grenke increases Group earnings in the first half of 2026

• Group earnings rise to EUR 32.6 million in the first half of 2026 (Q1–Q2 2025: EUR 26.2 million); return on equity improves to 4.6% (Q1–Q2 2025: 3.8%)
• Leasing new business in H1 2026 at EUR 1,644.9 million, exceeding the previous year’s level (Q1–Q2 2025: EUR 1,622.0 million)
• Cost-income ratio improved significantly to 51.6% (Q1–Q2 2025: 56.4%)
• Loss rate remains at an elevated level of 2.0% (Q1–Q2 2025: 1.7%)
• 2026 guidance unchanged: Group earnings of between EUR 74 and EUR 86 million; leasing new business expected in the lower range of EUR 3.4 to EUR 3.6 billion

Baden-Baden, August 13, 2026: grenke AG, a specialist in small-ticket leasing, achieved Group earnings of EUR 32.6 million in the first half of the 2026 financial year (Q1–Q2 2025: EUR 26.2 million), representing an increase of 24.8 percent compared with the same period last year. This earnings growth is primarily attributable to a strong rise in operating income of 11.0 percent to
EUR 352.6 million (Q1–Q2 2025: EUR 317.8 million), coupled with a significantly lower increase in costs of 1.5 percent to EUR 181.9 million (Q1–Q2 2025: EUR 179.2 million). Accordingly, the operating result before settlement of claims and risk provision rose significantly by 23.2 percent to EUR 170.7 million in the first half of 2026 (Q1–Q2 2025: EUR 138.5 million). The cost-income ratio (CIR), also improved significantly to 51.6 percent (Q1–Q2 2025: 56.4 percent). At 2.0 percent, the loss rate remained at an elevated level in the first half of the year due to the continuing uncertainty in the overall situation and high insolvency figures in our markets (Q1–Q2 2025: 1.7 percent).

Dr Sebastian Hirsch, CEO of grenke AG: “Our income is growing faster than our costs. This is no flash in the pan, but the result of disciplined work and fundamental improvements that are increasingly taking effect. This gives us the flexibility we need in a challenging environment: we can offset the persistently high risk burden while steering our new business with the necessary discipline and composure. We remain on track.”

Despite a challenging market situation, grenke was also able to increase leasing new business by 1.4 percent to EUR 1,644.9 million (Q1–Q2 2025: EUR 1,622.0 million). The contribution margin 2 (CM2) – a key indicator of profitability – stood at EUR 260.8 million (Q1–Q2 2025: EUR 280.7 million). This resulted in a CM2 margin of 15.9 percent, which was below the previous year’s figure (Q1–Q2 2025: 17.3 percent). The decline in the CM2 margin is primarily attributable to the usual time lag between interest rate movements and the adjustment of lending terms. The above-average CM2 margin level in the first half of the previous year marks the source of a significant base effect, as our lease conditions have since gradually been aligning with falling market interest rates. Beyond the level of interest rates, the CM2 margin reflects other factors such as the currently higher-than-expected defaults and the further increase in loss levels resulting from global uncertainty.

Key figures at a glance (in EUR million)

  Q2 2026 Q2 2025 ∆ in % Q1–Q2 2026 Q1–Q2 2025 ∆ in % Leasing new business 858.5 867.4 -1.0 1,644.9 1,622.0 1.4 CM2 margin of leasing new business
in % 15.6 17.1 -1.5pp 15.9 17.3 -1.4pp Group earnings 17.1 16.0 7.1 32.6 26.2 24.8 Earnings per share in euro 0.37 0.36 2.8 0.40 0.34 17.6 Cost-income ratio in % 50.6 56.1 -5.5pp 51.6 56.4 -4.8pp Loss rate in % 2.1 1.7 0.4pp 2.0 1.7 0.3pp RoE after taxes in % 4.8 4.6 0.2pp 4.6 3.8 0.8pp Average number of employees in full-time equivalents (FTEs) 2,360 2,315 1.9 2,362 2,306 2.4

	Jun. 30, 2026	Dec. 31, 2025	∆ in %
Equity ratio in %	15.4	15.6	-0.2pp

^{Note: Rounding differences may occur in individual figures compared to the actual EUR amounts.}

Dr Martin Paal, CFO of grenke AG: “In the first half of 2026, we were able to significantly improve our cost-income ratio to 51.6 percent. This is primarily because our strict cost discipline and our measures to increase process efficiency are showing effect. Both have contributed significantly to our increase in earnings. Also worth highlighting are our successful refinancing operations, such as our first bond issue in Canadian dollars, which provide a stable foundation for our new business target.”

Leasing new business development maintained at a solid level
In its core leasing market of Germany, grenke achieved the strongest growth in the first half of 2026, at 7.8 percent, reaching a volume of EUR 332.8 million (Q1–Q2 2025: EUR 308.6 million). The other top five countries – measured by the volume of new business concluded – include France, Italy, Spain and the UK. Together, these five markets accounted for around two-thirds of the grenke Group’s total leasing new business in the first half of 2026 (Q1–Q2 2025: around 64 percent).

The region with the highest volume was Western Europe (without DACH), which rose by 3.0 percent to EUR 429.1 million (Q1–Q2 2025: EUR 416.4 million), followed by Southern Europe, which grew by 3.1 percent to EUR 422.3 million (Q1–Q2 2025: EUR 409.4 million). Next came DACH, with growth of 7.5 percent to EUR 404.8 million (Q1–Q2 2025: EUR 376.6 million). The Other Regions grew by 3.3 percent to EUR 115.5 million in the first half of the year (Q1–Q2 2025: EUR 111.8 million), with the future core markets USA and Canada in particular achieving significant growth. Northern/Eastern Europe recorded a decline compared with the same period last year, at EUR 273.2 million (Q1–Q2 2025: EUR 307.8 million). This was due to the expiry of subsidies for eBikes in Finland in the second half of 2025 and consequently a high basis for comparison in the same period last year, deliberate management measures in Denmark and Sweden, and generally cautious investment behaviour due to the overall geopolitical situation. In total, the performance in the Northern/Eastern Europe region was offset, meaning that the grenke Group’s leasing new business grew by 1.4 percent to EUR 1,644.9 million in the first half of the year (Q1–Q2 2025: EUR 1,622.0 million).

In the first half of 2026, the largest object category remained IT devices, accounting for 27.2 percent of the total number of contracts concluded. This category primarily comprises laptops, IT equipment and software. The share of direct customer business in total leasing new business rose to 18.5 percent in the first half of the year (Q1–Q2 2025: 17.4 percent). The number of leasing applications in the first half of the year stood at around 349,000, slightly above the previous year’s figure (Q1–Q2 2025: around 347,000). Around 165,000 new leasing contracts were concluded in the first half of the year (Q1–Q2 2025: around 164,000). The conversion rate of 47.4 percent was in line with the customary business range (Q1–Q2 2025: 47.4 percent). The average ticket size amounted to EUR 9,948 (Q1–Q2 2025: EUR 9,864).

Operating income grows significantly – driven by a robust portfolio
Interest income rose by EUR 33.3 million to EUR 358.1 million in the first half of 2026 (Q1–Q2 2025: EUR 324.8 million). During the same period, interest expenses related to the refinancing of the leasing business rose by EUR 19.2 million to EUR 143.2 million (Q1–Q2 2025: EUR 124.0 million). As a result, net interest income – the net difference between interest income and interest expense – was 7.0 percent above the previous year’s figure at EUR 214.9 million (Q1–Q2 2025: EUR 200.8 million). As a result of the significant growth in interest income, as well as profit from service business and gains from disposals, total operating income increased by EUR 34.8 million to EUR 352.6 million (Q1–Q2 2025: EUR 317.8 million).

Improved cost-income ratio thanks to strict cost discipline and efficiency gains
At EUR 181.9 million (Q1–Q2 2025: EUR 179.2 million), operating expenses were only EUR 2.7 million higher than in the same period of the previous year, of which EUR 107.8 million was attributable to staff costs (Q1–Q2 2025: EUR 104.6 million). Group-wide cost discipline, combined with strong income growth, resulted in increased operating profitability in the first half of 2026 and thus a significantly improved cost-income ratio of 51.6 percent compared with the previous year (Q1–Q2 2025: 56.4 percent).

Continued high level of insolvencies and high loss rate
Due to the persistently high number of insolvencies and defaults resulting from the strained overall macroeconomic and geopolitical situation, the result from the settlement of claims and risk provision declined in the first half of the year to EUR -118.6 million (Q1–Q2 2025: EUR -94.7 million). Accordingly, the loss rate (expenses for the settlement of claims and risk provision in relations to leasing volume) stood at 2.0 percent in the first half of the year (Q1–Q2 2025: 1.7 percent).

Subsequently, operating result nevertheless rose significantly by EUR 8.9 million to EUR 45.4 million (Q1–Q2 2025: EUR 36.5 million).

Significant increase in profit driven by improved profitability despite high loss level
As a result of strong operating income and a stable cost structure, against a backdrop of a persistently high loss levels, Group earnings grew significantly by EUR 6.4 million to EUR 32.6 million in the first half of 2026 (Q1–Q2 2025: EUR 26.2 million). This also led to an improvement in the return on equity (RoE) after taxes to 4.6 percent in the first half of 2026, up from 3.8 percent in the first half of the previous year.

First Canadian dollar bond successfully placed
Following the issue of its first Australian dollar bond in the third quarter of 2025, grenke successfully issued its first CAD bond on the Canadian capital market at the end of May 2026. The issue, with a nominal value of CAD 100 million, is intended to refinance local leasing new business and underlines the importance of Canada as one of the future core markets. Alongside capital market refinancing, the grenke Bank’s deposit business, receivables-based refinancing through asset-backed commercial paper (ABCP) programmes, and external bank funding provide a solid refinancing base to support our future leasing new business growth ambitions.

Lease receivables show steady growth; equity ratio remains stable
As a result of leasing new business, lease receivables rose to EUR 7.7 billion at the end of the second quarter of 2026 (December 31, 2025: EUR 7.3 billion). The equity ratio stood at 15.4 percent as at June 30, 2026 (December 31, 2025: 15.6 percent), and was thus within expectations of around 15 percent.

2026 guidance unchanged
For the 2026 financial year, grenke continues to expect Group earnings in the range of EUR 74 million to EUR 86 million. Given the current, persistently challenging environment, the Board of Directors anticipates that leasing new business volume is likely to reach the lower end of the forecast range of EUR 3.4 billion to EUR 3.6 billion. The focus for the coming years will be on profitability and, consequently, on achieving a return on equity after taxes of 10 percent by 2030.

The Half-year Financial Report 2026 is available on our website at Reports & Presentations.

All dates relating to the 2026 financial year are available on the website under the section Financial calendar.

Further information can be obtained from

About grenke
For nearly 50 years, grenke has been a global specialist and market leader in small-ticket leasing for contract values of up to EUR 50,000. Headquartered in Baden-Baden, the Group offers simple, liquidity-preserving financing solutions through around 2,300 employees in 31 countries worldwide and 35,000 specialist reseller partners to more than 700,000 customers – the majority of them small and medium-sized enterprises. grenke’s product range extends from IT equipment and laboratory equipment to eBikes. Since it was founded in 1978, grenke has followed a growth trajectory. At the end of 2025, the leasing volume amounted to approximately EUR 11.4 billion. The grenke Group includes grenke Bank, which makes a significant contribution to refinancing. grenke AG is listed on the Frankfurt Stock Exchange (ISIN: DE000A161N30).