RBI: Preliminary results 2025

Raiffeisen Bank International’s (RBI) consolidated profit rose 48 per cent to EUR 1.443 billion in its core group, i.e. excluding its business in Russia, in 2025. Net interest income rose by 1 per cent to EUR 4,184 million, while net fee and commission income increased by 9 per cent to EUR 2,002 million, based ongrowth in most of RBI's markets, particularly in Romania, Hungary, and the Czech Republic. Loan growth was 6 per cent year-on-year, especially in the fourth quarter of 2025 where it accelerated in all countries of the group, and in particular in head office.

• "The excellent business results for 2025 once again demonstrate RBI's earnings strength. Allour core markets performed very well," said RBI CEO Johann Strobl.

CET1 ratio of 15.5 per cent

RBI's common equity tier 1 (CET1) ratio excluding Russia stood at 15.5 per cent at the end of 2025. In calculating this figure, RBI assumes a worst-case scenario in which it must deconsolidate Raiffeisenbank Russia and loses its entire equity in the process. At 15.5 per cent, this represents a significant strengthening of RBI’s capital position compared to 13.1 per cent (including the Russian equity) prior to the start of the war.

Dividend proposal: EUR 1.60 per share

• “In view of the very solid results for the 2025 financial year, the Management Board willpropose a dividend of EUR 1.60 per share to the Annual General Meeting on 9 April 2026,” explained Strobl.

If the Annual General Meeting approves this proposal, this would represent an increase of 45 per cent year-on-year.

Risk costs significantly reduced

The loan book quality remains excellent with an NPE ratio of 1.7 per cent at the end of 2025. At EUR192 million, risk costs for the core group were around EUR 100 million lower than in the previous year.

• “The quality of our loan portfolio remains very stable. The ratio of non-performing exposures to total exposures is at a historic low. As the market environment continues tobe volatile and geopolitical tensions persist, we continue to execute on our forward-lookingrisk policy,” stated RBI Chief Risk Officer Hannes Mösenbacher

Further reduction of business in Russia

The loan book at Raiffeisenbank Russia shrank by 60 per cent since the start of the war. Customer deposits also declined significantly (down 40 per cent since February 2022) due to decisive measures– for example, customers no longer receive interest on their deposits. All business reduction targetswere met in 2025 and the restrictions will remain in force in 2026.

In the fourth quarter, the Russian business was further impacted by litigation charges brought by Rasperia. These will be added to RBI’s claim for damages in Austria, bringing the total value of RBI’sclaim to EUR 2.4 billion.

2026: Growth driven by consumption and investment

The year 2025 was marked by geopolitical uncertainties, not least due to increased US tariffs. As a result, export-oriented Western European countries such as Germany and Austria continued to experience economic headwinds. In most economies in Central and Southeastern Europe, activity inthe industrial sector was rather weak while services momentum was solid. Raiffeisen Research expects consumption and to an increasing extent investment to drive GDP growth in 2026. Consumer demand should benefit from robust labor markets, while EU funds, defense and Germanin frastructure spending are expected to boost investment. Most Central and Southeastern European markets should continue to experience elevated inflation due to services and food prices. Accordingto Raiffeisen Research, the ECB will leave key interest rates unchanged. In Central and Southeastern European countries, which face interest rate levels significantly above the euro level, rate cuts are expected in 2026.

Outlook 

The following guidance refers to RBI excluding Russia:

• In 2026, net interest income is expected to be around EUR 4.4 billion, and net fee andcommission income around EUR 2.1 billion.
• RBI expects loans to customers to grow by around 7 per cent.
• RBI expects general administrative expenses of around EUR 3.6 billion, which should result in a cost/income ratio of around 52.5 per cent.
• The provisioning ratio – before taking overlays into account – is expected to be around 35 basis points.
• The consolidated return on equity is expected to be around 10.5 per cent in 2026 (expenses and provisions for legal disputes in connection with foreign currency loans in Poland are included here).
• At the end of 2026, RBI expects a CET1 ratio of above 15 per cent*.
• In the medium term, RBI is aiming for a consolidated return on equity of at least 13 per cent excluding Russia and excluding expenses and provisions for litigation related to foreign currency loans in Poland.

        Any decision on a dividend distribution will depend on the capital position of the group excluding Russia.

        *Assuming deconsolidation of the Russian entity at a price/book value ratio of zero.