Kommunalkredit Group Annual Report 2025

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Integrated Annual Report Kommunalkredit Group 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 GROUP 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 Sustainability Outlook 66 81

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Financials Consolidated financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of ﬁnancial position Consolidated statement of changes in equity Consolidated statement of cash ﬂows Notes to the consolidated financial statements of Kommunalkredit Group for the 2025 financial year Auditor’s report Statement by the legal representatives 86 87 89 90 93 94 169 175 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, peace-fully7, Panuwat, davvodda, Waseem, Cetacon, falticon), 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 Solarpro Group (16), Rosebud x AI. Image created by Rosebud using AI- assisted generative processes (1, 5, 11, 18, 21, 24, 34, 41, 80, 84, 88, 92, 137, 152+153, 157), 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) 38.9% Cost-income ratio 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 after tax CET1-Ratio (of Satere Group under AT GAAP) 2021 2022 78.9 60.1 67.1 48.9 47.6% 14.2% 17.0% 125.7 85.2 99.3 78.2 42.8% 22.3% 15.9% IFRS 2023 192.4 134.3 135.7 100.5 36.7% 33.8% 17.1% 2024 2025 185.0 127.0 126.6 96.3 39.1% 19.1% 18.0% 160.7 119.0 18.3 13.5 38.9% 2.0% 15.6% * ** Profit of the year before tax under IFRS, adjusted for the net provisioning for impairment losses and measurement gains/losses. Result from subsidiary KPC (cost plus model) netted in CIR calculation to provide a fair view on efficiency of the group.

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KEY FACTS AND FIGURES 13 EUR 13.5m Consolidated profit after tax (according to IFRS) EUR 119.0m 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 measurement gains/losses

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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 40%, 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 119.0 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 measurement gains/losses

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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 860 million of total capital, a capital ratio stands at 19.6%2 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. 2 Capital ratio of Satere Group under Austrian GAAP 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 16% and total capital of EUR 862 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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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 Sustainability Outlook 64 65 66 81

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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. 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. GDP growth in %1 Source: OECD ■ 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 2.9 2.8 2.0 1.3 0.5 0.8 Global G20 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 38.9%, 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. 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. Overall, Kommunalkredit strengthened its core competencies, attracted additional “Future Minds”, and laid the foundation for greater efficiency, scalability and data quality. 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. 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. The profit for the period before tax therefore declined to EUR 18.3 million as of 31 December 2025. Against this backdrop, the bank’s low cost-income ratio of 38.9% 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 31/12/2024 30/06/2025 31/12/2025 2,695 2,544 3,000 2,500 2,000 1,750 1,500 1,205 1,250 1,167 1,179 * of which project bonds 6% and disbursement obligations 17% 801 791 775 2% 19% 15% 3% 12% 2025 EUR 6.3bn* Austria Eurozone (excl. Austria) Other EU countries Multilateral Non-EU Europe Other 49% 963 794 782 1,000 750 500 250 0 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 0 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

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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 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) 1,100 1,000 900 800 700 799 869 475 600 464 1,034 382 922 360 652 562 412335 394 777 587 190 2021 2022 2023 2024 2025 Retail deposits (KOMMUNALKREDIT INVEST) in EUR m, as of 31/12/2025 Overnight deposits Term deposits 2,123 218 1,964 90 1,756 96 1,287 434 1,905 901 148 753 853 1,874 1,660 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 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 10.0% 2,886 1,964 Capital market instruments 3,326 1,555 752 500 400 300 200 100 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 933 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 16.6% and total capital amounted to EUR 862.0 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 pur-sue its strategic objectives in a disciplined manner. * Core capital ratio of Satere Group under Austrian GAAP

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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 EUR 150m 61% ■ 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 over 300 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 768,352 633,403 601,299 1,000,000 750,000 500,000 250,000 0 2,868 3,019 1,735 4m 3m 2m 1m 0 2023 2024 2025 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 9% 16% 1% 1% ■ Industrial transformation ■ Climate and energy fund ■ Circular economy ■ Repair bonus ■ Renovation offensive ■ Other ■ Environmental-related subsidies in Austria ■ Water management 11% 11% 3% 38% 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 The operating result in 2025 declined to EUR 18.2 million, while the cost-income ratio remained stable at 38.9%. The result was materially impacted by elevated risk costs, driven by consolidation processes in selected infrastructure sub-sectors. Kommu- nalkredit’s strategic focus on infrastructure and energy financing, as well as public finance, remains unchanged. Financial performance indicators according to IFRS in EUR m or % Total assets Total capital Net interest Income Nет fee & commision income Operative income Gains and Losses from financial assets or liabilities General administrative expenses Credit risk result Other operating income EBIT Gains / Losses from associated companies Gains from participations Consolidated profit for the year before tax Income taxes Consolidated profit for the year Cost/income ratio (based on EBIT)* Return on equity before tax** Return on equity after tax (based on EBIT) 31/12/2025 31/12/2024 6,998.0 6,606.5 768.8 160.7 43.3 204.1 -16.3 -95.2 -81.6 7.3 18.2 0.0 0.0 18.3 -4.8 13.5 38.9% 2.7% 2.0% 767.0 185.0 45.1 230.1 9.4 -101.5 -10.1 -1.0 127.0 -0.4 0.0 126.6 -30.3 96.3 39.1% 25.2% 19.1% * Cost-Income-Ratio = operating expenses / operating income Result from subsidiary KPC (cost plus model) netted in CIR calculation to provide fair view on efficiency ** Return on equity before tax = Profit for the period before tax projected to one year/common equity tier 1 capital of the group as of 1.1. Regulatory performance indicators of Kommunalkredit Austria AG under Austrian GAAP Green Opera Finance Invest AB Group Satere Group KA Solo in EUR m or % 31/12/2025 Risk weighted assets Common equity tier 1 after deductible items (CET 1) Common equity (tier 1) Total capital CET 1 ratio Common equity ratio Total capital ratio 4,441.2 705.6 749.8 881.9 15.9% 16.9% 19.9% 31/12/2024 3,832.5 709.9 747.6 783.8 18.5% 19.5% 20.5% 31/12/2025 4,401.6 685.7 729.9 862.0 15.6% 16.6% 19.6% 31/12/2024 3,806.9 685.9 31/12/2025 4,427.9 716.5 31/12/2024 3,834.0 715.2 723.5 759.8 18.0% 19.0% 20.0% 779.8 973.8 16.2% 17.6% 22.0% 778.5 820.8 18.7% 20.3% 21.4%

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ASSETS, FINANCIAL POSITION, AND INCOME 55 Rating Issuer rating Long term rating Short term rating Outlook Covered bond rating Long term rating Outlook S&P GLOBAL RATINGS BBB A-2 negative (updated as of 29/01/2026) AA+ negative Kommunalkredit is part of a group of credit institutions whose ultimate parent has been Green Opera Finance Invest AB, based in Stockholm, Sweden, since 15 July 2024. Green Opera Finance Invest AB prepares its consolidated financial statements according to the relevant requirements under Austrian GAAP; the scope of consolidation is determined according to § 30 of the Austrian Banking Act. Green Opera Finance Invest AB makes up the big- gest regulatory scope of consolidation. The difference between the regulatory total capital individually and at Group level largely results from the imputation restriction pursuant to Article 81 et seq. CRR (“minority deduction”). Structure of statement of financial position Kommunalkredit’s total assets according to IFRS amounted to EUR 6,998.0 million as of 31 December 2025 (31/12/2024: EUR 6,606.5 million), representing an increase of 6%. This ex- pansion is primarily attributable to the strong growth in assets measured at amortised cost, which rose from EUR 3,013.4 mil- lion to EUR 3,620.3 million. The increase reflects a continued ex- pansion of the Group’s financing activities, with customer loans up to EUR 2,622.7 million (31/12/2024: EUR 2,339.6 million) and a significant increase in debt securities to EUR 897.1 million (31/12/2024: EUR 623.9 million). capital markets and the further diversification of its refinancing sources. Capital market activities in 2025 were again a central pillar of the bank’s refinancing strategy, with additional placements of senior unsecured and secured instruments broadening and strengthen- ing Kommunalkredit’s investor base. Kommunalkredit’s equity according to IFRS amounted to EUR 768.8 million as of 31 December 2025 (31/12/2024: EUR 767.0 million). Income statement of the Kommunalkredit Group under IFRS The Kommunalkredit Group recorded a profit after tax of EUR 13.5 million in 2025 (2024: EUR 96.3 million), a development largely driven by elevated credit risk costs. Despite a moderate decline in net interest income, the Group’s underlying operating perfor- mance remained stable. This resilience was supported by contin- ued cost discipline. Operating result Operating result came to EUR 18.2 million (2024: EUR 127.0 mil- lion) and primarily comprises the following components: Assets measured at fair value remained broadly stable, both through other comprehensive income (EUR 1,972.5 million) and through profit or loss (EUR 572.5 million). Cash reserves decreased to EUR 527.0 million (31/12/2024: EUR 933.2 million). Overall, the structure of the statement of financial position demonstrates continued growth in core financing activities and an efficient allo- cation of balance sheet resources in line with Kommunalkredit’s business model. Net interest income Net interest income amounted to EUR 160.7 million in 2025 (2024: EUR 185.0 million). The development primarily reflects lower interest income of EUR 372.8 million (2024: EUR 400.7 mil- lion). While new financing business continued to grow, the overall interest 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. Customer liabilities amounted to EUR 2,801.1 million (31/12/2024: EUR 3,119.4 million) and remained an essential component of the funding base. The most significant contribution to the liability-side development came from issued debt securities, which increased markedly to EUR 2,874.0 million (31/12/2024: EUR 2,327.5 mil- lion). This reflects the bank’s continued active presence in the Interest expenses decreased slightly to EUR 212.0 million (2024: EUR 215.7 million). In 2025, Kommunalkredit further expanded its capital-market activities, resulting in a more diversified and strategically balanced funding structure. This shift in the funding mix contributed to a stable refinancing profile in a year marked by a lower market-rate environment.

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56 MANAGEMENT REPORT Net fee and commission income Net fee and commission income remains stable at EUR 43.3 mil- lion (2024: EUR 45.1 million). The main activities of the continually expanding range of services of Kommunalkredit include arranging and structuring infrastructure and energy financing as well as con- sulting and service activities. Fee and commission income of EUR 46.0 million (2024: EUR 48.1 million) was offset by fee and commission expenses of EUR 2.6 million (2024: EUR 3.1 million). Gains and losses from financial assets and liabilities Gains and losses from financial assets and liabilities amounted to EUR -16.3 million in 2025 (2024: EUR 9.4 million). The decline is primarily attributable to negative valuation effects on financial instruments measured at fair value through profit or loss, amount- ing to EUR -19.5 million. These valuation adjustments include the impact of non-performing loans recognised at fair value, which led to significant negative fair-value movements during the year. In contrast, realised results from disposals contributed positively to earnings. Gains from the sale of financial instruments meas- ured at fair value through other comprehensive income totalled EUR 1.6 million (2024: EUR -0.8 million), while disposals of finan- cial assets measured at amortised cost generated an additional EUR 1.3 million (2024: EUR 0.1 million). General administrative expenses General administrative expenses amounted to EUR 95.2 million in 2025 (2024: EUR 101.5 million), reflecting a stable and well-bal- anced cost structure. Personnel expenses totalled EUR 60.7 mil- lion (2024: EUR 64.7 million), while other administrative expenses amounted to EUR 32.7 million (2024: EUR 34.8 million). Depreci- ation and amortisation remained broadly unchanged at EUR 1.9 million. Net provisioning for impairment losses The credit risk result amounted to EUR -81.6 million in 2025 (2024: EUR -10.1 million). The significant increase in risk costs is driven by ipairment charges on non-performing exposures (Stage 3), which totalled EUR -77.9 million (2024: EUR -8.8 million) and reflect the default and workout developments of individual non-performing loans during the year. By contrast, risk costs in the performing portfolio remained comparatively moderate, with Stage 1 and Stage 2 impairments of EUR -1.5 million and EUR -2.1 million re- spectively. Other operating result The other operating result amounted to EUR 7.3 million in 2025 (2024: EUR -1.0 million), representing a significant year-on-year improvement. This development was mainly driven by higher oth- er operating income, which increased to EUR 9.4 million (2024: EUR 1.1 million). The result includes a positive contribution of EUR 8.6 million from the partial realization of a subsciption right related to a green hydrogen project, which was recognised in 2025. Other operating expenses totalled EUR -2.1 million (2024: EUR -2.1 million) and remained within a stable range. Income taxes Income tax expense amounted to EUR -4.8 million in 2025 (2024: EUR -30.3 million). The significant reduction compared to the previous year reflects the substantially lower pre-tax result in the reporting period. The tax expense comprises current taxes on taxable income as well as effects from deferred taxes arising from temporary differences between IFRS carrying amounts and tax bases. Development in risk provisions taking the current macroeco- nomic developments into account The risk provisions for statistically expected credit losses are taken into account based on a risk provisioning model with statistically calculable empirical values. The expected loss is determined as the product of the probability of default (PD), taking into account forward-looking information, the loss given default (LGD) and the exposure at default (EAD). For the PD model, one of the key driv- ers of the PDs are changes in macroeconomic input parameters. While the through-the-cycle PDs were broadly stable vs. the pre- vious 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 comparatively 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 pos- itive trend and nearly reached all-time highs. The bank’s portfolio in the last years was solid due to the contractual and structural risk mitigation factors that are typical for infrastructure and energy financing. Much of the project financing benefits from availabil- ity models, fixed feed-in tariffs or long-term contracts and also contains additional risk-mitigating 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. However, in 2025, the asset quality was negatively influenced by unfavorable developments in individual sectors, inter alia chal- lenging market conditions in the fibre sector, characterized by consolidation pressure and tighter financing conditions, which led to an increased volume of non-performing loans, as well as several rating downgrades and stage transfers. All in all, an exposure with a volume of EUR 375.0 million (31/12/2024: EUR 129.0 million) was in default as of 31 December 2025 (non-performing loan ratio of 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). Impairments of EUR 49.5 million have been booked for these cases (31/12/2024: EUR 9.5 million). As of 31 December 2025, an exposure with a volume of EUR 366.5 million (31/12/2024: EUR 144.1 million) is classified as forborne. As of 31 December 2025, there were no receivables that had been overdue for more than 30 days, with the exception of the receivables in default as referred to above. As of 31 December 2025, a total exposure of EUR 366.8m was assigned to IFRS Stage 2 (lifetime ECL).

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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%) 116 (26%) 128 (28%) 2 0 403 373 394 381 394 0 3 0 431 397 420 407.5 422 0 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 1 (7.1%) 1 (7.1%) 7 (50.0%) 6 (42.9%) 14 15 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 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 67 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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68 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 k s i r G S E 1 2 3 4 5 HIGH RISK 2% 18% 52% 18% 28% 1% 1% 2% 11% 30% Environmental „E“ Social „S“ Governance „G“ 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 69 Financed emissions – Asset classes other than Sovereign Debt (Scope 1-3) Gross carrying amount in EURm Financed emissions (Scope 1-3) in tCO2e 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 927 424 412 387 412 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 Financed emissions intensity (Scope 1-3) in tCO2e / EURm 2024 2023 392 378 2025 267 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 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 70,374 103,936 43,019 79,393 2022 250 257 247 311 251 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. Financed emissions intensity (Scope 1) in tCO2e / EURm 2024 2023 282 240 2025 239

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70 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 71 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% ■ Natural Resources ■ Water & Environment ■ Conventional Energy ■ Renewable Energy ■ Transport ■ Other I&E ■ Other PF / Infrastructure PF / Budget Finance PF ■ Communication & Digitization ■ Social Infrastructure 68 2% 8% 62 1% 3% 62 61 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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72 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 portfolio, 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 73 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 CO2 emissions per employee in tonnes of CO2 equivalents 3.3 3,706 3,361 3,307 2,998 4,000 3,000 2,000 1,000 0 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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74 MANAGEMENT REPORT Environmental performance figures Definition Unit 2023 2024 2025 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 65.7 85.3 99.8 17.0% 2,878 28 2,000 5 2,885 26 1,050 2 3,015 27 2,000 5 0.02 0.01 0.01 4.5% 3.8% 90.5% 150.0% 0.0% 4 4 2 -38.3% 100.0 100.0 100.0 km kWh 1,210,152 1,571,831 921,753 752,967 940,221 431,222 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 % 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% 0.0% 2.0% -42.7%

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SUSTAINABILITY 75 Definition Unit 2023 2024 2025 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 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 2,988 9,636 0.8 2,114 4,738 0.5 24 11 16,041 1.3 44,089 4.8 2,122 5,940 0.6 13 54,837 5.8 40 102 124 1,184,475 97.9 872,929 94.7 879,445 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 0.1 236 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 0.05 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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76 MANAGEMENT REPORT GRI Content Index GRI DISCLOSURE GRI STANDARD 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 UNGC REFERENCE REASON FOR OMISSION / COMMENT 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 77 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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78 MANAGEMENT REPORT GRI DISCLOSURE UNGC GRI STANDARD Material topics & other UNGC topics GRI 3: Material Topics 2021 3-1 Process to determine material topics REFERENCE REASON FOR OMISSION / COMMENT Kommunalkredit conducted a Materiality Assessment in 2025. Additonal UNGC topics have been added to the list below. 3-2 List of material topics Chapter Sustainability 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 79 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 81 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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82 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 83 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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85

85 CONSOLIDATED FINANCIAL STATEMENTS KOMMUNALKREDIT GROUP, VIENNA, FINANCIAL YEAR 2025 Consolidated financial statements Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the consolidated financial statements Auditor’s report Statement by the legal representatives 86 87 89 90 93 94 169 175

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86 FINANCIAL STATEMENTS I. Consolidated statement of financial position TOTAL ASSETS in EUR thousand Note 31/12/2025 31.12.2024 Cash reserves Financial assets measured at amortized cost thereof receivables from credit institutions thereof receivables from customers thereof securities Financial assets at fair value through other comprehensive income Financial assets at fair value through profit or loss Portfolio hedge Associates recognized at equity Derivatives Property, plant and equipment Intangible assets Current tax assets Deferred tax assets Other assets Total assets LIABILITIES AND EQUITY in EUR thousand Total liabilities Liabilities at amortized cost thereof amounts owed to credit institutions thereof amounts owed to customers thereof securitized liabilities Portfolio hedge Derivatives Provisions Current tax liabilities Other liabilities Subordinated liabilities at cost Equity Equity attributable to shareholders Additional equity component Non-controlling interests Liabilities and equity 25 26 27 29 42 31 30 32 34 44 44 36 527,002.5 3,620,303.5 100,416.4 2,622,747.9 897,139.2 1,972,522.4 572,477.6 -1,942.1 3,869.1 210,849.6 43,264.4 1,568.4 34,042.3 3,386.4 10,691.8 933,219.9 3,013,379.9 49,853.9 2,339,600.3 623,925.7 1,847,286.5 567,851.9 -2,891.6 2,897.8 188,191.5 34,375.2 9,448.5 0.0 2,085.4 10,605.1 6,998,035.8 6,606,450.2 Note 31/12/2025 31.12.2024 37 38 39 42 41 43 44 45 40 46 6,229,278.5 5,822,400.4 147,274.5 2,801,121.8 2,874,004.0 1,654.0 130,160.8 4,517.7 2,144.8 90,440.7 177,960.1 768,757.3 706,203.3 62,243.7 310.4 5,839,438.7 5,573,894.7 126,991.5 3,119,404.1 2,327,499.1 6,727.7 154,630.6 4,698.3 11,245.1 55,852.0 32,390.2 767,011.5 704,500.8 62,243.7 267.0 6,998,035.8 6,606,450.2

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87 II. Consolidated income statement INCOME STATEMENT in EUR thousand Note 1.1. – 31.12.2025 1.1. – 31.12.2024 Net interest income Interest income thereof calculated using the effective interest method Interest expenses Net fee and commission income Fee and commission income Fee and commission expense Operating Income Gains and losses on financial assets and liabilities Result from the derecognition of financial assets measured at amortized cost General administrative expenses Personnel expenses Other administrative expenses Depreciation and impairment* Net provisioning for impairment losses Other operating result Other operating income Other operating expenses Operating Profit Result from associates Income from investments Profit before tax Income taxes Profit after tax thereof attributable to owners thereof attributable to non-controlling interests *For an explanation of the adjustments made, see Note 1 General information. 47 48 49 51 50 53 52 54 160,721.7 372,769.2 302,956.6 -212,047.5 43,333.1 46,015.9 -2,682.8 204,054.7 -16,284.1 1,336.8 -95,221.8 -60,715.6 -32,654.9 -1,851.3 -81,572.6 7,269.0 9,381.3 -2,112.3 18,245.1 17.3 36.0 18,298.4 -4,833.3 13,465.1 13,308.1 157.0 185,034.2 400,687.9 357,464.2 -215,653.7 45,081.3 48,136.1 -3,054.7 230,115.5 9,449.6 120.7 -101,478.7 -64,669.2 -34,846.3 -1,963.2 -10,115.6 -1,004.4 1,103.8 -2,108.2 126,966.4 -429.2 36.0 126,573.3 -30,301.5 96,271.8 96,145.1 126.6

88

88 FINANCIAL STATEMENTS

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89 III. Consolidated statement of comprehensive income COMPREHENSIVE INCOME in EUR thousand Profit after tax Items to be reclassified to the Income Statement Changes in debt instruments at fair value through other comprehensive income Net change in fair value of debt instruments at fair value through other comprehen- sive income Reclassified to the Income Statement Related tax Items not to be reclassified to the Income Statement Change in actuarial gains/losses Actuarial result from personnel provisions Related tax on actuarial result from personnel provisions Changes in equity instruments at fair value through other comprehensive income Net change in fair value of equity instruments at fair value through other comprehen- sive income Related tax Total comprehensive income, net of tax thereof attributable to owners thereof attributable to non-controlling interests 1.1. – 31.12.2025 1.1. – 31.12.2024 13,465.1 -7,666.4 -7,666.4 -8,400.9 -1,555.5 2,290.0 260.3 181.2 235.3 -54.1 79.1 102.8 -23.6 6,059.0 5,894.6 164.4 96,271.8 -1,892.4 -1,892.4 -3,296.0 838.3 565.3 -125.7 248.6 322.9 -74.3 -374.3 -486.1 111.8 94,253.6 94,128.2 125.4

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90 FINANCIAL STATEMENTS IV. Consolidated statement of changes in equity Equity according to IFRS developed as follows in 2025 and 2024: STATMENT OF CHANGES IN EQUITY 1/1 – 31/12/2025 in EUR thousand Subscribed capital Reserves Other retained earnings (incl. consolidat- ed profit for the year) Reserve for debt instruments at fair value through other comprehensive income Reserve for equity instruments at fair value through other comprehensive income Actuarial gains/losses IAS 19 Equity attrib- utable to Kommu- nalkredit shareholders Additional equity compo- nent Non-con- trolling interests Equity 586.3 2,585.2 704,500.8 62,243.7 0.0 0.0 0.0 0.0 0.0 173.8 173.8 0.0 0.0 0.0 0.0 0.0 13,308.1 -7,666.4 -6,110.9 -1,555.5 79.1 173.8 5,894.6 0.0 0.0 0.0 -4,104.5 -87.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 267.0 157.0 0.0 0.0 0.0 0.0 7.4 164.4 0.0 -108.7 0.0 0.0 767,011.5 13,465.1 -7,666.4 -6,110.9 -1,555.5 79.1 181.2 6,059.0 0.0 -108.7 0.0 -4,104.5 -12.3 -100.0 2,759.1 706,203.3 62,243.7 310.4 768,757.3 as of 1/1/2025 Profit for the period Changes in debt instruments at fair value through other comprehensive income Measurement of debt instruments at fair value through other comprehensive income Recycling of debt instruments at fair value through other comprehensive income Changes in equity instruments at fair val- ue through other comprehensive income Change in actuarial gains/losses Total Capital contribution Profit distribution Appropriation to fixed reserves AT1 coupon Acquisition of non-controlling interests As of 31/12/2025 177,017.1 159,131.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4,721.1 0.0 0.0 308,034.6 13,308.1 0.0 0.0 0.0 0.0 0.0 57,145.6 0.0 -7,666.4 -6,110.9 -1,555.5 0.0 0.0 13,308.1 -7,666.4 0.0 0.0 -4,721.1 -4,104.5 -87.7 0.0 0.0 0.0 0.0 0.2 177,017.1 163,853.1 312,429.5 49,479.3 0.0 0.0 0.0 0.0 79.1 0.0 79.1 0.0 0.0 0.0 0.0 -0.2 665.2

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91 STATMENT OF CHANGES IN EQUITY 1/1 – 31/12/2024 in EUR thousand Subscribed capital Reserves Other retained earnings (incl. consolidat- ed profit for the year) Reserve for debt capital instruments at fair value through other comprehensive income Reserve for equity instruments at fair value through other comprehensive income Actuarial gains/losses IAS 19 Equity attrib- utable to Kommu- nalkredit shareholders Additional equity compo- nent Non-con- trolling interests Equity as of 1/1/2024 Profit for the period Changes in debt instruments at fair value through other comprehensive income Measurement of debt instruments at fair value through other comprehensive income Recycling of debt capital instruments at fair value through other comprehensive income Changes in equity instruments at fair val- ue through other comprehensive income Change in actuarial gains/losses Total Capital contribution Profit distribution Appropriation to fixed reserves AT1 coupon Other Effects As of 31/12/2024 177,017.1 50,931.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 100,000.0 0.0 8,200.6 0.0 0.0 224,165.3 96,145.1 0.0 0.0 0.0 0.0 0.0 59,038.0 0.0 -1,892.4 -1,892.4 0.0 0.0 0.0 96,145.1 -1,892.4 0.0 0.0 -8,200.6 -4,104.5 29.3 0.0 0.0 0.0 0.0 0.0 960.6 2,335.4 514,447.8 62,243.7 0.0 0.0 0.0 0.0 -374.3 0.0 -374.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 249.8 249.8 0.0 0.0 0.0 0.0 0.0 96,145.1 -1,892.4 -1,892.4 0.0 -374.3 249.8 94,128.2 100,000.0 0.0 0.0 -4,104.5 29.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 260.6 126.6 0.0 0.0 0.0 576,952.0 96,271.8 -1,892.4 -1,892.4 0.0 0.0 -374.3 -1.2 248.6 125.4 94,253.6 0.0 100,000.0 -83.0 0.0 0.0 -35.9 -83.0 0.0 -4,104.5 -6.6 177,017.1 159,131.9 308,034.6 57,145.6 586.3 2,585.2 704,500.8 62,243.7 267.0 767,011.5

92

92 FINANCIAL STATEMENTS

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V. Consolidated statement of cash flows CONSOLIDATED STATEMENT OF CASH FLOWS in EUR thousand* Profit (after tax, before non-controlling interests) Non-cash items included in the profit and reconciliation to cash flow from operating activities Depreciation and amortization of property, plant and equipment and intangible assets Gains/losses from the sale of property, plant and equipment and intangible assets Appropriation to/release of provisions Gains/losses from the valuation of financial assets Income tax Net interest income Non-cash accruals and other adjustments Sub-total Change in assets and liabilities from operating activities after correction for non-cash items Financial assets at amortized cost thereof loans and advances to credit institutions thereof loans and advances to customers thereof debt instruments Assets at fair value through other comprehensive income Assets at fair value through profit or loss Derivatives and portfolio hedge Other assets from operating activities Amounts owed to credit institutions Amounts owed to customers Securitized liabilities Other liabilities from operating activities Interest received Dividends Interest paid Income taxes paid Cash flow from operating activities Cash receipts from the sale / redemption of property, plant and equipment and intangible assets Cash payments for the acquisition of Property, plant and equipment and intangible assets Cash payments for the investments in associates recognized at equity Cash flow from investing activities Cash inflow from capital increases Dividend payments attributable to non-controlling interests Cash payments for the acquisition of non-controlling interests of affiliated companies Cash inflow from subordinated capital AT1 coupon Cash outflow from repayments of lease liabilities Cash flow from financing activities Cash and cash equivalents at the of the previous period Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents at the end of the period *For an explanation of the adjustments made, see Note 1 General information. 93 1.1.-31.12.2025 restated 1.1.-31.12.2024 13,465.1 96,271.8 1,851.3 -8,631.1 80,914.1 20,291.9 4,833.3 1,963.2 11,322.6 0.0 -10,167.2 30,301.5 -160,721.7 -185,034.2 -53.3 -48,050.4 409.3 -54,933.1 -50,385.9 -343,780.9 -286,152.5 -134,049.9 -28,358.7 437.9 1,560.3 20,610.2 -319,013.1 528,050.5 -13,836.6 379,080.2 36.0 -210,803.3 -47,064.7 -551,720.8 15,350.0 -11,898.5 -954.0 2,497.5 0.0 -108.7 -100.0 147,439.8 -4,104.5 -120.7 143,005.9 933,219.9 -551,720.8 2,497.5 143,005.9 527,002.5 5,702.6 -335,438.4 317,761.9 -434,102.1 -203,225.9 -1,154.3 1,350.5 6,758.4 -224,545.0 712,029.5 -2,107.4 397,062.6 36.0 -178,605.5 -52,348.9 -45,759.2 0.0 -11,753.8 -708.3 -12,462.1 100,000.0 -83.0 0.0 -0.0 -4,104.5 -133.9 95,678.6 895,762.7 -45,759.2 -12,462.1 95,678.6 933,219.9

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94 FINANCIAL STATEMENTS Notes to the Consolidated Financial Statements of the Kommunalkredit Group for the Financial Year 2025 | General Principles 1. GENERAL INFORMATION Kommunalkredit Austria AG (Kommunalkredit), which has its reg- istered office at Tuerkenstrasse 9, Vienna, Austria, is a specialist bank for infrastructure and energy financing as well as public finance; it forms the bridge between project sponsors (infra- structure constructors and/or operators) and institutional inves- tors such as insurers or pension funds. It is registered with the Commercial 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. Since 15 July 2024, Satere is indirectly owned by funds and investment companies managed by Altor Fund Manager AB (80.20%), as well as by minority investors. The consolidated financial statements of Kommunalkredit, based on the IFRS Accounting Standards (IFRS) as they are to be applied 2. STANDARDS AND INTERPRETATIONS APPLIED The consolidated financial statements of Kommunalkredit were produced based on all IFRS Accounting Standards and interpre- in the European Union (EU), are prepared pursuant to § 59a of the Austrian Banking Act (BWG) in conjunction with § 245a of the Austrian Commercial Code (UGB). These financial statements meet the requirements of § 59a of the Austrian Banking Act. As an issuer of exchange-listed securities, Kommunalkredit publishes a Group Management Report pursuant to § 124 (1) of the Austrian Stock Exchange Act (BörseG) as part of this report. 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. tations of IFRS Interpretations Committees (IFRICs and SICs) ap- proved and published by the International Accounting Standards Board (IASB), adopted into European law by the European Union (EU) and applicable on a mandatory basis as of 31 December 2025. Overview of new standards/interpretations or changes to be applied for the first time in the 2025 financial year: STANDARD/INTERPRETATION Amendments to IAS 21 Title of standard/ interpretation or amendment Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability First-time adoption 1/1/2025 The standards are applicable for the financial years starting on or after the "fist-time-adoption" date Amendments to IAS 21 The amendments to IAS 21 relate to the assessment of whether a currency is exchangeable, how an exchange rate should be de- termined when exchangeability is lacking, as well as additional disclosure obligations in this regard. Kommunalkredit’s currency holdings consist exclusively of ex- changeable currencies with an official ECB rate. Therefore, the application has no significant impact on the consolidated financial statements.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 95 Overview of standards already adopted by the EU that have not been applied early: STANDARD/INTERPRETATION Amendments to IFRS 9 and IFRS 7 Amendments to IFRS 9 and IFRS 7 Annual Improvements Volume 11 IFRS 18 Title of standard/ interpretation or amendment Classification and measurement of financial instruments Nature-dependent electricity contracts Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 Presentation and Disclosure in Financial Statements First-time adoption 1/1/2026 1/1/2026 1/1/2026 1/1/2027 The standards are applicable for the financial years starting on or after the "fist-time-adoption" date Amendments to IFRS 9 and IFRS 7 Classification and measurement of financial instruments The amendments allow companies to derecognize a financial li- ability if it is settled through an electronic cash transfer system, provided specific conditions are met. This option must apply to all settlements made through the same electronic payment system. Other amendments govern: Classification of financial assets: Amendments to the permissible SPPI criterion for classification at amortized cost as well as examples of corresponding assets. The term “non-recourse features” is elaborated on, where fi- nancial assets are considered to have non-recourse features, if the right to cash flows is limited to specific assets. Additions to the distinction drawn between non-recourse fi- nancing and contractually linked instruments. Disclosure obligations: Companies are required to recognize the cumulative gains and losses reclassified in equity from investments in equity instru- ments separately; this relates to derecognized instruments and for instruments held. Contractual terms that could change the amount of the cash flows must be disclosed, particularly in the case of events that do not relate directly to changes in basic lending risks and costs. Application of these amendments is not expected to have any material impact on the consolidated financial statements. Nature-dependent electricity contracts The amendments clarify the application of the own use exemption in IFRS 9 for contracts whose delivered volumes fluctuate due to uncontrollable natural conditions, reducing unnecessary classifi- cation of such PPAs as derivatives measured at fair value through profit or loss. They also update hedge accounting requirements by allowing entities to designate variable nominal volumes of fore- cast electricity purchases as hedged items when specified criteria are met. In addition, IFRS 7 now requires enhanced disclosures to improve transparency regarding the financial effects, risks, and cash flow implications of these contracts. The Kommunalkredit does not hold such contracts, thus this amendment will not have any effect on consolidated financial statement. Annual Improvements Volume 11 The IASB issued Annual Improvements to IFRS Accounting Stand- ards—Volume 11 on 18 July 2024 The Annual Improvements in- clude a series of smaller amendments to several IFRS Standards and mainly serve to improve the quality of the standards, by clar- ifying formulations, making smaller corrections and addressing potential contradictions and conflicts. Improvements comprised the following standards: IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. Application of these amendments is not expected to have any material impact on the consolidated financial statements. IFRS 18 The IASB published a new IFRS 18 standard, which determines requirements for the presentation and disclosure of financial in- formation in general financial statements. It will replace IAS 1. The new standard introduces several significant changes: In future, companies will have to classify all income and expens- es in the income statement into one of five categories: operating activities, investing activities, financing activities, income taxes, and discontinued operations. The standard also requires the in- troduction of a new subtotal called “operating profit”. This does not change the company’s net income for the period. Certain company-specific performance measures (management performance measures, MPMs) must be explained in a separate note to the financial statements in future. In addition, improved guidelines for the structuring and group- ing of information in the financial statements are being intro- duced. Furthermore, all companies must use the operating result as the starting point for the cash flow statement if cash flow from oper- ating activities is presented using the indirect method. The impact of the changes on the consolidated financial state- ments, particularly with respect to the consolidated income state- ment, the consolidated statement of cash flows and the additonal disclosures regarding MPMs is still being analyzed.

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96 FINANCIAL STATEMENTS Overview of regulations not yet adopted by the EU that have not been applied early: STANDARD/INTERPRETATION Amendments to IAS 21 IFRS 19 Title of standard/ interpretation or amendment The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency Subsidiaries without Public Accountability: Disclosures First-time adoption 1/1/2027 1/1/2027 The standards are applicable for the financial years starting on or after the "fist-time-adoption" date Amendments IAS 21 The IASB amended IAS 21 to require entities translating from a non-hyperinflationary functional currency to a hyperinflationary presentation currency to use the closing rate at the most recent statement of financial position, including comparatives. When the presentation currency ceases to be hyperinflationary, entities apply the standard translation method prospectively without re- stating comparatives. Entities must disclose the applied method, provide summarized financial information, and note if the econ- omy ceased to be hyperinflationary, with an exception for those applying IAS 29. Kommunalkredit doesn’t hold any hyperinflation- ary currencies, thus the changes will not have any effect on report. IFRS 19 The IASB published a new standard that permits subsidiaries to use IFRS Accounting Standards with reduced disclosures, if their parent companies have public accountability and already apply IFRS Accounting Standards in their consolidated financial state- ments. Companies whose shares are listed on a stock exchange or whose assets are held in a fiduciary capacity (e.g. credit insti- tutions) are not permitted to apply IFRS 19. IFRS 19 will there- fore have no impact on the consolidated financial statements of Kommunalkredit

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 97 3. SCOPE OF CONSOLIDATION In accordance with the provisions of IFRS 10, the scope of consol- idation of the Kommunalkredit Group comprises the following in addition to the parent company Kommunalkredit Austria AG as of 31 December 2025: NAME AND REGISTERED OFFICE Investment direct indirect Share in capital 31/12/2025 in % Share in capital 31/12/2024 in % 1. Affiliated companies Fully consolidated affiliated companies Kommunalkredit Public Consulting GmbH, Wien Kommunalkredit KBI Immobilien GmbH, Wien Kommunalkredit 4OG Immobilien GmbH & Co KG Kommunalkredit KBI Immobilien GmbH & Co KG, Wien Kommunalkredit TLI Immobilien GmbH & Co KG, Wien Fidelio KA Beteiligung GmbH (DE) Fidelio KA Infrastructure Opportunities Fund GP S. à r. l. (LUX) Fidelio KA Investment Advisory GmbH (DE) Florestan KA GmbH, Wien Florestan KA Hydrogen GmbH, Wien 2. Associates Associates included using the equity method PeakSun Holding GmbH Wels x x x x For reasons of materiality, Kommunalkredit’s 45.0% stake in Kom- munalnet E−Government Solutions GmbH is not accounted as an associated company at equity, but is reported under assets at fair value through other comprehensive income. No material risks or restrictions arise for the Kommunalkredit Group from its affiliated and associated companies. 90.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 90.0% 100.0% 100.0% 100.0% 100.0% 74.9% 74.9% 74.9% 100.0% 100.0% 40.0% 40.0% x x x x x x x In March 2025, Kommunalkredit acquired all shares in Fidelio KA Beteiligung GmbH. A detailed description of this transaction is provided in note 72. There were no other changes.

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98 FINANCIAL STATEMENTS Accounting and measurement principles Correction of errors The consolidated cash flow statement for the fiscal year 2024 was incorrect and was adapted. Additionally the presentation was revised. In the consolidated cash flow statement for the fiscal year 2024, the “subtotal” reported under operating cash flow was overstated by EUR 240,422.6 thousand. In addition, the amounts for interest received, which must be disclosed separately under IAS 7.31, were understated by EUR 56,344.7 thousand, and the negative amounts for interest paid were understated by EUR -79,537.4 thousand. Furthermore, the other items under “Changes in as- sets and liabilities from operating activities after adjustment for cash-effective components” were presented at a total of EUR -472,314.9 thousand instead of EUR -209,319.2 thousand (error of EUR 262,995.7 thousand). The changes in presentation relate to the line “Non-realized gains/ losses from exchange rate fluctuations”, which is now combined with the line “Gains/losses from the valuation of financial assets and gains from the buyback of own issues”. Net interest income is shown in a separate line and no longer under non-cash accru- als and other adjustments. In financial assets at amortized cost, debt instruments are now presented separately from loans and advances. The changes had no effect on the presentation in the consolidated balance sheet and the consolidated income statement. The cor- rections are shown in detail in the following table. 4. GENERAL ACCOUNTING AND MEASURE- MENT METHODS The consolidated financial statements of Kommunalkredit were prepared on a going-concern basis. The financial information pro- vided in the consolidated financial statements comprises the data concerning the parent together with its subsidiaries, presented as a single economic entity. The accounting and measurement principles are applied uniformly throughout the Group and con- tinuously for the reporting periods presented. These financial statements are intended to give a true and fair view of the assets, the financial position and the income of the Kommunalkredit Group according to IFRS rules, as adopted by the EU. Acquisitions and disposals in all classes of financial assets are recognized on the day of trading. 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. Fees and commissions for services provided over a certain peri- od 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 cri- teria are met. The reporting currency of the consolidated financial statements of Kommunalkredit is the euro, as the functional currency of all of the companies included in the consolidated financial statements. Unless otherwise indicated, the figures are rounded to the nearest thousand, which may result in rounding differences in the tables. Changes in presentation In the reporting period 2025, the disclosure within administra- tive expenses was adjusted. Depreciation and impairment losses, which were previously included under other administrative ex- penses, are now presented separately within administrative ex- penses. Expenses from depreciation and impairment amounted to EUR -1,851.3 thousand in 2025 (2024: EUR -1,963.2 thousand).

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 99 CONSOLIDATED STATEMENT OF CASH FLOWS in EUR thousand Profit (after tax, before non-controlling interests) Non-cash items included in the profit and reconciliation to cash flow from operating activities Depreziation and amortization of property, plant and equipment and intangible assets Appropriation to/release of provisions Non-realized gains/losses from exchange rate fluctuations Gains/losses from the valuation of financial assets and gains from the buyback of own issues Income tax Net interest income Non cash accruals and other adjustments Sub-total Change in assets and liabilities from operating activities after correction for non-cash items Financial assets at amortized cost thereof loans and advances to credit institutions thereof loans and advances to customers thereof debt instruments Assets at fair value through other comprehensive income Financial assets at fair value through profit or loss Derivatives and portfolio hedge Other assets from operating activities Amounts owed to credit institutions Amounts owed to customers Securitized liabilities Other liabilities from operating activities Interest received Dividends Interest paid Income taxes paid Cash flow from operating activities Cash payments for the acquisition of Property, plant and equipment and intangible assets Cash payments for the investments in associates recognized at equity Cash flow from investing activities Cash inflow from capital increases Dividend payments attributable to non-controlling interests AT1 coupon Cash outflow from repayments on lease liabilities Cash flow from financing activities Cash and cash equivalents at the end of the previous period Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents at the end of the period published 1.1.-31.12.2024 96,271.8 1,963.2 10,820.0 20.2 -10,187.4 29,599.7 0.0 57,002.1 185,489.5 -38,719.1 -655,694.6 304,601.4 -422,964.5 -205,919.4 34,587.5 3,487.9 10,615.1 -198,987.8 765,096.1 -16,167.7 340,717.9 36.0 -99,068.1 -52,249.9 -45,139.6 -12,263.8 -708.3 -12,972.1 100,000.0 -83.0 -4,104.5 -243.6 95,568.9 895,762.7 -45,139.6 -12,972.1 95,568.9 933,219.9 Reconciliation 0.0 0.0 502.6 -20.2 20.2 701.8 -185,034.2 -56,592.8 -240,422.6 44,421.6 320,256.2 13,160.5 -11,137.6 2,693.5 -35,741.8 -2,137.4 -3,856.7 -25,557.2 -53,066.7 14,060.3 56,344.7 0.0 restated 1.1.-31.12.2024 96,271.8 1,963.2 11,322.6 0.0 -10,167.2 30,301.5 -185,034.2 409.3 -54,933.1 5,702.6 -335,438.4 317,761.9 -434,102.1 -203,225.9 -1,154.3 1,350.5 6,758.4 -224,545.0 712,029.5 -2,107.4 397,062.6 36.0 -79,537.4 -178,605.5 -99.0 -619.6 510.0 0.0 510.0 0.0 0.0 0.0 109.6 109.6 0.0 -619.6 510.0 109.6 0.0 -52,348.9 -45,759.2 -11,753.8 -708.3 -12,462.1 100,000.0 -83.0 -4,104.5 -133.9 95,678.6 895,762.7 -45,759.2 -12,462.1 95,678.6 933,219.9

100

100 FINANCIAL STATEMENTS 5. CONSOLIDATION PRINCIPLES All material subsidiaries controlled by Kommunalkredit, as de- fined by IFRS 10, are fully consolidated. Based on this definition, control refers to a scenario in which the Group is exposed, or has rights to, significant variable returns from involvement with the investee, and has the ability to use power over the investee to affect the amount of those returns. The consolidation requirement for investment funds whose trans- actions are administered by Kommunalkredit and in which Kom- munalkredit also simultaneously holds shares in the net asset val- ue (NAV) of the fund as a limited partner is assessed by analysing the scope for materially influencing the cash flows and returns of the fund and the assessment of whether there is a significant eco- nomic interest. The latter is achieved by comparison of the direct investment and the expected total returns of the Kommunalkredit Group including all income (such as distributions and fees) with thresholds set within the Group. If control exists according to this analysis and there is a significant economic interest, an invest- ment fund is included in the consolidated financial statements in the form of full consolidation. The consolidation actions taken include capital consolidation, debt consolidation as well as the consolidation of expenses and income. The fully consolidated companies all present their annual financial statements as of the Group reporting date. Intra-Group equity transactions, receivables and liabilities, as well as expenses and income, are eliminated, unless they are imma- terial. Intra-Group transactions, balances, and unrealized gains and losses from transactions between Group companies are also eliminated, unless they are immaterial. If Kommunalkredit loses control over a subsidiary, the deconsoli- dation gains or losses are recognized in profit and loss. These are calculated from the difference between: the total amount of the fair value for the consideration received and the fair value of the retained shares and the carrying amount of the assets (including the goodwill), the liabilities of the subsidiary and all non-controlling interests. All amounts previously recognized in other comprehensive in- come for the subsidiary in question are declared. This is done on the same basis as would be required in the event of an immediate sale of the corresponding assets or liabilities. According to the consolidation rules, joint arrangements (IFRS 11) are accounted for as joint operations and/or joint ventures. Should a joint agreement be classified as a joint operation, the assets, liabilities and revenue from this activity to which Kom- munalkredit is entitled as per the agreement are recognized on a pro rata basis. Companies over which Kommunalkredit has a material influ- ence and/or joint ventures (Investments in Associates and Joint Ventures in accordance with IAS 28) are measured according to the equity method and recognized as investments in associates. According to the equity method, the investments in associates and/or joint ventures are recognized at acquisition cost, plus any post-acquisition changes in the shares held by the Group in the net assets of the associate. The most recent financial statements (including reconciliation to IFRS) of the associate are used as a basis. 6. CURRENCY TRANSLATION Monetary assets and liabilities denominated in foreign currencies are translated at the mean rate of exchange (euro reference rate) announced by the European Central Bank (ECB) as of the reporting date. Non-monetary items reported at historical cost in a foreign currency are translated at the rate applicable on the date of the business transaction; non-monetary items that were measured at their contemporary fair value in a foreign currency are trans- lated at the rate applicable on the date the item was measured. Currency translation gains and losses are reported in the income statement under the item “Gains and losses from financial assets and liabilities”. Instruments measured at fair value and not rec- ognised in profit and loss have their translation result from the fair value measurement (again, not recognised in profit or loss) reported in total comprehensive income. 7. SHARE-BASED PAYMENTS Since the 2025 financial year, certain employees of the Group have had the opportunity to acquire shares in Green Opera Fi- nance BidCo AB or indirectly in Kommunalkredit Austria AG at market conditions. The employee share program is issued and managed independently of the Kommunalkredit Group through separate companies. Presentation is carried out in accordance with the IFRS 2. Recognition depends on certain conditions: If the employee does not derive any additional benefit from their participation, no accounting recognition is made, but the program is disclosed in the notes. If the employee benefits from their participation, this benefit is recognized in the balance sheet at the time it is granted. Since employees can participate on market conditions, no rec- ognition in the balance sheet is necessary. The vesting period is three years, during which one third of the employees’ economic rights becomes vested each year. In the event of a termination of employment during the vesting period, unvested instruments are returned at the lower of acquisition cost or market value, while vested instruments are settled at market value. Currently, employ- ees hold 2,108% of Green Opera Finance BidCo AB 8. CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS Classification principles 8.1. IFRS 9 requires all financial assets to be measured either at amor- tized cost or fair value depending on the features of the contractu- al cash flows and the business model. Measurement at fair value may be reflected directly in equity (other comprehensive income) or recognized in profit and loss through the income statement. Contractual cash flows and the business model are evaluated within Kommunalkredit upon conclusion of a transaction at the level of the individual financial asset.

101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 101 Business model classification is used to analyse the purpose of a specific asset. Items solely used to generate interest income and not held for sale are classified under the business model “hold”. Financial instruments that are expected to be sold or at least partially or fully held until their maturity are classified under the business model “hold and sell”. At Kommunalkredit, these include financing transactions intended for opportunistic place- ment. Financial assets with short-term intentions of syndication are classified under the business model “sell”. When analysing the contractual cash flows of a financial asset, it is determined whether the cash flows are solely payments of principal and interest (“SPPI criterion”) on the outstanding capital amount. In particular, interest rate adjustment clauses (synchro- nisation between the agreed interest rate tenor and the interest rate adjustment period), contractual interest deferral periods and contractual interest rate levers are subject to examination. In cas- es of “non-recourse” financing, the rating at the time the loan is granted is also taken into account in order to ascertain possible categorization as an asset at fair value through profit or loss. In the context of the repayment of capital (or early repayment of capital), care is taken to ensure that the outstanding capital is repaid and that repayment is not dependent on the performance of a financed asset. In the event of a potential extension of the contract term, care is taken to ensure that this is carried out in line with prevailing market conditions. Financial assets are only reclassified if there is a strategic shift in the business model; this is by definition an exceptional occur- rence. There were no reclassifications in the reporting year. The following diagram summarises the classification process according to IFRS 9: Classification according to IFRS 9 Business model “hold to collect” Business model “hold to collect and sell” Business model “residual” YES SPPI criterion met (solely payments of principal and interest) YES Fair value option applied NO Amortized costs YES YES NO YES NO YES At fair value through other com- prehensive income At fair value through profit or loss For details regarding the derecognition of financial assets, see Note 22. Financial assets at amortized cost 8.2. Financial assets whose contractual cash flows solely represent payments of principal and interest (“SPPI criterion”) on the out- standing capital amount and that are held in connection with a business model for the purpose of collecting contractual cash flows (business model “hold”) are reported at amortized cost. Financial assets under this measurement classification are report- ed in the statement of financial position under assets at amortized cost and cash and cash equivalents. When these financial assets are recognized for the first time, they are reported at fair value (see Note 12), taking into account transaction costs. Subsequent measurements are reported at amortized cost. These costs are calculated from the amount that the financial assets were first measured at upon initial recognition, less repayments and plus/ less the cumulative distribution of differences arising between the original amount issued and the amount that has to be repaid as a mandatory requirement upon maturity, using the effective interest method and taking into account the risk provisions (see Note 9). The result of the amortization of the differences, applying a constant effective interest rate, is reported in the income state- ment under net interest income. The method of accounting for loans and receivables that represent hedged items in hedging rela- tionships is described in more detail under Note 11. Arrangement and other fees in connection with credit that has not yet been disbursed are reported in other liabilities and taken into account at the effective interest rate at the time of disbursement, except for ongoing commitment fees, which relate directly to the not yet utilized scope of an asset in this category. These are booked as net interest income for a specific time period and not considered part of the effective interest rate. If commitment fees are collected for the provision of the loan regardless of the respective utilization, these are part of the effective interest rate provided that a dis- bursement of the loan is probable. The treatment of fees which are not part of the effective interest rate and are booked as net fee and commission income is explained in Note 23.

102

102 FINANCIAL STATEMENTS The sale of assets just before their maturity, insignificant or irreg- ular sales or sales for reasons relating to creditworthiness are in principle permissible disposals from the “hold” business model. At Kommunalkredit, such transactions are studied in detail for compliance purposes and the results are reported under the item “Result from the disposal of financial assets measured at amor- tized cost”. 8.3. Reporting of financial assets at fair value through other comprehensive income If only SPPI-compliant cash flows are associated with a financial asset and the financial asset is held under a business model aimed at generating income from both the collection of contractual cash flows and sales (“hold and sell” business model), these assets are reported at fair value through other comprehensive income direct- ly in equity in other comprehensive income. Financial instruments of this classification are initially and subsequently measured at fair value, taking into account transaction costs. Any difference between the cost of acquisition and the amount that has to be repaid, as a mandatory requirement, upon maturity is distributed over the term using the effective interest method and reported under net interest income. Changes in the measured fair value are reported in the statement of comprehensive income and directly result in a change to the reserve for financial assets reported at fair value through other comprehensive income within equity. The treatment of fees in respect of assets in this category is anal- ogous to the procedure described in Note 8.2. In cases of the disposal of debt capital instruments, the amount recognized as of the last reporting date in the reserve for assets measured at fair value through other comprehensive income is reclassified to the income statement and recognized in profit and loss. 8.4. Reporting of financial assets at fair value through profit or loss Financial assets whose contractual cash flows are not SPPI-com- pliant or which are classified under the “sell” business model are measured at fair value through profit or loss. In addition, there is also a discretionary right at the time of recognition to declare financial assets voluntarily at fair value through profit or loss if differences from different measurement methods can be elimi- nated or substantially mitigated by this method (fair value option). Kommunalkredit does not currently utilise the fair value option for financial assets or liabilities. Financial instruments included under this classification are meas- ured initially and subsequently at fair value. Transaction costs are reported directly in the income statement. Equity instruments 8.5. Equity instruments are generally measured at fair value through profit or loss. Equity instruments not held for trading are also subject to the option of reporting these at fair value through other comprehensive income; the exercise of this option is irrevocable. Kommunalkredit has utilized this option for all equity instruments held by it as these are strategic, long-term investments. Chang- es in the measured fair value of strategic equity instruments are reported in the statement of comprehensive income and directly result in a change to the reserve for financial assets reported at fair value through other comprehensive income within equity. Income from dividends from these instruments are reported in the income statement under income from investments. Where these instruments are disposed of or where a default event oc- curs, value changes previously reported under the reserve for fi- nancial assets reported at fair value through other comprehensive income are reclassified to retained earnings (no reclassification to the income statement). 8.6. Modifications/changes to estimates of finan- cial assets Modifications are any contractual amendment relating to original- ly agreed cash flows and, in Kommunalkredit, are primarily due to market-induced factors. Modifications may either be substan- tial or non-substantial. A substantial modification to contractual cash flows results in the derecognition of the original financial instrument and the new recognition of a modified financial in- strument. With non-substantial modifications, however, the car- rying amount of the financial asset is adapted to the changes in the contractual cash flows. Fees received in connection with a non-substantial modification and paid transactions are directly included in the determination of the modification result. The change in present value brought about directly by the non-sub- stantial modification is reported in profit or loss under “Gains and losses on financial assets and liabilities”. Consequently, the differential amount relative to the repayable amount with the effective interest applied until maturity of the financial instrument is distributed under net interest income. Both quantitative and qualitative factors feature in the assessment of whether a modification results in a substantial or non-substantial change. The quantitative assessment is performed in the form of a present value test by comparing the impact of a modification on the contractual cash flows. If the present value of the modified as- set is more than 10% of the original gross book value, the change is considered substantial. Qualitative factors that are considered in the assessment of modifications include the adjusted term of the modified asset, the nature of fees received in connection with the modification, possible changes in the purpose of the financing and

103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 103 a significantly changed reward or risk profile for Kommunalkred- it. Effects from the derecognition and re-recognition of financial instruments in the event of substantial modifications are report- ed in other operating result. Modification effects are assessed both for financial assets and for financial liabilities (see Note 19). Changes to expectations regarding cash flows not involving con- tractual amendments (changes to estimates) are handled similarly to non-substantial modifications in that the carrying amount of the instrument is adjusted based on the newly expected cash flows. With changes to estimates, the adjustment is reported in the income statement under net interest income as an income or an expense. 8.7. “Purchased or originated credit impaired” financial assets (POCI) POCI assets refers to financial instruments that, upon purchase or origin, already had impaired creditworthiness. IFRS 9 has special provisions regarding the determination of the interest income and risk provisioning for assets that are reported at amortized cost or at fair value through other comprehensive income. 9. RISK PROVISIONS Statistically expected credit losses are taken into account based on a risk provisioning model with statistically calculated empirical values. The risk provisioning is calculated either as the expected 12-month credit loss (stage 1) or the expected credit loss over the residual 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 maturity (stage 2), with the loss given default (LGD) and the exposure at the time of default (EAD). Risk provisions for financial assets reported at amortized cost are recorded under separate accounts, and the changes are reported under net provisioning for impairment losses. For financial as- sets measured at fair value through other comprehensive income, that part of the change in current value resulting from changes in expected credit losses is reclassified to the net provisioning for impairment losses. In order to assess whether the risk of default has increased signifi- cantly (stage transfer), Kommunalkredit takes into account quanti- tative and qualitative factors, covering the 16 indicators according 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 rat- ings 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 conditions remaining the same; Possible significant changes in contractual terms if the financial instrument were to be newly issued; Changes in external market indicators of a financial instrument with equivalent terms; Where payment delays of more than 30 days have occured, an individual assessment is performed to determine if this leads to a significant increase in credit risk. If the (quantitative or qualitative) circumstances that necessitated a stage transfer of the exposure cease to apply, the exposure is transferred back after a corresponding recovery period. The risk provisions for stage 1 and stage 2 are calculated on a probaility-weighted basis and take into account the expected disbursements and repayments during the period under review, as well as the maximum contractual term during which Kommu- nalkredit is exposed to a risk of default. Input parameters for the calculation of the expected credit losses such as the exposure at default (EAD), probability of default (PD) and the loss-given-de- fault ratio (LGD) are determined from a combination of internal and external data. The cashflows for the statistically expected credit losses are discounted to the reporting date and aggregat- ed; 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 Europe 50. The derivation of mac- ro-economic scenarios as a basis for the probability-weighted cal- culation of expected credit losses takes into account the specifics of Kommunalkredit’s portfolio and undergoes regular validation. Impairments (stage 3) are evaluated within Kommunalkredit for individual transactions for borrowers that are in default according to the regulatory criteria, with financial assets and their associat- ed credit commitments being individually taken into account for each transaction. Cash flow estimates for the individual transac- tion are used to the level of the individual transaction to deter- mine the need for individual value adjustments. To define default events, Kommunalkredit applies the default definition as laid down by Art. 178 CRR. This includes receivables that are more than 90 days past due (overdue receivables) 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” review, 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 indication of potential non-recoverability of the receivable. The latter must then be analyzed, and may not necessarily lead to a default status being assigned.

104

104 FINANCIAL STATEMENTS At Kommunalkredit, there is a multi-stage risk control process in which all exposures/partners are classified into six risk categories: Risk category 1a: Standard risk category Standard risk category for all exposures under regular manage- ment that are not subject to a higher risk category. Risk category 1b: Monitoring list Exposures under regular management but which are under ob- servation and are included on the monitoring list because they exhibit temporary anomalies and are being monitored for various reasons. However, there is no elevated risk in the sense of a sig- nificant 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 elevated risk. They are therefore subject to close monitoring and intensive manage- ment. Depending on severity of the anomalies, these exposures are classified in IFRS stage 2 (lifetime 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 potential distressed loans. Regardless of any payment delays, risk level 2b includes those exposures that must be classified as “risk positions with a significant need for restructuring” but that are not in de- fault. These positions must be recorded in IFRS stage 2. Risk category 3: Work out / default, enforcement Restructuring cases in default or for which a specific loan loss provision has been recognized must be classified in risk category 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 re- classified to risk category 3b. From risk category 1b and below, there is close monitoring and monthly reporting n the Credit Committee. Specific loan loss pro- visions must be booked where it is expected that a receivable – 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 estimated proba- bilities of default and the loss ratio. IFRS 9 applies special rules in terms of how the risk provision is determined for assets already impaired upon their first-time recognition (POCI). These relate to assets that are subsequently reported at amortized cost or at fair value through other comprehensive income. The POCI asset is initially recognized at fair value in the statement of financial position. This value already accounts for the elevated credit risk and the existing adverse impacts on the contractually agreed cash flows. Because the cash flows are already reduced by expected losses, no risk provision needs to be recognized upon initial rec- ognition. Subsequently, any cumulative changes to the expected credit losses over the term of the loan are reported in profit or loss. 10. DERIVATIVES Derivatives are mainly concluded at Kommunalkredit to hedge against interest rate and/or currency risks. The statement of financial position item “Derivatives” encompass- es derivatives used in balance sheet hedges (fair value hedges) and other derivatives. Derivatives are declared at fair value. Positive fair values are re- ported under assets in the position item “Derivatives”, while nega- tive fair values are also reported under “derivatives”, but this time under equity and liabilities. Changes in the value of these deriva- tives based on the clean price are reported under “Gains and loss- es from financial assets and liabilities” in the income statement, while interest income and expenses are expressed as net values in the net interest income. The interest income and expenses for hedging derivatives are shown in the same item as the hedged items. The fair values of derivatives are determined in accordance with IFRS 13 and this process is described under Note 12. 11. HEDGE ACCOUNTING Both IAS 39 and IFRS 9 lay out standards on hedge accounting to avoid economically unjustifiable effects in the income state- ment from the differing valuation of hedged items and hedging instruments. These rules aim to ensure that changes in the value of hedging instruments and changes in the value of the hedged transactions are recognized as largely offset one another. In re- spect of micro-hedge accounting, Kommunalkredit has applied the provisions of IFRS 9. Fair value hedges for a portfolio against interest rate risks are accounted for in accordance with IAS 39 (IAS 39.89A). Hedges for cash flows and net investments in for- eign operations are currently not a matter of relevance within Kommunalkredit. Fair value hedge: The fair value hedges used by Kommunalkredit serve to hedge the fair value of assets or liabilities. This form of hedging is used to hedge against interest rate and/or currency risks. Interest rate swaps and interest rate currency swaps are used as hedging instruments. Derivatives used as hedging instru- ments are reported at their fair value, with changes in measure- ments recognized in the income statement under the item “Gains and losses from financial assets and liabilities”. For the hedged asset or liability, changes in fair value resulting from the hedged risk (interest rate and/or currency risks) are also included in the same item in the income statement. In the statement of finan- cial position, the measurement gains/losses associated with the hedged risk are reported under the item where the corresponding hedged item is reported.

105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 105 To apply the rules of hedge accounting, evidence of an eco- nomic relationship between the hedged item and the hedging instrument must be provided. Kommunalkredit establishes such a hedge relationship by means of 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 hedging instrument affecting the scope of the hedged value change to determine whether value changes of the hedged item or the hedging instrument usually offset one another regarding the hedged risk. Retrospective effectiveness testing involves a review of how effectively the market values of the hedged item and hedging instrument oppose one another in respect of the hedged risk. Portfolio hedge:The portfolio hedge implemented at Kommu- nalkredit is used to hedge the fair value of a portfolio of financial assets and liabilities. This form of hedging is used to hedge fixed interest rate risks of a portfolio. Interest rate swaps are used as hedging instruments. Kommunalkredit applies the “bottom-layer” approach for mod- elling the hedged item (in line with the IAS 39 carve-out). This creates a theoretical combined hedged item from all fixed-interest items that are not individually hedged; this theoretical hedged items is then compared against hedging derivatives. The change in fair value of the theoretical hedged item attributable to the hedged risk is reported under the separate “Portfolio hedge” item in the statement of financial position; in the income statement, this is reported under “Gains and losses from financial assets and liabilities”. Derivatives used as hedging instruments are reported at their fair value, with changes in values offset in the same item in the income statement. To provide evidence of an effective portfolio hedge relationship between the hedged item and the hedging instrument, Kommu- nalkredit applies prospective and retrospective effectiveness test- ing. Prospective effectiveness testing involves a quarterly review by comparing the progression of the hedged item and hedging instrument to determine if a hedge relationship still applies. Ret- rospective effectiveness testing of the portfolio hedge involves a review to determine if the fair value changes from the hedging in- struments and the corresponding offsetting effects of the hedged item within a reporting period provide compensation of between 80% and 125% related to the hedged risk. Ineffectivities arising at Kommunalkredit primarily as a result of OIS discounting of interest rate derivatives or as a result of credit risk components of unsecured interest rate derivatives are report- ed in the income statement. 12. FAIR VALUE CALCULATION 12.1. Calculation Fair value is calculated according to IFRS 9 in conjunction with IFRS 13 following the measurement hierarchy of IFRS 13.72 (see also Note 65). For the measurement of securities, quoted prices on an active market are applied, provided that the conditions of an active mar- ket are met. If no quoted price is available, the credit spread for comparable securities is used as a reference for determining the fair value. If there is no active market, measurement is performed using recognized market-standard measurement methods based on observable data. This data is, if necessary, adjusted with risk premiums. An approach based on non-observable data (such as parameter estimates) may only be used if no adequate data is observable. Loans and financial liabilities are valued using an internal valua- tion model based on the discounted cash flow method. The ex- pected cash flows are discounted on the basis of current interest rate curves, taking into account market-standard credit spreads. Embedded options and structured (i.e., non-plain vanilla) inter- est conditions are valued using market-standard option valuation models (e.g. Hull-White, Dupire). For infrastructure and energy transactions, the credit spreads re- quired for the discounted cash flow method are determined on a transaction-by-transaction basis; i.e., an individual credit spread is applied for each transaction. Project finance transactions are, due to their illiquidity and the use of non-observable information, classified as level 3 in ac- cordance with IFRS 13. Both internal and external information of comparable transactions (internal database, InfraDeals) are compiled using a balanced scorecard approach to calculate in a first step a sector spread. In a second step, transaction-specific characteristics are based on defined criteria catalogues are add- ed / subtracted to the sector spread. In addition, recent (partial) sell-downs of comparable transactions are taken into account as observable market signal and are included in the calculation of the final credit spread. Benchmark curves or benchmark bonds from comparable transac- tions are used to calculate the spread of corporate finance trans- actions. In addition, recent (partial) sell-downs of comparable transactions are taken into account as observable market signal and are included in the calculation of the final credit spread. In this case, based on the price being calculated with spreads de- rived from liquid market data (benchmark spreads), corporate finance transactions are classified as level 2 in accordance with IFRS 13. Under certain circumstances (for example in the case of purchases on the secondary market at discounted prices or for development finance transactions), a fair value measurement solely on the basis of benchmarks is not possible. In these cases, transaction-specific characteristics are included in the calculation of the final credit spreads in addition to the liquid benchmark spreads. Such financings are classified as level 3 due to the partial use of non-observable information in accordance with IFRS 13.

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106 FINANCIAL STATEMENTS Financings involving Export Credit Agencies (ECAs) generally consist of an ECA-covered and a non-ECA-covered part, with the ECA-covered part being the predominant share of the financ- ing. For ECA transactions, liquid benchmark bonds are used to determine the credit spread. The delta between the spreads of the applied benchmark bonds and the spread of the concluded ECA transaction reflects the non-ECA-covered-part of the trans- action as well as a certain illiquidity premium of the transaction compared to the liquid benchmarks and is reflected via trans- action-specific characteristics. As the predominant share of the transaction benefits from an ECA-coverage and the spreads are derived exclusively from liquid market data, ECA transactions are generally classified as level 2 in accordance with IFRS 13. Under certain circumstances (such as in cases where ECA transactions are subject to high illiquidity premiums), the development of benchmark bond spreads is not the main driver of the fair value measurement. In this case the transaction is classified as level 3 in accordance with IFRS 13. Spread developments are discussed for each transaction in quar- terly Spread Assessment Team meetings, with the involvement of the Risk Controlling, Banking, Accounting and Regulatory Re- porting and Credit Risk divisions. This results in bank-wide coor- dinated credit risk premiums that reflect the risk inherent in the transaction as accurately as possible. For the Public Finance Portfolio, clusters (‘valuation classes’) based on the segment and the rating are defined. There is a sep- erate spread curve for each valuation class, which is updated on a quarterly basis. The credit spread updates are determined on the basis of recent transactions and comparable offers as well as liquid data directly observable on the market. For own issues, clusters (‘valuation classes’) according to senior- ity (senior unsecured / covered / Tier 2 / Additional Tier 1) are defined and revalued on a quarterly basis. The credit spreads for senior and covered issues are based on indicative quotations of other banks, private placements, liquid benchmark curves and bonds issued by KA, and on liquid benchmarks for subordinated issues. Further, there are also own valuation classes for fixed-term deposits (KA Direkt & IWS / Online Retail Funding), whose quarter- ly updates are based on concluded deals of the last three months and on liquid observable market data. Quarterly spread assessment team meetings (including represent- atives of the Risk Controlling, Markets and Credit Risk divisions) are held for the valuation classes of the Public Finance portfolio as well as for the valuation classes of own issues and fixed-term deposits. The spread developments for each valuation class are discussed separately in these meetings. Derivatives1 are valued using an internal valuation model based on the discounted cash flow method, taking into account current in- terest rate and basis spread curves. Embedded options and struc- tured interest rate conditions are valued using standard option valuation models (e.g. Hull-White, Dupire). When valuing inter- est-sensitive products with floating IBOR indicators, interest rate curves with different basis spread premiums are used depending on the indicator (e.g. 3-month Euribor, 12-month Euribor). These relate to the respective indicator and are used to derive forward rates for cash flow projection. Forward rates for compounded overnight indicators (risk-free reference rates, RFRs) are derived from OIS curves. OIS curves2 are used to discount the cash flows of derivatives. For derivatives with multiple currencies (e.g. cross-currency swaps), in addition to adjusting the forwards using basis swap spreads, a cross-currency basis is applied in accordance with mar- ket-standard practice. In the case of collateralized derivatives, the OIS discount curve of a currency not corresponding to the collater- al currency is adjusted to the collateral currency via cross-currency basis spreads. For trades with an FX component in the structured interest rate condition, the cross-currency basis is also included in the calculation of cash flows. In accordance with IFRS 13, the counterparty credit risk and own credit risk (credit value adjustment (CVA) and debt value adjust- ment (DVA)) are considered when determining the fair value of derivatives. Both components are recognized as BCVA (Bilateral CVA = CVA-DVA). BCVA is applied to all derivatives without daily collateralization (daily cash collateral margin calls). For collater- alized derivatives with daily collateralization, BCVA is classified as immaterial. BCVA is calculated using the potential exposure method (based on Monte Carlo simulations) at counterparty level in accordance with IFRS 13.48. 12.2. Day-one gains Fair value is calculated according to IFRS 9 in conjunction with IFRS 13 following the measurement hierarchy of IFRS 13.72 (see also Note 65). Kommunalkredit makes opportunistic purchases of loans and se- curities whose transaction price (purchase price) does not corre- spond to the fair value of the underlying transactions at the time of purchase. The positive difference between fair value at initial recognition and purchase price is referred to as a day-one gain. A day-one gain is recognized immediately in Kommunalkredit’s income statement if the valuation of the financial asset is based on price quotations in active markets, or on a valuation technique that primarily takes into account data from observable markets. If parameters not observable on the market are used to a significant extent for the valuation, a systematic deferral of the day-one gain is made over the term of the asset or until the point in time at which observable market information is expected to be available (depending on which period is shorter). Amounts from day - one gains that are still to be recognized are reported under “other liabilities” as deferred income. From an economic perspective, Kommunalkredit earns higher margins on the acquired loans where the purchase price at the time of purchase is lower than the fair value. Accordingly, Kom- munalkredit reports income from day-one gains in net interest income. 1 These are derivatives that are settled over-the-counter (OTC) or via a central counterparty (CCP). 2 Overnight index swaps at the overnight rate corresponding to the collateral interest rate, in EUR depending on the current collateral agreement €STR + 8.5bp or €STR flat

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 107 13. FINANCIAL GUARANTEES A financial guarantee is a contract in which the guarantor is re- quired to make certain payments to a guarantee beneficiary for a loss arising because a certain debtor has not complied with their payment obligations in a timely fashion and has accordingly not met the conditions of a debt instrument. If Kommunalkredit is the guarantor, the potential obligation to pay is reported in the statement of financial position from the time Kommunalkredit becomes a party to the contract. It is initially recognized at fair value. In a standard market transaction, this corresponds to ei- ther the premium received upon conclusion of the contract, or a value of zero if the premium is not paid upon conclusion of the contract because the payment is expected to equally offset the consideration received in return. For subsequent measurements, the higher amount of an impairment or the originally recorded amount, less any cumulative income, is recorded. If Kommunalkredit is the guarantee beneficiary, the guarantee is not recorded in the statement of financial position. Premiums received and paid are accrued in their respective re- porting periods over the time to maturity and are reported in the income statement under net fee and commission income. 14. CATEGORIES OF FINANCIAL INSTRUMENTS Kommunalkredit shows the following classes of financial instruments in the Group statement of financial position: CATEGORIES OF FINANCIAL INSTRUMENTS Cash and cash equivalents Financial assets Loans and advances to credit institutions Loans and advances to customers Loans and advances to customers Loans and advances to customers Securities Securities Securities Derivatives Financial liabilities Amounts owed to credit institutions Amounts owed to customers Securitized liabilities Subordinated liabilities Derivatives Contingent liabilities Other off -balance- sheet liabilities Reporting in statement of financial position (IFRS) Amortized cost Amortized cost Amortized cost Fair value through other comprehensive income Fair value through profit or loss Amortized cost Fair value through other comprehensive income Fair value through profit or loss Fair value through profit or loss Amortized cost Amortized cost Amortized cost Amortized cost Fair value through profit or loss Off -balance -sheet Off -balance -sheet 15. INVESTMENTS IN ASSOCIATES 16. PROPERTY, PLANT AND EQUIPMENT Associates are measured using the equity method in accordance with IAS 28 (associates and joint ventures) (see also Note 5). The pro rata result is recognized in the income statement under “In- come from investments in associates”. Dividends paid are recog- nized against the carrying amount. At every balance sheet date, an impairment test is performed on the basis of financial forecasts. Currently, Kommunalkredit has one associate, PeakSun Holding GmbH, that is accounted for according to the equity method (IAS 28). Property, plant and equipment includes land, buildings that are largely used by the company itself, office furniture and equip- ment, and also rights of use in accordance with IFRS 16 “Leases”. Land is reported in the statement of financial position at cost. Buildings, office furniture and equipment are measured at cost, less depreziation on a straight-line basis. The following time peri- ods are applied as expected useful lives: Buildings: 40 years Office furniture and equipment: 3 to 10 years IT investments: 3 years Art objects: no depreziation

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108 FINANCIAL STATEMENTS If there are indications of impairment, the assets are written down if the carrying amount exceeds the higher of net sale value or value in use. If the reasons for impairment cease to apply, these impairments are reversed up to a maximum of amortized cost. a change in the contract leads to a reduction in the volume of the lease or to a reduction in the term of the lease, this leads to a pro rata reduction in the right of use and an adjustment of the lease liability. Any resulting difference is recognized in profit or loss. 17. LEASES a. Kommunalkredit as a lessee: If there is a lease governed by IFRS 16 in which Kommunalkredit is the lessee, this is recorded in the statement of financial position as a right of use that grants an entitlement to use the underlying asset, along with a corresponding lease liability. Upon conclusion of a paid usage agreement, an assessment is conducted to determine if the contractual agreement constitutes a lease. For this purpose, it is examined if: the asset governed by the agreement is a specifically identifi- able asset, Kommunalkredit as the lessee is largely entitled to avail itself of all economic benefits from the use of the asset, Kommunalkredit is entitled to determine how the asset is used. If these three conditions are collectively met, then the agreement is recognized as a lease in accordance with IFRS 16. At initial recognition, a lease liability amounting to the present value of the lease payments payable according to the lease con- tract over the term of that contract is reported under the item “other liabilities”. Corresponding to the recorded liability, a right of use of the leased object is capitalized at the same amount (if applicable increased to account for expenses directly allocable to it). The term of the lease is generally the contract period in which ordinary termination is not possible. Extension and termination options granted to the lessee are only accounted for if they can be exercised with reasonable certainty. When assessing whether certain options can be exercised or waived with reasonable cer- tainty, all relevant circumstances and factors are considered, in- cluding in particular the costs of termination, costs relating to the determination of an alternative asset value, and material installa- tions. Rights of termination granted to the lessor do not shorten the reported term of leases. If a review of all factors results in a maximum term of twelve months from the date of delivery, this is referred to as a short-term lease. The discount interest rate for lease payments is the interest rate laid out under the terms of the lease. If it is not possible to deter- mine this rate without further action due to lack of information, discounting is performed at the incremental borrowing rate of Kommunalkredit for the relevant term length. The leasing liability will be measured at the amortized cost using the effective interest method. Lease payments are divided into interest expenses and repayment components. The lease liability is remeasured if a subsequent change in the leases results in an adjustment of the estimate made during the initial measurement regarding payment expectations or the scope of the right of use. If the scope of the lease is extended at current market conditions as a result of a contractual change, an additional right of use will be recognized. If The right of use of the leased object is reported at amortized cost and depreciated over the expected useful life. Kommunalkredit makes use of the option to refrain from capitalis- ing short-term leases with a term of less than twelve months and instead reports payments from these agreements under expendi- ture throughout the term of the lease. Within the Kommunalkred- it Group, a uniform threshold for classification of a low-value asset in the amount of EUR 5,000 is applied. b. Kommunalkredit as a lessor: Kommunalkredit recognizes a lease identified according to IFRS 16 as an operating lease or finance lease. Depending on the clas- sification, lease payments are recognized in income or the assets are entered in the statement of financial position and shown as a receivable amounting to the net investment in the lease. If a right-of-use asset from a lease for which Kommunalkredit is a lessee is transferred to a third party as part of a sub-lease, it must be classified as an operating lease or a finance lease and depicted in the statement of financial position depending on the existing entitlement to use the underlying leased object from the main lease. The general requirements for accounting for leases as a lessee apply to the presentation of the main lease in the statement of financial position. 18. INTANGIBLE ASSETS Intangible assets comprise purchased software and subscription rights acquired up to the current fiscal year in connection with an investment in the production of green hydrogen (see also note 34). Purchased software has a limited useful life and is amortized on a straight-line basis over three to five years. If there are indications of impairment, the assets are written down if the carrying amount exceeds the higher of net realizable value or value in use. If the reasons for impairment cease to apply, these impairments are reversed up to a maximum of amortized cost. 19. FINANCIAL LIABILITIES At initial recognition, financial liabilities are recognized at fair value taking into account transaction costs under equity and liabilities. Subsequent measurement is at amortized cost using the effective interest method. Long-term, discounted bonds (e.g. zero-coupon bonds) and similar liabilities are accounted for using the effective interest method. No financial liabilities are main- tained in the fair value portfolio. Please refer to Note 11 for de- tails on how liabilities that constitute hedged items in hedging relationships are accounted for; refer to Note 22 for information on the derecognition of financial liabilities.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 109 The contractual cash flows of financial liabilities are amended in line with the modification of financial assets (see Note 8.6). 20. PROVISIONS Provisions for pensions, severance pay and jubilee bonus obliga- tions are calculated annually by an independent actuary according to the projected-unit-credit method 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 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 % for Kommunalkredit (2024: 3.25 %) and 4.25 % for KPC (2024: 3.50 %) for pension obliga- tions, 3.25 % (2024: 3.00 %) for obligations from severance pay and 2.50 % (2024: 2.75 %) for obligations from jubilee bonuses; a rate of increase in the relevant basis for calculation during the vesting period of 3.30 % in the first year and in subsequent year of 3.25 % (2024: 4.50 %; 3.30 %, 3.25 %) for severance pay in Kommunalkredit; a rate of increase in the relevant basis for calculation during the vesting period of 3.25 % in the first year, 3.00 % in the subsequent year and 2.80 % from the second subsequent year (2024: 5.50 %, 3.25 %, 3.00 %, 2.80 %) for severance pay and obligations from jubilee payments in KPC; a rate of increase in the relevant basis for calculation during the vesting period of 2.00 % (2024: 2.00 %) for pensions; an assumed retirement age of 65 for women and men, taking into account the transitional provisions of the Austrian Budget Act of 2003, and the age limits of the "BVG age limits” for wom- en; 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. 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 ful- ly funded, subsequent adjustments will only be required in the event of the underperformance of plan assets or “premature” payment of benefits. Pension obligation provisions are equal to the present value of the defined benefit obligations less the fair value of the plan assets. Actuarial gains and losses based on experience adjustments and changes to actuarial assumptions are reported in total compre- hensive income in equity in the period in which they arise. Other expenses are reported in the income statement under the item “personnel expenses” as part of general administrative expenses. Provisions for severance payments are calculated by an independ- ent actuary in accordance with the same actuarial principles as applied to statutory and contractual entitlements. Actuarial gains and losses are treated in the same way as pension commitments. For other benefits payable to employees in the long term, name- ly jubilee bonuses, a jubilee bonus provision is also formed in accordance with the same principles described above. Actuarial gains and losses are reported entirely through profit or loss under personnel expenses in the reporting period in which they arise. 21. TAXES, DEFERRED TAX ASSETS/LIABILITIES AND CURRENT TAX LIABILITIES Taxes on income are recognized and calculated according to IAS 12. Current income tax assets and liabilities are measured at cur- rent tax rates Tax claims are shown under “current tax assets”, and tax payables under “current tax liabilities”. For the calculation of deferred taxes, all temporary differences are taken into account. Under this concept, the assets and liabilities recognized in the statement of financial position according to IFRS are compared with the taxable amounts of the group company in question. Tem- porary differences between the amounts recognized lead to dif- ferences in value, for which deferred tax assets or liabilities must be reported – irrespective of the time of their release. Deferred tax assets and deferred tax liabilities for the same term are offset if they exist against the same tax creditor. Tax loss carryforwards are recognized as tax assets if they can be reasonably expected to be utilized in the near future. The possibility of utilizing tax loss carryforwards is reviewed annu- ally on the basis of the Group’s tax budgeting process. 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. In the current period, group members include, same as in the prior period, Kommunalkredit, Kommunalkredit Public Consulting GmbH, KA Florestan GmbH and KA Florestan Hydro- gen GmbH. On the basis of a group and tax contribution agree- ment, 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

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110 FINANCIAL STATEMENTS Arrangement and other fees in connection with loans that have not yet been disbursed are reported in other liabilities and taken into account at the effective interest rate at the time of disburse- ment, except for ongoing commitment fees, which relate directly to the not yet utilised scope of an asset in this category. These are booked as net interest income for a specific time period and not considered part of the effective interest rate. If commitment fees are collected for the provision of the loan regardless of the respective utilisation, these are part of the effective interest rate provided that a disbursement of the loan is probable. Kommunalkredit also provides services for an investment fund that constitute own performance obligations. These fees are not dependent on the performance of the investment fund and are also collected on the basis of specific time periods. Fees that are not an integral part of the effective interest rate are realized in net fee and commission income on a specific point in time. Commis- sion fees related to the new lending business, fees in connection with identifiable structuring services and credit syndication fees mainly fall under this category. Fees related to financial assets which are recognised at fair value through profit or loss are also included under net fee and commission income as of the contrac- tually agreed accounting date or transaction date. Kommunalkredit Public Consulting GmbH generates fee and com- mission income from subsidy management and consulting busi- ness. These services are recognized under IFRS 15. In the case of revenue from the subsidy management and con- sulting business of Kommunalkredit Public Consulting GmbH, the realization of revenue is either dependent on the service provided or lump-sum price agreements are employed. If it is offset directly, the service provided is invoiced retrospectively based on agreed daily rates and realized for a specific point in time. In the case of lump-sum price agreements, revenue is realized after the service is provided for a specific period. In both cases, invoicing is carried out after the service is provided and accepted by the customer with the usual payment terms. There are currently no contracts with customers in the subsidy management and consulting busi- ness which contain significant financing components, significant variable consideration, redemption obligations or guarantees. group parent. 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 diminish the tax contribution of the group member. If a group member’s negative income is counted toward the group parent, this tax loss is kept on record for the group member (internal loss carryforward) and offset against the positive income of the group member in subsequent years up to 100%. Upon termination of the tax group or elimination of a group member, a final compen- sation has to be paid for tax losses not yet offset, multiplied by the corporate tax rate applicable at the time of termination of the agreement. The bank does not fall within the scope of the Pillar Two Directive on global minimum taxation, as its consolidated annual revenues are below the EUR 750 million threshold. 22. DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIES A financial asset is derecognized when the contractual rights to the cash flows from the financial asset have expired or when the Group has transferred such rights, including all material risks and rewards of ownership. If all risks and rewards are neither transferred nor retained, derecognition of the asset depends on whether control over the asset is transferred. In the event of material contract modifications, a derecognition of the original financial instrument is carried out followed by the recognition of the new instrument under the modified contractual terms. If the Group largely retains all risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset as well as a collateralized financial instrument for the consideration received. A financial liability is derecognized upon redemption, i.e. when its contractual obligations have been discharged or are cancelled or expire, or when a financial liability is replaced by a liability to the same lender under significantly different contractual terms. Upon complete derecognition of a financial instrument, the difference between the carrying amount and the sum total of the consideration received or to be received, and all accumulated gains or losses which have been recognized in comprehensive income and accumulated in equity, are recognized in the income statement. 23. REVENUE FROM CUSTOMER CONTRACTS Kommunalkredit Austria AG generates fee and commission in- come from lending business. The majority of commission income is realised from financial instruments and is recognized as an in- tegral part of effective interest in accordance with IFRS 9. IFRS 15 is applied to contract components that do not fall within the scope of IFRS 9.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 111 24. SIGNIFICANT ASSUMPTIONS AND ESTIMATES The preparation of financial statements according to IFRS requires management to make discretionary decisions and assumptions regarding certain categories of assets and liabilities. Areas in which this is necessary include the issue of the control of oth- er companies (see Note 5), the setting up of risk provisions (see Note 9), the determination of the fair value of financial assets and liabilities (see Note 12), the determination of the term of lease agreements (see Note 17), the measurement of provisions (see Note 20), the recognition and measurement of deferred tax assets (see Note 21) and the assessment of legal risks (see Note 68). These assessments and assumptions influence the measurement of assets and liabilities, contingent claims and contingent liabili- ties on the balance sheet date, and of income and expenses of the reporting period. Management holds regular meetings to carry out this task. Decisions are taken by the competent bodies of the bank and documented accordingly. The underlying assumptions are continuously reviewed and recorded. Actual results may differ from management estimates.

112

112 FINANCIAL STATEMENTS Disclosures relating to the statement of financial position of Kommunalkredit Group CASH AND CASH EQUIVALENTS 25. CASH RESERVES in EUR thousand Cash on hand Balances with central banks Total 26. ASSETS AT AMORTIZED COST 31/12/2025 31/12/2024 2.1 527,000.4 527,002.5 2.7 933,217.2 933,219.9 As of 31. December 2025 the balance sheet item assets at amortized cost was broken down as follows: Financial assets measured at amortised cost in EUR thousand Receivables from credit institutions thereof repayable on demand Securities thereof public sector debt instru- ments thereof debt instruments of other issuers Receivables from customers thereof repayable on demand thereof loans Total Total gross carry- ing amount Impairments Stage 1 Impairments Stage 2 Impairments Stage 3 Total net carry- ing amount 100,424.5 60,479.2 897,217.6 575,013.2 322,204.3 2,646,887.8 36,497.1 2,610,390.7 3,644,529.9 -8.1 -0.6 -78.4 -55.4 -23.0 -3,007.9 -0.3 -3,007.6 -3,094.4 0.0 0.0 0.0 0.0 0.0 -2,227.9 0.0 -2,227.9 -2,227.9 0.0 0.0 0.0 0.0 0.0 -18,904.0 0.0 -18,904.0 -18,904.0 100,416.4 60,478.7 897,139.2 574,957.8 322,181.4 2,622,747.9 36,496.8 2,586,251.1 3,620,303.5 As of 31. December 2024 the balance sheet item assets at amortized cost was broken down as follows: Financial assets measured at amortised cost in EUR thousand Receivables from credit institutions thereof repayable on demand Securities thereof public sector debt instru- ments thereof debt instruments of other issuers Receivables from customers thereof repayable on demand thereof loans Total Total gross carry- ing amount Impairments Stage 1 Impairments Stage 2 Impairments Stage 3 Total net carry- ing amount 49,854.6 49,626.1 623,964.2 540,283.2 83,681.0 2,346,117.6 57,832.6 2,288,284.9 3,019,936.4 -0.7 -0.7 -38.5 -38.5 0.0 -2,725.0 0.0 -2,725.0 -2,764.2 0.0 0.0 0.0 0.0 0.0 -1,497.1 0.0 -1,497.1 -1,497.1 0.0 0.0 0.0 0.0 0.0 -2,295.1 0.0 -2,295.1 -2,295.1 49,853.9 49,625.5 623,925.7 540,244.7 83,681.0 2,339,600.3 57,832.6 2,281,767.7 3,013,379.9

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 113 Receivables from credit institutions repayable on demand include cash and cash equivalents provided as cash collateral for neg- ative fair values of derivatives according to ISDA/CSA arrange- ments in the amount of EUR 24,068.7 thousand (31/12/2024: EUR 13,846.5 thousand ) . Receivables from customers repayable on demand include cash and cash equivalents provided as collateral for negative fair val- ues of derivatives (transactions with non-bank financial institu- tions) according to ISDA/CSA arrangements in the amount of EUR 36,497.1 thousand (31/12/2024: EUR 26,850.1 thousand ). The securities include listed bonds in the amount of EUR 875,216.4 thousand (31/12/2024: EUR 618,739.4 thousand ). Details on the calculation of the fair values can be found in Note 12. A breakdown based on the fair value hierarchy categories pur- suant to IFRS 13.72 and a detailed description in this regard can be found in Note 65. 27. ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME in EUR thousand 31/12/2025 31/12/2024 Loans Securities Equity instruments Total 1,966,019.3 1,840,781.6 5,293.2 1,210.0 5,399.7 1,105.2 1,972,522.4 1,847,286.5 Loans and securities measured at fair value through other com- prehensive income include assets which are used to generate rev- enue through the collection of contractual cash flows and sales. Details on the calculation of the fair values can be found in Note 12. A breakdown based on the fair value hierarchy categories pur- suant to IFRS 13.72 and a detailed description in this regard can be found in Note 65. Risk provisions (see also Note 9 and 28) for financial assets meas- ured at fair value through other comprehensive income amount- ed to 31. December 2025 EUR 34,659.4 thousand (31/12/2024: EUR 9,586.2 thousand ). The equity instruments reported are long-term, strategic invest- ments measured at fair value through other comprehensive in- come, as permitted by IFRS 9. The carrying amount of the signif- icant investment is as follows: EQUITY INSTRUMENTS in EUR thousand Investment in Kommunalnet E-Government Solutions GmbH Total Carrying amount 31/12/2025 Carrying amount 31/12/2024 1,208.0 1,208.0 1,105.2 1,105.2 The carrying amounts of the equity instruments correspond to their fair values. The dividends earned are recognized as income from invest- ments and amounted to EUR 36.0 thousand (1.1.-31/12/2024: EUR 36.0 thousand ).

114

114 FINANCIAL STATEMENTS 28. RISK PROVISIONS 28.1. Development in risk provisions The risk provisions for on- and off-balance sheet items in the “As- sets at amortized cost” and “Assets at fair value through other comprehensive income” developed as follows: RISK PROVISIONS in EUR 1,000 Risk provisions as of 1/1/2025 Stage transfer Addition of new financial assets Changes due to change in credit risk (net) Foreign currency effects and other changes Disposals of financial assets/repayments Decrease in risk provisions due to write-offs Risk provisions as of 31/12/2025 of which assets at amortized cost of which assets at fair value through other comprehensive income Total net change in P&L during the reporting period The total provisions for expected credit losses accord- ing to IFRS 9 amounted to EUR 60,060.3 thousand as of 31. December 2025 (31/12/2024 EUR 16,538.1 thou- sand ), of which EUR 24,226.4 thousand (31/12/2024: EUR 6,556.4 thousand ) were booked for assets measured at amortized cost and reduced the carrying amount accordingly. EUR 34,659.4 thousand (31/12/2024: EUR 9,586.2 thousand ) of provisions for expected credit losses were recognized for assets measured at fair value through other comprehensive income. The risk provisions for expected losses from credit commitments in the amount of EUR 1,174.6 thousand (31/12/2024: EUR 395.4 thou- sand ) were accounted for. Net provisioning for impairment losses in the current financial year amounted to EUR -81,572.6 thousand (1.1.-31/12/2024: EUR -10,115.6 thousand ). This was the result of new business, rating changes, stage transfers, the recognition of new valuation allowances, write-offs and the PD update. In the financial year 2025 the probabilities of default (“PD”) were also evaluated and updated1, which serve as the basis for calcu- lating ECL.2 Kommunalkredit uses PD rating systems bought 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 Lend- ing, 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 is changes in macroeconomic input parameters. All macroeconomic forecasts are taken from publicly available sources (in particular the International Monetary Fund and the World Bank). Kommunalkredit applies two scenarios in this regard. While scenario 1 takes into account the global macroeconomic forecasts, scenario 2 only takes into account the macroeconomic data of those countries in which Kommunalkredit is active. 1 The PDs are determined by applying the provisions of IFRS 9, taking into account forward-looking information. 2 ECL = Expected credit loss, risk provisions for expected credit losses. Stage 1 Stage 2 Stage 3 Total 12m ECL Lifetime ECL Lifetime ECL 5,465.9 -639.2 3,024.4 827.7 -17.3 -1,755.7 0.0 6,905.9 3,615.8 3,290.1 1,440.0 1,565.9 2,152.0 0.0 19.5 -35.5 0.0 0.0 3,701.9 2,395.0 1,306.9 2,136.0 9,506.2 73,777.4 0.0 2,594.8 0.0 -323.7 -36,102.2 49,452.5 18,904.0 30,548.5 76,048.5 16,538.1 75,290.2 3,024.4 3,442.0 -52.8 -2,079.4 -36,102.2 60,060.3 24,914.8 35,145.5 79,624.5 The weighting remained unchanged from the previous year at 50:50. 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 comparatively 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 financings benefit from availability models, fixed feed-in tariffs or long-term contracts and also contain additional risk-mitigating 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. However, in 2025, the asset quality was negatively influenced by unfavorable developments in individual sectors, inter alia chal- lenging market conditions in the fiber sector, characterized by consolidation pressure and tighter financing conditions, 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 Decem- ber 2025, an exposure with a volume of EUR 374,968.7 thousand (31/12/2024: EUR 129,034.3 thousand) was in default. An amount of EUR 152,669.4 thousand (Gross book value: EUR 127,821.9 thousand) (31/12/2024: EUR 36,920.8 thousand; Gross book val- ue: EUR 33,020.9 thousand) is measured at fair value through profit or loss (non-performing loan ratio of 7.0% (2024: 2.8%), or a net ratio of 6.4% (2024: 2.4%) taking into account the ECA cover). An exposure of EUR 93,922.7 thousand (Gross book value: EUR 70,501.9 thousand) (31/12/2024: EUR 41,500.0 thousand; Gross book value: EUR 35,652.4 thousand) is measured at fair value through other comprehensive income. Assets at amortized

115

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 115 cost are with an exposure of EUR 128,376.6 thousand (Gross book value: EUR 127,325.8 thousand) (31/12/2024: EUR 50,613.6 thou- sand; Gross book value: EUR 50,405.2 thousand) in default. There are specific loan loss provisions amounting to EUR 49,452.5 thou- sand (31/12/2024: EUR 9,506.2 thousand). In addition to the defaults that carry specific loan loss provisions in accordance with IFRS, the (regulatory) NPL exposure that is allocated to the category assets at fair value through profit or loss, is measured based on the current rating. As of 31. December 2025, there were no receivables that had been overdue for more than 30 days, with the exception of the receivables in default as referred to above. As of 31. December 2025, the bank’s loan port- folio showed a total exposure in the amount of EUR 366,785.5 thousand (31/12/2024 EUR 142,381.9 thousand ) in IFRS stage 2 (lifetime ECL). ECL sensitivity in the event of a change in the gross domestic product growth rate ECL sensitivity in the event of a change in the unemployment rate ECL sensitivity in the event of a change in the share indices The values of the previous year are as follows: As in the previous year, the company held no assets that, upon purchase or origin, already had impaired creditworthiness (POCI) in portfolios measured at amortized cost or at fair value through other comprehensive income in the financial year under review. Assuming a change in the GDP growth rate (global macroeconom- ic forecasts and macroeconomic data only from those countries in which Kommunalkredit is active, with a weighting of 50:50), unemployment rate and share indices (a global and a European share index) in the underlying macroeconomic model, this would result in the following change in risk provisions (stage 1 and 2): Change in param- eters Change in % Change in TEUR plus 1,0 % minus 1,0 % plus 1,0 % minus 1,0 % plus 20,0 % minus 20,0 % -22.5% 13.5% 1.1% -2.4% -10.9% 15.2% -2,402.9 1,440.3 116.6 -252.6 -1,165.6 1,621.9 Change in param- eters Change in % Change in TEUR ECL sensitivity in the event of a change in the gross domestic product growth rate ECL sensitivity in the event of a change in the unemployment rate ECL sensitivity in the event of a change in the share indices plus 1,0 % minus 1,0 % plus 1,0 % minus 1,0 % plus 20,0 % minus 20,0 % -10.2% +10,5% +0,6% -0.9% -4.5% +6,2% Risk provisions developed as follows in the comparative period from 1. January 2024 to 31. December 2024: RISK PROVISIONS in EUR 1,000 Risk provisions as of 1/1/2024 Stage transfer Addition of new financial assets Changes due to change in credit risk (net) Foreign currency effects and other changes Disposals of financial assets/repayments Risk provisions as of 31/12/2024 of which assets at amortized cost of which assets at fair value through other comprehensive income Total net change in P&L during the reporting period Stage 1 Stage 2 Stage 3 Total 12m ECL Lifetime ECL Lifetime ECL 5,010.2 -292.5 3,024.3 -1,330.3 79.7 -1,025.5 5,465.9 2,932.9 2,533.0 442.5 722.0 844.0 0.0 59.0 0.0 -59.1 1,565.9 1,507.2 58.7 843.9 815.0 8,834.8 0.0 0.0 0.0 -143.6 9,506.2 2,295.1 7,211.1 8,818.0 -1,690.8 1,744.6 99.5 -150.1 -743.2 1,030.4 6,547.2 9,386.4 3,024.3 -1,271.3 79.7 -1,228.2 16,538.1 6,735.3 9,802.7 10,104.4

116

116 FINANCIAL STATEMENTS 28.2. Development of gross book values in connec- tion with risk provisions The following table shows the gross book values of the financial assets that are relevant to the calculation of risk provisions, bro- ken down by rating class: CARRYING AMOUNTS 31/12/2025 in EUR 1,000 Stage 1 12m ECL Stage 2 Stage 3 Not rated Total Lifetime ECL Lifetime ECL AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ D1 D2 Not rated Gross book values Risk provisions Carrying amounts after risk provisions of which assets at amortized cost of which assets at fair value through other comprehensive income 380,245.8 149,254.5 784,568.8 328,236.0 291,240.8 234,634.8 233,672.4 63,228.4 156,899.7 609,165.3 557,445.8 762,440.5 324,884.6 104,146.1 13,166.2 93,351.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 67,530.4 217,468.8 0.0 26,770.9 0.0 19,665.5 0.0 0.0 0.0 5,086,581.1 331,435.5 3,094.4 5,083,486.7 3,341,609.3 1,741,877.3 2,227.9 329,207.6 170,272.4 158,935.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17,271.0 180,556.7 0.0 197,827.7 18,904.0 178,923.6 108,421.8 70,501.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,208.0 1,208.0 0.0 380,245.8 149,254.5 784,568.8 328,236.0 291,240.8 234,634.8 233,672.4 63,228.4 156,899.7 609,165.3 557,445.8 829,970.9 542,353.4 104,146.1 39,937.1 93,351.3 19,665.5 17,271.0 180,556.7 1,208.0 5,617,052.3 24,226.4 1,208.0 5,592,825.9 0.0 3,620,303.5 1,208.0 1,972,522.4 The carrying amount of EUR 1,208.0 thousand (31/12/2024: EUR 1,105.2 thousand ) in the “Non-ECL Relevant” category re- lates to a participation that is not part of the consolidation group and is included in the balance sheet item "Assets measured at fair value through other comprehensive income" (see Point 26). During the reporting year, non-material contractual amendments resulted in modification effects for IFRS Stage 1 financial instru- ments in the amount of EUR -1,585.5 thousand (31/12/2024: EUR -506.9 thousand ). There were no modifications to IFRS stage 2 and 3 financial instruments in the current financial year.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 117 The values of the previous year are as follows: CARRYING AMOUNTS 31/12/2024 in EUR 1,000 Stage 1 12m ECL Stage 2 Stage 3 Not rated Total Lifetime ECL Lifetime ECL 77,866.4 352,392.8 469,119.0 346,751.2 204,998.3 244,572.7 160,885.1 34,346.5 151,700.4 672,729.9 688,739.1 570,152.6 493,752.4 50,113.0 13,009.8 111,514.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 110,006.1 0.0 0.0 0.0 27,380.2 0.0 0.0 0.0 4,642,643.8 137,386.4 2,764.2 4,639,879.6 2,881,346.1 1,758,563.4 1,497.1 135,889.2 83,923.7 51,965.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18,957.7 67,099.9 0.0 86,057.6 2,295.1 83,762.4 48,110.0 35,652.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,105.2 1,105.2 0.0 77,866.4 352,392.8 469,119.0 346,751.2 204,998.3 244,572.7 160,885.1 34,346.5 151,700.4 672,729.9 688,739.1 570,152.6 603,758.6 50,113.0 13,009.8 111,514.6 27,380.2 18,957.7 67,099.9 1,105.2 4,867,192.9 6,556.5 1,105.2 4,860,636.5 0.0 3,013,379.9 1,105.2 1,847,286.5 thousand (31/12/2024: EUR 33,020.9 thousand) relates to finan- cial instruments in the category “Assets at fair value through profit or loss”. AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC- D1 D2 Not rated Gross book values Risk provisions Carrying amounts after risk provisions of which assets at amortized cost of which assets at fair value through other comprehensive income 28.3. Forbearance Forbearance exposures are exposures to counterparties which are at risk of no longer being able to meet their payment obligations. As of 31/12/2025, a carrying amount after risk provisions on EUR 305,827.2 thousand (31/12/2024: EUR 131,790.4 thousand) had a forbearance classification. Of this amount, EUR 30,987.7

118

118 FINANCIAL STATEMENTS 29. ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS in EUR thousand 31/12/2025 31/12/2024 Business model sell Mandatorily measured through profit or loss of which Fidelio KA Infrastructure Debt Fund Europe Total 37,199.5 535,278.1 20,455.6 572,477.6 52,647.5 515,204.4 21,168.9 567,851.9 The assets at fair value through profit or loss are loans, securities and shares in Fidelio KA Infrastructure Debt Fund Europe 1. Assets are assigned to the sell business model due to their short-term intentions of syndication. Assets whose cash flows are not solely interest payments, and repayments on the outstanding capital amount, are mandatorily measured at fair value through profit or loss. This position includes interests in Fidelio KA Infrastructure Debt Fund Europe 1, a non-consolidated structured entity in the form of a closed-end investment fund (see Point 67). Details on the calculation of the fair values can be found in Note 12. A breakdown based on the fair value hierarchy categories pur- suant to IFRS 13.72 and a detailed description in this regard can be found in Note 65. 30. DERIVATIVES (ASSETS) Derivatives at Kommunalkredit mainly serve the purpose of hedg- ing interest rate and/or currency risks. The positive fair values (see Note 12 for details on the calculation of fair values) of the derivative financial instruments are recognized on the assets side and are shown in the following table (including interest accruals/ deferrals): DERIVATIVES (ASSETS) in EUR thousand Interest-related transactions of which in fair value hedges of which in portfolio hedges Currency-related transactions of which in fair value hedges Total 31/12/2025 31/12/2024 210,515.3 183,572.2 18,544.6 334.3 0.0 188,135.6 152,315.8 21,836.1 56.0 0.0 210,849.6 188,191.5 The structure of the derivative financial instruments, including their market values, is shown in Note 62. 31. INVESTMENTS IN ASSOCIATES The equity share in PeakSun Holding GmbH came to 31. Decem- ber 2025 EUR 3,869.1 thousand (31/12/2024: EUR 2,897.8 thou- sand ). The assets and liabilities of this company as of 31. De- cember 2025 amounted to EUR 4,511.3 thousand (31/12/2024: EUR 3,515.0 thousand ) and respectively EUR 3.9 thousand (31/12/2024: EUR 4.3 thousand ), the revenue EUR 0.0 thousand (31/12/2024: EUR 0.0 thousand ), and the balance sheet loss EUR -74.1 thousand (31/12/2024: EUR -61.3 thousand ). There were no non-recognized losses for this at-equity investment for Kommunalkredit. For reasons of materiality the shares in Kom- munalnet E-Government Solutions GmbH are recognized at fair value through other comprehensive income under assets and presented in Note 27.

119

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 119 32. PROPERTY, PLANT AND EQUIPMENT The development and composition of property, plant and equip- ment is shown in Note 35 (Schedule of non-current asset). The value of land and buildings used mainly by the Group, as shown on the statement of financial position, is unchanged from the previous year and includes a land value of EUR 3,961.1 thousand For information on the composition and development of right-of- use assets, please refer to Note 33. PROPERTY, PLANT AND EQUIPMENT in EUR thousand 31/12/2025 31/12/2024 Land and buildings Office furniture and equipment Plants under construction Right-of-use assets Total 33. LEASES 29,617.7 4,089.4 8,115.2 1,442.1 43,264.4 17,603.1 3,455.8 11,104.3 2,211.9 34,375.2 The right-of-use assets capitalized resulted from lease agreements relating to the rental of buildings. These are reported under prop- erty, plant and equipment. In the 2025 financial year, a lease con- tract was terminated and was therefore derecognised from the right-of-use assets. The right-of-use assets showed the following development: 2025 2024 2,211.9 0.0 -142.1 -627.7 1,442.1 1,880.6 510.0 -178.7 0.0 2,211.9 34. INTANGIBLE ASSETS Intangible assets are not self-produced assets that comprise pur- chased software in 2025 totalling EUR 1,568.4 thousand (2024: EUR 1,038.1 thousand ). The development and composition of this item is shown in Note 35 (Schedule of non-current asset). The subscripition right of green hydrogen was sold in 2025. The result is reported under other operating income. RIGHT-OF-USE ASSETS 2025 in EUR thousand Carrying amount 1/1 Additions Depreciation Disposals Carrying amount 31/12 Kommunalkredit elects not to recognize short-term leases with terms of less than twelve months, instead recognizing payments made under these agreements as expenses over the term of the lease. In the current year, the lease agreement ended. In the pre- vious year expenses from this leasing relationship amounting to EUR 7.7 thousand. In addition, an agreement on the use of office equipment whose leasing rate also includes maintenance and consumables is not recognized as a lease, as the recognition of these leases would involve disproportionate reporting effort in relation to the benefit provided by this information. This resulted in an expense in 2025 EUR 62.7 thousand (2024: EUR 69.0 thousand ). The cash outflows from lease agreements (capitalized leases, short term leases and leases of low-value assets) amounted to 2025 EUR 251.0 thousand (2024: EUR 392.7 thousand ). Kom- munalkredit has not concluded any material agreements in which it serves as lessor.

120

120 FINANCIAL STATEMENTS 35. SCHEDULE OF NON-CURRENT ASSETS The schedule of non-current assets shows the development and composition of property, plant and equipment and intangible assets. SCHEDULE OF NON-CURRENT ASSETS TRANS- ACTIONS 2025 in EUR thousand Acquisition costs Cumulative depreciation and amortisation Carrying amount as of 1/1/2025 Additions Disposals Reclassifi- cations as of 31/12/2025 as of 1/1/2025 Additions Disposals as of 31/12/2025 as of 31/12/2025 as of 31/12/2024 0.0 72,837.3 28,217.2 1,461.4 -105.6 29,573.0 43,264.4 34,375.2 713.2 606.0 0.0 142.1 389.9 389.9 0.0 0.0 -1.0 0.0 -104.7 0.0 0.0 0.0 21,471.1 29,617.7 17,603.1 7,384.7 0.0 717.1 5,847.0 5,847.0 0.0 4,089.4 8,115.2 1,442.1 1,568.4 1,568.4 0.0 3,455.8 11,104.3 2,211.9 9,448.5 1,038.1 8,410.4 80,252.7 33,674.3 1,851.3 -105.6 35,419.9 44,832.8 43,823.7 Property, plant and equipment 62,592.4 10,989.7 Land and buildings Office furniture and equipment Asset under construction and advance pay- ments made Right-of-use assets Intangible assets Acquired software/licences Acquired subscription rights 38,361.0 10,235.5 11,104.3 2,891.6 14,905.6 6,495.1 8,410.4 182.6 883.3 9,923.8 0.0 920.3 920.3 0.0 Total property, plant and equipment and intangible assets 77,498.0 11,910.0 -744.9 0.0 -12.4 12,545.1 51,088.8 20,757.9 367.7 11,474.1 6,779.7 0.0 -12,912.9 8,115.2 0.0 -732.4 -8,410.4 0.0 -8,410.4 -9,155.3 0.0 0.0 0.0 0.0 0.0 2,159.2 7,415.4 7,415.4 0.0 679.7 5,457.1 5,457.1 0.0

121

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 121 SCHEDULE OF NON-CURRENT ASSETS TRANS- ACTIONS 2024 in EUR thousand Acquisition costs Cumulative depreciation and amortisation Carrying amount Property, plant and equipment Land and buildings Office furniture and equipment Asset under construction Right-of-use assets Intangible assets Acquired software/licences Acquired subscription rights Total property, plant and equipment and intangible assets as of 1/1/2024 Additions Disposals Reclassifi- cations as of 31/12/2024 as of 1/1/2024 Additions Disposals as of 31/12/2024 as of 31/12/2024 as of 31/12/2023 52,937.5 10,016.7 -361.8 37,985.5 8,590.6 3,661.2 2,700.2 12,658.5 5,844.4 6,814.1 375.5 1,688.1 7,443.1 510.0 2,247.1 650.7 1,596.3 0.0 -43.2 0.0 -318.6 0.0 0.0 0.0 65,596.0 12,263.8 -361.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 62,592.4 26,831.2 1,747.8 -361.8 28,217.2 34,375.2 26,106.3 38,361.0 19,823.3 10,235.5 11,104.3 2,891.6 14,905.6 6,495.1 8,410.4 6,188.3 0.0 819.5 5,241.7 5,241.7 0.0 934.6 634.6 0.0 178.7 215.3 215.3 0.0 0.0 -43.2 0.0 -318.6 0.0 0.0 0.0 20,757.9 17,603.1 18,162.1 6,779.7 3,455.8 0.0 11,104.3 679.7 5,457.1 5,457.1 0.0 2,211.9 9,448.5 1,038.1 8,410.4 2,402.3 3,661.2 1,880.6 7,416.8 602.7 6,814.1 77,498.0 32,072.9 1,963.2 -361.8 33,674.3 43,823.7 33,523.1

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122 FINANCIAL STATEMENTS 36. OTHER ASSETS OTHER ASSETS in EUR thousand Other assets Deferred income Total 31/12/2025 31/12/2024 6,475.8 4,216.0 10,691.8 8,891.2 1,713.9 10,605.1 Other assets comprise the following material items: trade re- ceivables in the amount of EUR 2,233.2 thousand (31/12/2024: EUR 1,786.8 thousand ), receivables from guarantees drawn in the amount of EUR 1,789.1 thousand (31/12/2024: EUR 1,789.1 thou- sand) and receivables of Kommunalkredit Public Consulting GmbH from the subsidy management for public clients in the amount of EUR 211.6 thousand (31/12/2024: EUR 2,993.5 thousand ). The prepaid expenses mainly comprise commission, purchase price adjustments and other general and administrative expenses rec- ognized according to the accruals concept. 37. AMOUNTS OWED TO CREDIT INSTITUTIONS AMOUNTS OWED TO CREDIT INSTITUTIONS in EUR thousand Repayable on demand Other liabilities Total Amounts owed to credit institutions repayable on demand in- clude cash and cash equivalents received as cash collateral for positive fair values of derivatives according to ISDA/CSA arrange- ments in the amount of EUR 12,280.6 thousand (31/12/2024: EUR 16,220.0 thousand ). 38. AMOUNTS OWED TO CUSTOMERS Amounts owed to customers include the following: 31/12/2025 31/12/2024 12,285.6 134,988.9 147,274.5 16,220.0 110,771.5 126,991.5 Other amounts owed to credit include EUR 3,046.5 thousand (31/12/2024: EUR 3,478.3 thousand ) col- lateralized loans from the European Investment Bank. institutions AMOUNTS OWED TO CUSTOMERS in EUR thousand Deposits by corporates, municipalities and quasi-municipal enterprises - KOMMU- NALKREDIT DIREKT Deposits by retail customers - KOMMUNALKREDIT INVEST Cash collateral received for positive market values of derivatives Other long-term liabilities to customers Total 31/12/2025 31/12/2024 784,403.8 949,346.0 1,814,806.0 102,978.5 98,933.6 2,801,121.8 2,012,392.7 59,280.6 98,384.8 3,119,404.1 Of the amounts owed to customers, EUR 201,616.2 thousand (31/12/2024: EUR 154,529.4 thousand ) are repayable on de- mand. No long-term liabilities to customers were bought back in the reporting period or in the previous year. 39. SECURITIZED LIABILITIES SECURITIZED LIABILITIES in EUR thousand Bond issued Other securitized liabilities Total 31/12/2025 31/12/2024 2,814,374.3 59,629.8 2,874,004.0 2,161,048.6 166,450.5 2,327,499.1 The securitized liabilities comprise covered bonds with a car- rying amount of EUR 1,393,330.4 thousand (31/12/2024: EUR 1,540,646.7 thousand ), which are collateralized by a cover pool. Besides covered bonds, this statement of financial position item primarily includes senior unsecured bonds. In the report- ing period, Kommunalkredit redeemed securitized liabilities in the nominal amount of EUR 119,000.0 thousand (31/12/2024: EUR 305,000.0 thousand ) at maturity according to schedule and bought back/prematurely redeem securitized liabilities in the nominal value of EUR 100,000.0 thousand (31/12/2024: EUR 0.0 thousand ). With regard to the result, please refer to Note 49.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 123 40. SUBORDINATED LIABILITIES As of 31. December 2025 subordinated liabilities were broken down as follows: TYPE OF LIABILITY Interest rate Currency 31/12/2025 Nominal Value in EUR thousand Carrying amount in EUR thousand Subordinated bonded loan 2007–2047 Subordinated bonded loan 2007–2047 Subordinated bonded loan 2007–2037 Subordinated bonded loan 2007-2037 Subordinated bonded loan 2007–2037 KA Callable Subordinated Fix/Var 5,5% 2025-2035 Total The values of the previous year are as follows: TYPE OF LIABILITY Subordinated bonded loan 2007–2047 Subordinated bonded loan 2007–2047 Subordinated bonded loan 2007–2037 Subordinated bonded loan 2007–2037 Subordinated bonded loan 2007–2037 Total 5.02% 5.02% 5.08% 5.08% 5.08% 5.50% Interest rate Currency 31/12/2024 5.02% 5.02% 5.08% 5.08% 5.08% EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR 10,000.0 9,000.0 10,000.0 800.0 10,200.0 150,000.0 190,000.0 6,735.1 6,061.6 8,161.2 652.9 8,324.4 148,024.8 177,960.1 Nominal Value in EUR thousand Carrying amount in EUR thousand 10,000.0 9,000.0 10,000.0 800.0 10,200.0 40,000.0 7,670.5 6,903.5 8,483.9 678.7 8,653.6 32,390.2 The difference between the carrying amount and the nominal val- ue is due to hedge accounting according to IFRS 9. Interest expens- es for all subordinated liabilities in the reporting period amounted to EUR 6,557.7 thousand (31/12/2024: EUR 2,022.6 thousand). Creditor claims to repayment of these liabilities are subordinate in relation to other creditors and, in the event of bankruptcy or liquidation, will be fulfilled only after all non-subordinated cred- itors have been satisfied. The subordinated liabilities meet the conditions of Part 2 Title I Chapter 4 of EU Regulation 575/2013 (CRR) and are eligible as tier 2 capital for regulatory purposes. The development of the cash flows from subordinated liabilities at cost are as follows: SUBORDINATED LIABILITIES AT COST in EUR 1,000 2025 2024 as of 1/1 Cash inflow Non-cash changes As of 31/12 32,390.2 147,439.8 -1,869.8 177,960.1 31,212.7 0.0 1,177.4 32,390.2

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124 FINANCIAL STATEMENTS 41. DERIVATIVES (LIABILITIES) Derivatives at Kommunalkredit mainly serve the purpose of hedg- ing interest rate and/or currency risks. The negative fair values of derivative financial instruments are reported on the liabilities side (for details on fair value measurement, see Note 12) and shown in the following table (including interest accruals/defer- rals): DERIVATIVES (LIABILITIES) in EUR thousand Interest-related transactions of which in fair value hedges of which in portfolio hedge Currency-related transactions Total 31/12/2025 31/12/2024 125,434.3 101,231.3 11,174.3 4,726.5 130,160.8 148,105.1 112,050.3 15,982.7 6,525.5 154,630.6 The structure of the derivative financial instruments, including their market values, is shown in Note 62. PORTFOLIO HEDGE 42. Kommunalkredit defined two portfolio hedges for the public sec- tor portfolio in accordance with the requirements set out in Note 11, one comprising the underlying transactions in the hold port- folio ("AC layer") and one comprising the underlying transactions in the hold & sell portfolio ("OCI layer"). When hedging the financial liabilities, two portfolio hedges were defined for the fixed-rate customer deposits, with a distinction drawn between accumulating and non-accumulating deposits. To ensure the highest possible hedge efficiency, the synthetic un- derlying transactions were structured as identically as possible to the portfolio hedge derivatives. The key parameters are the volume, the term and the coupons, which correspond as far as possible to the parameters of the hedging derivatives. The cumulative hedge-related adjustments to the portfolios of underlying transactions as of 31. December 2025 amounts to EUR -1,942.1 thousand (31/12/2024: EUR -2,891.6 thousand ) for the financial assets portfolio hedge and EUR 1,654.0 thousand (31/12/2024: EUR 6,727.7 thousand ) for the financial liabilities portfolio hedge.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 125 43. PROVISIONS As of 31. December 2025 long-term personnel provisions and provisions for expected losses from credit commitments were reported under provisions. Other provisions include the provision in connection with the interbank exemption pursuant to § 6 (1) no. 28 of the Austrian VAT Act (UStG). PROVISIONS in EUR thousand Changes 1/1/2025 reported in income statement reported in total com- prehensive income/equity Payments 31/12/2025 Provisions for pensions Provisions for severance payment Provisions for jubilee payment Provisions for expected losses on credit commitments Other provisions Total 458.5 2,548.2 96.3 395.4 1,200.0 4,698.3 3.9 210.5 -52.9 779.2 -820.0 120.6 -113.8 -121.5 0.0 0.0 0.0 -235.3 Provisions for expected losses from credit commitments are shown in Note 28. The actuarial provisioning requirement for personnel provisions changed in 2025 as follows: CHANGE IN PERSONNEL PROVISIONS in EUR thousand As of 31/12/2024 Present value of defined benefit obligation DBO Plan assets Actuarial provisioning requirement 31/12/2024 Curent service cost Interest cost Actuarial gains (-)/ losses (+) from DBO of which due to changes in demographic assumptions of which due to experience adjustments of which due to changes in financial assumptions Payments Change DBO 2025 Change in plan assets 2025 DBO as of 31/12/2025 Plan assets Actuarial provisioning requirement as of 31/12/2025 Duration of defined benefit obligation in years Sensitivity of DBO to change in acturial interest rate by Sensitivity of DBO to deviation of salary development by Sensitivity of DBO to deviations of pension increase by plus 0,5 % minus 0,5 % plus 0,5 % minus 0,5 % plus 0,5 % minus 0,5 % Provision for pensions obligations severance payment jubilee payment 2,548.2 0.0 2,548.2 132.5 78.0 -121.5 -22.5 -59.1 -39.9 -25.5 63.5 0.0 2,611.7 0.0 2,611.7 5.5 -2.9% 3.1% 3.0% -2.9% 1,140.5 -682.1 458.5 5.6 36.2 -114.8 0.0 -22.1 -92.6 -71.8 -144.7 -5.7 995.8 -687.7 308.1 11.3 -5.5% 6.0% 0.4% -0.4% 5.9% -5.4% Total -40.5 -25.5 0.0 0.0 0.0 -65.9 96.3 0.0 96.3 1.4 1.3 -55.6 0.0 -55.8 0.2 0.0 -52.9 0.0 43.3 0.0 43.3 1.8 308.1 2,611.7 43.3 1,174.6 380.0 4,517.7 3,785.0 -682.1 3,102.9 139.5 115.5 -291.9 -22.5 -137.1 -132.3 -97.3 -134.1 -5.7 3,650.9 -687.7 2,963.1

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126 FINANCIAL STATEMENTS The values of the previous year are as follows: PROVISIONS in EUR thousand Changes 1/1/2024 reported in income statement reported in total com- prehensive income/equity Payments 31/12/2024 Provisions for pensions Provisions for severance pay Provisions for jubilee bonuses Provisions for expected losses on credit commitments Other provisions Total 853.7 2,570.4 81.1 397.3 340.2 4,242.6 -4.0 208.9 15.2 -1.9 859.8 1,078.0 -348.3 123.8 0.0 0.0 0.0 -42.9 -354.9 0.0 0.0 0.0 -224.6 -397.8 The actuarial provisioning requirement for personnel provisions changed in 2024 as follows: CHANGE IN PERSONNEL PROVISIONS in EUR thousand as of 31/12/2023 Present value of defined benefir obligation DBO Plan assets Acturial provisioning requirement 31/12/2023 Curent service cost Interest cost Acturial gains (-)/ loses (+) from DBO of which due to changes in demographic assumptions of which due to experience adjustments of which due to changes in financial assumptions Payments Change DBO 2024 Change in plan assets 2024 DBO as of 31/12/2024 Plan assets Acturial provisioning requirement as of 31/12/2024 Duration of defined benefit obligation in years Sensitivity of DBO to change in acturial interst rate by Sensitivity of DBO to deviation of salary development by Sensitivity of DBO to deviations of pension increase by plus 0,5 % minus 0,5 % plus 0,5 % minus 0,5 % plus 0,5 % minus 0,5 % Provision for pensions obligations severance payment jubilee payment Total 81.1 0.0 81.1 2.4 2.5 10.3 0.0 10.0 0.3 0.0 15.2 0.0 96.3 0.0 96.3 2.3 2,570.4 0.0 2,570.4 132.2 76.7 123.8 -13.1 128.5 8.4 -354.9 -22.2 0.0 2,548.2 0.0 2,548.2 6.5 -3.6% 3.8% 3.7% -3.5% 1,461.2 -607.5 853.7 6.0 46.7 -301.8 0.0 -301.8 -0.0 -71.6 -320.6 -74.6 1,140.5 -682.1 458.5 10.6 -5.8% 6.4% 0.6% -0.6% 6.1% -5.6% 458.5 2,548.2 96.3 395.4 1,200.0 4,698.3 4,112.6 -607.5 3,505.1 140.7 125.9 -167.7 -13.1 -163.3 8.7 -426.5 -327.6 -74.6 3,785.0 -682.1 3,102.9

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 127 The development of the fair value of plan assets is as follows: DEVELOPMENT OF THE FAIR VALUE OF PLAN ASSETS in EUR thousand 2025 2024 as of 1/1 Interest income Actuarial result due to experience adjustments Payments from fund Gross contributions to plan assets as of 31/12 The following table shows plan assets broken down by asset classes: PLAN ASSETS BY ASSET CLASS Securities - euro Securities - euro - inflation - linked Securities - euro emerging markets Securities - euro corporate Term deposits Equity Instruments - euro Equity Instruments - non-euro Equity Instruments - emerging markets Alternative Investments Real Estate Cash and cash equivalents Other Total 682.1 21.8 -1.0 -31.3 16.1 687.7 607.5 19.5 46.6 -28.7 37.2 682.1 31/12/2025 31/12/2024 14.2% 0.0% 3.5% 11.1% 0.3% 9.5% 20.7% 3.9% 21.4% 5.7% 5.3% 4.4% 100.0% 18.0% 0.3% 3.6% 12.4% 0.4% 11.1% 14.4% 5.3% 18.6% 5.3% 6.9% 3.7% 100.0% As of 31. December 2025 31.6 % (31/12/2024: 32.0 %) of the plan assets do not have a market price listed on an active market. For 2025, if calculation parameters remain constant, the following changes are expected for defined benefit plans: EXPECTED DEVELOPMENT OF DBO in EUR thousand Defined benefit obligation (DBO) as of 1/1/2026 Expected current service cost Expected interest cost Expected payments Expected actuarial result DBO as of 31/12/2026 EXPECTED DEVELOPMENT OF PLAN ASSETS in EUR thousand Plan assets as of 1/1/2026 Expected interest income Expected payments from fund Expected gross contributions to plan assets Expected actuarial result Expected plan assets as of 31/12/2026 995.8 3.2 38.6 -73.0 -2.5 962.1 687.7 27.1 -32.6 0.0 0.0 682.2

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128 FINANCIAL STATEMENTS 44. TAX LIABILITIES/TAX ASSETS TAX ASSETS/LIABILITIES in EUR thousand 31/12/2025 31/12/2024 Current tax assets Deferred tax assets Total assets Current tax liabilities Deferred tax liabilities Total liabilities 34,042.3 3,386.4 37,428.7 2,144.8 0.0 2,144.8 0.0 2,085.4 2,085.4 11,245.1 0.0 11,245.1 Deferred tax assets and liabilities include taxes arising from tem- porary differences between the values recognized according to IFRS and the amounts calculated for tax purposes. The origin and development of the tax assets/liabilities are shown in the follow- ing table: DEFERRED TAXES on EUR thousand as of 31/12/2024 Changes rec- ognized in P&L Changes recog- nized in OCI as of 31/12/2025 2.6 1.9 15,814.0 535,949.1 5,972.4 -28,268.0 2,580.8 66,833.9 -418,783.2 -129,246.9 Deferred taxes from temporary differences in asset-side items in the statement of financial position Cash and balances with central banks Loans and advances to banks at amortized cost Loans and advances to customers at amortized cost* Securities Assets at fair value through profit and loss* Assets at fair value through other comprehensive income* Derivatives Portfolio hedge Property, plant and equipment Other loans and advances Deferred taxes from temporary differences in liability-side items in the statement of financial position Amounts owed to customers Derivatives Securitized liabilities Subordinated liabilities Provisions Other liabilities Total -132.6 -911.3 103.0 -336.1 3,134.9 2,085.4 -5,100.2 -2,957.5 -1,619.3 -2,148.4 2,212.4 -508.7 -1,248.9 21,315.8 -185.4 -1,385.3 -1,533.5 179.4 -78.5 -30,759.2 126.0 -28,986.4 0.0 226.1 0.0 0.0 0.0 0.0 0.0 2,266.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -54.1 0.0 2,212.2 4.5 18,394.7 602,783.1 -22,295.6 -129,325.4 -447,276.1 -29,171.7 827.1 -405.8 -336.1 -1,123.0 16,215.6 -4,576.8 -3,681.9 351.4 3,002.3 3,386.4 * Deferred taxes in these items relate primarily to differences between the values recognised according to IFRS and the amounts calculated for tax purposes in the context of hedge accounting. The change in profit or loss is included in its entirety in the de- ferred tax expense.

129

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 129 There are no plans to realize deferred tax liabilities resulting from financial instruments and provisions (apart from measurement effects and maturities) within the coming twelve months. The values of the previous year are as follows: DEFERRED TAXES on EUR thousand as of 31/12/2023 Changes rec- ognized in P&L Changes recog- nized in OCI as of 31/12/2024 37,874.4 -78,924.7 373,373.5 162,575.6 -31,901.9 -50,322.3 4.8 262.9 -316,989.6 Cash and balances with central banks Loans and advances to banks Loans and advances to customers at amortized cost* Securities Assets at fair value through profit and loss* Assets at fair value through other comprehensive income* Derivatives Portfolio hedge Property, plant and equipment Other loans and advances Deferred taxes from temporary differences in liability-side items in the statement of financial position Amounts owed to customers Derivatives Securitized liabilities Subordinated liabilities Provisions Other liabilities Total -102,470.6 -76.2 141.7 -432.5 -141.7 270.2 38.9 2,631.5 1,103.5 4,404.4 1,483.9 -8,977.4 -2,418.7 -4,172.8 7,358.1 -1,792.5 25,488.6 -31,617.9 1,109.0 -1,269.5 -1.3 261.4 -2.2 15,551.1 543.6 0.0 0.0 0.0 0.0 0.0 677.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -74.3 0.0 602.8 2.6 15,814.0 535,949.1 5,972.4 -129,246.9 -418,783.2 -28,986.4 2,212.4 -508.7 0.0 -1,248.9 21,315.8 -1,619.3 -2,148.4 226.1 3,134.9 2,085.4 * Deferred taxes in these items relate primarily to differences between the values recognised according to IFRS and the amounts calculated for tax purposes in the context of hedge accounting. 45. OTHER LIABILITIES OTHER LIABILITIES in EUR thousand Other liabilities Personnel liabilities Lease liabilities Deferred income Total 31/12/2025 31/12/2024 63,641.6 13,249.7 1,553.3 11,996.2 90,440.7 17,021.2 25,767.6 2,333.2 10,730.0 55,852.0 Other liabilities mainly include a purchase price obligation, obli- gations for personnel expenses and accruals for audit, legal and consulting expenses. The purchase price obligation in the amount of EUR 50,000.0 thousand represents a non-cash transaction. De- ferred income mainly includes fees and arrangement fees not yet recognized in income in connection with loans not yet disbursed as well as deferred income from day-one gains. The fees and ar- rangement fees included in deferred income are recognized in the effective interest rate at the time of disbursement of the loan. Kommunalkredit acquired loans at a significant discount to nomi- nal value, where, due to the sellers situation, the transaction price (purchase price) at the time of purchase did not correspond to the fair value of the underlying loans. In order to determine the fair value of this portfolio at the time of recognition, a considerable number of parameters not observable on the market were used for the valuation. Accordingly, a systematic deferral of the day- one gain is made over the term of the assets or until the point in time at which observable market information is expected to be available (depending on which period is shorter).

130

130 FINANCIAL STATEMENTS The status of day-one gains not yet amortized include the following: DIFFERENCES FROM DAY-ONE GAINS in EUR thousand as of 1/1 New transactions Disposals of transactions Amounts recognized in profit or loss during the period As of 31/12 2025 2024 6,033.3 0.0 -1,739.1 -860.8 3,433.4 The development of the cash flows from lease liabilities are as follows: LEASE LIABILITIES in EUR thousand 2025 2024 as of 1/1 Cash outflow redemption Cash outflow interest Non-cash changes As of 31/12 46. EQUITY 2,333.2 -120.7 -67.6 -591.6 1,553.3 9,882.6 0.0 0.0 -3,849.3 6,033.3 1,934.3 -133.9 -109.6 642.4 2,333.2 Development and composition A. The share capital of Kommunalkredit as of 31. December 2025 was unchanged at EUR 177,017,120.8 (2024: EUR 177,017.1 thou- sand). Austrian Banking Act (BWG) of EUR 40,939.7 thousand (2024: EUR 36,218.6 thousand ) and fixed capital reserves of the parent company ofEUR 112,479.3 thousand (2024: EUR 112,479.3 thou- sand ). Satere Beteiligungsverwaltungs GmbH holds 34,343,928 no-par value shares, i.e. 99.80 % of the shares, while the Association of Austrian Municipalities holds 70,367 no-par value shares or 0.20 % of the shares. Each no-par-value share represents an equal part of the share capital. There are no shares that have been is- sued but not fully paid up. Each no-par-value share represents a share of EUR 5.1 in share capital. As of 31. December 2025, the reserves for debt capital in- struments at fair value through other comprehensive income included deferred taxes of EUR -14,779.5 thousand (2024: EUR -17,069.5 thousand ). As of 31. December 2025, the reserves for equity instruments at fair value through other comprehensive income included deferred taxes of EUR -198.7 thousand (2024: EUR -175.1 thousand ). By way of a resolution passed by the Annual General 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 88,508,560.4 (authorized capital), subject to approval by the Supervisory Board, within a period of five years following registra- tion of the amendment to the Articles of Association. No shares were issued in the 2025 financial year. This means that authorized capital of EUR 88,508,560.4 is still freely available. To strengthen the capital base and the capital structure, additional Tier 1 capital (AT1) amounting to EUR 62,800.0 thousand was successfully placed on the capital market in the first half of 2021. In line with the contractual terms & conditions, the issue was re- ported under equity in accordance with the provisions of IAS 32. Costs incurred in connection with the issue of the additional Tier 1 capital were deducted from equity. Coupon payments were also deducted from equity and not recognized through profit or loss. The development and composition of equity as reportable ac- cording to IFRS is declared under Item IV (statement of changes in equity). Additional equity components include AT1 bonds that represent unsecured and subordinated bonds of Kommunalkredit and are classified as equity under IFRS. B. Servicing of equity/proposal for appropriation of profit The profit for the year 2025 of Kommunalkredit Austria AG un- der Austrian GAAP is EUR 1,543.8 thousand . Since the entire amount of the profit for the year of Kommunalkredit Austria AG was allocated to retained earnings the retained profit amounts to EUR 0.0 thousand . C. Total capital management and regulatory capital indi- cators Just as in the previous year, we adhered to the statutory total capital requirements at all times throughout the reporting year. These included a capital conservation buffer, countercyclical cap- ital buffer and premium from the supervisory review and evalu- ation process (SREP). Operational monitoring and management take the form of not only ongoing monitoring activities but also monthly reports to the Executive Board. Equity management is also elucidated under Note 66. The reserves include statutory retained earnings of EUR 10,434.1 thousand (2024: EUR 10,434.1 thousand ), liabil- ity reserves of the parent company in line with § 57 (5) of the Regulatory group of credit institutions C.1. Kommunalkredit is part of a group of credit institutions whose ultimate parent is Green Opera Finance Invest AB. Given that

131

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 131 Green Opera Finance Invest AB is classified as a financial holding company as defined by CRR, Kommunalkredit – as per Art. 11 (2) and (3) CRR – is the only credit institution obliged to fulfil the re- quirements of consolidated position specified in Parts 2 to 4 (Total Capital, Capital Requirements, Large Exposures), Part 6 (Liquidity), Part 7 (Debt) and Part 8 (Disclosure) CRR. Kommunalkredit also meets the definition of a superordinate credit institution pursu- ant to § 30 (5) of the Austrian Banking Act, which is responsible for compliance with the provisions of the Austrian Banking Act applicable to groups of credit institutions. In addition to Green Opera Finance Invest AB and Green Opera Fi- nance BidCo AB, the regulatory group of credit institutions also in- cludes Satere, Kommunalkredit, Kommunalkredit KBI Immobilien BASIS FOR CALCULATION PURSUANT TO ART. 92 CRR in EUR thousand Green Opera Finance Invest AB Group 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 counterparty TOTAL CAPITAL – ACTUAL in EUR thousand or % Green Opera Finance Invest AB Group Common equity tier 1 after deductible items (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 (tier 1) Total capital ratio BASIS FOR CALCULATION PURSUANT TO ART. 92 CRR in EUR thousand Satere Group 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 counterparty GmbH, Kommunalkredit 4OG Immobilien GmbH & Co KG, Kom- munalkredit KBI Immobilien GmbH & Co KG and Kommunalkredit TLI Immobilien GmbH & Co KG as providers of additional services. The total capital and total capital requirements of the group of credit institutions under Austrian GAAP, calculated according to the CRR, show the following composition and development: The reported capital figures of Kommunalkredit Austria AG and Green Opera Finance Invest AB Group include the profit for the year 2025. By contrast, the capital figures of Satere Group exclude the profit for the year. according to Art. 92 CRR according to Art. 92 CRR 31/12/2025 31/12/2024 4,441,150.4 4,106,033.5 286,287.4 27,848.1 20,709.5 272.0 3,832,455.8 3,514,476.7 305,614.1 0.0 12,146.0 219.0 31/12/2025 31/12/2024 705,592.4 44,185.1 749,777.4 132,119.8 881,897.2 15.9% 16.9% 19.9% 709,931.4 37,640.8 747,572.2 36,264.7 783,836.9 18.5% 19.5% 20.5% according to Art. 92 CRR according to Art. 92 CRR 31/12/2025 31/12/2024 4,401,646.1 4,066,869.2 285,947.4 27,848.1 20,709.5 272.0 3,806,859.8 3,488,880.7 305,614.1 0.0 12,146.0 219.0

132

132 FINANCIAL STATEMENTS TOTAL CAPITAL – ACTUAL in EUR thousand or % Satere Group Common equity tier 1 after deductible items (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 (tier 1) Total capital ratio C.2. Regulatory total capital of Kommunalkredit Austria AG Total capital and total capital requirements calculated in accord- ance with CRR as reported in the individual financial statements BASIS FOR CALCULATION PURSUANT TO ART. 92 CRR in EUR thousand Kommunalkredit Austria AG 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 counterparty TOTAL CAPITAL – ACTUAL in EUR thousand or % Kommunalkredit Austria AG Common equity tier 1 after deductible items (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 (tier 1) Total capital ratio 31/12/2025 31/12/2024 685,741.1 44,185.1 729,926.2 132,119.8 862,046.0 15.6% 16.6% 19.6% 685,896.7 37,640.8 723,537.5 36,264.7 759,802.2 18.0% 19.0% 20.0% of Kommunalkredit under Austrian GAAP have the following com- position and development: according to Art. 92 CRR according to Art. 92 CRR 31/12/2025 31/12/2024 4,427,913.0 4,093,967.3 285,116.1 27,848.1 20,709.5 272.0 3,834,027.6 3,516,935.8 304,726.9 0.0 12,146.0 219.0 31/12/2025 31/12/2024 716,501.2 63,321.6 779,822.8 193,968.5 973,791.3 16.2% 17.6% 22.0% 715,165.6 63,321.6 778,487.1 42,281.2 820,768.3 18.7% 20.3% 21.4%

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 133 Notes to the income statement of the Kommunalkredit Group 47. NET INTEREST INCOME NET INTEREST INCOME in EUR thousand Net interest income Interest income from loans and advances to banks Interest income from loans and advances to customers Interest income from assets at fair value through other comprehensive income Interest income from assets at fair value through profit or loss Interest income from derivatives in hedges Interest income from maturing derivatives in portfolio hedge Interest income from other assets and changes to estimates Interest expenses and expenses similar to interest expenses Interest expenses for amounts owed to banks Interest expenses for amounts owed to customers Interest expenses for derivatives in hedges Interest expenses for securitised liabilities Interest expenses for subordinated capital Interest expenses for other liabilities and changes in estimates Net interest income In 2025 there was no change in estimate determined according to the provisions of IFRS 9 in conjunction with a changed estimate of the achievement of cer- tain lending goals (31/12/2024: EUR 0.0 thousand ). interest-rate-related 48. NET FEE AND COMMISSION INCOME NET FEE AND COMMISSION INCOME in EUR thousand Fee and commission income Subsidy management and consulting business Lending business Other service business Fee and commission expenses Lending business Securities business Money and FX trading Other service business Net fee and commission income 2025 2024 372,769.2 37,588.4 140,780.3 124,587.9 53,622.0 9,454.4 5,386.1 1,350.0 -212,047.5 -4,295.8 -92,834.9 -17,507.8 -90,685.4 -6,557.7 -166.0 160,721.7 400,687.9 44,615.6 169,641.2 104,145.2 42,115.7 31,949.5 5,940.0 2,280.7 -215,653.7 -4,950.9 -110,667.1 -47,848.4 -49,934.8 -2,022.6 -229.9 185,034.2 The interest expense calculated based on the effective interest method of financial liabilities that are not measured at fair value through profit or loss came in 2025 to EUR 194,373.7 thousand (31/12/2024: EUR 167,575.4 thousand ). In the reporting year, day-one gains were amortized in net interest income. Details are provided in Note 45. 2025 2024 46,015.9 28,567.2 10,925.4 6,523.3 -2,682.8 -2,004.0 -388.1 -290.7 -0.0 43,333.1 48,136.1 29,021.7 16,989.5 2,124.9 -3,054.7 -1,700.2 -1,055.6 -298.9 -0.0 45,081.3 Net fee and commission income was largely shaped by the reve- nue from Kommunalkredit Public Consulting GmbH (KPC) in rela- tion to the subsidy management and consulting business. Fee and commission income from the lending business mostly included fees related to the new lending business. These primarily include commission and transaction-related fees concerning financial in- struments measured at fair value through profit or loss. Fee and commission expenses were largely generated from guarantees in relation to the lending business. All fee and commission income and expenses are recognized according to the accruals concept.

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134 FINANCIAL STATEMENTS 49. GAINS AND LOSSES FROM FINANCIAL ASSETS AND LIABILITIES Where assets measured at fair value through other comprehen- sive income that only serve to generate SPPI-compliant cash flows and are allocated to the “hold and sell” business model are sold, the amount recorded as of 31. December of the previous year in the reserve for assets measured at fair value and reported direct- ly in other comprehensive income is carried over to the income statement. Gains and losses from financial assets and liabilities are detailed as follows: GAINS AND LOSSES ON FINANCIAL ASSETS AND LIABILITIES in EUR thousand a) Realized gains (losses) from financial instruments not measured at fair value through P&L a1) result from the disposal of assets at fair value through other comprehensive income a2) financial assets measured at amortized cost gains from sale of assets measured at amortized cost a3) financial liabilities measured at amortized cost (results from early redemption of own issues) a4) Gain (Loss) from modifications b) Result from financial instruments measured at fair value through P&L b1) of which loans and securities b2) of which interest and currency hedging derivatives c) Remeasurement result from fair value hedge c1) of which interest rate derivatives c2) of which underlying instruments d) Remeasurement result from portfolio hedge d1) of which interest rate derivatives d2) of which underlying instruments (layer) e) Foreign currency valuation/Other* Total * The "Other" item primarily includes the foreign currency valuation of FX forwards. The result from financial instruments measured at fair value through profit or loss includes loans and securities whose con- tractual cash flows are not SPPI-compliant as well as loans allo- cated to the “sell” business model. This item also includes the measurement of interest rate and currency hedging derivatives that are not part of hedge accounting. As of 2025 a result of EUR 1,115.4 thousand was generated from the early redemption of own issues (securitised liabilities) and the closure of associated interest rate derivatives. (31/12/2024: EUR 0.0 thousand ). The remeasurement result from the fair value hedge and the portfolio hedge indicates the ineffectiveness of the hedging relationships reported in the statement of financial position by Kommunalkredit. Details on how hedge accounting is reported in the statement of financial position and how effective- ness is measured are provided under Note 11. The result from modifications shows income and expenses arising from contractual changes to cash flows. These were non-substan- tial modifications in the 2025 financial year. The decline in result from financial instruments measured at fair value through P&L is attributable to the increase in credit risk premium of assets in default (see Note 28.1.). 2025 2024 2,422.2 1,555.5 1,336.8 1,336.8 1,115.4 -1,585.5 -19,495.0 -23,529.2 4,034.2 1,158.0 29,003.2 -27,845.2 -159.5 -1,728.3 1,568.8 -210.0 -16,284.1 -1,224.5 -838.3 120.7 120.7 0.0 -506.9 10,396.3 10,227.0 169.3 100.8 2,167.4 -2,066.6 87.0 5,441.3 -5,354.2 89.9 9,449.6 In line with its business strategy, Kommunalkredit does not en- gage in activities involving an intent to trade. According to IFRS, the result from the remeasurement of derivatives, which are not in a hedge relation, is by definition allocable to assets held for trading. Derivatives at Kommunalkredit are not trading positions, but economic hedges. The result of assets held for trading ac- cording to the IFRS definitions came to EUR 3,995.2 thousand (31/12/2024: EUR 189.5 thousand ) and includes the following components: b2) Valuation of interest rate and currency hedging derivatives of EUR 4,034.2 thousand (31/12/2024: EUR 169.3 thousand ) e) Foreign currency valuation excl. other of EUR -38.9 thousand (31/12/2024: EUR 20.2 thousand ) Kommunalkredit did not sell a significant amount of assets meas- ured at amortized cost in the reporting year. This related to the sale of listed bonds with a nominal value of EUR 38,700.0 thou- sand (31/12/2024: EUR 25,000.0 thousand ), which were desig- nated for the "Hold" business model. Loans measured at amor- tized cost that were sold in the reporting year had nominal value of EUR 62,064.9 thousand (31/12/2024: EUR 0.0 thousand ). The result from the disposal of these assets was 2025 EUR 1,336.8 thousand (31/12/2024: EUR 120.7 thousand ).

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 135 50. NET PROVISIONING FOR IMPAIRMENT LOSSES NET PROVISIONING FOR IMPAIRMENT LOSSES in EUR thousand 2025 2024 Change in expected losses for stage 1 Change in expected losses for stage 2 Change in expected losses for stage 3 Total -1,487.1 -2,136.0 -77,949.6 -81,572.6 -453.7 -843.9 -8,818.0 -10,115.6 Net provisioning for impairment losses only includes changes in expected credit losses in accordance with IFRS 9. This includes an allocation of EUR 8.3 thousand (2024: EUR 11.2 thousand) for the risk provisions for cash and balances held with central banks and EUR 4.5 thousand (2024: EUR 0.0 thousand) for other assets. Details on the development in risk provisions can be found in Note 28. 51. GENERAL ADMINISTRATIVE EXPENSES GENERAL ADMINISTRATIVE EXPENSES in EUR thousand Personnel expenses Salaries Statutory social security contributions Voluntary social security contributions Expenses for pensions and employee benefits Other administrative expenses Depreciation, amortisation and impairment on intangible assets on property, plant and equipment Total 2025 2024 -60,715.6 -48,531.2 -8,944.9 -1,221.6 -2,017.9 -32,654.9 -1,851.3 -389.9 -1,461.4 -95,221.8 -64,669.2 -52,672.6 -9,623.3 -477.2 -1,896.0 -34,846.3 -1,963.2 -215.3 -1,747.8 -101,478.7 In addition to the change in severance and pension provi- sions, expenses for pensions and employee benefits include EUR 802.6 thousand (31/12/2024: EUR 725.2 thousand ) for defined contribution plans (pension fund contributions under collective bargaining agreements) and EUR 793.2 thousand (31/12/2024: EUR 681.1 thousand ) for contributions to compa- ny pension plans. Other administrative expenses include the following items: OTHER ADMINISTRATIVE EXPENSES in EUR thousand Third-party services Data processing Consulting and auditing fees Public relations and advertising External news serivces Headhunting and personnel development Occupancy costs Other non-personnel administrative expenses Total of other administrative expenses 2025 2024 -14,774.6 -10,930.1 -6,361.5 -5,745.2 -1,909.0 -1,406.5 -622.8 887.3 -2,722.8 -32,654.9 -5,766.1 -7,711.9 -2,212.8 -1,425.2 -1,240.3 -413.4 -5,146.6 -34,846.3 Expenses for auditing services by the financial auditor allocable to the reporting period came to EUR 389.1 thousand (31/12/2024: EUR 610.3 thousand ). Of which EUR 232.2 thousand (31/12/2024: EUR 220.2 thousand ) was attributable to the audit of the sep- arate financial statements, EUR 70.2 thousand (31/12/2024: EUR 65.0 thousand) was attributable to the audit of the consoli- dated financial statements, and EUR 86.7 thousand (31/12/2024: EUR 325.1 thousand ) was attributable to other auditing services. Other advisory services provided by the auditor came to EUR 160.8 thousand (31/12/2024: EUR 67.6 thousand ).

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136 FINANCIAL STATEMENTS 52. INCOME/EXPENSES FROM ASSOCIATES Expenses from associates amounting to were realized in the past financial year EUR 17.3 thousand were realized in the past finan- cial year (31/12/2024: EUR -429.2 thousand ). 53. OTHER OPERATING RESULT OTHER OPERATING RESULT in EUR thousand Other operating income Other operating income Other operating expense Stability Tax Other Total 2025 2024 9,381.3 9,381.3 -2,112.3 -2,926.5 814.2 7,269.0 1,103.8 1,103.8 -2,108.2 -717.3 -1,390.9 -1,004.4 Other operating income includes the result of the sale of the cap- italized subscription right associated with an investment in green hydrogen in the amount of EUR 8,599.6 thousand. Other operating expenses mostly encompass the adjustment of the provision related to the temporary bank exemption in accord- ance with § 6 (1) sentence 28 of the Austrian Value Added Tax Law (UStG) and the stability tax for Austrian banks. 54. INCOME TAXES INCOME TAXES in EUR thousand Current tax expense Deferred tax income/expense Total 2025 2024 -3,922.0 -911.3 -4,833.3 -30,300.2 -1.3 -30,301.5 The current tax expense is calculated based on tax results of the financial year with the local tax rate to be applied by the group companies (all group companies residing in Austria are subject to a corporation tax of 23% as was the case in the previous year; the branch residing in Germany is subject to a corporation tax of 15%, a solidarity surcharge of 5.5% and trade tax of 16.1%). with § 9 of the Austrian Corporate Income Tax Act with Satere Beteiligungsverwaltungs GmbH as the group parent (see Note 21 for details) in 2016, any tax loss carryforwards applicable to Kom- munalkredit from periods prior to the time at which the group of companies became effective (pre-group losses) are offsettable without limitations up to a maximum of the company’s own profit. The deferred tax expense resulted from the change in temporary level differences between tax carrying amounts and IFRS carry- ing amounts. Due to the formation of a tax group in accordance The following reconciliation table shows the relationship between the expected and reported income taxes: TAX RECONCILIATION TABLE in EUR thousand Profit for the year before tax Expected tax expense in the financial year at the Austrian income tax rate (23%) Decrease of tax expense due to tax -exempt income from associates Decrease of tax expense due to interest expense AT1 capital Increase of tax expense due to non- deductible items Other Income taxes 2025 2024 18,298.4 -4,208.6 8.3 944.0 -1,789.5 212.5 -4,833.3 126,573.3 -29,111.9 8.3 944.0 -1,730.0 -411.9 -30,301.5

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 137

138

138 FINANCIAL STATEMENTS Other information 55. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD There were no significant events after the reporting period. 56. PRESENTATION OF REVENUES BY REGION The business activities of Kommunalkredit are conducted primar- ily in the areas of municipal and infrastructure-related project financing. The bank’s activities are concentrated in a single busi- ness segment, the results of which are reported regularly to the Executive Board and the Supervisory Board in the form of the consolidated financial statements prepared according to IFRS. The disclosures relating to the business segment are presented in the statement of financial position and the income statement of the Group. Reconciliation is therefore not required. Information about geographical distribution for the reporting year, broken down into net interest income and net fee and com- mission income, is provided in the list below (additional infor- mation on the geographical distribution of the credit volume is provided in Note 66): PRESENTATION OF REVENUES BY REGION (REGISTERED OFFICE OF COUNTERPARTY) in EUR thousand in 2025 Austria Europe Outside Europe Total Interest and similar income Interest and similar expenses Net interest income Fee and commission income Fee and commission expenses Net fee and commission income 86,984.7 267,522.4 -152,647.5 -58,584.5 -65,662.8 208,938.0 25,174.9 -610.3 24,564.7 20,562.1 -1,377.7 19,184.4 18,262.1 -815.5 17,446.6 278.9 -694.9 -416.0 PRESENTATION OF REVENUES BY REGION (REGISTERED OFFICE OF COUNTERPARTY) in EUR thousand in 2024 Austria Europe Outside Europe Total Interest and similar income Interest and similar expenses Net interest income Fee and commission income Fee and commission expenses Net fee and commission income 103,626.5 279,040.8 -148,452.0 -65,029.3 -44,825.5 214,011.6 24,552.8 -439.7 24,113.1 23,136.8 -1,890.4 21,246.3 18,020.7 -2,172.5 15,848.2 446.4 -724.5 -278.1 372,769.2 -212,047.5 160,721.7 46,015.9 -2,682.8 43,333.1 400,687.9 -215,653.7 185,034.2 48,136.1 -3,054.7 45,081.3 57. STRUCTURE OF 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. Interest accruals are assigned to the re- sidual maturity “up to 3 months”. Cash and cash equivalents (cash collateral) is reported as “repayable on demand”. Refer to Note 66 for further details on liquidity risk management.

139

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 139 A breakdown of the carrying amounts of key asset and liability items by residual maturity as of 31. December 2025 is as follows: ASSETS BY RESIDUAL MATURITY in EUR thousand Cash and balances with central banks Loans and advances to banks Loans and advances to customers Securities Assets recognized at fair value through other comprehensive income Assets at fair value through profit or loss Other assets Repayable on demand Up to 3 months 3 months up to 1 year 1 to 5 years More than 5 years Total 527,002.5 60,478.7 0.0 0.0 0.0 0.0 0.0 39,937.7 0.0 0.0 527,002.5 100,416.4 36,497.1 149,920.2 353,547.1 1,285,332.5 797,451.0 2,622,747.9 0.0 0.0 0.0 0.0 181,419.4 43,950.6 240,724.3 431,044.9 897,139.2 22,552.2 121,856.6 1,278,891.3 549,222.4 1,972,522.4 11,804.0 76,820.3 348,511.4 135,341.8 572,477.6 7,268.0 3,162.0 130.9 130.9 10,691.8 Total* 623,978.3 372,963.8 599,336.5 3,193,528.1 1,913,191.0 6,702,997.8 * The table shows the main asset and liability items; accordingly, this total is not equal to the total assets. LIABILITIES BY RESIDUAL MATURITY in EUR thousand Amounts owed to banks Amounts owed to customers Securitized liabilities Subordinated liabilities Other liabilities of which lease liabilities Total* Repayable on demand Up to 3 months 3 months up to 1 year 1 to 5 years More than 5 years Total 12,285.6 0.0 85,788.6 46,153.9 3,046.5 147,274.5 201,616.2 479,471.2 733,636.8 1,156,848.8 229,548.8 2,801,121.8 0.0 0.0 0.0 0.0 15,809.9 303,006.0 1,800,061.5 755,126.6 2,874,004.0 0.0 0.0 0.0 177,960.1 177,960.1 63,673.6 22,542.9 3,105.2 1,119.0 32.0 96.1 567.4 857.8 90,440.7 1,553.3 213,901.8 558,954.8 1,144,974.3 3,006,169.3 1,166,801.0 6,090,801.2 * The table shows the main asset and liability items; accordingly, this total is not equal to the total assets. The residual maturity breakdown as of 31. December 2024 was as follows: ASSETS BY RESIDUAL MATURITY in EUR thousand Cash and balances with central banks Loans and advances to banks Loans and advances to customers Securities Assets recognized at fair value through other comprehensive income Assets at fair value through profit or loss Other assets Repayable on demand Up to 3 months 3 months up to 1 year 1 to 5 years More than 5 years Total 933,219.9 49,625.5 0.0 228.4 0.0 0.0 0.0 0.0 0.0 0.0 933,219.9 49,853.9 57,832.6 30,226.6 226,501.6 1,178,671.6 846,367.8 2,339,600.3 0.0 16,088.1 47,645.3 310,016.3 250,176.0 623,925.7 1,614.0 31,022.9 180,543.5 1,044,333.4 589,772.8 1,847,286.5 0.0 1,959.2 5,218.4 4,576.1 51,561.8 343,065.3 168,006.4 567,851.9 3,810.9 129.5 129.5 10,605.1 Total* 1,044,251.1 87,360.5 510,063.1 2,876,216.2 1,854,452.5 6,372,343.4 * The table shows the main asset and liability items; accordingly, this total is not equal to the total assets.

140

140 FINANCIAL STATEMENTS LIABILITIES BY RESIDUAL MATURITY in EUR thousand Amounts owed to banks Amounts owed to customers Securitized liabilities Subordinated liabilities Other liabilities of which lease liabilities Total* Repayable on demand Up to 3 months 3 months up to 1 year 1 to 5 years More than 5 years Total 16,220.0 10,910.2 434.8 98,122.1 1,304.3 126,991.5 154,529.4 579,791.1 951,260.4 1,188,323.8 245,499.4 3,119,404.1 0.0 0.0 0.0 0.0 120,732.7 1,656,526.0 550,240.4 2,327,499.1 0.0 0.0 32,390.2 2,012.4 10,090.3 26,858.2 12,422.9 0.0 0.0 0.0 0.0 4,468.3 2,333.2 172,761.8 600,791.6 1,099,286.0 2,955,394.9 833,902.5 5,662,136.9 32,390.2 55,852.0 2,333.2 * The table shows the main asset and liability items; accordingly, this total is not equal to the total assets. 58. SUBORDINATED ASSETS As of 31. December 2025 subordinated assets in the amount of EUR 297,556.5 thousand (31/12/2024: EUR 519,659.7 thou- sand ) of which EUR 39,396.6 thousand (31/12/2024: EUR 113,763.2 thousand ) is reported under “Assets recog- nized at fair value through other comprehensive income” at EUR 165,342.1 thousand (31/12/2024: EUR 298,641.6 thou- sand ) of which is recognized in “Assets recognized at fair val- ue in profit or loss” at EUR 92,817.8 thousand (31/12/2024: EUR 107,254.8 thousand ) of which in “Assets at amortized cost”. 59. ASSETS ASSIGNED AS COLLATERAL 59.1. Collateralized derivatives Regarding collateralized derivatives, a distinction is made be- tween bilateral and cleared derivative contracts. Pursuant to EU Regulation 2016/2251, which entered into force on 1. March 2017, bilateral derivative contracts are subject to a collateralization requirement. Kommunalkredit complies with all requirements arising in this context. Based on ISDA/CSA ar- rangements and/or Austrian and German framework contracts/ collateral annexes, exclusively cash and cash equivalents (cash collateral) were deposited as collateral by Kommunalkredit with counterparties and/or received by Kommunalkredit from coun- terparties as of 31. December 2025. The positive and negative present values, calculated by counterparty, are offset against one another and the resulting aggregate net present value of the portfolio is put up or called by the respective counterparty taking collateral parameters into account (threshold, minimum transfer amount). Kommunalkredit uses the services of LCH (London Clearing House) and Eurex as the central counterparties via clearing bro- kers. Variation and initial margins are exchanged for cleared de- rivative contracts. Offsetting of all payment claims from the market values of de- rivatives and the repayment of collateral is not possible except in the event of counterparty default. There is no unconditional right of offset. 59.2. Collateralized funding Kommunalkredit has assigned securities as collateral for global loans and other funding received from the European Investment Bank in Luxembourg. The collateral taker has the right to realize the collateral only in the event of the debtor’s default. For covered bonds issued by Kommunalkredit, loans and securi- ties were assigned to a cover pool which can only be drawn on with the approval of a government commissioner. For funding obtained through participation in the ECB tender 31. December 2025 assets were provided as collateral, which the collateral taker has the right to realize only in the event of the debtor’s default. The following table shows the carrying amounts of derivatives and funding received and the corresponding financial collateral, bro- ken down by item in the statement of financial position. As none of the transactions meet the prerequisites for offsetting according to IAS 32, they are shown in gross amounts in the statement of financial position.

141

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 141 CARRYING AMOUNTS 31/12/2025 in EUR thousand Market values of derivatives according to ISDA/CSA arrange- ments and/or in central clearing Derivatives (positive current value) Derivatives (negative current value) Loans and advances to banks Loans and advances to customers Amounts owed to banks Amounts owed to customers European Investment Bank Amounts owed to banks Loans and advances to banks Covered bond issues Securitized liabilities Loans and advances to customers Assets at fair value through other comprehensive income Derivatives (positive current value) ECB tender Loans and advances to banks Loans advances to customers Assets at fair value through other comprehensive income Fair value of collaterized derivatives Funding received (-) Collateral receivd (-) and provided (+) Total 80,725.3 0.0 -54,693.2 26,032.0 163,722.9 -82,997.6 0.0 -3,046.5 -3,046.5 163,722.9 -82,997.6 24,068.7 36,497.1 -12,280.6 24,068.7 36,497.1 -12,280.6 -102,978.5 -102,978.5 5,121.0 5,121.0 2,074.5 -3,046.5 5,121.0 0.0 -1,393,330.4 1,674,556.4 281,226.1 -1,393,330.4 -1,393,330.4 1,061,998.7 1,061,998.7 612,129.1 612,129.1 428.6 428.6 0.0 0.0 656,902.2 656,902.2 0.0 0.0 656,902.2 656,902.2 0.0 0.0 Total 80,725.3 -1,396,376.8 2,281,886.4 966,234.8

142

142 FINANCIAL STATEMENTS The values as of 31. December 2024 are as follows: CARRYING AMOUNTS 31/12/2024 in EUR thousand Market values of derivatives according to ISDA/CSA arrange- ments and/or in central clearing Derivatives (positive current value) Derivatives (negative current value) Loans and advances to banks Loans and advances to customers Amounts owed to banks Amounts owed to customers European Investment Bank Amounts owed to banks Loans and advances to banks Covered bond issues Securitized liabilities Loans and advances to customers Fair value of collaterized derivatives Funding received (-) Collateral receivd (-) and provided (+) Total 33,313.7 0.0 -62,832.1 -29,518.4 151,343.3 -118,029.6 0.0 -3,478.3 -3,478.3 151,343.3 -118,029.6 13,846.5 26,850.1 -17,920.0 -85,608.7 1,756.8 -3,478.3 5,235.0 13,846.5 26,850.1 -17,920.0 -85,608.7 5,235.0 5,235.0 0.0 -1,540,646.7 1,508,826.7 -31,820.0 -1,540,646.7 -1,540,646.7 1,024,850.5 1,024,850.5 Assets at fair value through other comprehensive income Derivatives (positive current value) TLTRO/ECB tender Loans and advances to banks Loans advances to customers Assets at fair value through other comprehensive income 0.0 0.0 478,449.6 5,526.6 364,995.4 18,498.8 341,124.7 5,372.0 Total 33,313.7 -1,544,125.0 1,816,225.1 478,449.6 5,526.6 364,995.4 18,498.8 341,124.7 5,372.0 305,413.8 60. CONTINGENT LIABILITIES There were no contingent liabilities as of 31. December 2025. There were no liabilities arising from the lending business in the previous year either.

143

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 143 61. OTHER OFF-BALANCE-SHEET LIABILITIES The residual maturities of promissory commitments and unused lines of credit are as follows: RESIDUAL MATURITY in EUR thousand 31/12/2025 31/12/2024 Up to 1 year 1 to 5 years More than 5 years Total 432,222.0 676,715.2 5,441.9 1,114,379.0 144,538.8 790,080.9 18,967.0 953,586.7 In the financial year, Kommunalkredit closed the framework con- tracts for the fiduciary administration of loans with Trinity Invest- ments Designated Activity Company (Trinity) and a related party of Trinity. Kommunalkredit had 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. 62. DERIVATIVE FINANCIAL INSTRUMENTS Derivatives at Kommunalkredit mainly serve the purpose of hedg- ing interest rate and/or currency risks. The structure of open derivative financial transactions is as fol- lows: DERIVATIVE FINANCIAL INSTRUMENTS 2025 Nominalamount as of 31/12/2025 * Interest rate and/or currency swaps concluded to hedge interest rate and FX risks, not taken into account as hedges under IFRS 9. The bank does not have a proprietary trading portfolio. DERIVATIVE FINANCIAL INSTRUMENTS 2024 Nominalamount as of 31/12/2024 * Interest rate and/or currency swaps concluded to hedge interest rate and FX risks, not taken into account as hedges under IFRS 9. The bank does not have a proprietary trading portfolio. in EUR thousand Interest-related transactions OTC products: Interest rate swaps - trading* Interest rate swaps - fair value hedge Interest rate swaps - portfolio hedge Currency-related transactions OTC products: FX forward transactions Total in EUR thousand Interest-related transactions OTC products: Interest rate swaps - trading* Interest rate swaps - fair value hedge Interest rate swaps - portfolio hedge Currency-related transactions OTC products: FX forward transactions Total Residual maturity up to 1 year Residual maturity 1-5 years 557,972.8 2,937,802.3 Residual maturity more than 5 years 1,941,266.9 Total nomi- nal 2025 Positiv fair value Negative fair value 5,437,042.0 210,515.3 -125,434.3 140,141.3 193,484.6 137,671.0 471,296.9 8,398.5 -13,028.7 371,089.9 2,338,453.6 1,593,223.5 4,302,767.0 183,572.2 -101,231.3 46,741.6 405,864.0 210,372.5 662,978.1 18,544.6 -11,174.3 860,469.5 860,469.5 0.0 0.0 0.0 0.0 860,469.5 860,469.5 334.3 334.3 -4,726.5 -4,726.5 1,418,442.3 2,937,802.3 1,941,266.9 6,297,511.5 210,849.6 -130,160.8 Residual maturity up to 1 year Residual maturity 1-5 years 457,513.3 2,812,739.1 Residual maturity more than 5 years 1,778,948.2 Total nomi- nal 2024 Positiv fair value Negative fair value 5,049,200.6 188,135.6 -148,105.1 160,000.0 434,647.0 133,331.2 727,978.3 13,983.6 -20,072.1 187,466.7 2,101,793.3 1,397,873.1 3,687,133.1 152,315.8 -112,050.3 110,046.7 276,298.7 247,743.9 634,089.2 21,836.1 -15,982.7 746,423.3 746,423.3 0.0 0.0 0.0 0.0 746,423.3 746,423.3 56.0 56.0 -6,525.5 -6,525.5 1,203,936.6 2,812,739.1 1,778,948.2 5,795,623.9 188,191.5 -154,630.6

144

144 FINANCIAL STATEMENTS Derivatives with positive fair values of EUR 88,836.2 thousand (31/12/2024: EUR 63,971.4 thousand ) will fall due within one year, EUR 21,302.7 thousand (31/12/2024: EUR 50,496.2 thousand ) in one to five years and EUR 100,710.8 thousand (31/12/2024: EUR 73,724.0 thousand ) in over five years. Derivatives with negative fair values amounting to EUR -51,305.3 thousand (31/12/2024: EUR -53,339.4 thousand ) mature within one year, EUR -46,002.3 thousand (31/12/2024: EUR -55,381.7 thou- sand ) within one to five years, and EUR -32,853.2 thousand (31/12/2024: EUR -45,909.5 thousand ) in more than five years. Taking all positions into account, the positive fair value amounts to EUR 80,688.8 thousand (31/12/2024: positive fair value of EUR 33,560.9 thousand ), which is collateralized mainly through cash and cash equivalents according to ISDA/CDA arrangements. There are also options embedded in loans and/or own issues which are fully hedged through offsetting derivatives. Given the fact that the options are closely associated with their host contracts, they are recognized and measured together with the underlying transactions and not shown in the above table. The negative current values of these options embedded in loans and own issues amount to EUR 51,711.9 thousand (31/12/2024: EUR 38,294.9 thousand ). 63. FINANCIAL INSTRUMENTS IN HEDGE ACCOUNTING Financial instruments for which interest rate risk is hedged through derivative financial instruments are recognized as fair value hedges. The carrying amounts of these underlying trans- actions are as follows: CARRYING AMOUNTS in EUR thousand Assets Securities measured at amortized cost - fair value hedges Receivables from customers measured at amortized cost - fair value hedges Receivables from customers measured at amortized cost - portfolio hedges Financial assets at fair value through OCI - fair value hedges Financial assets at fair value through OCI - portfolio hedge Liabilities Amounts owed to customers - fair value hedges Amounts owed to customers - portfolio hedges Securitized liabilities - fair value hedges Subordinated liabilities - fair value hedges 31/12/2025 31/12/2024 722,255.4 416,420.1 76,002.2 152,380.7 223,001.1 98,933.6 669,260.2 2,673,268.2 148,024.8 205,138.6 873,654.8 93,591.9 127,079.6 240,266.5 98,384.8 471,109.1 2,327,524.1 32,390.2 The following table shows the cumulative hedge-related adjustments to the underlying transactions: HEDGE- RELATED ADJUSTEMNTS in EUR thousand Assets Securities measured at amortized cost - fair value hedges Loans and advances to customers - fair value hedges Loans and advances to customers - portfolio hedge Assets at fair value through OCI - fair value hedges Assets at fair value through OCI - portfolio hedge Liabilities Amounts owed to customers - fair value hedges Amounts owed to customers - portfolio hedges Securitized liabilities - fair value hedges Subordinated liabilities - fair value hedges 31/12/2025 31/12/2024 -41,865.8 -49,154.1 -1,942.1 578.7 -13,982.8 -4,882.4 1,654.0 -24,692.1 -13,668.9 -26,082.1 -29,822.7 -2,891.6 -1,156.1 -14,914.6 -5,430.2 6,727.7 -10,538.9 -9,341.0

145

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 145 The following table shows the maturity profile of the hedging instruments broken down by receiver and payer swaps: HEDGING INSTRUMENTS 31/12/2025 in EUR thousand Interest rate swaps - fair value hedge Receiver Nominal Payer Nominal Interest rate swaps - portfolio hedge Receiver Nominal Payer Nominal HEDGING INSTRUMENTS 31/12/2024 in EUR thousand Interest rate swaps - fair value hedge Receiver Nominal Payer Nominal Interest rate swaps - portfolio hedge Receiver Nominal Payer Nominal Residual maturity up to 1 year Residual maturity 1-5 years Residual maturity more than 5 years 309,365.9 61,724.1 46,741.6 0.0 2,020,269.8 318,183.9 328,596.7 77,267.3 609,012.4 984,211.0 89,089.2 121,283.3 Residual maturity up to 1 year Residual maturity 1-5 years Residual maturity more than 5 years 123,000.0 64,466.7 70,046.7 40,000.0 1,719,168.3 382,625.1 219,031.4 57,267.3 614,639.8 783,233.3 89,089.2 158,654.7 The following table shows the ineffectiveness of the hedging re- lationships recognized through profit or loss in the financial year 2025 and in the previous year for the designated hedging rela- tionships: INEFFECTIVITIES in EUR thousand Fair value hedge Portfolio hedge Ineffectivness recognized in profit and loss in 2025 Ineffectivness recognized in profit and loss in 2024 Recognition of ineefektiveness in P&L 1,158.0 100.8 -159.5 87.0 Gains and losses on financial assets and liabilities Gains and losses on financial assets and liabilities The change in fair value to measure ineffectiveness in the reporting period is as follows: CHANGE IN FAIR VALUE in EUR thousand Underlying transactions - fair value hedge Underlying transactions - portfolio hedge Interest rate swaps - fair value hedge Interest rate swaps - portfolio hedge 64. SUPPLEMENTARY DISCLOSURES PURSUANT TO § 59A AND § 64 OF THE AUSTRIAN BANKING ACT In line with its business strategy, Kommunalkredit does not engage in trading activities. Therefore, as in the previous year, Kommu- nalkredit had no trading portfolio as of 31. December 2025. In the statement of financial position are assets denominated in foreign currencies in the amount of EUR 767,274.2 thousand (31/12/2024: EUR 520,284.4 thousand ) included. Liabilities denominated in foreign currencies amounted to EUR 273,985.1 thousand at the reporting date (31/12/2024: EUR 280,693.5 thousand ). 1.1.-31.12.2025 1.1.-31.12.2024 -27,845.2 1,568.8 29,003.2 -1,728.3 -2,066.6 -5,354.2 2,167.4 5,441.3 Open currency positions are closed through corresponding swap contracts. Kommunalkredit’s open foreign currency position is continuously monitored and strictly limited; therefore, there are no material currency risks. The return on assets at the level of the Kommunalkredit Group, calculated as the consolidated profit for the year divided by total assets according to IFRS as of the reporting date, stands at 0.19 % (2024: 1.46 %).

146

146 FINANCIAL STATEMENTS 65. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES Fair value calculation (fair value hierarchy) 65.1. In general, the methods used to determine the fair value can be classified into the following three categories: Level 1: Quoted prices exist on an active market for identical as- sets or liabilities that the entity can access at the measurement date. In KA, quotes from Bloomberg or LSEG (former Reuters / Refinitiv) are used for this hierarchy level. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, are used in the valuation. This category includes the following pricing methods: Financial instruments recognized at fair value 65.2. The following table shows the breakdown of financial instruments recognized at fair value by category of financial instruments ac- cording to the fair value hierarchy: Quoted prices for similar assets or liabilities in active markets Quoted prices for identical or similar assets or liabilities in mar- kets that are not active Inputs other than quoted prices that are observable for the asset of liability, for example interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads Level 3: The input factors are unobservable inputs. This mainly includes prices that primarily are based on expert estimates and/ or do not contain directly observable data. Only assets of the infrastructure and energy portfolio are classified as level 3. For information on the definition of the parameters relevant for val- uation purposes, particularly credit risk premiums, see Note 12. CARRYING AMOUNTS FOR FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE in EUR thousand Assets Assets at fair value through other comprehensive income Assets at fair value through profit or loss Derivatives Liabilities Derivatives CARRYING AMOUNT FOR FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE in EUR thousand Assets Assets at fair value through other comprehensive income Assets at fair value through profit or loss Derivatives Liabilities Derivatives 31/12/2025 Total Level 1 Level 2 Level 3 5,268.1 1,021,528.9 0.0 0.0 37,597.8 210,849.6 0.0 130,160.8 945,725.4 534,879.8 0.0 0.0 1,972,522.4 572,477.6 210,849.6 130,160.8 31/12/2024 Total Level 1 Level 2 Level 3 5,372.0 851,423.2 0.0 0.0 47,944.3 188,191.5 0.0 154,630.6 990,491.3 519,907.5 0.0 0.0 1,847,286.5 567,851.9 188,191.5 154,630.6 A change in credit risk spreads by one basis point for the entire portfolio of Level 3 assets measured at fair value results in a mar- ket value effect as of 31. December 2025 of EUR 513.0 thousand (31/12/2024: EUR 577.0 thousand ); for a 20-basis-point change, the effect amounts to EUR 10,231.7 thousand (31/12/2024: EUR 11,458.3 thousand ) (positive when spreads decrease, nega- tive when spreads increase). Basis for calculating the sensitivities are the current credit risk premiums, which range from 109-ba- sis-points (senior) to 912-basis-points (junior). As of 31. December 2025 Kommunalkredit had Level 3 financial as- sets measured at fair value in the amount of EUR 1,480,605.2 thou- sand (31/12/2024: EUR 1,510,398.8 thousand ). The Level 3 classi- fication relates to infrastructure and energy financing and is based on the non-observability of the credit risk premiums required for the discounted cash flow method. The procedure for calculating the credit risk premiums is set out in detail in Note 12. in the current reporting period assets in the amount of EUR 37,920.7 thousand (31/12/2024: EUR 0.0 thousand ) were reclassified from Level 2 to Level 3. Changes in level classification are due to changes in the observability of credit spreads as input parameters in the period under review. Reclassifications from Level 3 are performed if spreads from comparable bonds or port- folios are available on the market for transactions. Should this information not or no longer be available for certain transactions, the transaction is classified as Level 3.

147

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 147 The following table shows a reconciliation table of financial assets recognized at fair value included in Level 3 of the measurement hierarchy: RECONCILIATION OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE THROUGH OCI in EUR thousand Amount at the beginning of a period Additions/disbursement Additions from level 2 Sold/redeemed Disbursements in level 2 Total gains and losses recognized in other comprehensive income recognized in profit or loss Amount at the end of a period RECONCILIATION OF FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE TROUGH P&L in EUR thousand Amount at the beginning of a period Additions/disbursement Additions from level 2 Sold/redeemed Disbursements in level 2 Total gains and losses recognized in profit or loss Amount at the end of a period Revenue from Level 3 instruments which is reported in the in- come statement under net interest income primarily relates to the 1.1.-31.12.2025 1.1.-31.12.2024 990,491.3 312,940.5 37,920.7 -397,618.0 0.0 435.3 1,555.5 945,725.4 716,764.3 495,151.0 0.0 -208,932.4 0.0 -11,653.4 -838.3 990,491.3 1.1.-31.12.2025 1.1.-31.12.2024 519,907.5 113,517.8 0.0 -75,016.3 0.0 -23,529.2 534,879.8 306,337.0 237,143.5 0.0 -33,800.0 0.0 10,227.0 519,907.5 amortization of fees in the lending business for instruments which are measured at fair value through other comprehensive income. 65.3. Financial instruments not recognized at fair value The breakdown of categories of fair values of financial instru- ments not measured at fair value is as follows: FAIR VALUES OF FINANCIAL INSTRUMENTS NOT RECOGNIZED AT FAIR VALUE in EUR thousand 31/12/2025 Total Level 1 Level 2 Level 3 Assets at amortized cost Loans and advances to credit institutions Loans and advances to customers Securities Liabilities at amortized cost Amounts owed to credit institutions Amounts owed to customers Securitized liabilities Subordinated liabilities 0.0 0.0 100,530.5 0.0 100,530.5 1,516,397.2 1,117,505.6 2,633,902.8 763,784.2 131,728.4 0.0 895,512.6 0.0 0.0 0.0 0.0 145,094.7 2,797,813.3 2,906,212.1 201,050.4 3,011.4 0.0 0.0 0.0 148,106.2 2,797,813.3 2,906,212.1 201,050.4

148

148 FINANCIAL STATEMENTS FAIR VALUES OF FINANCIAL INSTRUMENTS NOT RECOGNIZED AT FAIR VALUE in EUR thousand Assets at amortized cost Loans and advances to credit institutions Loans and advances to customers Securities Liabilities at amortized cost Amounts owed to credit institutions Amounts owed to customers Securitized liabilities Subordinated liabilities 31/12/2024 Total Level 1 Level 2 Level 3 49,790.1 0.0 0.0 49,790.1 1,345,615.6 1,003,769.6 2,349,385.2 0.0 0.0 466,547.7 145,186.6 0.0 611,734.3 0.0 0.0 0.0 0.0 124,112.0 3,114,531.2 2,330,275.6 39,235.7 3,420.0 0.0 0.0 0.0 127,532.0 3,114,531.2 2,330,275.6 39,235.7 In the current period under review assets in the amount of EUR 18,431.4 thousand (31/12/2024: EUR 0.0 thousand ) were converted from Level 2 into Level 3. The change in level classifi- cation was due to changes in the observability of credit spreads as input parameters during the period under review. Fair value of financial assets and liabilities 65.4. The following table shows a comparison between the carrying amounts and the fair values of those items in the statement of financial position which contain financial assets and liabilities: CATEGORIES: 31/12/2025 in EUR thousand Amortized cost At fair value through other comprehensive income At fair value through profit and loss Carrying amount Fair value Cash and cash equivalents Loans and advances to credit institutions Loans and advances to customers Securities Assets recognized at fair value through OCI Assets recognized through profit or loss Derivatives Total Amounts owed to credit institutions Amounts owed to customers Derivatives Securitized liabilities Subordinated liabilities Total 527,002.5 100,416.4 2,622,747.9 897,139.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,972,522.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 527,002.5 527,002.5 100,416.4 100,530.5 2,622,747.9 2,633,902.8 897,139.2 895,512.6 1,972,522.4 1,972,522.4 572,477.6 572,477.6 572,477.6 210,849.6 210,849.6 210,849.6 4,147,306.0 1,972,522.4 783,327.2 6,903,155.6 6,912,798.0 147,274.5 2,801,121.8 0.0 2,874,004.0 177,960.1 6,000,360.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 147,274.5 148,106.2 2,801,121.8 2,797,813.3 130,160.8 130,160.8 130,160.8 0.0 0.0 2,874,004.0 2,906,212.1 177,960.1 201,050.4 130,160.8 6,130,521.3 6,183,342.8

149

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 149 The values for the previous year are as follows: CATEGORIES: 31/12/2024 in EUR thousand Amortized cost At fair value through other comprehensive income At fair value through profit and loss Carrying amount Fair value Cash and cash equivalents Loans and advances to credit institutions Loans and advances to customers Securities Assets recognized at fair value Assets recognized through profit or loss Derivatives Total Amounts owed to credit institutions Amounts owed to customers Derivatives Securitized liabilities Subordinated liabilities Total 933,219.9 49,853.9 2,339,600.3 623,925.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1,847,286.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 933,219.9 933,219.9 49,853.9 49,790.1 2,339,600.3 2,349,385.2 623,925.7 611,734.3 1,847,286.5 1,847,286.5 567,851.9 567,851.9 567,851.9 188,191.5 188,191.5 188,191.5 3,946,599.8 1,847,286.5 756,043.4 6,549,929.8 6,547,459.5 126,991.5 3,119,404.1 0.0 2,327,499.1 32,390.2 5,606,284.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 126,991.5 127,532.0 3,119,404.1 3,114,531.2 154,630.6 154,630.6 154,630.6 0.0 0.0 2,327,499.1 2,330,275.6 32,390.2 39,235.7 154,630.6 5,760,915.5 5,766,205.2 The fair values are determined in accordance with the methodolo- gy and hierarchy described in Note 12. The maximum credit risk for each category of financial instruments corresponds to the carrying amounts shown in the table. The maximum credit risk for financial guarantees and irrevocable credit commitments corresponds to the nominal values of EUR 0.0 thousand (31/12/2024: 0.0) or EUR 1,114,379.0 thousand (31/12/2024: EUR 953,586.7 thou- sand ). 66. RISK MANAGEMENT In line with Kommunalkredit’s corporate objectives, business ac- tivities 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. 66.1. 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. 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.

150

150 FINANCIAL STATEMENTS 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 66.2. 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. 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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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 151 66.3. 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

152

152 FINANCIAL STATEMENTS Depending on the hedging target pursued, two economic steering circles are applied in the risk-bearing capacity calculation:  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. 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.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 153 66.4. Credit risk 66.4.1. 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. 66.4.2. 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).

154

154 FINANCIAL STATEMENTS 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. 66.4.3. Rating distribution, portfolio quality and concentration risk Total exposure of EUR 7,368.8 milllion (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 A AA+ AA AA- Total AA A+ A A- Total A BBB BBB+ BB B C D * BBB BBB- Total BBB BB+ BB BB- Total BB B+ 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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Project financing Utilities companies Austrian municipalities 4.05bn 582.5m (7.9%) 1,236.9m (16.8%) 1,051.7m (14.3%) -107.2m +183.7m -4.7m +43.6m & E R U T C U R T S A R F N Y G R E N E I E C N A N I F C I L B U P NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 155 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 Public sector entities 2.86bn 285.8m (3.9%) Int’l municipalities 1,524.8m (20.7%) +510.7m Banks/Insurance 0.46bn 459.0m (6.2%) Total Total 7,368.8m (100%) -78.7m +600m +941,1m Rating distribution 31/12/2024. Exposure in EUR m or % AAA AAA Total AA A AA+ AA AA- Total AA A+ A A- Total A BBB BBB+ BB B C D * BBB BBB- Total BBB BB+ BB BB- Total BB B+ 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%) 216.3m (3.4%) 252.7m (3.9%) 241.2m (3.8%) 37.7m (0.6%) 149.0m (2.3%) 618.5m (9.6%) 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%) 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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156 FINANCIAL STATEMENTS 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% 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 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 5.1% 22.5% 8.9% 31.7% 6.8% 5.2% 35.7% 26.2% 66.4.4. 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. 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). The organic separation of front office and back office is always observed.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 157

158

158 FINANCIAL STATEMENTS 66.4.5. 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). There was an exposure in the amount of EUR 375.0 million (31/12/2024: EUR 129.0 million) in default. 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. 66.4.6. 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). 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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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 159 66.4.7. 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). 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 12. 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. 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)

160

160 FINANCIAL STATEMENTS 66.5. 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. 66.5.1. 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 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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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 161 flows, future cash flows are determined on the basis of forward rates. 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, Cash flows as of 31/12/2025 (and 2024) 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. CASH FLOWS AS OF 31/12/2025 (and 2024) in EUR m Liabilities Liabilities at amortized cost Derivatives designated as hedging instruments Trading* 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 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 335.4 334.9 1,225.7 3,662.1 2,022.2 403.1 308.5 1,199.4 3,391.1 1,785.8 7,580.2 7,087.9 2.2 15.0 28.8 116.3 64.5 226.8 2.6 16.9 30.8 119.8 134.7 304.9 231.3 300.3 59.3 12.1 - 67.9 40.2 5.1 10.9 1.0 603.0 125.2 * The derivatives are not formally embedded in a micro hedge as defined in IFRS, but serve for risk management at portfolio level. 66.5.2. Reporting to the Executive Board and the Supervisory 66.5.4. Management of the operational and structural 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. 66.5.3. 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 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:

162

162 FINANCIAL STATEMENTS Liquidity as of 31/12/2025 (and 2024): 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 Available liquidity Liquidity position 31/12/2025 31/12/2024 31/12/2025 31/12/2024 31/12/2025 31/12/2024 664.6 105.3 305.4 1,075.4 953.1 648.3 -738.9 862.6 502.3 10.8 72.9 585.9 352.0 1,166.9 17.2 87.7 116.1 378.3 456.8 1,661.2 1,305.1 665.5 -651.2 1,319.4 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. 66.6. 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. 66.6.1. 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). 66.6.2. 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). 66.6.3. 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.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 163 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. 66.6.4. 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). 66.7. 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 66.6.5. 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. December 2025 (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 right to call). As of 31. December 2025 there were no P&L-relevant option price risks. 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. 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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164 FINANCIAL STATEMENTS Crisis workplace/ working from home IT- Infrastructure Security architecture Tele- communication Processes Data centre range Anti-fraud activities Organisation Disaster recovery test Outsourcing 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. 66.8. 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 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. 66.9. 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. 66.10. 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- it, an internally developed “ESG/Sustainability Check”, which is a three-stage process, has been applied for many years. 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.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 165 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. 67. STRUCTURED UNITS The Kommunalkredit Group has holdings in Fidelio KA Infrastruc- ture Debt Fund Europe 1, a non-consolidated structured entity in the form of a closed investment fund. The fund offers institutional investors diversified access to the bank’s infrastructure pipeline in the field of European infrastruc- ture and energy financing. Kommunalkredit exerts influence on the fund in its role as gen- eral partner, asset sourcer and asset servicer. As asset sourcer, Kommunalkredit is entitled to propose investments for the fund within the framework of the investment guidelines. An independ- ent investment advisor and an externally appointed, independ- ent investment fund manager subsequently review and make a decision regarding the proposal. Kommunalkredit is under no obligation to take back the assets transferred to the fund (for ex- ample, in the case of non-performance). To support the success- ful market launch of the first fund, Kommunalkredit subscribed shares in the fund itself upon its launch. As of 31. December 2025 the stake held by Kommunalkredit amounted to an insignificant 8.5 % (31/12/2024: 8.5 %). Furthermore, in 2025 income from distribution and fees of EUR 327.9 thousand (1/1-31/12/2024: EUR 886.7 thousand ) was booked. The shares in the structured unit are recognized as financial instruments in the category “As- sets at fair value through profit or loss”. As at 31. December 2025 the shares in the structured unit are shown in the consolidated statement of financial position as fol- lows: CARRYING AMOUNTS in EUR thousand Assets at fair value through profit or loss NOMINAL in EUR thousand Nominal value of shares held by Kommunalkredit 31/12/2025 31/12/2024 20,455.6 21,168.9 31/12/2025 31/12/2024 20,953.6 21,921.7 The maximum amount in relation to potential losses on the shares in the structured unit amounts to 31. December 2025 EUR 20,455.6 thousand (31/12/2024: EUR 21,168.9 thousand ). This represents the current share held by Kommunalkredit in the net asset value (NAV) of the investment fund. 68. LEGAL RISKS 70. DATE OF RELEASE FOR PUBLICATION 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 Kommunalkred- it Austria AG. However, Kommunalkredit Austria AG has made appropriate provisions for legal proceedings, taking into account legal risk assessments. These consolidated financial statements as well as the separate annual financial statements of Kommunalkredit were signed by the Executive Board on 17 February 2026. Both the Supervisory Board (26 February 2026) and the Annual Shareholders’ Meeting (26 February 2026) can make amendments to the separate annual financial statements, which in turn can have an impact on these consolidated financial statements. 69. OTHER OBLIGATIONS Other obligations Pursuant to § 2 (3) of the Austrian Deposit Guarantee and De- positor Indemnification Act, Kommunalkredit is obliged to under- take proportional safeguarding of deposits within the framework of the deposit guarantee regime of Einlagensicherung AUSTRIA Ges.m.b.H., Vienna. 71. EMPLOYEE DISCLOSURES The Kommunalkredit Group had from 1 January to 31. December 2025 on average 458 employees (1/1-31/12/2024: 395) including the Executive Board; of them 282 (1/1-31/12/2024: 237) were working in banking operations and 177 (1/1-31/12/2024: 158) were working for KPC. Part-time employees are weighted accord- ing to the extent of employment. As of the reporting date 31. December 2025 the Kommunalkredit Group had 455 employees (31/12/2024: 410) including the Execu- tive Board; of them 288 (31/12/2024: 254) were working in bank- ing operations and 167 (31/12/2024: 155) were working for KPC.

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166 FINANCIAL STATEMENTS 72. RELATED PARTY DISCLOSURES Ownership structure / transactions with owners NAME OF THE COMPANY Satere Beteiligungsverwaltungs GmbH Relationship with Kommunalkredit Controlling parent Registered office Vienna, Austria, Comp.Reg. no 428981f 99,80% in Kommunalkredit Satere Beteiligungsverwaltung GmbH (Satere) owns 99.8% of Kommunalkredit Austria AG, with a stake of 0.2% held by the As- sociation of Austrian Municipalities. Satere is indirectly owned by funds and investment companies managed by Altor Fund Manag- er AB (80.2%), as well as by minority investors. Other receivables include EUR 28.7 thousand (31/12/2024: EUR 218.8 thousand ) to Green Opera Finance Invest AB. In the current year, Kommunalkredit closed the framework con- tracts for the fiduciary management of loans with Trinity Invest- ments Designated Activity Company (Trinity) and a related party of Trinity. Kommunalkredit had 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. Through the fiduciary management of these transactions, 2025 fee and commission income in the amount of EUR 299.4 thousand (1/1-31/12/2024: EUR 804.1 thou- sand) was generated; 31. December 2025 no open bal- ances are reported under “Other assets” (31/12/2024: EUR 182.8 thousand). Tax group With effect from 2016, a tax group pursuant to § 9 of the Austrian Corporate Income Tax Act (KStG) was formed, with Satere as the group parent. Group members include 31. December 2025 Kom- munalkredit, die Kommunalkredit Public Consulting GmbH, KA Florestan GmbH and KA Florestan Hydrogen GmbH. Transactions with key management personnel Key management personnel are people with direct or indirect authority and responsibility for the planning, management and supervision of activities at Kommunalkredit. Kommunalkredit considers the members of the Executive Board and the Supervi- sory Boards to be key management personnel. The following table shows the total remuneration earned by members of the Executive Board and the Supervisory Board: TOTAL REMUNERATION in EUR thousand Active Executive Board members Active Supervisory Board members Total The amounts reported under total remuneration of active Exec- utive Board members consist of amounts falling due on a short- term basis. Additionally, long-term benefits of EUR 6,671.1 thou- sand (2024: EUR 9,068.2 thousand ) as specified in the remuner- ation manual (deferrals of variable remuneration) pursuant to § 39b of the Austrian Banking Act exist. In the financial year 2025 no payments were made to a pension fund for active Executive Board members as in the previous year. 31/12/2025 31/12/2024 3,532.8 389.0 3,921.9 5,305.9 838.2 6,144.1 As of 31. December 2025 as in the previous year, there were no outstanding loans/advances owed to members of the Executive Board or to members of the Supervisory Board, and there were no liabilities with Kommunalkredit for them either. As of 31 December 2024, a company attributable to the sphere of influence of a former member of the Management Board of Kom- munalkredit and a close relative held a 25.1% stake in Fidelio KA Beteiligung GmbH. This stake was taken over by Kommunalkredit in March 2025, and it now holds all shares in Fidelio KA Beteili- gung GmbH. Fidelio KA Beteiligung GmbH was established for the purpose of acquiring and holding participating interests, among others in the fields of business of alternative investment funds, asset management and advisory; it holds participating interests in Fidelio KA Investment Advisory GmbH and Fidelio KA Infrastruc- ture Opportunities Fund GB S. à r. l.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 167 pensions, statutory contributions to a staff pension plan and pay- ments into a pension fund: 31/12/2025 31/12/2024 557.6 1,225.0 1,782.6 -235.3 2,017.9 386.5 1,186.2 1,572.8 -323.3 1,896.0 Expenses for severance pay and pensions Expenses for severance pay and pensions include pension and severance payments, changes in provisions for severance pay and EXPENSES FOR SEVERANCE PAY AND PENSIONS in EUR thousand Executive Board members and senior employee Other employees Total of which recognized in equity (change in provisions due to actuarial gains/losses) of which recognized in general administrative expenses 73. DISCLOSURE PURSUANT TO PART 8 CRR 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”.

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168 74. DISCLOSURES RELATING TO THE BOARDS OF THE BANK FINANCIAL STATEMENTS Members of the Executive Board Members of the Supervisory Board State Representative Philip Schweizer State Representative, Federal Ministry of Finance Marion Stiastny 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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AUDITOR’S REPORT 169 Auditor’s Report REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS Audit Opinion We have audited the consolidated financial statements of Kommunalkredit Austria AG, Vienna, Austria, and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as at December 31, 2025, and the consolidated income statement and consolidated statement of comprehensive income, consoli- dated statement of changes in equity, consolidated statement of cash flows for the year then ended and the Notes to the consolidated financial statements. In our opinion, the consolidated financial statements comply with the legal requirements and present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2025, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with the IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) as adopted by the EU, and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) as well as Section 59a BWG (Austrian Banking Act). Basis for our Opinion We conducted our audit in accordance with the Regulation (EU) No. 537/2014 (“EU-Regulation”) and Austrian Stand- ards 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 audited Group in accordance with Austrian company law and pro- fessional 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 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, however, we do not provide a separate opinion thereon. Valuation of loans and advances to customers accounted at amortized cost The Management Board describes the procedure for recognizing loan loss provisions in the notes to the consolidated financial statements section 9 “Risk provisions”. Risk for the Consolidated Financial Statements The loans and advances to customers amount to EUR 2.6bn 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 recoveries. This analysis reflects the assessment of the economic situation and development of the individ- ual 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.

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170 FINANCIAL STATEMENTS 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. 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 Response 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 customers 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 conclusiveness, 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 uncol- lectible 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 methodology 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. Valuation of loans and advances to customers accounted at fair value The Management Board explains the procedure for the calculation of the fair value including financial instruments in the notes to the consolidated financial statements section 12 “Fair value calculation”. Risk for the Consolidated Financial Statements The loans and advances to customers valuated at fair value are shown at the balance sheet positions “Assets at fair value through profit or loss” and “Assets recognized at fair value through other Comprehensive Income” and an amount of EUR 2.5bn. The risk for the financial statements is that the valuation of fair values of the loans and advances using valuation parameters that are not observable on the market (Level 3-category), such as credit spreads is subject to discretion due to the strong dependence on valuation models and parameter estimates. Our Response We have performed the following audit procedures regarding the fair value valuation with the involvement of our valuation specialists: We have assessed the classification process and whether it is suitable to ensure an appropriate classification according to the provisions of IFRS. In this regard we also tested key controls with regard to design and implemen- tation by inspecting the control documentation and tested their effectiveness on a sample basis. We have further analyzed the processes related to the determination of fair values of loans and assessed whether they are appropriate to determine the fair values appropriately. We also tested key controls with regard to their design and implementation, by inspecting the control documentation, and tested their effectiveness on a sample basis. 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. On the basis of test cases, we examined loans and advances to customers from different portfolios recognized at fair value to determine whether the calculation parameters and assumptions used in the valuation were appro- priately determined and documented in a comprehensible manner. Furthermore, we checked for these test cases whether the calculation of the fair value was mathematically correct.

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AUDITOR’S REPORT 171 Other Information Management is responsible for other information. Other information is all information provided in the annual report, other than the consolidated financial statements, the group management report and the auditor’s report. Our opinion on the consolidated 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 consolidated 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 Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the IFRS Accounting Standards as adopted by the EU and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) and Section 59a BWG and for such internal controls as management determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Management is also responsible for assessing the Group’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 Group or to cease operations, or has no realistic alternative but to do so. The audit committee is responsible for overseeing the Group’s financial reporting process. Auditor’s Responsibilities Our objectives are to obtain reasonable assurance about whether the consolidated financial statements taken as a whole, are free from material misstatements, 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 the EU-Regulation and with Austrian Standards on Auditing (and there- fore ISAs), will always detect a material misstatement, if any. Misstatements may result from 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 consolidated financial statements. As part of an audit in accordance with the EU-Regulation and with Austrian Standards on Auditing, which require the application of ISA, we exercise professional judgment and maintain professional skepticism throughout the audit. Moreover: We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error, we design and perform audit procedures responsive to those risks and obtain sufficient and ap- propriate 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 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 Group’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 Group’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 consolidated 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 Group to cease to continue as a going concern.

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172 FINANCIAL STATEMENTS We evaluate the overall presentation, structure and content of the consolidated financial statements, including the notes, as well as whether the consolidated financial statements represent the underlying business transactions and events in a manner that achieves fair presentation. We plan and conduct the audit of the consolidated financial statements in order to obtain sufficient appropriate audit evidence on the financial information of the components within the Group, in order to form an audit opinion. We are responsible for directing, supervising and reviewing the audit activities carried out for the purposes of auditing the consolidated financial statements. We remain solely responsible for our audit opinion. 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 signif- icance 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 because the negative consequences of doing so would reasonably be expected to outweigh the public benefits of such communication. Report on Other Legal Requirements Group Management Report In accordance with Austrian company law, the group management report is to be audited as to whether it is con- sistent with the consolidated financial statements and prepared in accordance with the applicable legal require- ments. Management is responsible for the preparation of the group management report in accordance with Austrian company law and other legal or regulatory requirements. We have conducted our audit in accordance with generally accepted standards on the audit of group management reports. Opinion In our opinion, the group management report is consistent with the consolidated financial statements and has been prepared in accordance with legal requirements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate. Statement Based on our knowledge gained in the course of the audit of the consolidated financial statements and our under- standing of the Group and its environment, we did not note any material misstatements in the group management report.

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AUDITOR’S REPORT 173 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 consolidated 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 31 December 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 Consolidated Financial Statements” section of our report is consistent with our additional 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 ensured 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 consolidated financial statements together with our auditor’s opinion may only be published if the consolidated financial statements and the group 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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174 FINANCIAL STATEMENTS

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STATEMENT BY THE LEGAL REPRESENTATIVES 175 Statement by the Legal Representatives KOMMUNALKREDIT GROUP Consolidated Financial Statements 2025 We hereby confirm to the best of our knowledge that the consolidated 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 Group, that the Management Report presents the development of business, the results and the position of the Group in such a way that it conveys a true and fair view of the assets, the financial position and the income of the Group, and that the Management Report describes the material risks and uncertainties to which the Group 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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INFRA BANKING EXPERTS