Winding-up activities are the EAA’s main focus

Fiscal year 2025 proved successful for the EAA. As in previous years, the winding-up activities were focused on measures for reducing the portfolio ahead of schedule and an active participation management. The portfolio of loans and securities was reduced by EUR 0.8 billion to EUR 4.9 billion as of 31 December 2025 and the notional volume in the trading portfolio declined by EUR 2.4 billion to EUR 42.7 billion.

The EAA reported a negative result after taxes of EUR -3.0 million. This reflects the fact that earnings are bound to decline at the well-advanced stage of the portfolio wind-up and the administrative expenses can no longer be offset in full.

Against this backdrop, it is clear that the project aimed at the efficient further development, optimisation and streamlining of administrative processes, and which was successfully completed in 2024, represents an important milestone on the way to substantially reducing administrative expenses. The EAA therefore remains positioned as a lean management unit with its key functions of monitoring, managing and decision-making. It has also created a flexible cost structure, which is essential for fulfilling the wind-up mandate in a cost-efficient manner.

At the end of 2024, the EAA stakeholders – the State of North Rhine Westphalia, the North Rhine Westphalian Savings Banks and Giro Associations as well as the Regional Associations – had asked the Managing Board to carry out a breakdown of the concept as part of the project launched in fiscal year 2024 on the strategy options for a possible premature termination of the EAA. The Managing Board met the request to submit such a concept paper at the end of 2025. The objective is to reach a decision on the future of the EAA on this basis from the start of 2026 at the level of the stakeholders with the involvement of their governing bodies.

The EAA can continue to draw on a solid risk buffer to wind up the remaining portfolio. Its equity as of 31 December 2025 amounted to a good EUR 648 million. The buffer of equity, equity capital drawing limit and risk provisions in relation to the remaining portfolio increased further by 3.2 percentage points to 26.1% compared to year-end 2024. This underlines the fact that the rapid pace of reduction did not impair the substance of the portfolio.

The Managing Board would like to thank the EAA’s employees for their commitment and performance in the past fiscal year. This is particularly relevant against the backdrop of the continuous reduction in the number of employees, which reflects the ongoing portfolio wind-up and the EAA’s target vision of being a lean management unit. It also means an extraordinary commitment for the remaining employees.