108.20 396,434,444.24 4.5. Investments and shares in affiliated companies As of 31 December 2025, the carrying amount of investments was EUR 36,385,070.23 (31/12/2024: EUR 35,446,274.52). As of 31 December 2025, investments in affiliated companies amount- ed to EUR 66,904,044.81 (31/12/2024: EUR 57,474,044.81). The composition of investments and shares in affiliated companies (all of them non-listed), including their financial position, is shown in Annex 1. 4.6. Non-current intangible assets and property, plant and equipment Changes in intangible assets and property, plant and equipment are shown in the Schedule of Non-current Asset Transactions (Annex 2).

115

NOTES TO THE ANNUAL FINANCIAL STATEMENTS 115 4.7. Other assets OTHER ASSETS in EUR Interest accruals/deferrals from derivatives in the banking book Foreign currency valuation of derivatives in the banking book Receivables from deferred interest Claims against the tax authorities Other Total of which recognized as cash items after the closing date 31/12/2025 31/12/2024 83,309,282.18 706,654.10 714,084.17 2,030,871.78 48,603,249.00 135,364,141.23 134,657,487.13 62,022,948.82 140,944.27 871,025.17 571,324.31 8,120,727.93 71,726,970.50 71,586,026.23 The foreign currency valuation of derivatives in the banking book is based on exchange-rate fluctuations between the closing date of currency swaps and the reporting date. This valuation is booked against foreign currency valuations of assets and liabilities as well as positive/negative foreign currency valuations of derivatives shown under other assets/liabilities. Kommunalkredit’s open foreign currency position is continuously monitored and strictly limited. The “Other” item mainly includes receivables from group companies and receivables from services rendered. The residual maturity of other assets is presented as follows: OTHER ASSETS ACCORDING TO RESIDUAL MATURITY in EUR Loans and advances repayable on demand Other loans and advances a) up to 3 months b) more than 3 months up to 1 year c) more than 1 year up to 5 years d) more than 5 years Other loans and advances Total Prepaid expenses 4.8. Prepaid expenses include the following: PREPAID EXPENSES in EUR Deferred fees from derivative transactions Capitalized offering discounts of bond issues Other Total 31/12/2025 31/12/2024 0.00 0.00 132,425,244.66 1,789,122.91 405,689.49 744,084.17 135,364,141.23 135,364,141.23 68,702,869.31 1,789,122.91 313,953.11 921,025.17 71,726,970.50 71,726,970.50 31/12/2025 31/12/2024 11,692,865.49 8,722,289.93 1,733,662.32 22,148,817.74 13,267,402.86 9,214,664.99 787,244.46 23,269,312.31 4.9. Deferred tax assets Assets of EUR 1,798,345.97 resulted from the capitalization of deferred taxes from temporary differences between corporate law and fiscal law carrying amounts as of 31 December 2025 (31/12/2024: EUR 1,362,474.09). Temporary differences between corporate law and fiscal law at Kommunalkredit mainly arise from the fund for general banking risks pursuant to § 57 (3) BWG, gen- eral risk provisions pursuant to § 57 (1) BWG, personnel provisions and the allocation of financing costs over the term of the issuance. General valuation allowances (ECL) calculated in accordance with the provisions of the Austrian Commercial Code (UGB) on receiva- bles can also be deducted for tax purposes for financial years that begin after 31 December 2020. The ECL balance as of 31 Decem- ber 2020 (EUR 6,368,242.45) is to be recovered for tax purposes over five years, resulting in no further distributable difference from 31 December 2025 onwards.

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116 SEPARATE FINANCIAL STATEMENTS 4.10. Amounts owed to credit institutions Amounts owed to credit institutions include the following: AMOUNTS OWED TO CREDIT INSTITUTIONS in EUR Other loans Cash collateral received for positive market values of derivatives Money market trade Collateralized loans received of the European Investment Bank Other (pending monetary transactions) Total 31/12/2025 31/12/2024 121,857,857.72 12,241,469.50 10,123,686.70 3,046,481.14 1,558,163.14 148,827,658.20 96,905,592.08 16,178,762.27 10,424,251.70 3,482,907.81 707,466.67 127,698,980.53 Broken down by maturity (residual maturity), amounts owed to credit institutions are as follows: AMOUNTS OWED TO CREDIT INSTITUTIONS BY RESIDUAL MATURITY in EUR 31/12/2025 31/12/2024 Liabilities repayable on demand Other liabilities a) up to 3 months b) more than 3 months up to 1 year c) more than 1 year up to 5 years d) more than 5 years Other liabilities Total 4.11. Amounts owed to customers Amounts owed to customers include the following: 14,544,389.46 16,927,466.67 966,016.82 84,708,556.68 47,739,132.00 869,563.24 134,283,268.74 148,827,658.20 10,910,239.04 434,783.00 98,122,145.97 1,304,345.85 110,771,513.86 127,698,980.53 AMOUNTS OWED TO CUSTOMERS in EUR Deposits by retail customers - KOMMUNALKREDIT INVEST Deposits by corporates, municipalities and municipal-related enterprises - KOMMU- NALKREDIT DIREKT Cash collateral received for positive market values of derivatives Other long-term liabilities to customers Total of which liabilities to affiliated companies of which liabilities to companies in which an equity investment is held 31/12/2025 1,814,805,952.93 790,288,905.42 102,978,508.36 104,266,004.12 2,812,339,370.83 5,910,658.75 31/12/2024 2,012,392,669.68 954,604,166.02 59,280,571.48 103,815,024.00 3,130,092,431.18 5,287,309.18 627,024.00 613,000.00 Broken down by maturity (residual maturity), amounts owed to customers are as follows: AMOUNTS OWED TO CUSTOMERS BY RESIDUAL MATURITY in EUR Liabilities repayable on demand Other liabilities a) up to 3 months b) more than 3 months up to 1 year c) more than 1 year up to 5 years d) more than 5 years Other liabilities Total 31/12/2025 31/12/2024 207,653,085.19 159,787,521.15 537,054,233.03 696,436,716.61 1,142,325,077.28 228,870,258.72 2,604,686,285.64 2,812,339,370.83 579,791,088.10 951,260,425.53 1,194,018,063.77 245,235,332.63 2,970,304,910.03 3,130,092,431.18

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 117 4.12. Securitized liabilities Securitized liabilities are broken down as follows: SECURITIZED LIABILITIES in EUR Bonds issued Other securitized liabilities Total 31/12/2025 2,844,647,182.07 61,974,322.30 2,906,621,504.37 31/12/2024 2,176,372,571.58 165,744,809.72 2,342,117,381.30 The bonds issued are exchange-listed; the securities reported un- der other securitized liabilities are non-listed. The increase in securitized liabilities reflects the intensified is- suance activities in the capital market in 2025. Bonds issued with carrying amounts (incl. interest accruals/deferrals) of EUR 315,058,508.41 (2025: EUR 120,347,875.03) and other se- curitized liabilities in the amount of EUR 0.00 (2025: EUR 0.00) will mature in 2026. As in the previous year, securitized liabilities do not include any subordinated liabilities. 4.13. Other liabilities OTHER LIABILITIES in EUR Interest accruals/deferrals from derivatives Foreign currency valuation of derivatives in the banking book Accruals/deferrals between the spot rate and forward rate of FX swaps Other Total of which recognized as cash items after the closing date 31/12/2025 31/12/2024 46,068,830.94 3,619,094.58 1,475,021.20 54,810,580.69 105,973,527.41 100,879,411.63 45,586,191.94 4,365,599.32 2,321,530.08 3,202,271.71 55,475,593.05 48,788,463.65 The foreign currency valuation of derivatives in the banking book is based on exchange-rate fluctuations between the closing date of currency swaps and the reporting date. This valuation is offset against foreign currency valuations of assets and liabilities as well as positive/negative foreign currency valuations of derivatives rec- ognized under other assets/liabilities. Kommunalkredit’s open foreign currency position is continuously monitored and strictly limited. The item “Other” includes liabilities for a purchase price obligation. Other liabilities have residual maturities of up to three months, as in the previous year. 4.14. Deferred income DEFERRED INCOME in EUR Deferred fees from derivative transactions Issuing premiums of issued bonds Loan fees deferred over the term Total 31/12/2025 31/12/2024 20,164,384.62 3,549,314.11 578,453.76 24,292,152.49 22,911,944.58 4,813,748.30 738,381.48 28,464,074.36

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118 SEPARATE FINANCIAL STATEMENTS 4.15. Provisions Details on personnel provisions are listed under Note 3.11 Provisions. OTHER PROVISIONS in EUR Provisions for personnel-related expenses Provisions for outstanding incoming invoices Provisions for interim bank exemption Provisions relating to derivatives Provisions expected credit loss (ECL) Other provisions Total 31/12/2025 31/12/2024 12,810,593.28 4,719,771.10 380,000.00 946,391.89 1,522,220.29 154,072.01 20,533,048.57 25,532,791.27 8,168,840.79 1,200,000.00 366,937.31 794,742.84 228,335.33 36,291,647.54 4.16. Fund for general banking risks pursuant to § 57 (3) Austrian Banking Act. For prudential reasons and to cover special banking risks, Kom- munalkredit appropriated provisions to the fund for general bank- ing risks; it amounts to an unchanged EUR 40,000,000.00 as of 31 December 2025. 4.17. Additional tier 2 capital under Part 2 Title I Chapter 4 of Regulation (EU) No. 575/2013 As of 31 December 2025, tier 2 capital includes six (31/12/2024: five) EUR-denominated issuances with a total nominal amount of EUR 190,000,000.00 (31/12/2024: EUR 40,000,000.00). The tier 2 capital items meet the conditions of Part 2, Title I, Chapter 4 of Regulation (EU) No. 575/2013: ISIN Interest rate as of 31/12/2025 Maturity Currency Nominal in EUR Right to call Subordinated liabilities Subordinated bonded loan 2007–2037 Subordinated bonded loan 2007–2037 Subordinated bonded loan 2007–2037 Subordinated bonded loan 2007–2047 Subordinated bonded loan 2007–2047 KA Callable Subordinated Fix/Var 5,5% 2025-2035 5.08 5.08 5.08 5.0175 5.0175 5.5 9/2/2037 9/2/2037 9/2/2037 7/3/2047 7/3/2047 24/9/2035 EUR EUR EUR EUR EUR EUR 10,000,000.00 800,000.00 10,200,000.00 10,000,000.00 9,000,000.00 150,000,000.00 The expenses for subordinated additional tier 2 capital under Part 2 Title I Chapter 4 of Regulation (EU) No. 575/2013 amount- ed to EUR 6,379,752.31 in the 2025 reporting year (2024: EUR 2,022,578.14). Conver- sion to cap- ital No No No No No No Issuer Issuer Issuer Issuer Issuer Issuer 4.18. Additional tier 1 capital under Part 2 Title I Chapter 3 of Regulation (EU) No. 575/2013 As of 31 December 2025, additional tier 1 capital comprized two (31/12/2024: two) EUR-denominated issues in a total nominal amount of EUR 62,800,000.00 (31/12/2024: EUR 62,800,000.00). They have an indefinite term and may be terminated by the issu- er for the first time after five years. Expenses for (subordinated) additional tier 1 capital in 2025 amounted to EUR 4,104,500.00 (2024: EUR 4,107,365.75). ISIN Additional tier 1 capital under Part 2 Title I Chap- ter 3 of Regulation (EU) No. 575/2013 Fixed to Reset Rate AT1 Notes Fixed to Reset Rate AT1 Notes Interest rate as of 31/12/2025 in % Maturity Currency Nominal in EUR Right to call 6.875 6.5 Perpetual NC 2026 Perpetual NC 2026 EUR EUR 6,000,000.00 56,800,000.00 Issuer Issuer

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 119 4.19. Subscribed capital The share capital as of 31 December 2025 remained unchanged at EUR 177,017,120.82 (31/12/2024: EUR 177,017,120.82). Satere Beteiligungsverwaltungs GmbH holds 34,343,928 no- par-value shares, i.e. 99.80% of the shares; 70,367 no-par-value shares, i.e. 0.20% of the shares, are held by the Association of Austrian Municipalities. Green Opera Finance BidCo AB, with reg- istered office in Sweden, is the majority owner of Satere Beteili- gungsverwaltungs GmbH since 15 July 2024. Each no-par-value share represents an equal part of the share capital. There are no shares that have been issued but not fully paid up. Each no-par-value share represents a share of EUR 5.14 in the share capital. By way of a resolution passed by the Annual Shareholders’ Meeting held on 22 February 2023, the Executive Board was authorized to increase the share capital of the company through the issue of new no-par-value registered shares by a maximum amount of EUR 88,508,560.41 (authorized capital), subject to approval by the Supervisory Board, within a period of five years following registration of the amendment to the Articles of Association. No shares were issued in the financial years 2024 and 2025. This means that authorized capital of EUR 88,508,560.41 is still freely available. 5. OFF-BALANCE-SHEET ITEMS Contingent liabilities 5.1. As of the balance sheet date, Kommunalkredit has no contin- gent liabilities disclosed below the balance sheet (31/12/2024: EUR 4,346,148.00). As of 31 December 2025, equity subsidy obligations amounted to EUR 11,327,460.75 (31 December 2024: EUR 14,501,460.75). Of this total, EUR 7,327,460.75 (31 December 2024: EUR 8,281,460.75) relates to companies in which an equity interest is held, and EUR 4,000,000.00 (31 December 2024: EUR 6,220,000.00) to af- filiated companies. 4.20. Capital reserves a) Restricted Capital reserves The capital reserves as of 31 December 2025 were unchanged at EUR 12,479,260.88 (31/12/2024: EUR 12,479,260.88). b) Non-restricted Capital reserves The capital reserves as of 31 December 2025 were unchanged at EUR 100,000,000.00 (31/12/2024: EUR 100,000,000.00). 4.21. Retained earnings a) Statutory reserves The statutory reserves as of 31 December 2025 amounted to EUR 10,434,104.73 (31/12/2024: EUR 10,434,104.73). b) Other reserves The status of this reserve after allocation of the entire net income is EUR 336,877,258.96 (31/12/2024: EUR 120,018,635.00). Of the retained earnings, as in the prior year, EUR 17,918,635.00 is sub- ject to a restriction on distribution in accordance with § 235 (1) of the Austrian Commercial Code (UGB). 4.22. Liability reserve pursuant to § 57 (5) Austrian Banking Act As of the balance sheet date, the liability reserve stood at EUR 40,939,700.19 (31/12/2024: EUR 36,218,579.37), thus meet- ing the legal requirements. 4.23. Retained profit/profit appropriation Profit for the year at Kommunalkredit for 2025 amounted to EUR 1,543,828.71. Since the entire net income was allocated to retained earnings, the net income amounts to EUR 0.00. Credit risks 5.2. The credit risks amounting to EUR 1,114,379,027.09 (31/12/2024: EUR 953,586,685.64) relate entirely, as in the previous year, to unused credit lines and commitments from ongoing lending busi- ness. As of the reporting date, unused credit lines of EUR 0.00 were granted to companies in which an equity investment is held (31/12/2024: EUR 0.00). Fiduciary transactions 5.3. Kommunalkredit had no fiduciary transactions as of the balance sheet date (31/12/2024: EUR 153,636,842.22). Kommunalkredit had concluded framework contracts for the fiduciary managment of loans with Trinity Investments Designated Activity Company (Trinity) and a related party of Trinity. Kommunalkredit has no rights or obligations relating to the underlying loan transactions, which means that the criteria for recognition in the statement of financial position did not apply.

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120 6. RSUPPLEMENTARY DISCLOSURES Total capital and capital requirements 6.1. The total capital and capital requirements calculated in accord- ance with CRR rules, as reported in the separate financial state- ments of Kommunalkredit pursuant to the Austrian Commercial Code/Austrian Banking Act, show the following composition and changes: BASIC FOR CALCULATION in EUR Total risk exposure amount pursuant to Art. 92 CRR of which credit risk of which operational risk of which FX risk of which CVA-charge of which default fund of a qualifying counterpart TOTAL CAPITAL - ACTUAL in EUR Common equity tier 1 (CET 1) Additional tier 1 (AT1) Common equity tier 1 Tier 2 capital Total capital Common equity tier 1 ratio (CET 1) Common equity ratio Total capital ratio 6.2. Total of assets and liabilities denominated in foreign currencies Assets denominated in foreign currencies in the amount of EUR 767,274,188.24 (31/12/2024: EUR 520,284,448.02) were shown in the statement of financial position. As of 31 Decem- ber 2025, liabilities denominated in foreign currencies amounted to EUR 273,985,126.17 (31/12/2024: EUR 280,693,488.01). 6.3. Derivative transactions not yet settled as of the reporting date To hedge currency and interest rate change risks, the following derivative transactions, SEPARATE FINANCIAL STATEMENTS The total capital shown takes into account the profit for the year in 2025 of EUR 1,543,828.71 (2024: EUR 84,476,769.79). 31/12/2025 4,427,912,965.31 4,093,967,317.57 285,116,090.49 27,848,055.49 20,709,504.38 31/12/2024 3,834,027,592.06 3,516,935,785.89 304,726,853.93 0.00 12,145,992.63 271,997.38 218,959.62 31/12/2025 31/12/2024 716,501,223.11 63,321,566.30 779,822,789.41 193,968,504.58 973,791,293.99 16.2% 17.6% 22.0% 715,165,557.47 63,321,566.30 778,487,123.77 42,281,152.77 820,768,276.54 18.7% 20.3% 21.4% Open currency positions are closed through corresponding swap contracts. Kommunalkredit’s open foreign currency position is continuously monitored and strictly limited. transactions have been entered in the banking book (fair values including interest accruals/deferrals) and had not yet been settled on the reporting date: 31/12/2025 in EUR Interest rate swaps of which for macro hedges of which for micro hedges FX forward transactions Total 31/12/2024 in EUR Interest rate swaps of which for macro hedges of which for micro hedges FX forward transactions Total Nominal Positive fair value Negative fair value 5,437,042,030.44 904,978,099.57 4,532,063,930.87 860,469,475.72 6,297,511,506.16 210,515,339.47 23,301,771.33 187,213,568.14 334,256.78 210,849,596.25 -125,434,308.33 -20,679,259.65 -104,755,048.68 -4,726,527.72 -130,160,836.05 Nominal Positive fair value Negative fair value 5,049,200,620.80 1,049,240,512.04 3,999,960,108.76 746,423,318.84 5,795,623,939.64 188,135,576.20 32,189,768.91 155,945,807.29 55,971.07 188,191,547.27 -148,105,090.09 -30,316,448.73 -117,788,641.36 -6,525,535.98 -154,630,626.07

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 121 Kommunalkredit has assigned assets in the form of securi- ties in a nominal amount of EUR 5,000,000.00 (31/12/2024: EUR 5,000,000.00) as collateral for global loans and other funding from the European Investment Bank in Luxembourg. The collat- eral taker has the right to realize the collateral only in the event of the debtor’s default. As of 31 December 2025, no collateral was pledged for amounts owed to customers (31/12/2024: EUR 0.00). For public sector covered bonds issues by Kommunalkredit with a nominal value of EUR 1,406,965,857.84 (31/12/2024: EUR 1,554,498,512.54) as of 31 December 2025, which are re- ported under securitized liabilities, loans with a nominal value of EUR 1,641,741,524.33 (31/12/2024: EUR 1,480,939,472.44) and securities with a nominal value of EUR 202,885,000.80 (31/12/2024: EUR 278,125,000.79) were allocated to a cover pool, which may only be drawn with the consent of a trustee. Balances held with credit institutions with a nominal value of EUR 24,068,635.14 (31/12/2024: EUR 29,699,413.18) and bal- ances held with customers (central counterparties or non-bank financial institutions) with a nominal value of EUR 36,497,499.06 (31/12/2024: EUR 38,574,502.59) were pledged as collateral for negative market values from bilateral and cleared derivative con- tracts. Amounts owed to credit institutions include collateral re- ceived with a nominal value of EUR 12,241,469.50 (31/12/2024: EUR 16,178,762.27). Amounts owed to customers include col- lateral received with a nominal value of EUR 102,978,508.36 (31/12/2024: EUR 59,280,571.48). Frankfurt branch office 6.8. Alongside its headquarters in Vienna, Kommunalkredit also has a branch office in Frankfurt am Main, Germany. The branch of- fice generated profit for the year before tax of EUR 422,154.96 in the 2025 financial year (2024: EUR 361,720.73). Operating in- come amounted to EUR 4,643,704.55 (2024: EUR 3,978,635.88), while operating expenses totalled EUR 4,221,549.59 (2024: EUR 3,616,915.15). Taxes on income came to EUR 241,276.69 (2024: EUR 168,019.51 ). As of 31 December 2025, the branch employed 12 people (31/12/2024: 11 people). The volume of underlying transactions corresponds to the nominal value of the derivatives. The hedging periods for underlying trans- actions are 2 to 10 years for customer deposits, 5 to 10 years for loans, 3 to 31 years for fixed-income securities, and 2 to 40 years for issues. During the financial year, existing micro-hedge relation- ships were terminated due to the early termination of underlying transactions. At the time of termination, the derivatives in ques- tion had a total positive market value of EUR 9,707,802.33, which was recognized in income under credit risk, valuation and sales re- sults. Interest accruals/deferrals, foreign currency valuations and accrued/deferred fees from derivative transactions in the amount of EUR 95,708,801.77 (31/12/2024: EUR 75,431,295.95) are re- ported under other assets and prepaid expenses on the assets side, and EUR 71,327,331.34 (31/12/2024: EUR 75,185,265.92) under other liabilities and deferred income on the liabilities side of the statement of financial position. Moreover, provisions in the amount of EUR 412,025.03 (31/12/2024: EUR 366,937.31) relating to derivatives are recognized under other provisions. As of 31 December 2025 a provision for impending losses from macro swaps was required in the amount of EUR 534,366.86 (31/12/2024: EUR 0.00). Trading book 6.4. In line with its business strategy, Kommunalkredit does not en- gage in trading activities. Therefore, as in the previous year, Kom- munalkredit had no trading portfolio as of 31 December 2025. Legal risks 6.5. There are currently no legal proceedings pending that could have a material impact on the most accurate possible picture of the financial position and results of operations of Kommunalkredit Austria AG. However, Kommunalkredit Austria AG has made ap- propriate provisions for legal proceedings, taking into account legal risk assessments. 6.6. Other obligations Obligations in the amount of EUR 1,680,000.00 arise from rental contracts – including those relating to our Germany branch – in 2026 (of which towards affiliated companies: EUR 1,395,000.00). The corresponding obligations for the years 2026 to 2030 are expected to total EUR 9,185,383.00 (of which towards affiliated companies: EUR 7,627,148.00). Pursuant to § 2 (3) of the Depo- sit Guarantee and Investor Compensation Act (ESAEG), Kommu- nalkredit is obliged to provide proportional contributions to the deposit guarantee regime of Einlagensicherung der Banken und Bankiers Gesellschaft mbH, Vienna. Asset items pledged as collateral 6.7. The following assets have been pledged as collateral for liabilities reported under the balance sheet item “Liabilities to credit insti- tutions”: to participate in open market operations, Kommunal- kredit pledged securities with a volume of EUR 656,902,208.43 (31/12/2024: EUR 341,124,670.43 ) as collateral with the national central bank as of 31 December 2025. Utilization as collateral is based on the respective utilization of the aforementioned trans- actions and amounted to EUR 0.00 (31/12/2024: EUR 0.00) as of 31 December 2025. The collateral taker has the right to realize the collateral only in the event of the debtor’s default.

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122 SEPARATE FINANCIAL STATEMENTS 7. 7.1. NOTES TO THE INCOME STATEMENT Presentation of material income statement items 7.1.1. Net interest income INTEREST AND SIMILAR INCOME in EUR Lending business Investments in banks Fixed-income securities Interest from swaps in hedges Total interest income INTEREST AND SIMILAR EXPENSES in EUR Deposit business Own issues Interest from swaps in hedges Total interest expenses Net interest income 2025 286,553,940.54 35,702,014.90 16,025,055.01 8,939,247.08 347,220,257.53 2024 306,624,725.97 43,380,307.02 11,520,890.96 31,697,431.56 393,223,355.51 2025 2024 -112,078,380.52 -100,869,849.29 -3,475,883.45 -216,424,113.26 -129,212,431.84 -53,271,561.09 -35,667,721.05 -218,151,713.98 130,796,144.27 175,071,641.53 Net interest income in 2025 amounted to EUR 130,796,144.27 (2024: EUR 175,071,641.53 ). The decline compared to the pre- vious year is primarily due to increased proprietary issues and a decline in inome from lending business. Interest income and in- terest expenses are recognized on the accruals basis. Net interest 7.1.2. Income from securities and investments income from derivatives in hedges is shown as the net value under the item in which the net interest income for the corresponding underlying transactions is reported (deal balance). INCOME FROM SECURITIES AND INVESTMENTS in EUR a) Income from investments Kommunalnet E-Government Solutions GmbH distribution Florestan KA GmbH distribution Total income from investments Income from investments in affiliated companies Kommunalkredit Public Consulting GmbH (KPC) distribution Total income from investments in affiliated companies b) 7.1.3. Net fee and commission income FEE AND COMMISSION INCOME in EUR Lending business Securities business Other service business Total fee and commission income FEE AND COMMISSION EXPENSES in EUR Lending business Securities business Money and FX trading Other service business Total fee and commission expenses Net fee and commission income 2025 2024 36,000.00 4,650,000.00 4,686,000.00 2,328,300.00 2,328,300.00 2025 35,108,559.90 460,405.38 6,612,295.12 42,181,260.40 2025 -2,264,345.56 -6,057,699.05 -290,725.41 -40.00 -8,612,810.02 36,000.00 0.00 36,000.00 747,000.00 747,000.00 2024 33,539,414.20 0.00 3,679,042.38 37,218,456.58 2024 -1,827,261.36 -2,409,987.40 -298,942.01 -14.98 -4,536,205.75 33,568,450.38 32,682,250.83

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 123 In 2025, fee and commission income amounted to EUR 42,181,260.40 (2024: EUR 37,218,456.58) and was mainly due to arranging and structuring infrastructure and energy fi- nance as well as consulting and service activities. Fee and commission expenses of EUR 8,612,810.02 (2024: EUR 4,536,205.75) essentially result from paid guarantee fees and costs relating to the issuing of public capital market issues. 7.1.4. General administrative expenses GENERAL ADMINISTRATIVE EXPENSES in EUR Personnel expenses Other administrative expenses General administrative expenses 7.1.4.1. Personnel expenses PERSONNEL EXPENSES in EUR Salaries Expenses for statutory social security contributions and salary-dependent charges and compulsory contributions Voluntary social contributions Expenses for pension costs Cancellation of/allocations to pension provisions Expenses for severance pay (including changes in provisions for severance pay) and contributions to company pension funds Total personnel expenses 2025 -43,626,296.45 -31,953,627.47 -75,579,923.92 2025 -36,196,458.77 -5,581,427.30 -759,689.56 -513,451.46 114,691.21 -689,960.57 2024 -46,527,346.68 -29,263,650.11 -75,790,996.79 2024 -39,868,120.66 -5,163,488.39 -612,766.55 -518,000.71 402,936.40 -767,906.77 -43,626,296.45 -46,527,346.68 Personnel expenses include expenses for contributions to company pension plans amounting to EUR 624,188.18 (2024: EUR 518,597.10) and severance payments of EUR 30,684.27 (2024: EUR 209,271.96 ). 7.1.4.2. Other administrative expenses Pursuant to § 238 (1) (18) of the Austrian Commercial Code (UGB), expenses for the statutory auditor for the financial year under review are not reported here, as Kommunalkredit is included in the consolidated financial statements and audit expenses are re OTHER ADMINISTRATIVE EXPENSES in EUR Third-party services Data processing Consulting and auditing fees Occupancy costs Advertising and representation Information services Other non-personnel administrative expenses Total of other administrative expenses 7.1.5. Other operating income OTHER OPERATING INCOME in EUR Income from services charged to KPC Other Total other operating income ported therein. The most significant items in other non-personnel administrative expenses are remuneration for officials, as well as expenses for travel and training. 2025 -11,316,836.06 -6,343,668.07 -5,745,160.16 -2,645,905.10 -1,607,595.76 -1,377,153.00 -2,917,309.32 -31,953,627.47 2025 4,346,839.48 1,966,699.53 6,313,539.01 2024 -7,673,019.43 -5,528,232.22 -7,455,636.78 -2,466,354.35 -1,819,585.02 -1,656,184.07 -2,664,638.24 -29,263,650.11 2024 4,828,798.15 833,208.66 5,662,006.81

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124 SEPARATE FINANCIAL STATEMENTS 7.1.6. Other operating expenses In fiscal year 2025, a special payment of EUR 1,762,925.22 was made for the stability levy. OTHER OPERATING EXPENSES in EUR Stability tax payable by Austrian banks Contributions to deposit guarantees regime Macro loss provision Expenses for interim bank exemption Total other operating expenses 2025 -2,926,455.87 -37,709.00 -534,366.86 0.00 -3,498,531.73 2024 -717,345.40 0.00 0.00 -1,200,000.00 -1,917,345.40 Loan impairment, valuation and sales result 7.1.7. The loan impairment, valuation and sales result (items 11 to 14 of the income statement) comprises the following items: LOAN IMPAIRMENT, VALUATION AND SALES RESULT in EUR a) Income Result from the sale of assets/infrastructure and energy finance Result from the buyback of own issues Result from the valuation of investments Changes in provision pursuane to § 57 (1) of the Austrian Banking Act Provision for impending losses for derivatives b) Expenses Impairments for customer receivables Write-offs for customer receivables Result in allowance for expected credit losses Restult from the valuation of investments Expenses from contract modifications Provision for impending losses for derivatives Total 2025 4,951,725.93 2,166,705.72 1,313,000.23 922,019.98 550,000.00 0.00 -99,514,457.00 -53,299,589.98 -41,102,217.63 -3,799,646.30 0.00 -1,267,915.37 -45,087.72 -94,562,731.07 2024 2,666,923.13 1,327,304.17 0.00 0.00 1,100,000.00 239,618.96 -14,339,212.79 -9,103,215.65 0.00 -2,578,962.21 -1,349,938.45 -1,307,096.48 0.00 -11,672,289.66 An individual valuation allowance of EUR 53,299,589.98 (2024: EUR 9,103,215.65) was recognized. The change in risk provisions for expected credit losses resulted in expenses of EUR 3,799,646.30 in 2025 (2024: EUR 2,578,962.23). In addition, write-offs amount- ing to EUR 41,102,217.63 were recognized in 2025. Details on the development of risk provisions are provided in Note 3.3. In 2025, two investments were written up: the Fidelio Fund by EUR 473,926.32 and Florestan KA GmbH by EUR 448,093.66. The general risk provision pursuant to § 57 (1) BWG was fully re- leased in 2025 in the amount of EUR 550,000.00 (2024: release of EUR 1,100,000.00). 7.1.8. Taxes on income Taxes on income relates exclusively to ordinary business operations and comprise the following: TAXES ON INCOME in EUR Corporate income tax/trade tax expense for the financial year Corporate income tax/trade tax expense for previous years Deferred tax income Composition of deferred tax income/expense Distribution of financing costs over the term of the issue Distribution Status of the lump-sum value adjustment as of 31/12/2020 Personnel provisions Change in risk provisioning § 57 (1) Derecognition of deferred tax for risk provisioning § 57 (3) Total 2025 -1,708,034.64 -99,147.10 435,871.88 1,004,696.25 -292,939.15 -149,385.22 -126,500.00 0.00 -1,371,309.86 2024 -29,812,413.02 7,013.50 -9,484,418.10 325,895.36 -292,939.15 -64,374.31 -253,000.00 -9,200,000.00 -39,289,817.62

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 125 This results in corporate income tax and trade tax expens- es of EUR 1,807,181.74 (2024: EUR 29,805,399.52), of which EUR 236,332.50 (2024: EUR 149,515.48) arise from the Ger- many branch. Deferred tax revenue results from the change in deferred tax assets (depicted in the statement of financial po- sition item “Deferred tax assets”) for temporary differences be- tween the accounting principles under corporate and fiscal law. Deferred taxes are measured using the current corporate income tax rate of 23.00%. With effect from 2016, a tax group pursuant to § 9 of the Austrian Corporate Income Tax Act was formed, with Satere as the group parent. As of 31 December 2025, group mem- bers include Kommunalkredit and KPC, Florestan KA GmbH as well as Florestan KA Hydrogen GmbH. On the basis of a group and tax contribution agreement, the stand-alone method was chosen for the calculation of the tax contributions. According to this method, the amount of the tax contributions of the group members depends on the amount of corporate income tax the group member would have had to pay if its tax result had not been counted toward the group parent. If a group member’s negative income is counted toward the group parent, this tax loss is kept on record for the group member (in- ternal loss carryforward) and offset against the positive income of the group member in subsequent years up to 100%. Upon ter- mination of the tax group or elimination of a group member, a final compensation has to be paid for tax losses not yet offset, multiplied by the corporate tax rate applicable at the time of ter- mination of the agreement. Tax loss carryforwards of a group member from periods prior to the formation of the group (pre-group losses) are credited up to the amount of the profit of the group member and result in a reduction in the tax contribution of the group member. 7.1.9. Profit for the year and return on assets Kommunalkredit closed the 2025 financial year with a profit for the year of EUR 1,543,828.71 (2024: EUR 84,476,769.79). The re- turn on assets, calculated as the quotient of net income divided by total assets as of the balance sheet date, amounts to 0.02% (31/12/2024: 1.29%). 7.2. Presentation of revenues by geographic market (§ 240 Austrian Commercial Code) INTEREST AND SIMILAR INCOME in EUR Austria Western Europe Central and Eastern Europe Rest of world FEE AND COMMISSION INCOME in EUR Austria Western Europe Central and Eastern Europe Rest of world OTHER OPERATING INCOME in EUR Austria Western Europe Central and Eastern Europe Rest of world 2025 81,022,916.53 197,885,801.52 51,301,117.22 17,010,422.26 347,220,257.53 2025 1,306,311.03 31,218,748.62 9,707,200.75 -51,000.00 42,181,260.40 2025 6,289,911.57 23,627.44 0.00 0.00 6,313,539.01 2024 101,695,954.20 199,320,911.13 74,521,549.61 17,684,940.57 393,223,355.51 2024 1,167,137.16 31,565,347.99 3,885,971.43 600,000.00 37,218,456.58 2024 5,569,292.81 92,714.00 0.00 0.00 5,662,006.81 8. DISCLOSURE PURSUANT TO PART 8 CRR 9. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD In accordance with the requirements of Part 8 CRR, material qualitative and quantitative information relating to the bank is published in a separate Disclosure Report, which can be accessed on the kommunalkredit website (www.kommunalkredit.at) under “Investor Relations / Financial Information & Reports”. There were no significant events after the reporting period.

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126 10. INFORMATION ON GOVERNING BODIES AND EMPLOYEES Employees during the financial year 10.1. As of 31 December 2025, Kommunalkredit had a weighted work- force of 272 employees (31/12/2024: 256 persons), including the branch in Germany. The average number of employees was 267 persons (2024: 239 persons). SEPARATE FINANCIAL STATEMENTS The figures include three (from 01/09/2025, four) Executive Board members and exclude employees on parental leave; part-time employees are shown on a pro-rata basis. All employees are em- ployed on a salaried basis. 10.2. Remuneration, advances and loans to Executive Board and Supervisory Board members, guarantees provided for Board members TOTAL EXECUTIVE BOARD AND SUPERVISORY BOARD REMUNERATION in EUR Active Executive Board members Active Supervisory Board members 2025 3,532,839.15 389,030.82 3,921,869.97 2024 5,305,918.92 838,159.75 6,144,078.67 As of 31 December 2025, and as in the previous year, there were no outstanding loans to members of the Executive Board or mem- bers of the Supervisory Board. No guarantees were provided by Kommunalkredit for Board members either. Expenses for severance pay and pensions 10.3. Expenses for severance pay and pensions include pension and severance payments, changes in provisions for severance pay and EXPENSES FOR SEVERANCE PAY AND PENSION in EUR Executive Board members and senior employees Other employees The outstanding loan volume to employees of the company amounts to EUR 194,142.64 as of 31 December 2025 (31/12/2024: EUR 195,685.42). pensions, statutory contributions to a pension plan and payments into a pension fund. 2025 2024 451,345.87 731,066.95 1,182,412.82 364,769.79 518,201.29 882,971.08 10.4. Relationships with affiliated companies and persons Tax group With effect from 2016, a tax group pursuant to § 9 of the Austrian Corporate Income Tax Act was formed, with Satere as the group parent. As of 31 December 2025, the group members include Kommunalkredit, KPC, Florestan KA GmbH, and Florestan KA Hy- drogen GmbH (details in Note 7.1.8). Transactions with affiliated companies Transactions with affiliated companies are recognized under the balance sheet items concerned. There is a service level agreement with a subsidiary that provides for the recharging of personnel costs at cost price. All other transactions with affiliated companies are made in accordance with the arm’s length terms.

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 127 10.5. Disclosures relating to the Boards of the bank Members of the Executive Board Members of the Supervisory Board State Representative Philip Schweizer State Representative, Federal Ministry of Finance Markus Kroiher Deputy State Representative, Federal Ministry of Finance Jacques Ripoll Chief Executive Officer from 01/09/2025 Sebastian Firlinger Member of the Executive Board, Chief Executive Officer (ad interim) until 31/08/2025 Nima Motazed Member of the Executive Board John Weiland Member of the Executive Board Vienna, 17 February 2026 Hans Larsson Chairman of the Supervisory Board, Non-Executive Director Traton Financial Services Paal Weberg Deputy Chairman of the Supervisory Board, Co-Managing Partner Altor Equity Partners Andreas Haindl Independent Management Consultant Anne Jaeger Group Chief Compliance-Abteilung Zurich Insurance Gorup from 27/02/2025 Herman Korsgaard Partner Altor Equity Partners Henrik Matsen Partner Henry Costa Partners Kurt Svoboda CRO | CFO UNIQA Insurance Group AG Oliver Fincke Nominated by the Works Council Claudia Slauer Nominated by the Works Council Gerald Unterrainer Nominated by the Works Council Jacques Ripoll Chief Executive Officer Sebastian Firlinger Member of the Executive Board Nima Motazed Member of the Executive Board John Weiland Member of the Executive Board

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128 SEPARATE FINANCIAL STATEMENTS Schedule of Participations and Investments in Affiliated Companies as of 31 December 2025 (Annex 1) Pursuant to § 238 (2) of the Austrian Commercial Code, the Schedule of Participations shows all direct participations NAME AND REGISTERED OFFICE in EUR Investment in % 2025 Investment in % 2024 Total capital Acquisition cost Carrying amount 31/12/2025 Carrying amount 31/12/2024 Cumulative amortisation Profit for the period after tax Latest annual financial statements I. Participations Kommunalnet E-Government Solutions GmbH, Vienna Florestan KA GmbH, Vienna Fidelio KA Infrastructure Opportunities Fund SICAV-RAIF SCA 2 Einlagensicherung AUSTRIA Ges.m.b.H., Vienna II. Investments in affiliated companies Kommunalkredit Public Consulting GmbH, Vienna Kommunalkredit KBI Immobilien GmbH, Vienna Kommunalkredit 4OG Immobilien GmbH & Co KG, Vienna Fidelio KA Beteiligung GmbH, Frankfurt am Main 45.00% 100.00% 8.49% n.a. 90.00% 100.00% 100.00% 100.00% 45.00% 1,371,489.22 344,025.00 344,025.00 344,025.00 0.00 195,679.82 31.12.2025 1) 100.00% 8.49% 20,221,040.35 240,595,334.00 94,000.00 28,200,000.00 15,554,471.18 20,485,574.05 15,554,471.18 20,948,872.00 0.00 427,918.47 5,110,831.42 9,316,721.00 31/12/2025 31.12.2025 1) n.a. n.a. 1,000.00 1,000.00 1,000.00 90.00% 3,103,320.52 346,500.00 346,500.00 346,500.00 100.00% 16,388,117.48 35,000.00 16,320,000.00 7,090,000.00 100.00% 49,995,269.93 50,000,000.00 50,000,000.00 50,000,000.00 0.00 0.00 0.00 0.00 n.a. n.a. 1,643,645.66 31/12/2025 4,685.82 31/12/2025 -39,730.07 31/12/2025 74.90% 179,587.44 72,490.02 237,544.81 237,544.81 33,836.21 -12,085.84 31/12/2025 1 2 Preliminary unaudited figures. Kommunalkredit subscribed to 8,49% of shares in the Fidelio KA Infrastructure Debt Funds 1 sub-fund.

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS 129 Schedule of Non-Current Asset Transactions pursuant to § 226 (1) of the Austrian Commercial Code as of 31 December 2024 (Annex 2) NON-CURRENT ASSETS in EUR Acquisition costs Cumulative depreciation and amortisation Residual carrying amounts as of 1/1/2025 Additions Disposals as of 31/12/2025 as of 1/1/2025 Additions Disposals as of 31/12/2025 Carrying amount 31/12/2025 Carrying amount 31/12/2024 Reversals 2025 Amortisa- tion and deprecia- tion 2025 268,331,819.95 263,867,354.23 9,997,200.00 0.00 15,013,750.00 0.00 517,185,424.18 9,997,200.00 1,252,309.77 0.00 220,975.57 0.00 -233,869.38 -344.19 1,239,415.96 -344.19 515,946,008.22 9,997,544.19 267,079,510.18 0.00 180,096,509.01 395,437,270.90 87,617,519.00 94,120,284.99 21,829,566.02 66,120,277.39 245,884,461.99 423,437,278.49 0.00 3,252,688.49 0.00 719,961.94 0.00 -46,925.24 0.00 3,925,725.19 245,884,461.99 419,511,553.31 180,096,509.01 392,184,582.41 36,796,212.97 57,507,881.02 6,481,751.22 957,904.28 954,000.00 9,430,000.00 562,265.81 0.00 937,224.27 0.00 0.00 0.00 36,812,988.70 66,937,881.02 7,044,017.03 957,904.28 1,349,938.45 33,836.21 5,443,691.82 686,815.23 0.00 0.00 354,102.74 53,354.84 -922,019.98 0.00 0.00 0.00 427,918.47 33,836.21 5,797,794.56 740,170.07 36,385,070.23 66,904,044.81 1,246,222.47 217,734.21 35,446,274.52 57,474,044.81 1,038,059.40 271,089.05 220,975.57 0.00 0.00 719,961.94 0.00 0.00 354,102.74 53,354.84 10,218,238.05 12,449.00 955,827,587.40 467,431,947.69 103,913,266.68 883,323.66 11,089,112.71 1,319,346,268.40 6,769,192.05 -966.00 18,788,472.02 1,936,049.06 -1,204,124.79 587,653.97 7,355,880.02 19,520,396.29 3,733,232.69 1,299,825,872.12 3,449,046.00 937,039,115.38 587,653.97 1,936,049.06 971,579.44 208,655.53 0.00 1,180,234.97 971,579.44 208,655.53 0.00 1,180,234.97 0.00 0.00 208,655.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Debt securities from public issuers Loans and advances to credit institutions Loans and advances to customers Bonds and other fixed-income securities Investments Investments in affiliated companies Non-current intangible assets Land and buildings, incl. buildings on third-party land Office furniture and equipment *) Total *) of which low-value assets as defined by § 226 (3) of the Austrian Commercial Code (UGB)

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130 SEPARATE FINANCIAL STATEMENTS Auditor’s Report REPORT ON THE FINANCIAL STATEMENTS Audit Opinion We have audited the financial statements of Kommunalkredit Austria AG, Vienna, Austria, which comprise the Balance Sheet as at December 31, 2025, the Income Statement for the year then ended, and the Notes to the financial statements. In our opinion, the financial statements comply with the legal requirements and present fairly, in all material respects, the financial position of the Company as at December 31, 2025 and its financial performance for the year then ended, in accordance with Austrian Generally Accepted Accounting Principles and banking law. Basis for our Opinion We conducted our audit in accordance with Regulation (EU) No. 537/2014 („EU Regulation”) and Austrian Standards on Auditing. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the „Auditor’s Responsibilities” section of our report. We are independent of the Company, in accordance with Austrian company law and professional regulations, and we have fulfilled our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have obtained up to the date of the auditor’s report is sufficient and appropriate to provide a basis for our audit opinion on this date. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial state- ments. These matters were addressed in the context of our audit of the financial statements as a whole, however, we do not provide a separate opinion thereon. Valuation of loans and advances to customers The Management Board explains the procedure for recognizing loan loss provisions in the notes to the financial statements section 3. „Accounting and Measurement Methods” and in the management report note „Assets, financial position and income”. Risk for the Financial Statements The loans and advances to customers amount to EUR 5.1bn and are mainly comprised of the segments „Project Finance”, „Utilities”, „Corporate” and „Public Finance”. The bank evaluates in the context of credit risk management whether default events exist, and specific loan loss provisions (Stage 3) need to be recognized. This includes an assessment whether customers are able to fully meet their contractual liabilities. The calculation of the loan loss provisions for defaulted customers – if any – is based on an analysis of the estimated future recover- ies. This analysis reflects the assessment of the economic situation and development of the individual customer and the valuation of collateral. If there is sufficient certainty that the outstanding loan is no longer recoverable, a write-off is made in the amount of the irrecoverable amount. For all non-defaulted loans and advances to customers a loan loss provision for expected credit losses („ECL”) is recognized. The loan loss provision is generally based on the 12-month-ECL (Stage 1). In case of a significant increase in the credit risk (Stage 2), the ECL is calculated on a lifetime basis. The calculation of ECLs is dependent on assumptions and estimates, which include rating-based probabilities of default and loss given default that are derived from current and forward-looking information.

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AUDITOR’S REPORT 131 The risk to the financial statements arises from the fact that the stage transfers and the determination of the loan loss provisions are based on assumptions and estimates. This may lead to a margin of discretion and estimation uncertainties regarding to the amount of the loan loss provisions. Our Audit Approach We have performed the following audit procedures with the involvement of our Financial Risk Management and IT specialists in respect to the valuation of loans and advances to customers: We have analyzed the existing documentation of the processes of monitoring and risk provisioning for loans and advances to custom- ers and assessed whether these processes are suitable to identify stage transfers including impairment triggers and to adequately reflect the valuation of loans and advances to customers. Moreover, we have tested key controls with regard to their design and implementation, among other things, by inspecting the IT systems, and tested their effectiveness in samples. We have examined whether there were any indicators of default on a sample basis of different loan portfolios. The selection of the sample was performed risk-oriented with special regard to ratings, regionality and customer segment. In the case of defaults on individually significant loans, the assumptions made by the bank were analyzed with regard to conclusive- ness, consistency and the timing and amount of the assumed recoveries on a sample basis. For loans that were (partially) written off, we assessed whether the amount of the write-off was determined in a supportable manner, properly approved, and appropriately recorded, and whether the classification as uncollectible was appropriate. For all loans, for which the loan loss provision was calculated based on ECL (Stage 1 and 2), we analyzed the bank’s documentation of meth- odology for consistency with the requirements of IFRS 9. Furthermore, based on internal model validations, we have checked the models and the parameters used to determine whether they are suitable for calculating the loan loss provisions in an appropriate amount. In addition, we analyzed the selection and assessment of forward-looking information and scenarios and their consideration in the used parameters. Other Information Management is responsible for other information. Other information is all information provided in the annual report, other than the financial statements, the management report and the auditor’s report. Our opinion on the financial statements does not cover other information and we do not provide any kind of assurance thereon. In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge gained during our audit, it contains any material inconsistencies with the financial statements or any apparent material misstatement of fact. If, on the basis of our work on the other information obtained, we conclude that there is a material misstatement of fact in other information, we must report that fact. We have nothing to report in this regard. Responsibilities of Management and the Audit Committee for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Austrian Generally Accepted Accounting Principles and other legal or regulatory requirements and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Management is also responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intents to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The audit committee is responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mis- statement – whether due to fraud or error – and to issue an auditor’s report that includes our audit opinion. Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance with EU Regulation and with Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement, if any. Misstatements may result from

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132 SEPARATE FINANCIAL STATEMENTS fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users based on the financial statements.or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with EU-Regulation and with Austrian Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. Moreover: We identify and assess the risks of material misstatements in the financial statements, whether due to fraud or error, we design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit evidence to serve as a basis for our audit opinion. The risk of not detecting material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misleading representation or the override of internal control. We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. We conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor´s report to the respective note in the financial statements. If such disclosures are not appropriate, we will modify our audit opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. We evaluate the overall presentation, structure and content of the financial statements, including the notes, as well as whether the financial statements represent the underlying business transactions and events in a manner that achieves fair presentation. We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit as well as significant findings, including any significant deficiencies in internal control that we identify during our audit. We communicate to the audit committee that we have complied with the relevant professional requirements in respect of our independence, that we will report any relationships and other events that could reasonably affect our independence and, where appropriate, the related safeguards. From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit i.e. key audit matters. We describe these key audit matters in our auditor’s report unless laws or other legal regulations preclude public disclosure about the matter or when, in rare cases, we determine that a matter should not be included in our auditor´s report be- cause the negative consequences of doing so would reasonably be expected to outweigh the public benefits of such communication. Report on Other Legal Requirements Management Report In accordance with Austrian company law, the management report is to be audited as to whether it is consistent with the financial statements and prepared in accordance with the applicable legal requirements. Management is responsible for the preparation of the management report in accordance with Austrian company law. We have conducted our audit in accordance with generally accepted standards on the audit of management reports. Opinion In our opinion, the management report is consistent with the financial statements and has been prepared in accordance with legal requirements. The disclosures pursuant to Section 243a UGB are appropriate. Statement Based on our knowledge gained in the course of the audit of the financial statements and our understanding of the Company and its environment, we did not note any material misstatements in the management report.

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AUDITOR’S REPORT 133 Additional Information in accordance with Article 10 EU-Regulation We were elected as auditors at the Annual General Meeting on February 22, 2024 and were appointed by the supervisory board on April 4, 2024 to audit the financial statements of the Company for the financial year ending on December 31, 2025. In addition, during the Annual General Meeting on February 27, 2025, we have been elected as auditors for the financial year ending December 31, 2026 and appointed by the supervisory board on March 12, 2025. We have been auditors of the Company since the financial statements at December 31, 2020. We declare that our opinion expressed in the “Report on the Financial Statements” section of our report is consistent with our addi- tional report to the audit committee, in accordance with Article 11 EU-Regulation. We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 EU-Regulation) and that we have en- sured our independence throughout the course of the audit. Engagement Partner The engagement partner is Mr. Bernhard Mechtler. Vienna, 18 February 2026 KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft signed by: Bernhard Mechtler Wirtschaftsprüfer (Austrian Chartered Accountant) The financial statements, together with our auditor’s opinion, may only be published if the financial statements and the management report are identical with the audited version attached to this report. Section 281 Paragraph 2 UGB (Austrian Commercial Code) applies.

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134 SEPARATE FINANCIAL STATEMENTS

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STATEMENT BY THE LEGAL REPRESENTATIVES 135 STATEMENT BY THE LEGAL REPRESENTATIVES KOMMUNALKREDIT AUSTRIA AG Annual Financial Statements 2025 We hereby confirm to the best of our knowledge that the financial statements of the parent company, prepared in accordance with the relevant accounting standards, present a true and fair view of the assets, the financial position and the income of the company, that the Management Report presents the develop- ment of business, the results and the position of the company in such a way that it conveys a true and fair view of the assets, the financial position and the income of the company, and that the Management Report describes the material risks and uncertainties to which the company is exposed. Vienna, 17 February 2026 Jacques Ripoll Chief Executive Officer Sebastian Firlinger Member of the Executive Board Nima Motazed Member of the Executive Board John Weiland Member of the Executive Board

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