Deka_Halbjahresfinanzbericht_25

1

Deka-Group Interim Report 2025 25

2

Deka Group Interim Report 2025 Deka Group at a glance BUSINESS DEVELOPMENT INDICATORS 30 Jun 2025 31 Dec 2024 Change (%) Total assets Asset management volume Deka certificate volume Total of asset management volume and Deka certificate volume €m €m €m €m Number of securities accounts thousand Asset management net sales Gross certificate sales Total sales PERFORMANCE INDICATORS Total income Total expenses Economic result Total of profit or loss before tax Return on equity before tax (balance sheet) Cost/income ratio RISK INDICATORS – NORMATIVE PERSPECTIVE Own funds Risk-weighted assets Total capital ratio Common Equity Tier 1 capital ratio Leverage ratio MREL Ratio (RWA based) MREL Ratio (leverage ratio exposure based) Subordinated MREL requirements (risk-weighted assets based) Subordinated MREL requirements (leverage ratio exposure based) Net Stable Funding Ratio (NSFR) Liquidity Coverage Ratio (LCR) RISK INDICATORS – ECONOMIC PERSPECTIVE Risk appetite Total risk Utilisation of risk appetite RATING LONG-TERM (SHORT-TERM) €m €m €m €m €m €m €m % % €m €m % % % % % % % % % €m €m % 96,063 404,406 22,166 426,572 5,854 92,917 394,132 21,724 415,856 5,704 1st half 2025 1st half 2024 11,253 9,127 20,379 6,120 8,340 14,461 1,230.7 1,139.1 710.5 520.1 509.8 15.6 56.9 626.6 512.4 514.7 16.4 54.8 30 Jun 2025 31 Dec 2024 7,412 30,614 24.2 19.9 7.5 54.4 18.7 38.1 13.1 130.6 212.5 4,500 2,618 58.2 7,448 30,814 24.2 19.8 8.2 53.2 20.0 37.5 14.1 117.9 192.0 4,500 2,601 57.8 3.4 2.6 2.0 2.6 2.6 83.9 9.4 40.9 8.0 13.4 1.5 –1.0 –0.8 %-Points 2.1 %-Points –0.5 –0.7 0.0 %-Points 0.1 %-Points –0.7 %-Points 1.2 %-Points –1.4 %-Points 0.5 %-Points –1.1 %-Points 12.7 %-Points 20.5 %-Points – 0.7 0.4 %-Points Moody’s Standard & Poor’s SUSTAINABILITY RATING MSCI ESG ISS ESG Sustainalytics Moody’s ESG Solutions KEY EMPLOYEE FIGURES Number of employees Number of active employees Aa1 (P-1) A+ (A-1) Aa1 (P-1) A (A-1) A A C (Prime) C (Prime) 19.0 Low Risk* 16.3 Low Risk 55/100 Robust 55/100 Robust 5,855 5,065 5,727 4,971 2.2 1.9 * Sustainalytics Rating as at 19 August 2025 Due to roundings, numbers and percentages presented in this report may not add up precisely to the totals provided.

3

CONTENTS INTERIM MANAGEMENT REPORT At a glance Information about the Deka Group Economic report Forecast report Risk report INTERIM FINANCIAL STATEMENTS 4 5 6 11 29 34 49 Statement of profit or loss and other comprehensive income Statement of financial position Condensed Statement of changes in equity Condensed Statement of cash flows Notes 50 51 52 54 55 ASSURANCE OF THE BOARD OF MANAGEMENT REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION OTHER INFORMATION Administrative Board and 104 105 106 Board of Management of DekaBank 107

4

INTERIM MANAGEMENT REPORT At a glance Information about the Deka Group Economic report Forecast report Risk report 5 6 11 29 34

5

Interim management report 2025 | At a glance Deka Group Interim Report 2025 Interim management report 2025 At a glance The world economy proved resilient in the first half of 2025 despite the myriad global political challenges. While the various geopolitical conflicts and tariff disputes dampened sentiment, they were outweighed by positive effects driven by low unemployment rates, rising wages and a year-on-year fall in inflation rates. Low real interest rates combined with major infrastructure and defence initiatives also bolstered economic activity. Businesses, too, responded flexibly to the external challenges, leading to a further improvement in corporate results. With uncertainty the dominant theme in the first half of 2025, some European stock markets reached new highs, while markets in the United States reported more muted performance given the erratic US tariff policy. In this environment, Deka continued to focus on supporting savings banks and institutional customers. The expert advice provided by the savings banks built customers’ confidence and encouraged them to invest. The investment fund business was again resilient in the first half of 2025, and customer interest in savings plans remained high. Savings plans performed well in the first half of 2025, with investors signing up to around 287,000 (net figure) new Deka investment savings plans (H1 2024: around 235,000). The Deka Group’s total sales therefore came to €20.4bn (H1 2024: €14.5bn). Sales to private customers increased to €18.7bn (H1 2024: €12.6bn). This was owed particularly to significantly improved fund sales in the first half of the year. See also: Gross certificate sales: page 15 ff. In the private customer segment, asset management net sales more than doubled year on year to €10.1bn. Retail customers accounted for €6.8bn of this amount (H1 2024: €3.8bn) and private banking customers for €3.2bn (H1 2024: €0.9bn). Net sales in the institutional customer segment came to €1.2bn as against €1.5bn in the first six months of 2024. The total of the asset management and Deka certificates volume stood at €426.6bn (year-end 2024: €415.9bn). The Deka Group achieved another good economic result of €520.1m, which compared with €512.4m in the first half of 2024. Income amounted to €1,230.7m (H1 2024: €1,139.1m). Net commission income at €862.4m remained the main source. Thanks to the positive development of portfolio-related commission, it was a major contributor to the total income growth. Valuation effects due to changed market parameters had a smaller negative impact on net financial income than in the prior-year period. There was a fall in net interest income, however, due to market conditions. At €710.5m, expenses exceeded the prior-year level (H1 2024: €626.6m), largely due to salary rises under collective agreements, an increased headcount and investments to future-proof the business model. The cost/income ratio was 56.9% (H1 2024: 54.8%). The return on equity before tax (balance sheet) was 15.6%, compared with 16.4% in the first half of 2024. The Deka Group’s financial position remains sound. DekaBank also has one of the best credit ratings among its peer group of German commercial banks. The Common Equity Tier 1 capital ratio in accordance with CRR III (without transitional provisions) stood at 19.9% at the end of June 2025, compared with 19.8% at year-end 2024 (CRR II). The risk-bearing capacity analysis showed a utilisation of risk appetite of 58.2% (year-end 2024: 57.8%). 5

6

Interim management report 2025 | Information about the Deka Group Deka Group Interim Report 2025 Information about the Deka Group Deka Group profile and strategy ................................................................................................... 6 Market position and awards ...................................................................................................... 10 Deka Group profile and strategy The Deka Group, comprising DekaBank Deutsche Girozentrale (DekaBank) and its subsidiaries in Germany and other countries, is the securities service provider (the Wertpapierhaus) for the German savings banks and part of the Sparkassen-Finanzgruppe (Savings Banks Association). DekaBank is classified by the German Federal Financial Supervisory Authority (BaFin) as an “other systemically important institution”. The Deka Group is the securities service provider (the Wertpapierhaus) for the savings banks. Through its asset management and banking activities, it acts as a service and infrastructure provider for the investment, administration and management of assets, supporting its customers at every stage in the investment and advisory process within the securities business. It also offers comprehensive advice and solutions around investment, liquidity and risk management, and refinancing. The Deka Group acts as an all-round solution provider, serving customers’ needs without bias towards particular products. This philosophy drives the development of its complete range of asset management and banking services to meet the securities business needs of savings banks and their customers. It provides targeted sales support as a partner for savings banks and makes the necessary infrastructure available. Organisational structure The Deka Group divides its business into five business divisions that bring together similar activities. Asset management activities are handled by the Asset Management Securities and Asset Management Real Estate business divisions. The Group’s banking business is covered by the Capital Markets and Financing business divisions. The fifth business division – Asset Management Services – provides banking services for asset management. The sales units work across the business divisions, providing the interface with sales partners and customers. They comprise Savings Banks Sales for private customers, which is subdivided into Retail Customers and Private Banking & Wealth Management, and Institutional Customer Sales. The latter is composed of Institutional Sales Savings Banks & Association as well as local, product-oriented sales units for institutional market clients outside the Sparkassen-Finanzgruppe. The corporate centres support the business divisions and sales departments throughout the value chain. Management DekaBank is managed collectively by the Board of Management. The Board of Management takes a holistic approach to managing the Deka Group, always considering the strategic direction and risks. The Board is divided into divisions, each under the responsibility of a designated member. This ensures a clear distribution of roles and core competencies in the Board of Management. 6

7

Interim management report 2025 | Information about the Deka Group Deka Group Interim Report 2025 At the reporting date, the Board of Management consists of six members. The responsibilities are as follows: CEO: Dr. Georg Stocker Deputy CEO & Asset Management: Dr. Matthias Danne Risk (CRO): Birgit Dietl-Benzin Finance (CFO) & Operations (COO): Daniel Kapffer Sales: Torsten Knapmeyer Banking business divisions: Martin K. Müller See also: Annual Report 2024 Positioning and role within the Sparkassen-Finanzgruppe The Deka Group’s strategy is set out in detail in the 2024 Annual Report and provides a framework for the further development of the Wertpapierhaus. The historical development of its predecessor institutions, together with its ownership structure, make the Deka Group a key part of the Sparkassen-Finanzgruppe (Savings Banks Association). The Management Agenda is an ongoing strategic action programme that sets the direction to further develop Deka’s position as the Wertpapierhaus for the Sparkassen-Finanzgruppe. This is focusing on the following elements: Customer orientation: Sales and the product and service portfolio are being geared to the needs of target customers in order to make the savings banks more competitive in the securities business and to generate profitable growth. Technology and innovation: Technology and the possibilities it brings are being used to redesign the customer experience, i.e. all of a customer’s experiences and impressions when interacting with a company. New products and services are being offered, existing products and services are being digitalised, and efficiency is being improved. Sustainability: Activities in this area aim to shape the Deka Group’s relevant value chains and management- related processes in a way that consistently incorporates strategically important ESG dimensions. Credibility, regulatory compliance and transparency around ESG are the basis for offering customers competitive products and services. Modern organisation and attractiveness as an employer: Having a consistent focus on results, being able and willing to change, orienting the Group towards overarching goals and increasing attractiveness to existing and potential employees are key issues in ensuring Deka is fit for the future. Digitalisation activities As the world is increasingly transformed by digital technology, the Deka Group is focusing on three strategic directions: digital transformation of the customer experience, new digital products and services, and digital transformation of processes and infrastructure. The targeted use of technology, combined with the strength of savings banks in their respective regions, is key if we want to keep offering competitive investment services in the future. Digitalisation activities are as follows: Interaction with savings banks and their customers: Deka is constantly enhancing interaction with the savings banks via sales platforms such as S-Invest Manager and supports the savings banks in the provision of competitive digital customer journeys via the S-Invest app and “internet branch”. To make the Sparkassen-Finanzgruppe more competitive, particularly in attracting young customers and execution-only clients, the services provided directly to end customers are being expanded. The sales support provided to the savings banks is also being further digitalised. Innovative digital product offerings: Digital product offerings are being developed in different areas. First, the digitalisation of traditional products and services, for example in asset management or brokerage. Second, the issue, trading and safekeeping of digital assets. We are also developing sales- and customer- centric services on a native cloud architecture so that we can offer customers frequent innovations and meet their needs. 7

8

Interim management report 2025 | Information about the Deka Group Deka Group Interim Report 2025 Blockchain infrastructure: The Deka Group is working to develop and establish an infrastructure for digital assets all along the value chain. This will complement existing infrastructure and ensure secure processing and custody of digital assets. After being granted licences for crypto securities register management and crypto custody in December 2024, DekaBank can now cover the full digital asset value chain from within the Sparkassen-Finanzgruppe for savings bank customers and its own institutional customers. The joint venture with SWIAT GmbH supports the development of relevant blockchain technologies and makes a private permissioned blockchain available. Process digitalisation: By digitalising business and IT processes both old and new, the Deka Group is aiming to boost the efficiency and resilience of core, management and support processes. In addition, process digitalisation supports end-to-end customer orientation by examining how processes work from a customer perspective. To transform the customer experience and identify customer needs early on, data is collected and analysed as part of a structured process. Based on this, we can develop sales initiatives to boost the quality of customer communication and the satisfaction of end customers. Deka is therefore currently developing a platform to consolidate existing sales data pools. The cloud, distributed ledger technology (DLT) and artificial intelligence (AI) play a key role in our digitalisation activities. These are complemented by technologies to optimise processes, such as software robots (RPA) and workflow and low-code tools. The Deka Group is using AI in three main areas: Customer centricity: AI is being used as a more targeted and efficient way to approach customers, as well as to enhance the customer experience. Quality improvement: AI is being used for ongoing data-driven optimisation of, and adjustments to, product and service quality. Efficiency gains: AI is being used to boost productivity by optimising and automating processes, making processes more reliable and ensuring efficient use of resources. These strategic initiatives are being pursued as part of an iterative approach to give us the flexibility we need to respond to new requirements and findings. All AI activities have to be consistent with our corporate policies and values, the guidelines governing use of artificial intelligence in the Sparkassen-Finanzgruppe and the regulatory requirements. The Deka Group's digital building blocks (Fig. 1) 8

9

Interim management report 2025 | Information about the Deka Group Deka Group Interim Report 2025 Sustainability within the Deka Group (ESG) Being fit for the future and reflecting the transformation in the economy and society requires us to integrate sustainability into our strategy and processes. As the Wertpapierhaus for the savings banks, the Deka Group incorporates ESG (environmental (E), social (S) and governance (G)) factors into its strategy, thereby supporting the strategic objectives of the Sparkassen-Finanzgruppe. In line with the double materiality approach, the Deka Group examines sustainability from two perspectives. First, it looks at risks for the Deka Group and its products that could emerge from sustainability-related issues such as climate change (outside-in perspective). Second, it looks at the impacts, both positive and negative, that the Deka Group and its products have on the environment and people (inside-out perspective). See also: Sustainability report in the Annual Report 2024 The Deka Group’s activities are part of a drive to achieve the goal of climate neutrality (“net zero”) defined in the Paris Agreement by 2050, and strategic decarbonisation targets have been prepared for its banking business, its own operations and the Asset Management Securities and Asset Management Real Estate business divisions. The climate change-related CSRD transition plans (ESRS E1-1) for these business activities are disclosed in the Group management report starting from year-end 2024. The Deka Group’s ESG ratings confirm the depth and breadth of its sustainability activities, which are weighted and evaluated by the rating agencies. ESG ratings at a glance (Fig. 2) Status of sustainability ratings according to annual ESG ratings reports: MSCI ESG ratings: 6 September 2024; ISS-ESG: 23 August 2023; Sustainalytics: 14 July 2025; Moody’s ESG Solutions (formerly V.E): December 2024 * Copyright ©2022 MSCI, ** Copyright ©2025 Sustainalytics 9

10

Interim management report 2025 | Information about the Deka Group Deka Group Interim Report 2025 Market position and awards With fund assets (according to the BVI, the German Investment Funds Association, as at 31 May 2025) of €191.5bn and a market share of 12.2%, Deka is the fourth largest provider of mutual securities funds in Germany. It is Germany’s leading provider of mutual property funds with fund assets (according to the BVI, as at 31 May 2025) of €41.9bn and a market share of 35.1%. The Deka Group’s certificates are sold through the German savings banks. According to statistics from the Structured Securities Association (Bundesverband für strukturierte Wertpapiere, BSW), Deka was the third- placed issuer of structured products in Germany, with a 17.6% market share by market volume at the end of March 2025. At the 2025 Capital-Fonds-Kompass awards organised by the business magazine Capital together with Institut für Vermögensaufbau, Deka was crowned “best investment fund business of the year”. Its consistent excellent performance was also confirmed by the top five-star rating, which Deka has now received 13 times running. Deka was named “investment fund company of the year” at the 2025 €uro FundAwards. The awards presented by the publishing house Finanzen Verlag together with the editors of “€uro”, “€uro am Sonntag” and “Börse-Online” in March 2025 recognised the best funds of the year. Deka’s funds and ETFs won a total of 24 individual awards. The German Fund Champions 2025 were crowned in January 2025. Deka was the winner again in the “bonds” category of the Liga der Fondschampions (league of fund champions) organised by f-fex and finanzen.net. It also emerged as the winner in the “ESG” category for the second time. In the “Best investment fund companies of 2025” ranking compiled by the German business magazine “WirtschaftsWoche for the first time in February 2025, Deka was awarded the highest rating of five stars and came third in the overall ranking. The 2025 Scope Rating confirms the high quality of Deka’s real estate funds. Deka’s Real Estate business division also delivered an impressive performance again and was awarded an AA+AMR rating for the thirteenth year running. This meant Deka came in first place in the asset management rating for the first time, together with two other companies. In Capital magazine’s “sustainable asset managers of 2025” ranking, Deka again achieved the maximum five star rating and climbed to second place in the “banks” category. Capital and the Munich-based Institut für Vermögensaufbau examined the quality of ESG products by looking at the ESG ratings of the securities they contain as well as the purely economic risk/reward ratio. In the annual online broker test by “€uro” magazine, S Broker impressed with its wide range of securities and trading venues in Germany and other countries. Its securities offering was ranked in second place, putting it among the magazine’s “top brokers”. For certificate savings plans, S Broker took first place as “best broker” again. It was also the “top broker” for investment fund savings plans and withdrawal plans. S Broker has also been ranked as a “top broker” in a long-term comparison since 2012. 10

11

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Economic report Economic environment ............................................................................................................... 11 Business development and profit performance in the Deka Group ............................................... 15 Business development and profit performance by business division ............................................. 19 Financial position of the Deka Group .......................................................................................... 27 Human resources report ............................................................................................................. 28 Economic environment Macroeconomic conditions Economic growth was surprisingly resilient in the first half of 2025 despite the scale of the global political upheaval. Various geopolitical conflicts and an unpredictable US tariff policy had an overall negative impact on the world economy. On the other hand, growth was buoyed by low unemployment rates, rising wages and a year-on-year fall in inflation, which gave private households in particular more room to spend. Monetary and fiscal policy also bolstered macroeconomic demand. With the major inflation wave having subsided, real interest rates measured using the ECB’s inflation target are now somewhat lower again, especially in the eurozone. Governments also stimulated growth with large-scale infrastructure and defence initiatives. In the United States, the impact of higher tariffs is not yet reflected in the economic data. Businesses have so far demonstrated flexibility in their response to the new US trade policy. In Germany, for example, frontloading of exports gave a significant boost to economic activity in the first few months of the year. The export-oriented industrial sector has been especially hit by increasing competitive pressure from China and trade diversion to Europe as a result of US tariff rises. The rising unemployment rate also weighed on the German economy. The global economy’s resilience is also owed to the experience gained by companies during the coronavirus restrictions, which is now enabling them to show similar flexibility in their response to new tariff barriers. While goods and services trade is increasingly impeded, capital flows and direct investment have remained largely unaffected. Moreover, new markets and revenue opportunities are being generated by digital technologies. The well-functioning financial system, with payments, lending and investment continuing to flow smoothly, has also contributed to the stability. Sector-related conditions Inflation declined in both the eurozone and the United States in the first half of 2025. Lower consumer prices for energy goods were one reason for this and followed falls in oil and gas prices (albeit with what was, in some cases, considerable volatility) on world markets since the end of last year. Service sector inflation also eased on both sides of the Atlantic. This was principally due to lower wage inflation, which came despite low unemploy- ment rates in historical terms. Wages have now largely adjusted to the increased cost of living, resulting in a flatter, less inflationary growth trend. The US tariffs and the appreciation of the euro have not yet discernibly affected consumer prices for industrial goods. Prices in the United States have so far not significantly accelerated since the tariffs took effect, nor has inflation for industrial goods in the eurozone noticeably eased. Nevertheless, a fall in German import prices points to a cushioning effect from the stronger euro. 11

12

Interim management report 2025 | Economic report Deka Group Interim Report 2025 With inflation subsiding, the ECB cut its key interest rates by 25 basis points at each of its four meetings in the first half of the year. It also signalled, however, that it saw a lessening need for further easing. In March, it already deemed its monetary policy stance to be less restrictive, while at the ECB press conference in June, the deposit rate of 2.0% was described by the central bank’s president, Christine Lagarde, as a good place to await further developments. At the same time as cutting rates, the ECB also continued to reduce its balance sheet by not reinvesting the principal from maturing bonds. Despite the resulting fall in excess reserves, banks have not significantly increased their participation in the ECB’s current refinancing operations, which points to stable liquidity in the money markets. In the United States, the Fed left key interest rates unchanged throughout the first half of 2025. It explained its wait-and-see approach with the inflationary risks of the tariffs and the stable economic trend so far. The capital markets were heavily driven in the first half of 2025 by erratic statements from the US govern- ment with regard to future tariff policy. At the beginning of the year, expectations of weaker economic growth and lower inflation dominated markets. This fuelled anticipation of further noticeable key interest rate cuts by the major central banks and triggered significant falls in yields, particularly on US Treasuries. President Trump’s tariff shock in the spring, however, caused a jump in inflation expectations and yields, especially for the United States. Bund yields also had to process the German government’s announcement of vast investment packages, which will entail a sharp rise in government debt. This particularly hit the long end of the yield curve, which steepened noticeably. German Bunds performed weaker than other eurozone sovereign bonds. Corporate bonds withstood both the tariff confusion and the widening Middle East conflict remarkably well. Although spreads widened for a time on the back of significantly higher perceived risks, they quickly reversed course again. Uncertainty around US tariff policy and higher US budget deficits eroded international investors’ trust in US assets, pushing the US dollar and the dollar/euro exchange rate to a three-year low. Meanwhile, the price of gold surged again. China’s announcement of retaliatory tariffs pushed Trump to make extensive concessions, meaning that the worst fears were allayed for the time being. Sentiment was dented again by Israel’s attack on Iranian nuclear and military facilities, which triggered a spike in the oil price. However, capital markets are so far assuming that the conflict will remain regionally contained and have responded with only a moderate flight to safer assets. International stock markets have followed the swings in sentiment resulting from the various tariff announcements. After a favourable start to the year, the tariff shock caused share prices to plunge by around 15%. They quickly recovered this ground when the US government made concessions in response to the announcement of retaliatory tariffs. However, the performance of US stocks has been noticeably weaker than that of European assets since the start of the year, as valuations on US equities were already in above- average territory. The previously soaring “Magnificent 7” tumbled sharply, causing the MSCI World to drop behind the Euro STOXX 50 and DAX. The latter was a major beneficiary from the announcement of vast investment packages by the new German government. The spread of the Middle East conflict to Iran triggered a brief dip in equity markets. This was swiftly corrected, and US assets have made up some ground again against European indices. A number of share indices also reached new historic highs at mid-year. The real estate markets registered a stable trend in the first half of 2025. Yields remained virtually unchanged, regardless of property type. However, uncertainty around tariffs hampered investment decisions, particularly in the office segment. Despite positive signals such as declining completions, stable demand and rental growth, turnover in the investment market remained low in a long-term comparison, especially for properties of the size and quality relevant to institutional investors. Buyers with a large proportion of equity capital and a high level of market expertise continued to have competitive advantages in these conditions. The trend towards smaller but higher-value spaces fuelled further rises in top rents in the office markets. Retail recorded stable demand in prime locations, while hotels benefited from rising occupancy and the further recovery in travel. Demand in the logistics market stabilised at a slightly lower level. Moves to safeguard supply chains and further expansion of online capacity remained fundamental demand drivers in this segment. 12

13

Interim management report 2025 | Economic report Deka Group Interim Report 2025 According to Deutsche Bundesbank statistics, the financial assets of private households in Germany rose by around €9bn as against the end of 2024 to €9,053.1bn (31 March 2025). This was due to strong inflows into cash and sight deposits and, to an even greater extent, growth in the value of securities investments. Holdings in savings deposits, savings bonds and term deposits declined. This shows that private households are moving funds from longer-term, higher-interest savings to liquid short-term deposits, which likely owes partly to the falling interest rates and partly to increased economic uncertainty. Shares in investment funds were virtually unchanged. The proportion of shares and other equity in the total financial assets of private households increased slightly compared with the figure for the close of 2024. The market performance seen in the first half of the year was also reflected in the investment statistics of the German Investment Funds Association BVI. Net assets in open-ended mutual funds increased significantly to €1,691.0bn as at 31 May 2025 (31 December 2024: €1,467.1bn). Net assets in open-ended special funds also rose to €2,205.5bn (31 December 2024: €2,121.1bn). At €45.5bn, net inflows into open-ended mutual funds in the first five months of 2025 were significantly higher than the equivalent prior-year figure (€10.5bn). Net inflows were particularly attributable to equity funds, bond funds and money market funds. At €14.8bn, the sales figure for open-ended special funds for institutional investors was slightly higher than in the same period of the previous year (€13.5bn). Regulatory environment Changes to regulations, both those already initiated and those in the pipeline, have an influence on the business model and profitability of the Deka Group. Stricter capital requirements for banks could emerge from supervisory interpretations of existing legal standards and from the results of the annual Supervisory Review and Evaluation Process (SREP), for example in the context of the supervisory review of the internal models under Pillar 1 of the Basel capital framework. The main regulatory topics for the Deka Group are described below. Regulatory topics The CRR III rules for determining capital requirements came into force on 1 January 2025. DekaBank will be affected over the next few years by the phasing in of the new output floor, which limits the benefits of internal models as compared to standardised approaches. The Deka Group’s own funds are reported with and without transitional provisions. The latter represents full application of the CRR/CRD framework, in which all transitional provisions are disregarded and the final target state of the regulatory requirements is reached. A delegated regulation from the European Commission has postponed the introduction of the CRR III rules on calculating RWAs for market risk under the Fundamental Review of the Trading Book (FRTB). This pushes the start date back by one year to 1 January 2026, meaning that the internal market risk model in line with CRR II is still applicable in 2025. However, the FRTB standardised approach is already being used in calculating the output floor. The date of application for other FRTB rules (internal risk transfers, reclassi- fications, distinction between the trading and banking book) was also amended to 1 January 2026. On 12 June 2025, the European Commission adopted a delegated act involving a further postponement of the FRTB rules until 2027. The delegated act is currently being considered by the European Parliament and the Council of the European Union. The European Banking Authority (EBA) conducted a stress test in 2025. Like the previous stress test in 2023, this covered all risk types. The results were published on 1 August 2025. While DekaBank was not among the banks taking part in the EBA stress test directly, it was still subject to the stress test as a bank under European Central Bank (ECB) supervision. This was carried out in accordance with EBA methodology. The results of this ECB stress test feed into the calculation of the SREP ratios. DekaBank passed the stress test with a satisfactory result; in the adverse stress scenario, DekaBank remains well above the SREP minimum requirements for the Common Equity Tier 1 capital ratio. 13 See also: Developments in risk management: page 34 ff. Deka Group own funds: page 36 ff.

14

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Regulation (EU) 2022/2554, the Digital Operational Resilience Act (DORA), was introduced by the European Union to enhance digital operational resilience in the financial sector. DORA aims to make financial organisations more resilient to cyber threats and ICT-related incidents. The Regulation harmonises cyber security and ICT risk management requirements within the European Union and covers aspects such as ICT risk management, handling and reporting of ICT-related incidents, test measures to increase cyber defence capability and resilience, and the management of third-party ICT service providers. The Regulation has applied since 17 January 2025. DekaBank submitted the consolidated information register to the ECB by the deadline. It has published a DOR strategy and appointed a DOR officer. Overarching control and management of ICT and security risks, reporting of security incidents and management of third-party ICT service providers have also been implemented. Sustainability-related regulatory proposals The Corporate Sustainability Reporting Directive (CSRD) expands sustainability reporting with the aim of increasing accountability on sustainability-related issues. On 24 July 2024, the German Federal Cabinet presented a government draft of legislation transposing the Corporate Sustainability Reporting Directive (CSRD) into national law. The CSRD was due to replace the previous EU directive, the Non-Financial Reporting Directive (NFRD), as the basis for reports for the period ending 31 December 2024. However, the collapse of Germany’s governing coalition at the end of the year meant that it was no longer possible in 2024 to make the legislative amendments required by the CSRD and the EU Accounting and Transparency Directive. Whether and when Germany implements the CSRD will also depend on the “Omnibus” package announced by the European Commission in February 2025, which aims to simplify sustainability-related reporting obligations. DekaBank has already fully disclosed the material sustainability matters for the Deka Group in accordance with the CSRD in the sustainability report as at 31 December 2024, which forms part of the Group management report. See also: Sustainability report in the Annual Report 2024 See also: Business and human rights at Deka The Corporate Sustainability Due Diligence Directive (CSDDD) came into force on 25 July 2024. EU member states have two years to transpose the legislation into national law. The transition periods are staggered, with the biggest companies affected, including DekaBank, likely to have to apply the Directive from mid- May 2027. The German Act on Corporate Due Diligence Obligations in Supply Chains (Lieferketten- sorgfaltspflichtengesetz, LkSG) already anticipates many aspects of the CSDDD. Future amendments to the LkSG are expected, both through implementation of the CSDDD and through amendments to the CSDDD as part of the Omnibus Directive. Product- and service-related regulatory proposals The EU directive on deposit guarantee schemes (Deposit Guarantee Schemes Directive) was implemented in Germany as part of the European banking union in 2015. In June 2025, the European Commission, European Parliament and European Council reached a political agreement on institutional guarantee systems as part of the crisis management and deposit insurance (CMDI) framework review. The agreements will safeguard the viability of the national institutional guarantee systems and ensure the stability of the financial markets. The CMDI review will now be finalised at technical level and will also feed into the ongoing discussion around a common European Deposit Insurance Scheme (EDIS). In May 2023, the European Commission published its draft Retail Investment Strategy (RIS). The proposals primarily relate to processes in investment services and are therefore relevant to the Deka Group and its collaboration with the savings banks. The trilogue negotiations between the European Parliament, European Council and European Commission have now begun; however, compromise will take some time to achieve. DekaBank continues to support the DSGV in accompanying the legislative process and is evaluating possible impacts. 14

15

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Business development and profit performance in the Deka Group Overall statement on the business trend and the Group’s position The world economy proved resilient in the first half of 2025 despite the myriad global political challenges. While the various geopolitical conflicts and tariff disputes dampened sentiment, they were outweighed by positive effects driven by low unemployment rates, rising wages and a year-on-year fall in inflation rates. Low real interest rates combined with major infrastructure and defence initiatives also bolstered economic activity. Businesses, too, responded flexibly to the external challenges, leading to a further improvement in corporate results. With uncertainty the dominant theme in the first half of 2025, some European stock markets reached new highs, while markets in the United States reported more muted performance given the erratic US tariff policy. In this environment, Deka continued to focus on supporting savings banks and institutional customers. The expert advice provided by the savings banks built customers’ confidence and encouraged them to invest. The Deka Group achieved another good economic result of €520.1m, which compared with €512.4m in the first half of 2024. Income amounted to €1,230.7m (H1 2024: €1,139.1m). Net commission income at €862.4m remained the main source. Thanks to the positive development of portfolio-related commission, it was a major contributor to the total income growth. Valuation effects due to changed market parameters had a smaller negative impact on net financial income than in the prior-year period. There was a fall in net interest income, however, due to market conditions. At €710.5m, expenses exceeded the prior-year level (H1 2024: €626.6m), largely due to salary rises under collective agreements, an increased headcount and investments to future-proof the business model. The investment fund business was again resilient in the first half of 2025. Customer interest in savings plans remained high, resulting in 3% growth versus the end of 2024. The Deka Group’s total sales therefore came to €20.4bn (H1 2024: €14.5bn). Sales to private customers increased to €18.7bn (H1 2024: €12.6bn). This was owed particularly to significantly improved fund sales in the first half of the year. In the private customer segment, retail customers accounted for €13.6bn of total sales (H1 2024: €10.3bn) and private banking customers for €5.1bn (H1 2024: €2.3bn). In institutional business, sales came to €1.7bn, compared with €1.9bn in the same period of the previous year. In the private customer segment, asset management net sales more than doubled year on year to €10.1bn. Equity funds (€3.0bn), fund-based asset management products (€2.2bn) and bond funds (€1.6bn) accounted for a particularly significant share of sales. Among private customers, retail customers accounted for €6.8bn (H1 2024: €3.8bn) and private banking customers for €3.2bn (H1 2024: €0.9bn). Net sales in the institutional customer segment came to €1.2bn as against €1.5bn in the first six months of 2024. Asset management net sales in the first half of 2025 therefore came to €11.3bn, compared with €6.1bn in the same period of the previous year. At €9.1bn, gross certificate sales were up on the equivalent prior-year figure (€8.3bn). As in the previous year, the majority of these certificate sales (€8.6bn) were to private customers (H1 2024: €8.0bn). Fixed-rate bonds (€4.3bn) and express certificates (€3.3bn) were in particular demand. Retail customers accounted for €6.7bn of gross sales in the private customer segment (H1 2024: €6.5bn) and private banking customers for €1.9bn (H1 2024: €1.5bn). Certificate sales to institutional customers in the reporting period came to €0.5bn (H1 2024: €0.4bn). Deka certificates accounted for €5.6bn of the total (H1 2024: €5.9bn). Cooperation certificates, which complement Deka’s certificate range, accounted for €3.5bn, compared with €2.5bn in the first half of 2024. The gross sales figure includes both Deka certificates and cooperation certificates. Savings plans performed well in the first half of 2025. Investors signed up to around 287,000 (net figure) new Deka investment savings plans (H1 2024: around 235,000), meaning that the Deka Group manages approximately 8.5 million contracts in total, compared with around 8.2 million at the end of 2024. 15

16

Interim management report 2025 | Economic report Deka Group Interim Report 2025 The appeal of securities was also reflected in the number of securities accounts, which increased by approximately 150,000 in total to 5.9 million (year-end 2024: 5.7 million). At 88.2 million, the number of transactions was sharply up on the figure for the first half of 2024 (69.5 million). Deka Group sales in €m (Fig. 3) Asset management net sales by customer segment Private customers Institutional customers by product category Mutual funds and fund-based asset management Special funds and mandates ETFs Gross certificate sales by customer segment Private customers Institutional customers Total sales (Total of net sales asset management and certificates) 1st half 2025 1st half 2024 11,253 10,065 1,188 9,207 1,096 950 9,127 8,630 497 6,120 4,639 1,482 4,198 1,437 485 8,340 7,956 384 20,379 14,461 At €404.4bn, the asset management volume at the end of June 2025 was slightly up on the figure for year- end 2024 (€394.1bn) due to net sales and a market-induced positive investment performance. Retail customers accounted for €165.5bn of the asset management volume for private customers (year-end 2024: €163.4bn) and private banking customers for €57.4bn (year-end 2024: €52.2bn). The Deka certificate volume increased by €0.4bn compared with the end of the previous year, rising to €22.2bn. Certificates business with private customers amounted to €18.0bn (year-end 2024: €17.4bn). Of this total, €12.7bn was for retail customers (year-end 2024: €12.2bn) and €5.3bn for private banking customers (year-end 2024: €5.2bn). The total of the asset management and Deka certificates volume stood at €426.6bn (year-end 2024: €415.9bn). Deka Group asset management volume and Deka certificate volume in €m (Fig. 4) 30 Jun 2025 31 Dec 2024 Change Asset management volume 404,406 394,132 10,274 by customer segment Private customers Institutional customers by product category Mutual funds and fund-based asset management Special funds and mandates ETFs Deka certificate volume by customer segment Private customers Institutional customers 222,924 181,482 228,081 158,776 17,549 22,166 17,969 4,197 215,612 178,520 222,279 156,161 15,693 21,724 17,397 4,326 7,312 2,962 5,802 2,616 1,856 442 571 –129 Total of asset management volume and Deka certificate volume 426,572 415,856 10,717 16 2.6% 3.4% 1.7% 2.6% 1.7% 11.8% 2.0% 3.3% –3.0% 2.6%

17

Interim management report 2025 | Economic report Deka Group Interim Report 2025 See also: Capital adequacy in the first half of 2025: page 36 ff. The Common Equity Tier 1 capital ratio in accordance with CRR III (without transitional provisions) stood at 19.9% at the end of June 2025, compared with 19.8% at year-end 2024 (CRR II). Common Equity Tier 1 capital amounted to €6,102m (year-end 2024: €6,104m). In accordance with Article 26 (2) CRR, the year-end profit for 2024 less foreseeable charges and dividends was already recog- nised in Common Equity Tier 1 capital as at the end of 2024 (dynamic approach). RWAs in accordance with CRR III (without transitional provisions) stood at €30,614m as at 30 June 2025, compared with €30,814m at year-end 2024 under CRR II. Credit risk declined by €3,550m to €15,662m. This was mainly attributable to the application of CRR III, which involves lower regulatory standard LGD values particularly for real estate financing and specialised financing. Rating upgrades and a lower volume of real estate financing and specialised financing also had a positive impact. Market risk rose by €783m to €6,041m. The increase resulted primarily from higher general interest rate and share price risks. At €7,322m, RWAs for operational risk increased by €1,352m due to the application of the new standardised approach under CRR III. The CVA risk amounted to €407m and was thus slightly higher than at year-end 2024 (€375m). This was due to the use of the basic approach under CRR III. Output floor RWAs, based on 72.5% of standardised RWAs, came to €1,183m at the reporting date. The leverage ratio as at 30 June 2025 stood at 7.5%, compared with 8.2% at year-end 2024. This was significantly above the minimum leverage ratio of 3.0%. The MREL requirements as at mid-2025 were calculated based on RWA and leverage ratio exposure (LRE) in accordance with regulatory requirements. Both ratios are shown without transitional provisions. As at the reporting date, the MREL ratio in line with the RWA-based approach amounted to 54.4% (year-end 2024: 53.2%), while the figure under the LRE-based approach came to 18.7% (year-end 2024: 20.0%). Both ratios were well above the applicable minimum ratios. The subordinated MREL requirements were also calculated using the RWA- and LRE-based method in accordance with regulatory requirements. Both ratios are shown without transitional provisions. At the mid- point of 2025, the subordinated MREL requirements in line with the RWA-based approach came to 38.1% (year-end 2024: 37.5%), while the figure under the LRE-based approach was 13.1% (year-end 2024: 14.1%). Both ratios were well above the applicable minimum ratios. See also: Liquidity adequacy in the first half of 2025: page 38 ff. The liquidity coverage ratio (LCR) stood at 212.5% at mid-year (year-end 2024: 192.0%), putting it above the minimum requirement of 100%. The net stable funding ratio (NSFR) came to 130.6% (year-end 2024: 117.9%) and thus also exceeded the minimum limit of 100% at the end of June 2025. The Deka Group therefore had ample liquidity, measured using the LCR and NSFR, throughout the first half of 2025. Economic risk-bearing capacity was at a non-critical level overall at the end of June 2025. Utilisation of risk appetite (58.2%) increased slightly versus the end of the previous year (57.8%) due to marginally higher total risk together with increased risk capacity. At 41.0%, utilisation of risk capacity was below the level seen at the end of 2024 (42.5%). Profit performance of the Deka Group The economic result came to €520.1m, compared with €512.4m in the first half of 2024. Income amounted to €1,230.7m, versus €1,139.1m in the same period of the previous year. Net commission income grew by €77.1m to €862.4m. It remained the main source of income and was a major contributor to the total income growth thanks to the positive development of portfolio-related commission. The creditworthiness-related valuation result from own issues in Treasury due to spread developments had a smaller negative impact than in the prior-year period. There was a fall in net interest income, however, due to market conditions. At €710.5m, expenses significantly exceeded the prior-year level (H1 2024: €626.6m), largely due to salary rises under collective agreements, an increased headcount and investments to future- proof the business model. 17

18

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Due to market factors, the net interest income of €221.2m was down by €36.5m on the figure for the first half of 2024 (€257.7m). The decline owed mainly to the investment of liquidity from own funds by the Treasury function, which was itself affected by interest rate developments. See also: Note 7 Risk provisions in the lending and securities business: page 67 ff. In the lending and securities business, there was a net allocation to risk provisions in the amount of €18.4m in the first half of 2025 (H1 2024: €3.4m). The recognition of specific provisions, primarily in real estate financing, was partly offset by a positive net effect from the change in post-model adjustments for borrowers in the real estate segment. In the lending business, there was a net allocation of €18.2m (H1 2024: €4.0m). The figure for the reporting period mainly comprised a net reversal of €0.8m in the Specialised Financing subdivision and a net allocation of €19.0m in the Real Estate Financing subdivision. The securities business recorded a net allocation of €0.2m (H1 2024: net reversal of €0.6m). Net commission income came to €862.4m, compared with €785.3m in the first half of 2024. An increase in portfolio-related commission in the Asset Management Securities business division meant that commission from investment fund business was up year on year. Sales-related commission was level with the prior-year figure. Purchasing and construction fees in the Asset Management Real Estate business division were lower in a year-on-year comparison. Commission from banking business grew strongly, particularly thanks to higher income from securities management. Overall commission from custody account business was significantly higher than in the same period of the previous year, largely due to an increased transaction volume. Net financial income came to €167.0m, compared with €121.1m in the first half of 2024. This figure includes all income and expense items from the trading book as well as the valuation and sale results from the banking book portfolios. At €188.8m, net financial income from trading book portfolios remained noticeably below the equivalent prior-year figure of €211.8m. The earnings contribution of the Trading & Structuring unit remained a key component, not least due to the demand for certificates. Derivatives trading also benefited from certificates business but was down overall in a year-on-year comparison. Net financial income from banking book portfolios was €–21.8m, compared with €–90.7m at the end of first half of 2024. Creditworthiness-related negative net income (around €11m) from own issues was recorded in Treasury in the first half of 2025 due to spread developments (H1 2024: around €93m). There was no allocation to the general provision for potential risks in either the reporting period or the first half of 2024. Additions to or releases from the general provision are reflected in the economic result, but do not form part of the IFRS profit or loss and are not allocated to specific business divisions. Other operating profit was €–1.5m (H1 2024: €–21.7m). This included actuarial gains of €9.8m on provisions for pensions, which resulted partly from the increase in the actuarial interest rate to 3.95% (year-end 2024: 3.55%), while plan assets decreased due to market conditions. Actuarial gains, amounting to €20.3m, were also recognised on provisions for pensions in the same period of the previous year, triggered by the actuarial interest rate. Actuarial effects are not included in the IFRS profit or loss as they are posted directly to equity (revaluation reserve). However, they are reported in the economic result as part of the profit or loss for the period. The equivalent prior-year figure includes the negative impact of interest paid in January 2024 as a result of tax assessment notices. Personnel expenses showed a noticeable increase to €365.8m (H1 2024: €327.7m). Increases stemmed particularly from wage and salary rises under collective agreements as well as the increase in headcount as part of investments to make Deka fit for the future. Other administrative expenses including depreciation and amortisation rose moderately from €279.2m in the first half of 2024 to €304.7m. The increase resulted primarily from higher project costs for the expansion of sales and for multichannel management and digitalisation activities, as well as higher expenditure on computer equipment and machinery and on IT information services. 18

19

Interim management report 2025 | Economic report Deka Group Interim Report 2025 The annual contribution to the deposit guarantee scheme of the Landesbanken and Girozentralen amounted to €40.0m (H1 2024: €20.0m). As in the previous year, no bank levy is due in 2025. The Deka Group operates in a growing market with the aim of realising potential income with an attractive cost/income ratio. The cost/income ratio, i.e. the ratio of total expenses (excluding restructuring expenses) to total income (before risk provisions in the lending and securities business), was 56.9% (H1 2024: 54.8%). The return on equity before tax (balance sheet) was 15.6%, compared with 16.4% in the first half of 2024. Deka Group performance in €m (Fig. 5) Net interest income Risk provisions in the lending and securities business Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) thereof: personnel expenses thereof administrative expenses (including deprecitation and amortisation) thereof bank levy and deposit guarantee scheme Total expenses Economic result 1st half 2025 1st half 2024 221.2 –18.4 862.4 167.0 –1.5 257.7 –3.4 785.3 121.1 –21.7 1,230.7 1,139.1 710.5 365.8 304.7 40.0 710.5 520.1 626.6 327.7 279.2 19.7 626.6 512.4 Change –36.5 –15.0 –14.2% (< –300%) 77.1 45.9 20.2 91.6 83.9 38.1 25.5 20.3 83.9 7.7 9.8% 37.9% 93.2% 8.0% 13.4% 11.6% 9.1% 102.6% 13.4% 1.5% Business development and profit performance by business division Business development and profit performance in the Asset Management Securities business division The Asset Management Securities business division posted an economic result of €347.1m in the first half of 2025 (H1 2024: €311.1m). Net sales stood at €11.4bn, compared with €5.7bn in the first half of 2024. The positive net sales and investment performance took the asset management volume to €349.5bn at mid- year (year-end 2024: €339.0bn). Sales and volume Asset management net sales in the Asset Management Securities business division almost doubled in the first six months of this year and totalled €11.4bn (H1 2024: €5.7bn). Business with private customers remained the sales focus, accounting for around 87% of net sales. Sales of mutual securities funds came to €7.0bn (H1 2024: €3.7bn). Equity funds remained in particularly strong demand. Sales of bond funds and money market funds also performed very positively. Fund-based asset management saw inflows of €2.3bn (H1 2024: €0.1bn). Business with institutional customers amounted to €1.5bn versus €1.6bn in the same period of the previous year. This included net sales of special funds and mandates of €1.2bn (H1 2024: €1.4bn). ETF sales came to €0.9bn, compared with €0.5bn in the prior-year period. 19

20

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Net sales performance in the Asset Management Securities business division in €m (Fig. 6) Asset management net sales by customer segment Private customers Institutional customers by product category Mutual funds and fund-based asset management ETFs Special funds and mandates 1st half 2025 11,433 9,920 1,514 9,249 950 1,235 1st half 2024 5,719 4,129 1,590 3,798 485 1,436 3.1% 4.2% 1.9% 3.4% 1.8% 8.3% 1.7% 11.8% 1.8% The asset management volume stood at €349.5bn and was €10.6bn higher than at the end of 2024 thanks to positive net sales and investment performance. Volume in the Asset Management Securities business division in €m (Fig. 7) 30 Jun 2025 31 Dec 2024 Change Asset management volume 349,533 338,981 10,552 by customer segment Private customers Institutional customers by product category 183,981 165,552 176,565 162,416 Mutual funds and fund-based asset management 184,923 178,812 thereof: equity funds thereof: bond funds thereof: mixed funds ETFs Special funds and mandates 82,356 25,139 25,847 17,549 147,062 80,935 23,223 25,423 15,693 144,477 7,416 3,136 6,111 1,421 1,916 424 1,856 2,585 Profit performance in the Asset Management Securities business division At €347.1m, the business division’s economic result was noticeably up on the same period of the previous year (€311.1m). Net commission income of €567.5m was significantly higher than at the end of the first half of 2024 (€502.2m), largely due to increased portfolio-related commission. Expenses amounted to €244.6m (H1 2024: €220.8m). Higher personnel, project and administrative expenses were the main reason for the increase. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €24.1m, compared with €30.9m in the prior-year period. 20

21

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Profit performance in the Asset Management Securities business division in €m (Fig. 8) 1st half 2025 1st half 2024 Net commission income Other income Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 567.5 0.0 567.6 244.6 244.6 323.0 24.1 347.1 502.2 –1.3 500.9 220.8 220.8 280.1 30.9 311.1 Change 65.3 1.3 66.7 23.8 23.9 42.8 –6.8 36.0 13.0% 102.3% 13.3% 10.8% 10.8% 15.3% –22.0% 11.6% Business development and profit performance in the Asset Management Real Estate business division At €51.5m, the economic result in the Asset Management Real Estate business division was lower than the figure for the first half of 2024 (€64.3m). Asset management net sales came to €–0.2bn (H1 2024: €0.4bn). With continued positive investment performance, the business division’s asset management volume amounted to €54.9bn, compared with €55.2bn at year-end 2024. Net sales and volume At €–0.2bn, asset management net sales failed to match the previous year’s figure (€0.4bn). Net sales to private customers fell significantly. The gross sales of over €1bn were set against an increased redemption volume; net sales were nevertheless positive. Net sales to institutional customers were negative again in the first half of 2025 (€–0.3bn), partly due to investor restraint. Mutual property funds saw net redemptions, albeit at a low level (H1 2024: net sales of €0.4bn). Net sales of the funds directly managed by Deka Immobilien Investment GmbH for private investors remained positive at €0.1bn (H1 2024: €0.4bn). The Europe-focused WestInvest InterSelect, Deka-ImmobilienGlobal and Deka-ImmobilienMetropolen showed a positive sales performance. Net sales performance in the Asset Management Real Estate business division in €m (Fig. 9) Asset management net sales by customer segment Private customers Institutional customers by product category Mutual property funds Special funds, individual property funds and mandates 1st half 2025 –181 145 –326 –42 –139 1st half 2024 401 510 –109 400 1 Despite distributions of €0.7bn, the volume in the Asset Management Real Estate business division remained stable compared with the end of 2024 at €54.9bn (year-end 2024: €55.2bn). Euro-denominated mutual property funds achieved an average volume-weighted return of 2.1% (year-end 2024: 2.1%). 21

22

Interim management report 2025 | Economic report Deka Group Interim Report 2025 The slow recovery of national and international property markets enabled a year-on-year increase in transaction volume in the first half of 2025 to €1.2bn (H1 2024: €0.5bn). There were four contractually secured property purchases and nine sales. Business activities continue to centre on properties in the office, retail, logistics and hotel asset classes. Volume in the Asset Management Real Estate business division in €m (Fig. 10) Asset management volume by customer segment Private customers Institutional customers by product category Mutual property funds Special funds, individual property funds and mandates 30 Jun 2025 31 Dec 2024 54,873 55,151 38,944 15,930 43,158 11,715 39,047 16,104 43,467 11,684 Change –278 –103 –174 –309 31 –0.5% –0.3% –1.1% –0.7% 0.3% Profit performance in the Asset Management Real Estate business division The economic result in the Asset Management Real Estate business division stood at €51.5m in the first half of 2025, compared with €64.3m in the prior-year period. Income remained slightly below the prior-year figure. In particular, purchasing and construction fees, which lag behind new contracts, were lower than in the first half of 2024. Expenses rose noticeably in a year-on-year comparison. This was chiefly due to the rise in personnel and project expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €8.3m compared with €9.1m in the prior-year period. Profit performance in the Asset Management Real Estate business division in €m (Fig. 11) 1st half 2025 1st half 2024 Change –0.3 137.6 0.3 2.3 139.8 96.6 96.6 43.1 8.3 51.5 –0.9 139.8 2.0 1.8 142.6 87.5 87.5 55.1 9.1 64.3 0.6 –2.2 –1.8 0.5 –2.9 9.2 9.2 –12.0 –0.8 –12.8 Net interest income Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 63.6% –1.6% –87.5% 26.6% –2.0% 10.5% 10.5% –21.8% –8.5% –19.9% Business development and profit performance in the Asset Management Services business division The economic result as of the end of June 2025 was €–10.6m (H1 2024: €10.1m). Investments to future- proof the business model were one of the main reasons for the drop in this figure. The number of securities accounts in Digital Multichannel Management increased by around 150,000 to 5.9 million as at the halfway point of the year. Assets under custody grew to €224.8bn due to market conditions. Assets under custody in the Depositary subdivision also saw a market-induced rise of around 4% versus the end of 2024 and came to €339.0bn. 22

23

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Business development in the Asset Management Services business division The number of custody accounts for which the division is the legal provider stood at 5.9 million at mid-year (year-end 2024: 5.7 million) and the number of securities transactions came to 88.2 million (H1 2024: 69.5 million). This continued to be driven by the sales figures for savings plans, with around 287,000 additional savings plans in the first half of 2025. Due to market developments in the first half of 2025, assets under custody in the Digital Multichannel Management subdivision rose to €224.8bn (year-end 2024: €218.1bn). S Broker, the Deka Group’s online broker, manages around 207,000 custody accounts (year-end 2024: around 203,000) with an investment volume of €19.8 bn. This meant that the investment volume was 7.0% higher than at the end of 2024. As of mid-year, the robo-advisory service provided by bevestor GmbH has been integrated into the sales of 327 savings banks as part of a cooperation model (year-end 2024: 337). The decline in the number of users is due to mergers in the savings bank sector. As of mid-2025, bevestor GmbH had arranged an investment volume of €634.8m (year-end 2024: €506.0m) and managed around 181,000 customer custody accounts. At year-end 2024, the number of customer custody accounts was approximately 138,000. Assets under custody rose in line with the development in asset management to €339.0bn (year-end 2024: €327.4bn). This was particularly due to the positive investment performance of mutual funds and special funds and also to new business. Profit performance in the Asset Management Services business division The economic result for the Asset Management Services division was €–10.6m in the first half of 2025 (H1 2024: €10.1m). Net commission income remained the main component of income. It rose to €125.0m (H1 2024: €113.8m) due to the increase in assets under custody and in the number of transactions via S Broker. At €158.5m, expenses were higher than in the first half of 2024 (€128.3m), particularly due to a rise in project, administrative and personnel expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €12.4m, compared with €16.0m in the prior-year period. Profit performance in the Asset Management Services business division in €m (Fig. 12) Change 0.5 11.2 1.0 0.3 13.0 30.2 30.2 –17.2 –3.6 –20.8 10.2% 9.9% 83.7% 13.0% 10.6% 23.5% 23.5% –293.1% –22.4% –205.1% Net interest income Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 1st half 2025 1st half 2024 5.4 125.0 2.1 3.0 135.5 158.5 158.5 –23.0 12.4 –10.6 4.9 113.8 1.2 2.6 122.5 128.3 128.3 –5.9 16.0 10.1 Business development and profit performance in the Capital Markets business division At €155.4m, the economic result reported by the Capital Markets business division was down on the previous year’s high figure of €204.7m. The Capital Markets business division continues to fulfil its role as the Deka Group’s product, solution and infrastructure provider. It is supported in this by the DEA and finledger platforms. 23

24

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Business development in the Capital Markets business division The largest subdivision, Trading & Structuring, benefited particularly from good certificates business in the first half of 2025. Gross sales of certificates stood at €9.1bn, compared with €8.3bn at the end of June 2024. As in the previous year, private customers accounted for the lion’s share of demand. Deka certificates accounted for 61.8% of gross certificate sales in the first half of 2025 (H1 2024: 70.5%). Gross certificate sales Capital Markets business division in €m (Fig. 13) Gross sales by customer segment Private customers Institutional customers by issuer Deka certificates Cooperation certificates 1st half 2025 1st half 2024 9,127 8,630 497 5,640 3,486 8,340 7,956 384 5,878 2,462 The volume of Deka certificates reported in the balance sheet amounted to €22.2bn (year-end 2024: €21.7bn). Deka certificate volume Capital Markets business division in €m (Fig. 14) Deka certificate volume by customer segment Private customers Institutional customers 30 Jun 2025 31 Dec 2024 22,166 21,724 17,969 4,197 17,397 4,326 Change 442 571 –129 2.0% 3.3% –3.0% The Collateral Trading & Currency subdivision remains well positioned in the repo/lending business. The volume traded in the first half of 2025 exceeded the prior-year level. In terms of income, the Commission Business subdivision achieved a year-on-year increase in its turnover in business with shares, bonds, exchange-traded derivatives and supplementary services in a still challenging market environment. Profit performance in the Capital Markets business division The business division achieved an economic result of €155.4m, which compared with €204.7m in the same period of the previous year. Due to higher volumes in bond trading and commission business, net commission income was up on the figure for the first half of 2024. Net financial income came to €188.7m, compared with €211.1m in the prior-year period. The earnings contribution from Trading & Structuring remained a key component, not least due to the demand for certificates. Derivatives trading also benefited from this but was down overall in a year-on-year comparison. Expenses increased to €118.5m (H1 2024: €104.2m), primarily due to higher project, personnel and administrative expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €55.1m, compared with €71.1m in the prior-year period. 24

25

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Profit performance in the Capital Markets business division in €m (Fig. 15) Net interest income Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 1st half 2025 1st half 2024 0.1 27.6 188.7 2.4 218.8 118.5 118.5 100.3 55.1 155.4 0.9 24.1 211.1 1.7 237.9 104.2 104.2 133.6 71.1 204.7 Change –0.8 3.5 –22.4 0.7 –19.1 14.3 14.3 –33.3 –16.0 –49.3 –91.3% 14.6% –10.6% 37.8% –8.0% 13.7% 13.7% –25.0% –22.5% –24.1% Business development and profit performance in the Financing business division In the first half of 2025, the Financing business division achieved an economic result of €49.2m (H1 2024: €97.3m). Gross loan volume in the division posted a fall of 6.3% versus year-end 2024 to €24.1bn at the mid-point of the year. Business development in the Financing business division Around 60% of the business division’s gross loan volume of €24.1bn was attributable to specialised financing. This was unchanged from year-end 2024 (€25.7bn). The proportion of real estate financing was unchanged at around 40%. The new business volume in the Financing business division amounted to €1.3bn at the end of the first half of 2025 (H1 2024: €1.1bn). As in the prior-year period, new business in the Specialised Financing subdivision came to €0.6bn. At €0.7bn, the Real Estate Financing subdivision slightly exceeded the previous year’s figure (€0.6bn). Loans to savings banks accounted for 7% of the total new business (H1 2024: 11%). The total volume of placements increased along with new business and stood at €0.3bn, compared with €0.2bn at the mid-point of 2024. The majority of this total was placed within the Sparkassen-Finanzgruppe. Repayments of around €1.8bn (H1 2024: around €2.1bn) were the main factor reducing the portfolio. Gross loan volume in the Specialised Financing subdivision in €bn (Fig. 16) Infrastructure financing Renewable energies Transport financing Aviation Shipping Export financing Public sector financing Savings bank financing Total 30 Jun 2025 31 Dec 2024 3.5 0.9 2.4 1.3 1.0 0.6 3.0 4.2 13.8 3.5 1.0 2.9 1.6 1.2 0.8 3.0 4.4 14.7 25 Change –0.4% –5.3% –17.6% –19.0% –17.3% –21.3% 2.0% –4.7% –5.8%

26

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Gross loan volume in the Real Estate Financing subdivision in €bn (Fig. 17) Commercial real estate financing Financing of open-ended real estate funds Total 30 Jun 2025 31 Dec 2024 7.4 2.8 10.2 8.0 3.0 11.0 Change –7.0% –7.0% –7.0% For materiality reasons, segments with a gross loan volume of less than €1bn are not reported. Commercial real estate financing continues to focus on financing in Europe (€3.8bn) and North America (€3.6bn). At year-end 2024, the figures were €3.9bn in Europe and €4.1bn in North America. Office properties were the main use type in commercial real estate financing with a share of 77.1% (year-end 2024: 78.1%). Retail property financing accounted for 6.0% (year-end 2024: 6.6%) and hotel financing for 3.7% (year-end 2024: 3.8%) of the gross loan volume in commercial real estate financing. For the loan to values in commercial real estate financing, Deka follows a conservative policy on lending values. At the mid-point of 2025, the loan portfolio as a whole had an average rating of 7 according to the DSGV master scale (year-end 2024: 8). This corresponds to a rating of BB on S&P’s external rating scale, unchanged from year-end 2024. The average rating for Specialised Financing improved by one notch compared with year- end 2024 (DSGV master scale: 7, S&P: BB) and stood at 6 (S&P: BB+). The rating for Real Estate Financing also improved by one notch compared with the end of 2024, from 9 to 8 (S&P: from BB– to BB). Taking account of collateralised assets, the average rating for Real Estate Financing according to the DSGV master scale was 3 (S&P: BBB) and has improved by one notch since the end of 2024 (DSGV master scale: 4, S&P: BBB–). Profit performance in the Financing business division In the first half of 2025, the Financing business division achieved an economic result of €49.2m (H1 2024: €97.3m). Net interest income remained level year on year, despite a slightly smaller loan portfolio. There was a net allocation to risk provisions of €18.3m in the first half of 2025 (H1 2024: €4.2m). The recognition of specific provisions, primarily in real estate financing, was partly offset by a positive net effect from the change in post-model adjustments for borrowers in the real estate segment. Expenses increased slightly year on year to €40.7m, particularly due to higher personnel and project expenses. There was a positive earnings contribution from the income distribution of the Treasury function, which amounted to €37.8m, compared with €64.8m in the prior-year period. Profit performance in the Financing business division in €m (Fig. 18) Change –0.3 –14.1 –1.2 –3.8 0.1 –19.3 1.9 1.9 –21.2 –27.0 –48.1 –0.4% (< –300%) –15.8% –230.9% 16.1% –27.0% 4.9% 4.9% –65.0% –41.6% –49.5% Net interest income Risk provisions in the lending and securities business Net commission income Net financial income Other operating profit Total income Administrative expenses (including depreciation and amortisation) Total expenses Economic result before income distribution of Treasury-function Income distribution of Treasury function Economic result 1st half 2025 1st half 2024 65.9 –4.2 7.4 1.6 0.5 71.3 38.7 38.7 32.6 64.8 97.3 65.6 –18.3 6.3 –2.1 0.6 52.0 40.7 40.7 11.4 37.8 49.2 26

27

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Financial position of the Deka Group Changes in the Deka Group balance sheet The Deka Group’s total assets increased by 3.4% as against the end of 2024 to €96.1bn (year-end 2024: €92.9bn). This was mainly due to a customer-induced increase in deposits and money market transactions, which led both to an increased use of the deposit facility with Deutsche Bundesbank and to an expansion of the liquidity management portfolio. Amounts due from banks and customers rose by a total of €1.3bn in the period under review to reach €56.4bn. The increase was due in particular to an increased investment of balances (overnight deposits) with Deutsche Bundesbank in the form of a deposit facility, which are reported as amounts due from banks on demand. There was an increase of €0.7bn in financial assets at fair value, taking them to €22.0bn. Financial investments stood at €14.9bn, slightly exceeding the year-end 2024 figure (€14.1bn). This was due to increased securities holdings, primarily as a result of purchases in the liquidity management portfolio. Amounts due to banks and customers saw an overall rise of €4.8bn, taking the total to €44.0bn. This movement resulted mainly from higher customer deposits and transactions. Securitised liabilities declined by €1.3bn in the reporting period to €15.5bn. This was due to expiring transactions in commercial paper in the first half of 2025. Financial liabilities at fair value were stable at €26.5bn (year-end 2024: €26.4bn). Changes in the Deka Group balance sheet in €m (Fig. 19) Total assets Selected asset items Due from banks and customers Financial assets at fair value Financial investments Selected liability items Due to banks and customers Securitised liabilities Financial liabilities at fair value 30 Jun 2025 31 Dec 2024 96,063 92,917 56,401 22,018 14,932 44,032 15,542 26,472 55,144 21,272 14,097 39,267 16,885 26,397 Change 3,146 1,257 746 835 4,765 –1,343 75 3.4% 2.3% 3.5% 5.9% 12.1% –8.0% 0.3% See also: Risk report: page 34 ff. Capital and liquidity adequacy Full details of capital and liquidity adequacy in the first half of 2025 are provided in the risk report. Ratings DekaBank’s ratings remained among the best in its peer group of German commercial banks at the 2025 mid-year point. This enables access to the money and capital markets on stable and competitive terms. The rating assessments from S&P and Moody’s reflect the high strategic importance of the Deka Group to the savings bank sector as well as the adequate capital and liquidity base for its business model. 27

28

Interim management report 2025 | Economic report Deka Group Interim Report 2025 Ratings overview (Fig. 20) Bank Ratings Issuer Rating Counterparty Rating Deposit Rating Own financial strength Short-term rating Issuance Ratings Preferred Senior Unsecured Debt Non-Preferred Senior Unsecured Debt Subordinated Debt (Tier 2) Additional Tier 1 debt Public Sector Covered Bonds Mortgage Covered Bonds Standard & Poor's A+ (stable) Issuer Credit Rating Moody's Aa1 (stable) Issuer Rating N/A N/A Aa1 Counterparty Risk Rating Aa1 Bank Deposits bbb+ Stand-alone Credit Profile baa2 Baseline Credit Assessment A–1 Short-term Rating P–1 Short-term Rating A+ Senior Unsecured Debt Aa1 (stable) Senior Unsecured Debt A Senior Subordinated Debt A1 Junior Senior Unsecured Debt A3 Subordinate Debt Baa2 (hyb) Preferred Stock Non-cumulative Aaa Public Sector Covered Bonds Aaa Mortgage Covered Bonds N/A N/A N/A N/A In April 2025, S&P increased DekaBank’s issuer rating from A to A+. The issuance ratings were also increased by one notch. The outlook following the rating upgrade is stable. S&P affirmed DekaBank’s A–1 short-term rating. The upgrade is based on a re-evaluation of the German savings bank sector’s financial strength. S&P anticipates that the sector will remain resilient even in an uncertain economic environment thanks to its robust balance sheet, improved earnings capacity and strengthened institutional guarantee system. The financial strength and strategic importance of DekaBank as the central investment services provider to the savings bank sector also contributed to this assessment. The ratings issued by Moody’s have remained unchanged so far in 2025. Human resources report The Deka Group employed a total of 5,855 people as of 30 June 2025 (year-end 2024: 5,727). The number of employees is determined by counting the number of employment contracts (temporary and permanent) in existence at the reporting date, including inactive employees, trainees and interns. At 5,065, the number of earnings-relevant full-time equivalents was slightly higher than at the end of 2024 (4,971). The number includes part-time employees actively involved in work processes in the Deka Group, who are counted pro rata on the basis of their working hours. Further key indicators and information regarding sustainable HR management can be found in the sustainability report as at 31 December 2024. 28 See also: Sustainability report in the Annual Report 2024

29

Interim management report 2025 | Forecast report Deka Group Interim Report 2025 Forecast report Forward-looking statements ....................................................................................................... 29 Expected economic trends .......................................................................................................... 29 Expected business development and profit performance ............................................................. 31 Expected financial and risk position ............................................................................................ 33 Forward-looking statements The Deka Group’s planning is based on the assumptions about future economic development that appear the most probable from a current standpoint. However, plans and statements about expected developments and the course of business during the second half of 2025 are subject to uncertainty. Actual trends in the international money, capital and property markets and in the Deka Group may diverge significantly from our assumptions, which are partly based on expert estimates. See also: Risk report: page 34 ff. The Deka Group’s risk position is explained in full in the risk report. If the risk scenarios referred to in the risk report should materialise, for example as a result of stress situations or counterparty default, this may result in negative differences from the forecast during the remaining months of the 2025 financial year. Conversely, opportunities may result in expectations being exceeded. The Deka Group’s opportunities are presented in the opportunities report in the 2024 Annual Report; there have been no significant changes as of mid-year 2025. If the war in Ukraine or the conflict in the Middle East worsen further and spread to other countries in the region, or if there is an escalation in other geopolitical tensions, this may be reflected in damage to economic growth and capital markets in the second half of 2025. There is potential for setbacks in the equity and bond markets if further risks materialise from the trade policy of the US government or from rising government debt in many industrialised countries. Future market developments therefore remain uncertain, and the earnings, risk and capital situation, as well as the corresponding key management indicators, may show less favourable development than that presented. Expected economic trends Expected macroeconomic trends Following the extreme economic swings of the COVID-19 pandemic, the global economy has been expanding more or less steadily since 2023 at a new normal growth rate of around 3%. Global gross domestic product is expected to expand by 2.8% in 2025. Despite this stable momentum, the world economy is likely to enter a soft patch in the second half of the year. Particularly in the United States, a slowdown is expected if companies pass on the tariff burden to their customers. However, this will not apply in Europe, where fiscal policy and public investment (not least in Germany) will contribute to better growth in relative terms. Structural upheaval is another factor shaping economies. The transition to net zero, the digital transformation and demographic change require large-scale investment to boost productivity. At the same time, the competition between the major economic blocs of America, Europe and Asia is challenging established business models. Only in the medium and long term will the positive effects of structural change prevail. 29

30

Interim management report 2025 | Forecast report Deka Group Interim Report 2025 Expected sector-related conditions Lower energy commodity prices and the appreciation of the euro are likely to push average eurozone inflation just below the 2% target in the second half of the year. However, these effects will be temporary, with the longer-term inflation outlook hinging more on domestic factors. Flattening wage growth means that further falls in inflation can be anticipated particularly in the service sector. Wage rises have now largely offset the loss of purchasing power in recent years and are therefore likely to be more moderate in future. Nevertheless, the low unemployment rates and the shortage of labour should continue to propel slight real wage growth and prevent any lasting fall in inflation to below 2%. The issue of tariffs dominates the inflation outlook for the United States in the second half of the year. Although import tariffs have only moderately fed through to consumers so far, inflation could quickly rise. This effect, too, is likely to be temporary, however. Companies will face resistance to sharp price hikes in a weaker economic environment, which should limit any second-round effects. At its June meeting and in the subsequent commentaries, the ECB signalled that it regarded monetary policy normalisation as largely completed. This followed a cumulative key interest rate cut of 200 basis points since June 2024. At the same time, however, a number of Council members also emphasised the possibility of a further easing in the event that the stronger euro or trade disruption due to US tariffs increase downside risks to inflation. Market expectations of a further 25-basis-point cut in the deposit rate before the end of the year seem realistic in this context. A further easing into unequivocally expansionary territory, by contrast, is only likely if the labour market noticeably worsens and dampens domestically generated inflation. The ECB is set to continue reducing its balance sheet by not reinvesting the principal from maturing bonds. The resulting decline in surplus reserves in the banking system is unlikely to elicit a significant reaction on money markets. Having left key interest rates unchanged throughout the first half of 2025, the US Federal Reserve can be expected to resume its monetary policy normalisation in the foreseeable future if the labour market cools and the inflationary impacts of import tariffs remain moderate. The changes in US tariff policy and the rising government debt in many regions triggered sharp price volatility and a steepening of yield curves in the first half of 2025, particularly at the long end. The same issues are also set to dominate the second half of the year on bond markets. At the long end of the yield curve, the lack of budget discipline and the unpredictability of policy under Donald Trump are likely to keep term premiums elevated in the United States. However, governments in Europe too, and especially in Germany, now need to finance the fiscal packages they have promised. While the volumes involved are already known, it remains to be seen how well the capital market absorbs them. Even though no substantial changes in the level of long-term bond yields are expected in the second half of the year, persistently high volatility is likely, especially at the long end of the yield curve. With the ECB seeing itself near the end of the rate-cutting cycle at a deposit rate of 2%, only minor fluctuation is expected at the short end of the Bund curve. Compared with other eurozone sovereign bonds, Bund spreads are likely to widen somewhat further given Germany’s increasing government debt. A similar scenario can be assumed for French sovereign bonds if another government crisis manifests itself there. Despite considerable uncertainty, corporate bond spreads remain low, supported by the global trend for falling key interest rates. As these expectations are already largely priced in, there is little prospect of additional performance from falling spreads and yields. Nevertheless, the ongoing returns continue to offer attractive investment opportunities. 30

31

Interim management report 2025 | Forecast report Deka Group Interim Report 2025 Businesses and economies have performed better than expected amid the trade uncertainty of 2025. Large companies have demonstrated their resilience by reporting surprisingly positive results for the first half of the year. The global economic environment, too, is fairly robust at present and offers a basis for moderate profit growth. After sharp downward revisions since the beginning of the year, analysts are now adjusting their profit expectations upwards. However, not only are the impacts of tariffs on companies’ business activities still uncertain, but fears of US intervention in capital flows could also reignite. Stock prices will therefore likely be prone to volatility in the coming months, though this should not be a threat to the generally positive trend. The strong performance of European equity markets relative to their US counterparts is set to continue and increasingly extend to small and mid caps. While European markets, too, are now valued slightly higher than their long-term averages, the absolute valuation levels remain unproblematic and the discounts relative to US stocks very large. The argument is even more compelling for European small and mid caps. The unpre- dictability of US policy, encouraging capital flows to gradually migrate to Europe, also points to a sustained outperformance of European equity markets. Even slight changes in allocation are likely to provide a strong underpinning for share prices in Europe in the second half of 2025. Real estate asset management remains an appealing asset class. The construction cycle on office property markets peaked in 2024. As new construction activity will decline considerably this year and next, especially in Germany, excess demand for prime properties priced in line with the market is expected to emerge in the medium term. Rents are likely to rise further. However, DekaBank expects this to be at a significantly slower pace in the next few years. Polarisation of the market will intensify, favouring high-quality and sustainable buildings in central locations with good transport links. A more stable financing environment should also revive the office investment market. DekaBank expects a largely sideways trend in initial yields. Expected business development and profit performance The Management Agenda is an ongoing strategic action programme that sets the direction to further build on the Deka Group’s position as the customer-centric, innovative and sustainable Wertpapierhaus for the Sparkassen-Finanzgruppe. Uncertainty will remain high in the second half of 2025, particularly due to geopolitical tensions and conflicts such as the war in Ukraine or the Middle East conflict. An escalation or regional spread could have repercussions for growth and capital markets. US trade policy and the rising government debt in many industrialised countries create the potential for setbacks in equity and bond markets. Overall, there remains the risk that the earnings, risk and capital situation, as well as the key management indicators, may develop less favourably than expected. In view of the geopolitical tensions and conflicts and the challenging economic conditions, the impacts of which are scarcely possible to fully predict, the 2024 Group management report forecast an economic result of approximately €800m for 2025 as a whole. This forecast is confirmed at the mid-way point of 2025. The Deka Group continues to operate in a growing market with the aim of realising potential income with an attractive cost/income ratio. The forecast cost/income ratio of around 60% remains unchanged. For financial year 2025, the Deka Group continues to aim for a return on equity before tax (balance sheet) of around 12%. Sales activities will focus in particular on further expanding the investment fund business. The certificates business is expected to make another significant contribution to total sales. Deka is also maintaining its forecast for total sales and the asset management volume. Total sales of around €35bn are expected for 2025 with a slight increase in the asset management volume compared with the end of 2024. 31

32

Interim management report 2025 | Forecast report Deka Group Interim Report 2025 The Asset Management Securities business division will maintain its proven strategic direction in the second half of 2025 and focus on providing and enhancing digital, highly performing processes, services and products. Deka’s product range for private customers is being adapted to reflect the market environment and customer needs. It continues to focus on funds designed to maintain lasting value, multi-asset-class fund solutions, regular savings, retirement provision and digital multichannel sales. The business division is driving further development in institutional sales and continuously analysing the use of blockchain technologies in asset management. It still expects to report a year-on-year increase in net sales at year-end 2025 as well as a slight increase in the asset management volume. Risks may arise from global political and geopolitical conflicts, trade disputes and changes in supply chains and energy prices, potentially resulting in volatile economic conditions and impacts on corporate profitability. Political uncertainty and weak growth with restrictive monetary policy could have an adverse impact on securities markets and investment fund business. A changed interest rate environment may affect Deka’s own business and that generated by the savings banks. This and other factors may hit investors’ risk appetite and result in outflows of funds and reluctance to invest. A pronounced stock market correction could also negatively affect the asset management volume. The Asset Management Real Estate business division’s mission remains to provide the savings banks with high- quality real estate- and real estate financing-based investment products with sustainable features. These products are suitable for both customer business and proprietary investment activities. Portfolio and property risk management will be continuously developed. In open-ended real estate funds for private customers, the business division plans to build on its leading market position without compromising on quality or stability. In the institutional business, it is seeking to at least maintain its market position despite investment restraint among customers. For private customers, gross sales for 2025 are expected to be in line with redemptions, resulting in neutral net sales. Net sales to institutional customers, however, are expected to be negative. The business division expects the asset management volume at year-end 2025 to be on a level with the previous year. It continues to anticipate a transaction volume below the multi-year average again in the second half of 2025. Risks to the performance of the Asset Management Real Estate business division may arise from global geopolitical conflicts, trade disputes and the consequences of these events. Risks may also arise from the negative media coverage around real estate funds in relation to the legal dispute involving a third-party real estate capital management company and the use of the summary risk indicator (SRI). Sales risks also arise from competition with alternative sources of return, potential spillover risks in the event of industry upheaval and the risks from the continued high regulatory pressure. The Asset Management Services business division is still aiming to increase assets under custody in 2025 in line with asset management growth. The Digital Multichannel Management subdivision is focusing on efficiency gains from integrating physical branches and other sales channels for the securities products offered by the savings banks. Innovative services such as the brokerage app from S Broker, digital asset management and S-Invest Manager are designed to safeguard savings banks’ access to their end customers. The Depositary subdivision’s aim remains to establish a strong competitive position and grow the volume of assets under custody in its business involving mutual and special funds, third-party mandates and investment managers, focusing on developing a comprehensive asset servicing solution. It will continue to pursue a holistic approach to asset servicing by improving connectivity with external asset managers and investment management companies and making settlement routines more flexible. Custody of crypto securities is being developed as part of the Group-wide digitalisation activities. There are risks to Digital Multichannel Management from a stagnation of sales due to potential delays in enhancing the product offering for the sales channels. In the custody account business, disruption to product development could also have a knock-on effect on custody account sales. Risks to the Depositary subdivision include rising pressure on margins as well as market-induced outflows of assets under custody. A pronounced stock market correction triggered by wars and trade conflicts may adversely affect assets under custody and thus the income achievable in the Depositary subdivision. 32

33

Interim management report 2025 | Forecast report Deka Group Interim Report 2025 In 2025, the Capital Markets business division is maintaining its proven strategic direction as a customer- centric product and solution provider focused on structured products and the derivatives, issuance and trading business. By expanding platforms such as DEA and integrating them into the savings banks’ IT landscape, it will continue to help savings banks and institutional customers manage their proprietary portfolios. This will be complemented by products and services with an ESG focus such as green bonds, certificates with sustainability features and instruments for carbon offsetting. In certificates business, gross sales are not expected to match the 2024 level. Risks to the development of the Capital Markets business division arise particularly from negative capital market developments and fears of recession, which could result in lower customer activity levels. Risk factors include unpredictable consequences of military conflicts around the world and of global trade disputes and supply chain difficulties. Additional risks arise from regulatory intervention in the design of products and definition of terms and conditions and from increased pressure on fees. Regulatory or adverse monetary policy escalations leading to additional capital requirements or reporting obligations may also affect business performance. For its business activities in 2025, the Financing business division will continue to concentrate on its well- established segments: specialised financing and real estate financing in liquid markets. It will generate new business where this contributes both to its objectives and to appropriate management of the balance sheet structure. The business division will maintain its stability-focused and risk-conscious strategy, with the loan portfolio to remain largely stable in the course of 2025. Risks for the Financing business division may arise from global geopolitical and trade conflicts and the development of interest rates and inflation. This may adversely affect the quality of loan exposures, leading to higher risk provisions and increased capital requirements due to rating downgrades. Further risks are associated with specific creditworthiness risks relating to borrowers, which could adversely affect the economic outlook for the lending segments. This could also lead to a need for higher loan loss provisions, or to increased capital adequacy requirements. A worsening of global political crises may trigger similar effects. Business performance may also be negatively affected by increasing competitive pressure for project and infrastructure financing if institutional investors act as direct lenders. Expected financial and risk position For the remaining months of the year, the Deka Group is anticipating a continued sound financial position. The expectation is for total assets of around €90bn at year-end 2025. The Deka Group expects to maintain an adequate capital and liquidity base in both the normative and economic perspective for the remaining six months of 2025. To retain sufficient flexibility in the event of unfavourable market developments, the Deka Group aims for a Common Equity Tier 1 capital ratio at an appropriate level above the strategic target of 13%. Balance sheet management is geared towards ensuring compliance with an appropriate leverage ratio well above the minimum ratio of 3%, as well as compliance with the requirements for RWA- and LRE-based MREL and with the subordinated MREL requirements. In terms of risk-bearing capacity analysis, risk appetite utilisation is expected to remain at a non-critical level. The Group’s liquidity position is forecast to remain at a comfortable level. Likewise, all relevant ratios such as LCR and NSFR are expected to be comfortably adhered to with sufficient flexibility. 33

34

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Risk report Risk policy and strategy .............................................................................................................. 34 Capital adequacy in the first half of 2025 ................................................................................... 35 Liquidity adequacy in the first half of 2025 ................................................................................. 38 Individual risk types .................................................................................................................... 39 Risk policy and strategy See also: Risk report in the Annual Report 2024 The basic principles underlying the Deka Group’s risk policy remain largely unchanged from those described in the Group management report for 2024. Noteworthy developments in risk management are explained in the sections below. In order to achieve its commercial objectives, the Deka Group accepts certain risks in line with strategic requirements. These risks are limited by a comprehensive risk management system that covers all types of risk and all business divisions, sales units and corporate centres in order to ensure the success of the Deka Group as a business. The framework for business and risk management is provided by the general concept of risk appetite (Risk Appetite Framework – RAF), which forms the main basis for assessing the adequacy of internal capital and liquidity (Internal Capital Adequacy Assessment Process (ICAAP)/Internal Liquidity Adequacy Assessment Process (ILAAP)) and is an integral part of the Deka Group’s strategy system. A strong risk culture is key to the Deka Group sustainably achieving the business policy objectives set out in its business strategy. Developments in risk management CRR III applies starting from 2025. The Deka Group’s own funds are reported with and without transitional provisions. Application of CRR III results in the following material effects: The use of lower regulatory standard LGD values frees up capital and reduces RWAs for real estate financing and specialised financing. At the same time, a new standardised approach for operational risk, calculated based on defined income components, leads to in an increase in RWAs. The introduction of an output floor also increases RWAs by resulting in additional credit risk RWAs under the standardised approach. Market price risk under the new FRTB (Fundamental Review of the Trading Book) standardised approach is also included in the output floor calculation. When the FRTB capital requirements regime comes into force, the new standardised approach will also replace the internal market risk model. Given the introduction of the new Standardised Measurement Approach (SMA) as the new method for calculating operational risk capital, the previous quantification model, approved as an Advanced Measurement Approach (AMA), has been refined for use as a pure Pillar 2 model. Various methodological refinements were developed in this context and implemented as of 31 March 2025. These refinements aim to develop the scenario analyses on the ex-ante side directly on the basis of the qualitative NFR assessments and to continue to ensure conservative treatment of the observed operational loss profile in the ex-post perspective. To further synchronise management between the ICAAP and ILAAP, an amber threshold was introduced for the liquidity balances in the macroeconomic stress scenarios for the economic perspective of the ILAAP as of 31 March 2025. 34

35

Interim management report 2025 | Risk report Deka Group Interim Report 2025 For ESG risks, a systematic, risk type-specific identification and measurement of the material risk types, which is performed at regular intervals, was initiated in the first half of 2025. As before, management and reporting is calibrated to the results of the risk materiality analysis, and quantitative, qualitative and process-related guidance is in place. Given the pace of developments in related market standards and regulatory requirements (EBA guidelines on the management of ESG risks), the approaches used continue to constantly evolve. Capital adequacy in the first half of 2025 The Deka Group held adequate capital throughout the reporting period. In particular, the Common Equity Tier 1 capital ratio and utilisation of risk capacity and of the risk appetite remained at non-critical levels relative to the limits and early warning thresholds and to the internal thresholds and external minimum requirements throughout. Economic perspective (current situation) During the reporting period, the models employed by the Deka Group for economic risk management continued to reflect the corporate and market situation in an appropriate and timely manner. The Deka Group’s total risk exposure (value-at-risk, VaR; confidence level 99.9%; holding period of one year) stood at €2,618m at the end of the first half of the year. As such, it showed a slight increase relative to the position at the end of 2024 (€2,601m). The increase in counterparty risk, operational risk and business and investment risk was partly offset by lower market price risk. Change in Deka Group risk over the course of the year in €m (Fig. 21) Counterparty risk Investment risk Market price risk Operational risk Business risk Total risk 30 Jun 2025 31 Dec 2024 1,115 1,029 30 720 485 267 2,618 28 810 478 256 2,601 Change 86 2 –90 8 11 17 8.3% 7.0% –11.1% 1.6% 4.4% 0.6% Over the same period, risk capacity rose to €6,381m (year-end 2024: €6,117m). This increase was driven primarily by the positive development of income components. The utilisation of risk capacity was down as against the end of 2024 (42.5%) to 41.0%, meaning that it remains at a non-critical level. The risk appetite of €4,500m (unchanged since the end of 2024) was 58.2% utilised as at 30 June 2025 (year-end 2024: 57.8%). This utilisation ratio was therefore also at a non-critical level. Normative perspective (current situation) CRR III has entered into force starting from 2025. The Deka Group’s own funds are reported with and without transitional provisions. No retrospective disclosure is provided for the new requirements, as this is not stipulated by the CRR. Alongside credit risk, market risk and operational risk, the credit valuation adjustment (CVA) risk is also taken into account. Settlement risk is not shown separately here as it is of minor significance. Instead, it is included in counterparty risk. At €6,102m, Common Equity Tier 1 capital was virtually unchanged from the end of 2024 (€6,104m). In accordance with Article 26 (2) CRR, the year-end profit for 2024 less foreseeable charges and dividends was recognised in Common Equity Tier 1 capital as at the end of 2024 (dynamic approach). Additional Tier 1 capital was also unchanged as against year-end 2024. Tier 2 capital at the reporting date amounted to €711m (year-end 2024: €746m). The main reason for the decline was the recognition of subordinated liabilities in the five years before their maturity. 35

36

Interim management report 2025 | Risk report Deka Group Interim Report 2025 The Deka Group’s regulatory own funds as of 30 June 2025 stood at €7,412m (year-end 2024: €7,448m). RWAs in accordance with CRR III (without transitional provisions) stood at €30,614m as at 30 June 2025, compared with €30,814m at year-end 2024 under CRR II. Credit risk declined by €3,550m to €15,662m. This was mainly attributable to the application of CRR III, which involves lower regulatory standard LGD values particularly for real estate financing and specialised financing. Rating upgrades and a lower volume of real estate financing and specialised financing also had a positive impact. Market risk rose by €783m to €6,041m. The increase resulted primarily from higher general interest rate and share price risks. At €7,322m, RWAs for operational risk increased by €1,352m due to the application of the new standardised approach under CRR III. The CVA risk amounted to €407m and was thus slightly higher than at year-end 2024 (€375m). This was attributable to the use of the basic approach under CRR III. Output floor RWAs, based on 72.5% of standardised RWAs, came to €1,183m at the reporting date. The table below shows the development in capital components, RWAs and capital ratios: Deka Group own funds in €m (Fig. 22) Common Equity Tier 1 (CET 1) capital Additional Tier 1 (AT 1) capital Tier 1 capital Tier 2 (T2) capital Own funds Credit risk Market risk Operational risk CVA risk Output Floor-RWA Risk-weighted assets % Common Equity Tier 1 capital ratio Tier 1 capital ratio Total capital ratio 30 Jun 2025 31 Dec 2024 CRR III (without transitional provisions) 6,102 CRR III (with transitional provisions) 6,102 599 6,701 711 7,412 15,662 6,041 7,322 407 1,183 599 6,701 711 7,412 15,196 6,041 7,322 407 – CRR II 6,104 599 6,702 746 7,448 19,212 5,257 5,969 375 – 30,614 28,965 30,814 19.9 21.9 24.2 21.1 23.1 25.6 19.8 21.7 24.2 36

37

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Taking account of the requirements of the SREP, DekaBank had to comply at Group level with the following regulatory minimum capital requirements: Regulatory minimum capital requirement as at 30 June 2025 (Fig. 23) Regulatory minimum requirement (Art. 92(1) CRR) Additional requirements in accordance with SREP (P2R) Capital conservation buffer (Section 10c KWG) Countercyclical capital buffer (Section 10d KWG) Capital buffer for systemic risks (Section 10e KWG) Capital buffer for other system relevance (Section 10g KWG) Total requirement Common Equity Tier 1 capital ratio Tier 1 capital ratio Total capital ratio 4.5% 0.84% 5.34% 2.50% 0.74% 0.08% 0.25% 8.91% 6.0% 1.13% 7.13% 2.50% 0.74% 0.08% 0.25% 8.0% 1.50% 9.50% 2.50% 0.74% 0.08% 0.25% 10.69% 13.07% The total requirement for the Common Equity Tier 1 capital ratio, the Tier 1 capital ratio and the total capital ratio was significantly exceeded at all times both with and without transitional provisions. The SREP Pillar 2 requirements (P2R) remain unchanged for 2025. The leverage ratio, i.e. the ratio of Tier 1 capital to total assets adjusted in line with regulatory requirements (leverage ratio exposure, LRE), stood at 7.5% as at 30 June 2025 (year-end 2024: 8.2%). The decline was due to an increased leverage ratio exposure combined with minimally reduced Tier 1 capital. The applicable minimum leverage ratio of 3.0% was thus significantly exceeded at all times. The MREL requirements are calculated using an RWA- and LRE-based calculation method in accordance with regulatory requirements. The total of own funds and MREL-eligible liabilities is expressed in relation to RWAs and LRE. Both ratios are shown without transitional provisions. As at the reporting date, the MREL ratio in line with the RWA-based approach amounted to 54.4% (year-end 2024: 53.2%), while the figure under the LRE-based approach came to 18.7% (year-end 2024: 20.0%). Both ratios were well above the applicable minimum ratios. As at 30 June 2025, own funds and MREL-eligible liabilities came to €16.7bn (year- end 2024: €16.4bn). As of the reporting date, this figure was composed of own funds of €7.4bn, senior non-preferred issues of €4.8bn, senior preferred issues of €5.0bn and unsecured subordinated liabilities of €0.1bn. The repurchases recently approved by the SRB in accordance with the CRR were deducted for the calculation of the MREL ratios. The subordinated MREL requirements were also calculated using the RWA- and LRE-based method in accordance with regulatory requirements. The total of own funds and all subordinated liabilities eligible based on statutory requirements is expressed in relation to RWAs and LRE. Both ratios are shown without transitional provisions. The repurchases recently approved by the SRB in accordance with the CRR were deducted for the calculation of the subordinated MREL requirements. At the reporting date, the subordinated MREL requirements in line with the RWA-based approach came to 38.1% (year-end 2024: 37.5%), while the figure under the LRE-based approach was 13.1% (year-end 2024: 14.1%). Both ratios were well above the applicable minimum ratios. Macroeconomic stress tests The in-depth analysis of the results of the regular macroeconomic standard stress scenarios in both perspectives also takes into account the probability of occurrence and lead time of the scenarios, calculated each quarter, as well as the possible mitigation measures available if necessary. Under this approach, the internal thresholds were complied with at all times during the reporting period and at the reporting date in all the scenarios examined, and no immediate action was required in relation to capital adequacy. The same applies to the results of the climate scenarios calculated as at the 30 June 2025 reporting date. 37

38

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Liquidity adequacy in the first half of 2025 The Deka Group had sufficient liquidity, measured using the liquidity balances and normative indicators, throughout the first half of 2025. Internal limits and emergency triggers, along with the internal thresholds and external minimum LCR and NSFR, were met at all times during the period under review. Economic perspective There were clear positive liquidity balances in all relevant maturity bands of the “combined stress scenario” funding matrix for periods of up to 20 years. This was also the case for the alternative stress scenarios. Limits and emergency triggers were complied with throughout the reporting period. As at 30 June 2025, the accumulated liquidity balance of the Deka Group’s “combined stress scenario” funding matrix in the short-term range (up to one week) stood at €8.7bn (year-end 2024: €6.7bn). In the maturity range of up to one month, the liquidity surplus totalled €11.2bn (end of 2024: €11.7bn), and in the medium-term range (three months) it was €14.6bn (year-end 2024: €10.7bn). In relation to the net cash flows of approximately €–9.4bn on day 1, the Deka Group has a high liquidity potential (around €17.9bn) that is readily convertible at short notice. The Group has access to a large portfolio of liquid securities which are eligible as collateral for central bank borrowings, as well as to available surplus cover in the cover pool and corresponding repo transactions. The strict requirements concerning the liquidity potential ensure that the securities used for this purpose can generate liquidity even in a stressed market environment. “Combined stress scenario” funding matrix of Deka Group as at 30 June 2025 €m (Fig. 24) >D1 to D5 >D5 to 1M >1M to 3M >3M to 12M >12M to 5Y >5Y to 20Y D1 Liquidity potential (accumulated) 17,915 17,003 16,669 12,827 1,210 –487 –126 >20Y –2 Net cash flows from derivatives (accumulated)1) Net cash flows from other products (accumulated) –155 143 1,360 2,802 4,638 6,150 5,928 5,923 –9,236 –8,495 –6,823 –1,017 10,196 7,626 –761 –5,759 Liquidity balance (accumulated) 8,524 8,651 11,206 14,612 16,044 13,289 5,042 163 For information purposes: Net cash flows from derivatives by legal maturity (accumulated) 1) Net cash flows from other products by legal maturity (accumulated) Net cash flows by legal maturity (accumulated) –155 –129 –192 –84 340 1,589 2,776 6,146 –25,768 –24,811 –24,892 –25,006 –24,833 –9,432 –7,320 –5,757 –25,924 –24,939 –25,084 –25,090 –24,493 –7,843 –4,544 389 1) Including lending substitute transactions and issued CLNs As at 30 June 2025, 58.7% (year-end 2024: 56.8%) of total refinancing related to repo transactions, daily and time deposits and other money market products. The remainder of the refinancing concerned capital market products, primarily with longer maturity profiles. The refinancing profile for lending business was well balanced, given the maturity structure. 38

39

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Normative perspective The internal thresholds and external minimum LCR and NSFR were met throughout the period under review. The LCR as at 30 June 2025 stood at 212.5% (year-end 2024: 192.0%). The increase in the LCR at Deka Group level compared with 31 December 2024 resulted from a significant increase in holdings of high- quality, liquid assets combined with virtually unchanged net cash outflows. The average during the first half of 2025 was 177.7% (average for the first half of 2024: 161.1%). The LCR fluctuated within a range from 158.1% to 212.5%. It was thus always significantly above the applicable minimum limit of 100%. The NSFR came to 130.6% at the end of June (year-end 2024: 117.9%) and was thus above the minimum 100% required. Available stable funding increased, while required stable funding decreased. Both perspectives (macroeconomic stress tests) The in-depth analysis of the results of the regular macroeconomic standard stress scenarios in both perspectives also takes into account the probability of occurrence and lead time of the scenarios, calculated each quarter, as well as the possible mitigation measures available if necessary. Under this approach, the internal thresholds were complied with at all times during the reporting period and at the reporting date in all the scenarios examined, and no immediate action was required in relation to liquidity adequacy. Individual risk types Counterparty risk Current risk situation Counterparty risk, as determined on the basis of the credit value at risk (CVaR) with a confidence level of 99.9% and a holding period of one year, increased slightly in the first half of 2025 to €1,115m (year- end 2024: €1,029m). The development of risk was mainly attributable to an increase in exposures and slightly increased migration risks. Risk capital allocated to counterparty risk stood at €1,535m (year-end 2024: €1,535m) and was 72.6% utilised (year-end 2024: 67.1%). The level of risk capacity utilisation therefore remained non-critical. The risk position of the cluster portfolio was assessed using an expected shortfall redistribution. The result, as with the overall portfolio, was an increase in absolute terms compared with the end of 2024 to €195m (year-end 2024: €179m). The relative share of the cluster portfolio in the overall portfolio has thus risen only slightly from 17% to 18%. Risk concentration remained in line with the Deka Group’s credit risk strategy. Gross loan volume increased by 6.4% as against the end of 2024 (€126.2bn) to reach €134.3bn. The overall increase of €8.0bn compared with year-end 2024 was based primarily on increased volumes in the state- affiliated and supranational institutions, other financial institutions and commercial banks risk segments. In the case of the state-affiliated and supranational institutions risk segment, the increase in gross loan volume was mainly attributable to increased deposits with Deutsche Bundesbank. The increases in the commercial banks and other financial institutions risk segments resulted primarily from an increased repo lending volume. The lending business volume (especially in the real estate and transport sector risk segments) was down on the figure for year-end 2024. The share of gross loan volume attributable to the shipping risk sub-segment fell slightly to 0.8% (year-end 2024: 1.0%). The share of the aviation risk sub-segment stood at 1.2% (year- end 2024: 1.6%). Real estate financing (excluding real estate funds) accounted for 5.5% of gross loan volume at the end of June 2025 (year-end 2024: 6.3%). 39

40

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Gross loan volume in €m (Fig. 25) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 30 Jun 2025 31 Dec 2024 29,758 30,434 8,770 1,320 5,966 2,489 9,764 12,778 2,923 1,035 4,630 10,397 31 13,969 134,264 28,247 26,723 9,110 1,264 6,096 2,667 9,338 8,714 3,433 1,041 4,600 11,200 37 13,753 126,223 Net loan volume increased by 7.7% as against the end of 2024 (€63.7bn) to reach €68.6bn. Collateralisation meant that the changes in gross loan volume observed for repo lending transactions (especially in the commercial banks and other financial institutions segments) had relatively small effects on net loan volume. As with gross loan volume, a risk-increasing effect in net loan volume resulted especially from increased deposits with Deutsche Bundesbank in the state-affiliated and supranational institutions risk segment. The higher bond volume also had a risk-increasing effect in net loan volume and gross loan volume in the public sector risk segment. In net terms, lower investments reduced the volume in the savings banks risk segment. Net loan volume in €m (Fig. 26) Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 30 Jun 2025 31 Dec 2024 11,856 11,934 5,547 8,311 242 2,769 1,525 6,859 12,687 724 1,035 3,549 3,188 31 10,283 68,605 5,515 8,715 292 2,585 1,234 6,326 8,473 690 1,041 3,456 3,360 37 10,039 63,697 The gross loan volume in the eurozone rose by a total of €8.3bn. This was due to the increase in deposits with the Bundesbank, in repo lending transactions with counterparties in Germany and Luxembourg, and in the securities volume with German counterparties. With a higher gross loan volume overall, the eurozone’s share of gross loan volume increased by 1.6 percentage points compared with the end of 2024 and stood at 77.8%. The volume movements in America resulted primarily from reduced securities exposure to US and Canadian counterparties and a lower lending volume in US real estate financing. 40

41

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Gross loan volume by region in €m (Fig. 27) Eurozone Europe excluding eurozone America Asia Other regions Total 30 Jun 2025 31 Dec 2024 104,442 14,614 11,695 1,783 1,731 134,264 96,148 14,038 12,460 2,109 1,467 126,223 The gross loan volume attributable to Germany increased by €8.0bn to €61.2bn and equated to 45.6% of the overall portfolio at the mid-year point. In the eurozone, €14.8bn or 11.1% of the gross loan volume was attributable to counterparties in France and 10.9% to counterparties in Luxembourg. The 7.9% share attributable to counterparties in the United Kingdom resulted chiefly from repo lending transactions and from real estate financing. The proportion of the gross loan volume attributable to counterparties in the United States fell by 0.8 percentage points to 6.8%, mainly due to reduced securities and loan portfolios. Gross and net loan volume: regional concentration in €m (Fig. 28) Germany Luxembourg United Kingdom France United States Other Total Gross loan volume 30 Jun 2025 Percentage of Gross loan volume 61,170 14,600 10,559 14,844 9,165 23,928 134,264 45.6% 10.9% 7.9% 11.1% 6.8% 17.8% 100.0% Net loan volume 30 Jun 2025 Percentage of Net loan volume 42,475 61.9% 4,169 2,872 5,148 2,661 11,280 68,605 6.1% 4.2% 7.5% 3.9% 16.4% 100.0% In terms of countries of geopolitical interest, counterparties in China accounted for 0.1% of gross loan volume (year-end 2024: 0.2%), counterparties in Hong Kong for less than 0.1% and counterparties in Israel for an unchanged 0.1%. In all three cases, the counterparties were mostly in the transport sector. There was no loan volume attributable to counterparties in Taiwan. There remained no gross loan volume attributable to counterparties in Russia, Ukraine or Belarus at the end of June 2025 and no country limit. 41

42

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Gross loan volume by risk segment for selected countries €m (Fig. 29) Germany Luxembourg Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total Change in risk vs year-end 2024 Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 10,006 4,580 8,770 206 3,341 451 5,926 11,458 628 109 2,492 3,969 31 9,202 61,170 1,339 2,533 –340 14 542 –156 219 3,855 –6 –7 159 –256 –6 108 7,999 422 9,286 – – 8 32 – 0 – – 94 1 0 4,757 14,600 –386 921 – – –1 0 – – – – –29 –2 0 240 742 United Kingdom 558 7,457 – 10 279 311 88 – 244 93 150 United States France 2,035 2,448 – – 543 772 373 – 508 - 148 7,528 2,723 – 1,078 501 301 529 474 121 50 490 1,369 2,337 1,050 – – – – – – 10,559 9,165 14,844 118 257 – 2 –85 39 –2 – 33 –7 0 16 – – 372 –133 273 – – –36 21 –34 – –107 – 35 –382 – –143 –506 –386 –117 – 38 66 52 –45 131 –8 – 84 –48 – – –233 The gross loan volume remained focused primarily on the short-term segment at mid-year 2025. The proportion of transactions with a time to maturity of less than one year was 45.5% at the end of the first half of 2025 (year-end 2024: 42.5%). The proportion of maturities upwards of ten years was 3.7%, compared with 4.0% at 31 December 2024. Maturities longer than 20 years consisted primarily of financing in the public sector and conventional energies & infrastructure risk segments, as well as collateralised bonds in the public sector risk segment. The average legal residual term of gross lending therefore fell to 2.6 years (year-end 2024: 2.8 years). 42

43

Interim management report 2025 | Risk report Deka Group Interim Report 2025 The level of risk concentration in the loan portfolio rose only slightly during the first half of 2025. As at 30 June, 19.9% (year-end 2024: 19.7%) of total gross loan volume was attributable to borrower units with a gross limit of at least €2.5bn or an overall net limit of at least €1.0bn (counterparty clusters). At 23, the number of counterparty clusters was unchanged from the end of 2024. Of the gross loan volume attributable to the cluster portfolio, 26.5% related to public sector counterparties, savings banks, and state-affiliated and supranational institutions. A total of 15.0% of net loan volume related to counterparty clusters (year-end 2024: 14.9%). As was already the case at the end of 2024, shadow banking entities under the principal approach (limit utilisation of total net risk position: 10%) accounted for less than 1% of the net loan volume as at the 30 June 2025 reporting date. The average rating for shadow banking entities under the fallback approach cannot be determined given the lack of limit utilisation as of the end of June 2025. Utilisation under the principal approach is considered acceptable. The shadow banking entities had an average rating of 6 on the DSGV master scale (corresponds to BB+ on the S&P scale). The average rating for the gross loan volume remained at a score of 4 on the DSGV master scale (S&P: BBB–). The average probability of default dropped to 21 basis points (bps) (year-end 2024: 29 bps) due to upgraded credit ratings for two Norwegian wind power financing counterparties and the increased volume with Deutsche Bundesbank. This was offset by rating downgrades for various US, Canadian, French and German real estate financing counterparties. The average rating for net loan volume improved by one notch to a rating of 2 (S&P: BBB+) with a probability of default of 13 bps, down by 5 bps compared with year-end 2024 (18 bps). Gross and net loan volume by rating grade €m (Fig. 30) AAA AA+ to AA– A+ to A– 2 to 3 4 to 5 6 to 7 8 to 15 16 to 18 Gross loan volume 35,599 23,173 46,166 18,945 3,765 2,150 3,051 1,046 Net loan volume 32,057 8,042 16,100 9,506 1,152 501 609 432 No rating 371 205 The Bank continues to achieve its target rating of investment grade (5 or better) for the portfolio as a whole without difficulty, with regard to both its gross and net loan volume. 94% of net loan volume remained in the same grouping (determined by rating class) compared with the end of 2024. 43

44

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Net loan volume by risk segment and rating in €m (Fig. 31) Average PD in bps Average rating 30 Jun 2025 Commercial banks Other financial institutions Savings banks Insurance companies Industrial sector Service sector Public sector State-affiliated and supranational institutions Transport sector Renewable energies Conventional energies and infrastructure Real estate sector (including real estate funds) Retail sector Funds (transactions and units) Total 3 8 1 7 48 11 2 1 29 349 18 38 N/A 12 13 30 Jun 2025 11,856 5,547 8,311 242 2,769 1,525 6,859 AA A– AAA A 5 2 AA+ AAA 12,687 4 10 3 5 N/A 2 2 724 1,035 3,549 3,188 31 10,283 68,605 Average PD in bps Average rating 31 Dec 2024 3 7 1 6 46 12 2 1 39 570 21 48 N/A 12 18 AA A AAA A 5 2 AA+ AAA 5 12 4 6 N/A 2 3 31 Dec 2024 11,934 5,515 8,715 292 2,585 1,234 6,326 8,473 690 1,041 3,456 3,360 37 10,039 63,697 Market price risk Current risk situation Market price risk at Deka Group level (measured using VaR with a confidence level of 99.9% and a holding period of one year) fell from €810m at the end of 2024 to €720m. This development was mainly due to declining volatilities in the 750-day observation period for credit spread risk. Utilisation of the allocated risk capital for market price risk stood at €1,910m (year-end 2024: €1,910m). This represents a non-critical utilisation level of 37.7%. Market price risk for the Deka Group (excluding risks on guarantee products) as at 30 June 2025 was €95.9m (year-end 2024: €108.6m), measured as the VaR with a confidence level of 99.0% and a holding period of ten days. Utilisation of the operational management limit at Deka Group level (excluding guarantees) stood at €156.5m as of the reporting date. This represented a utilisation level of 61% and was therefore non-critical. 44

45

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Deka Group value-at-risk excluding risks from guarantee products1) (confidence level 99%, holding period ten days) in €m (Fig. 32) 30 Jun 2025 Asset Manage- ment Securities business division Asset Manage- ment Real Estate business division Asset Manage- ment Services business division Capital Markets business division Deka Group excluding guarantees Change in risk vs 31 Dec 2024 Treasury 2.1 0.1 2.1 0.5 0.3 0.0 2.1 0.0 0.0 0.0 0.3 0.0 0.0 0.3 8.6 8.9 5.4 1.0 0.0 0.0 8.7 22.5 76.8 96.3 –12.1% 13.0 21.4 4.8 0.8 0.0 22.5 7.7 76.5 0.3 2.6 0.0 76.9 23.0 99.8 4.9 2.1 0.0 95.9 23.2% –12.0% –62.2% –19.2% 0.0% –11.7% Category Interest rate risk Interest rate (general) Credit spread risk Share price risk Currency risk Commodity risk Total risk 1) Risk indicators interest rate risk and total risk take diversification into account. Including an issue-specific spread risk. The change in interest rate risk (excluding risks on guarantee products) was associated in particular with the development of credit spread risk. The VaR for credit spread risk decreased from €113.4m at the close of 2024 to €99.8m. Declining volatilities in the 750-day observation period were behind the lower figure. In line with the business model, risk concentration in terms of credit spread risk was mainly attributable to European and US bonds issued by financial institutions, corporates and the public sector. At Deka Group level (excluding guarantees), general interest rate risk rose from €18.6m at year-end 2024 to €23.0m at the reporting date due to correlation effects. Share price risk fell from €13.0m at the end of 2024 to €4.9m at the reporting date. The decline was due to changes in fair value for existing macro hedges in the Treasury corporate centre. Share price risk remains of low significance at Group level. Currency risk fell in the reporting period from €2.6m at the end of 2024 to €2.1m. Currency risk at the reporting date resulted principally from positions in Canadian dollars, pound sterling and US dollars. Commodity risk remained non-existent in the reporting period. Operational risk Current risk situation The VaR for operational risk (confidence level of 99.9%, holding period of one year) increased slightly from €478m at year-end 2024 to €485m. This was mainly attributable to model changes given the discontinuation of the AMA approach, particularly to address model uncertainties in the ex-post perspective. In the ex-ante perspective, potential efficiencies were unlocked and consistency with qualitative NFR management increased by foregoing OR self-assessments and modelling a detailed scenario analysis for all material risks in accordance with the common, Group-wide NFR assessment matrix. The figure for OR expected loss from potentially serious loss events, which was recalculated for the Group- wide risk inventory as part of the model change, came to €45m at the end of June 2025. Risk capital allocated to operational risk stood at €585m (year-end 2024: €585m). Utilisation of this amount was 82.9% and thus remains at a non-critical level. 45

46

Interim management report 2025 | Risk report Deka Group Interim Report 2025 On 15 July 2021, a revised Federal Ministry of Finance (BMF) circular dated 9 July 2021 was published on the tax treatment of share trades transacted around the dividend record date. Compared to the original BMF circular dated 17 July 2017, this BMF circular sets out more specific details regarding the requirements for relief from capital yields tax (Kapitalertragsteuer), as well as with regard to the legal consequences in the event of a refusal by tax authorities to allow relief for share trades transacted around the dividend record date. Based on the revised BMF circular of 9 July 2021 on the tax treatment of share trades transacted around the dividend record date, tax risks exist in connection with relief from capital yields tax on share transactions made around the dividend record date in the years 2013 to 2015. In December 2023, the tax authority issued tax assessment notices for the period from 2013 to 2015 that refused to allow any relief from capital yields tax relating to share trades around the dividend record date for these years. Despite the new provision in section 36a of the Income Tax Act (Einkommensteuergesetz, EStG), applicable since 1 January 2016, the tax authority applied the same approach in its tax assessment notices for 2016 and 2017 (issued in December 2023) and in the tax assessment notice for 2018 (issued in November 2024). In the context of these assessment notices, the tax authorities pointed out that the content of the share trades could not be reviewed, and that changes to the tax relief amounts could be made in the future (subject to a review). An appeal has been lodged in each case. DekaBank paid all of the stipulated amounts, including interest, in 2024. DekaBank’s risk assessment regarding an ultimate victory in fiscal court proceedings has not changed. This is consistent with the view of its tax adviser. All matters are reported in the management report and consolidated financial statements as at 30 June 2025 in accordance with DekaBank’s interpretation of the relevant tax regulations and accounting standards. In the past, transactions were concluded with business partners in connection with share trades transacted around the dividend record date, for which the tax office refused in full or in part to allow the relief from capital yields tax (Kapitalertragsteuer) claimed by these business partners. Corresponding agreements were reached with some of the business partners in 2022 to settle the matter. An agreement was reached with a further business partner at the end of 2023. Such agreements may in principle be reached with other affected business partners, which may result in further payments of approximately €27m. This amount could not be reported in the interim financial statements as at 30 June 2025, as the preconditions for recognition have still not been met. In addition, DekaBank began voluntary investigations to ascertain whether its involvement enabled third parties to conduct share trades around the dividend record date and make use of abusive tax structures or whether it was otherwise involved in such structures. In light of ongoing investigations in relation to share trades transacted around the dividend record date, the Bank, in principle, faces the risk of a fine under section 30 of the Administrative Offences Act (Ordnungswidrigkeitengesetz, OWiG) and confiscation of potential proceeds related to these trades. Based on the findings of these investigations available to it, DekaBank considers it unlikely that the tax authority will be able to make a claim in relation to these matters beyond what has been recognised in the financial statements as at 30 June 2025 or that a fine or confiscation of proceeds will apply. The official search of DekaBank’s premises in June 2022, the additional information obtained as part of the search and further voluntary investigations carried out on this basis do not change the assessment at the present time. The situation is being constantly reviewed. 46

47

Interim management report 2025 | Risk report Deka Group Interim Report 2025 Business risk The VaR of business risk was €267m as at 30 June 2025, moderately higher than the level of €256m at the end of 2024. The allocated risk capital remained unchanged at €425m (year-end 2024: €425m) and was 62.9% utilised. Reputational risk The VaR of reputational risk was €219m at the end of June 2025 and was therefore slightly higher than at the end of the previous year (year-end 2024: €214m). Calculation of reputational risk is based on cause and effect scenarios. The most relevant scenarios causing reputational risk are associated with the perception of reputational stakeholders in relation to inadequate controls, insufficiently attractive products and management decisions. Other risks Investment risk The VaR of investment risk was €30m at mid-year 2025 and exceeded the level at the end of the previous year (year-end 2024: €28m). Risk capital allocated to investment risk remained unchanged at €45m (year- end 2024: €45m) and was 66.4% utilised. 47

48

49

INTERIM FINANCIAL STATEMENTS Statement of profit or loss and other comprehensive income Statement of financial position Condensed Statement of changes in equity Condensed Statement of cash flows Notes ASSURANCE OF THE BOARD OF MANAGEMENT REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 50 51 52 54 55 104 105

50

Interim financial statements | Statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 Interim financial statements Statement of profit or loss and other comprehensive income for the period from 1 January to 30 June 2025 1st half 2025 1,062.4 785.0 992.1 70.3 –18.4 51.9 1,935.9 1,073.2 862.7 2.5 305.9 7.2 0.5 –0.3 1.1 710.5 40.0 –11.1 509.8 159.0 350.8 – 1st half 2024 1,432.9 1,048.7 1,278.7 154.2 Change –25.9% –25.1% –22.4% –54.4% –3.4 (< –300%) 150.8 1,724.0 938.5 785.5 –65.6% 12.3% 14.4% 9.8% –1.2 232.7 (> 300%) 31.5% 7.7 2.0 2.7 0.3 626.6 19.7 –39.2 514.7 157.1 357.6 – –6.6% –75.8% –111.4% 276.8% 13.4% 102.6% 71.7% –1.0% 1.2% –1.9% o.A. 350.8 357.6 –1.9% –8.9 12.4 0.1 –1.1 20.3 –0.4 –2.9 19.5 158.2% 5.7% (< –300%) (< –300%) –51.5% 26.6% –255.6% –41.8% 377.1 –4.0% 5.2 13.1 –0.3 –5.8 9.8 –0.3 –10.3 11.3 362.1 – – o.A. –4.0% 362.1 377.1 €m Interest income (thereof calculated using the effective interest method) Interest expenses Net interest income Notes [6] Risk provisions in the lending and securities business [7], [21] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [31] Net interest income after provisions Commission income Commission expenses Net commission income Net income from the derecognition of financial assets measured at amortised cost Trading profit or loss Profit or loss on financial assets mandatorily measured at fair value Profit or loss on financial instruments designated at fair value Profit or loss from fair value hedges Profit or loss on financial investments Administrative expenses (thereof expenses for the bank levy and deposit guarantee scheme) Other operating profit Total of profit or loss before tax Income taxes Total of profit or loss Thereof: Attributable to non-controlling interests Attributable to the shareholders of DekaBank Changes not recognised in profit or loss Items reclassified to profit or loss Change in reserve for financial assets measured at fair value through other comprehensive income Change of the foreign currency basis spread of hedging derivatives Change in currency translation reserve Deferred taxes on items reclassified to profit or loss Items not reclassified to profit or loss Revaluation gains/losses on defined benefit pension obligations Change in valuation reserve for own credit risk of financial liabilities designated at fair value Deferred taxes on items not reclassified to profit or loss Other comprehensive income Comprehensive income for the period under IFRS Thereof: Attributable to non-controlling interests Attributable to the shareholders of DekaBank 50

51

Interim financial statements | Statement of financial position Deka Group Interim Report 2025 Statement of financial position as at 30 June 2025 Notes 30 Jun 2025 31 Dec 2024 €m Assets Cash reserves Due from banks Due from customers Financial assets at fair value (of which deposited as collateral) Trading portfolio Financial assets mandatorily measured at fair value and shareholdings Financial assets designated at fair value Positive market values of derivative hedging instruments Financial investments (of which deposited as collateral) Financial assets measured at amortised cost Financial assets measured at fair value through other comprehensive income Shares in at-equity accounted companies Intangible assets and purchased Goodwill Property, plant and equipment and right-of-use assets for leases Current income tax assets Deferred income tax assets Other assets Total assets Liabilities Due to banks Due to customers Securitised liabilities Financial liabilities at fair value Trading portfolio Financial liabilities designated at fair value Negative market values of derivative hedging instruments Provisions Current income tax liabilities Deferred income tax liabilities Other liabilities Subordinated capital Equity Subscribed capital Additional capital components Capital reserve Retained earnings Revaluation reserve Accumulated profit (consolidated profit) Minority interest Total liabilities 51 [18] [19] [20] [22] 387.1 378.2 32,599.4 30,437.0 23,801.9 24,707.3 22,017.6 21,271.7 4,709.3 4,143.5 20,045.2 19,548.5 1,972.4 1,723.1 – 236.6 – 59.6 [23] 14,931.9 14,097.0 [24] [25] [26] [27] [28] [29] [30] [31] 1,807.0 1,642.5 12,246.4 11,289.7 2,666.0 2,788.3 19.6 312.4 427.6 275.0 154.3 919.2 19.0 284.4 443.3 279.8 210.2 748.8 96,063.0 92,917.3 9,852.2 9,214.8 34,180.1 30,052.6 15,541.9 16,884.6 26,472.5 26,397.2 26,344.5 26,266.6 127.9 59.2 221.6 54.0 13.8 1,044.2 987.9 7,635.8 191.7 598.6 239.5 130.7 362.3 237.1 35.5 32.6 966.7 1,134.3 7,599.6 191.7 598.6 239.5 6,210.2 6,236.0 45.0 350.8 – 33.7 300.1 – 96,063.0 92,917.3 Change 2.4% 7.1% –3.7% 3.5% 13.7% 2.5% 14.5% o.A. 296.7% 5.9% 10.0% 8.5% –4.4% 0.0% 9.8% –3.5% –1.7% –26.6% 22.8% 3.4% 6.9% 13.7% –8.0% 0.3% 0.3% –2.1% –83.6% –6.5% 52.1% –57.6% 8.0% –12.9% 0.5% 0.0% 0.0% 0.0% –0.4% 33.7% 16.9% o.A. 3.4%

52

Interim financial statements | Condensed statement of changes in equity Deka Group Interim Report 2025 Condensed statement of changes in equity for the period from 1 January to 30 June 2025 Subscribed capital Additional capital components Capital reserve Retained earnings Consolidated profit 300.1 357.6 – 357.6 – – –300.1 357.6 287.7 – 287.7 –345.2 300.1 350.8 – 350.8 – –300.1 350.8 Provisions for pensions1) 6.7 – 20.3 20.3 – – – 27.1 – –8.8 –8.8 – 18.3 – 9.8 9.8 – – 28.1 €m Equity as at 1 January 2024 191.7 598.6 239.5 5,916.6 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Changes in the scope of consolidation Other changes2) Distribution – – – – – – – – – – – – – – – – – – – – – – –25.8 – Equity as at 30 June 2024 191.7 598.6 239.5 5,890.8 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Allocation to reserves from retained earnings – – – – – – – – – – – – Equity as at 31 December 2024 191.7 598.6 239.5 Total of profit or loss Other comprehensive income Comprehensive income for the period under IFRS Other changes2) Distribution – – – – – – – – – – – – – – – Equity as at 30 June 2025 191.7 598.6 239.5 1) Revaluation gains/losses on defined benefit obligations 2) Comprises the payment of interest of the Additional Tier 1 bonds, which are classified as equity capital under IFRS – – – 345.2 6,236.0 – – – –25.8 – 6,210.2 52

53

Interim financial statements | Condensed statement of changes in equity Deka Group Interim Report 2025 Total before minority interest Minority interest Equity 7,253.1 357.6 19.5 377.1 – –25.8 –300.1 7,304.3 287.7 7.7 295.4 – 7,599.6 350.8 11.3 362.1 –25.8 –300.1 7,635.8 – – – – – – – – – – – – – – – – – – – 7,253.1 357.6 19.5 377.1 – –25.8 –300.1 7,304.3 287.7 7.7 295.4 – 7,599.6 350.8 11.3 362.1 –25.8 –300.1 7,635.8 Revaluation reserve Change of the foreign currency basis spread of hedging derivatives Financial assets measured at fair value through other compre- hensive income Own credit risk of financial liabilities designated at fair value Currency translation reserve Deferred taxes –29.3 – 12.4 12.4 – – – –16.9 – –13.2 –13.2 – –30.1 – 13.1 13.1 – – –17.0 –2.5 – –8.9 –8.9 – – – –11.5 – 11.9 11.9 – 0.4 – 5.2 5.2 – – 5.6 –0.2 – –0.4 –0.4 – – – –0.7 – 0.3 0.3 – –0.4 – –0.3 –0.3 – – –0.7 0.6 – 0.1 0.1 – – – 0.7 – 0.1 0.1 – 0.8 – –0.3 –0.3 – – 0.4 31.3 – –4.0 –4.0 – – – 27.3 – 17.4 17.4 – 44.7 – –16.2 –16.2 – – 28.6 53

54

Interim financial statements | Condensed statement of cash flows Deka Group Interim Report 2025 Condensed statement of cash flows for the period from 1 January to 30 June 2025 €m Cash and cash equivalents at the start of the 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 1st half 2025 1st half 2024 378.2 509.9 –36.9 –464.1 387.1 328.2 578.0 –31.2 –526.9 348.1 The definitions of the individual cash flow components are the same as those in the 2024 consolidated financial statements. The statement of cash flows is of minor importance for banks as it does not provide any information about the actual liquidity position. For details of Deka Group’s liquidity risk management, please see the risk report within the interim management report. 54

55

Interim financial statements | Notes Deka Group Interim Report 2025 Notes on financial instruments 32 Disclosures on the fair value of financial instruments 33 34 Derivative transactions Information on the quality of financial assets Other disclosures 35 Regulatory capital (own funds) 36 Contingent liabilities and other obligations 37 38 Related party disclosures 39 Additional miscellaneous information List of shareholdings 88 88 97 98 98 98 99 100 102 103 Notes Segment reporting 1 Segmentation by operating business divisions Accounting principles General disclosures 2 3 4 Accounting policies and estimates Accounting standards applied for the first time and to be applied in future 5 Scope of consolidation Net interest income Notes to the statement of profit or loss and other comprehensive income 6 7 8 9 Net commission income Risk provisions in the lending and securities business Net income from the derecognition of financial assets measured at amortised cost 10 Trading profit or loss 11 Profit or loss on financial assets mandatorily measured at fair value 12 Profit or loss on financial instruments designated at fair value 13 Profit or loss from fair value hedges 14 Profit or loss on financial investments 15 Administrative expenses 16 Other operating profit 17 Income taxes Notes to the statement of financial position 18 Cash reserves 19 Due from banks 20 Due from customers 21 Risk provisions in the lending and securities business 22 23 24 25 Property, plant and equipment and right-of-use Intangible assets and goodwill Financial assets at fair value Financial investments assets for leases 26 Due to banks 27 Due to customers 28 Securitised liabilities 29 30 Provisions 31 Equity Financial liabilities at fair value 56 56 62 62 62 63 65 66 66 67 68 69 70 70 71 71 71 72 72 72 73 73 73 74 74 82 83 83 83 84 84 85 85 86 87 55

56

Interim financial statements | Segment reporting Deka Group Interim Report 2025 Segment reporting 1 Segmentation by operating business divisions Segment reporting under IFRS 8 is based on the management approach. Segment information is presented in line with internal reporting as submitted to the Chief Operation Decision Maker on a regular basis for decision-making, resource allocation and performance assessment purposes. The Deka Group’s management reporting is based on IFRS Accounting Standards. As total of profit or loss before tax is of limited suitability for the internal management of the business divisions, the economic result has been defined as the key management indicator. Due to the requirements of IFRS 8, the economic result has also been included in external reporting as material segment information. In addition to total profit or loss before tax (IFRS), the economic result also includes results from scenarios that are recognised in other comprehensive income in IFRS accounting. These include the change in the revaluation reserve (before taxes) and the interest expense (accrued interest) associated with AT1 bonds recognised directly in equity (in retained earnings) in line with IAS 32. In addition, the economic result reflects scenarios that cannot be reflected in IFRS accounting. These include the interest rate-induced and currency-induced valuation result of financial instruments recognised at amortised cost that are economically hedged using derivatives. This allows economic hedges that do not meet the criteria for hedge accounting under IFRS to be fully reflected for internal management purposes. Provisions for management-related effects are also recognised in the economic result for business management purposes. This general provision for potential charges serves to cover potential risks that could materialise in the future, but which may not yet be reported under IFRS because they are not sufficiently substantiated. The general provision is recognised in the segment reporting under “Other”. It is not allocated to the individual reporting segments. There are also differences in how income and expense items are recognised for management reporting purposes on the one hand and are presented in the IFRS consolidated financial statements on the other. The measurement and presentation differences between the economic result and total profit or loss before tax (IFRS) are shown in the segment reporting in a separate “Reconciliation” column. For further information, please refer to the explanatory information on the reconciliation column provided in this note. In addition to the economic result, return on equity and the cost/income ratio are fixed components of internal management. At Group level, return on equity is defined as the ratio of the economic result to balance sheet equity and provides information on the return on the capital that has been invested in the Deka Group. For the purposes of operational management at business division level, the figure used for return on equity is the ratio of the economic result to regulatory capital employed. The cost/income ratio is an indicator of cost efficiency. The two management indicators – return on equity and the cost/income ratio – lead to a focus on profitability and efficiency, meaning that they directly support the strategic targets. 56

57

Interim financial statements | Segment reporting Deka Group Interim Report 2025 In addition, the asset management volume and the Deka certificate volume represent other key ratios for the operating segments. The total of the asset management volume and Deka certificate volume primarily comprises the income-relevant assets of the mutual and special funds under management (including ETFs) in the Asset Management Securities and Asset Management Real Estate business divisions, as well as Deka certificates issued by the Deka Group. Other components are the volume of direct investments in cooperation partner funds, the cooperation partner, third-party fund and liquidity portions of fund-based asset management as well as advisory/management mandates and master funds. The asset management volume also includes fund units of €0.2bn held as part of the proprietary portfolio (31 December 2024: €0.2bn). These mainly relate to start-up financing for investment funds. Based on the definition of section 19 (1) of the German Banking Act (Kreditwesengesetz, KWG), gross loan volume includes additional risk exposures such as underlying risks from equity derivative transactions and transactions for the purposes of covering guarantee payments on guarantee funds, as well as the volume of off-balance sheet counterparty risks. The following segments are essentially based on the business divisional structure of the Deka Group, as also used in internal reporting. The segments are defined by the different products and services of the Deka Group. Asset Management Securities The Asset Management Securities reporting segment focuses on the active fundamental and quantitative management of mutual securities funds and special funds, advisory mandates and asset management products and services, passive exchange-traded funds and combinations of these forms of investment. This offering is rounded off by services covering all aspects of the fund value chain. These particularly include asset servicing, which is used by institutional investors to pool various asset classes in master funds. The Deka Group’s investment funds cover all major asset classes: equity, bond, money market and mixed funds, capital- protected funds and combinations thereof. A wide range of solutions for investments with sustainability features and engagement services is also offered. The range of quantitative asset management services is supplemented and enhanced by the products and services offered by the fund manufacturer IQAM Invest GmbH, primarily for institutional customers. Asset Management Real Estate The Asset Management Real Estate reporting segment provides fund products and advisory services relating to real estate, infrastructure or financing for the savings banks’ and other institutional investors’ customer and proprietary business. Products offered by the division include open-ended mutual property funds, special (i.e. private) funds with either an open-ended or closed-ended structure, real estate and infrastructure funds of funds, and credit funds that invest in real estate, infrastructure or transport financing. Specialised real estate funds, for example in the residential segment, are also selected and offered. These are managed by external partners that are experienced in this segment. In order to meet environmental and social criteria and to respond to investor requirements, sustainability issues are taken into account in the fund and investment processes. In addition to portfolio management, risk management and development of property- related products, the segment also covers the purchase and sale of real estate and the management of such assets, including all other property and fund-related services. 57

58

Interim financial statements | Segment reporting Deka Group Interim Report 2025 Asset Management Services The Asset Management Services reporting segment provides banking and other services that complement the offerings of the asset management divisions. These range from supporting the sales departments with multichannel solutions to managing fund and certificate custody accounts for customers and offering custodial services for investment funds. Capital Markets The Capital Markets reporting segment is the central product, solution and infrastructure provider and service provider in the Deka Group’s customer-focused capital markets business. It offers investment solutions to savings banks and their customers, as well as institutional customers, and helps them to put their asset and risk management decisions into practice. With its range of services relating to securities repurchase transactions, securities lending and foreign exchange trading, the segment also acts as the central securities and collateral platform for the Savings Banks Association. In addition to its function as a commission agent for all relevant asset classes, it serves as a centre of competence for trading and structuring capital market products, for structured issues (Deka certificates and cooperation certificates) and for the debt capital markets business (third-party issues). Institutional customers are provided with clearing services and support with the efficient fulfilment of regulatory requirements. Financing The Financing reporting segment is made up of real estate financing and specialised financing, including financing of the savings banks. Lending is taken onto our own statement of financial position via the banking book, as well as being packaged as an investment product for other banks and savings banks or other institutional investors via club deals or syndications. Priority is given to placements within the Sparkassen-Finanzgruppe. The specialised financing business concentrates on selected core segments, such as infrastructure financing, transport financing, export financing, public sector financing and savings bank financing. Real estate financing relates mainly to commercial real estate and is focused on marketable properties in the office, logistics, retail and hotel segments in liquid markets in Europe and North America. Open-ended real estate funds are also financed. Other The Other segment primarily comprises income and expenses that are not attributable to the reporting segments. These essentially comprise overheads, actuarial gains and losses resulting from the measurement of pension obligations, the bank levy and the deposit guarantee scheme, as well as a general provision for potential losses that are not directly allocable to any operating segment. The income and expenses of the Treasury function are allocated to the other segments on a source-specific basis and are therefore shown in the presentation of the economic result of the respective segments. 58

59

Interim financial statements | Segment reporting Deka Group Interim Report 2025 Reconciliation of segment results to the IFRS result In principle, income and expenses are allocated on a source-specific basis to the relevant segment. Segment expenditure comprises direct expenses plus expenses allocated on the basis of cost and service accounting. At €520.1m, the Deka Group’s economic result in the first half of 2025 was €10.4m higher than the total profit before tax (IFRS) of €509.8m. This difference can be attributed primarily to the recognition of the change in the revaluation reserve before tax in the economic result in the amount of €27.5m (H1 2024: €23.4m). Of this total, €9.8m (H1 2024: €20.3m) was attributable to the change in the revaluation reserve in connection with defined benefit pension obligations. The economic result also reflects a valuation loss of €–3.7m (H1 2024: €–18.2m) from the interest rate-induced and currency-induced valuation effects for financial instruments recognised at amortised cost that are economically hedged using derivatives. The interest expense (accrued interest) associated with the AT1 bond in the amount of €–12.8m (H1 2024: €–12.9m) was also recognised in the economic result. The provision to cover potential risks that could materialise in the coming months remained unchanged as against 31 December 2024 at €–375.0m. The reconciliation column also shows the differences in the presentation of income items between management reporting and the IFRS consolidated financial statements, mainly between net interest income and net financial income. 59

60

Interim financial statements | Segment reporting Deka Group Interim Report 2025 Asset Management Asset Management Asset Management Securities Real Estate Services Capital Markets 1st half 2025 –2.4 – 1st half 2024 –3.7 – 1st half 2025 –0.3 – Economic result 1st half 2024 1st half 2025 –0.9 – 5.4 0.0 1st half 2024 4.9 0.0 3.4 –0.9 4.3 –1.9 0.3 2.3 2.0 1.8 2.1 3.0 1.2 2.6 1st half 2025 0.1 – 27.6 188.7 2.4 1st half 2024 0.9 – 24.1 211.1 1.7 €m Net interest income Risk provisions Net financial income1) Other operating profit2) Total income without income distribution from Treasury function Net commission income 567.5 502.2 137.6 139.8 125.0 113.8 567.6 500.9 139.8 142.6 135.5 122.5 218.8 237.9 Administrative expenses (including depreciation and amortisation) Restructuring expense2) Total expenses (Economic) result before tax excluding income distribution Treasury function Income distribution of Treasury function (Economic) result before tax Cost/income ratio3) in % Return on equity before tax (balance sheet)4) in % Return on equity before tax (regulatory)5) in % Risk-weighted assets6) Total risk7) Gross loan volume Total of asset management and Deka certificate volume 244.6 220.8 – – 244.6 220.8 96.6 – 96.6 87.5 – 87.5 158.5 128.3 118.5 104.2 – – – – 158.5 128.3 118.5 104.2 323.0 280.1 43.1 55.1 –23.0 –5.9 100.3 133.6 24.1 347.1 43.1 30 Jun 2025 30.9 311.1 44.1 31 Dec 2024 8.3 51.5 69.1 9.1 64.3 61.3 30 Jun 2025 31 Dec 2024 12.4 –10.6 16.0 10.1 117.0 104.8 30 Jun 2025 31 Dec 2024 55.1 155.4 54.2 30 Jun 2025 71.1 204.7 43.8 31 Dec 2024 N/A N/A N/A N/A N/A N/A N/A N/A 75.7 6,854 579 8,909 88.6 4,819 584 8,745 40.0 1,703 162 28 60.1 1,537 152 33 349,533 338,981 54,873 55,151 –19.3 1,802 311 1,003 – –11.8 2,231 313 969 17.1 9,483 530 14.2 8,343 484 73,903 68,559 – 22,166 21,724 1) This includes the result from assets held for trading (trading book portfolio), the result from non-trading assets (banking book portfolio), the result from other financial investments, the net income from the derecognition of financial assets measured at amortised cost as well as the result from repurchased own issues. 2) Restructuring expense are disclosed in the Group financial statements under Other operating profit. 3) Calculation of the cost/income ratio does not take into account the restructuring expense or risk provisions 4) The return on equity before tax (balance sheet) is calculated as the annualised economic result divided by the average adjusted equity (excluding additional Tier 1 capital (AT1) and adjusted for intangible assets). The average is calculated on the basis of the previous year's end-of-year financial statements and the most recent quarterly financial statements. 5) The return on equity before tax (regulatory) is calculated as the annualised economic result (before allocation of income to the treasury function) in relation to the average regulatory equity. The average is calculated using the monthly risk-weighted assets (without transitional rules) multiplied by 13 percent (as the strategic target level of regulatory capital) starting at the end of the previous year. 6) Without transitional rules 7) Value-at-risk for risk capacity with confidence level of 99.9% and holding period of one year. Due to the diversification within market price risk the risk for the Deka Group are not cumulative. 8) No cost/income ratio is presented for the segment Other because as this is deemed of limited economic informative value. 60

61

Interim financial statements | Segment reporting Deka Group Interim Report 2025 Financing Other Deka Group Reconciliation Deka Group Economic result 1st half 2025 1st half 2024 152.9 –0.2 –1.6 –25.3 –8.8 190.7 0.7 –2.0 –99.1 –26.5 1st half 2025 221.2 –18.4 862.4 167.0 –1.5 1st half 2024 257.7 –3.4 785.3 121.1 –21.7 1st half 2025 –150.9 – 0.3 149.8 –9.6 1st half 2024 –103.5 – 0.2 123.0 –17.5 117.0 63.9 1,230.7 1,139.1 –10.4 51.6 0.0 51.6 47.1 – 47.1 710.5 0.0 710.5 626.6 – 626.6 – – – 11.4 32.6 65.4 16.8 520.1 512.4 –10.4 –137.8 –72.4 –191.9 –175.1 – – – 520.1 512.4 –10.4 Total profit or loss before tax (IFRS) 1st half 2025 1st half 2024 70.3 –18.4 862.7 316.8 –11.1 154.2 –3.4 785.5 244.2 –39.2 1,220.3 1,141.3 710.5 0.0 710.5 626.6 – 626.6 509.8 514.7 – – 509.8 514.7 2.3 – – – 2.3 – 2.3 1st half 2025 65.6 –18.3 6.3 –2.1 0.6 52.0 40.7 – 40.7 1st half 2024 65.9 –4.2 7.4 1.6 0.5 71.3 38.7 – 38.7 37.8 49.2 57.8 64.8 97.3 51.3 – 8) – 8) 56.9 30 Jun 2025 54.8 31 Dec 2024 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 N/A 2.3 6,524 275 N/A 3.9 10,281 289 N/A N/A 15.6 13.9 – 4,249 860 – 3,603 917 – 30,614 2,618 – 30,814 2,601 24,055 25,673 26,366 22,244 134,264 126,223 – – – – 426,572 415,856 61

62

Interim financial statements | General disclosures Deka Group Interim Report 2025 General disclosures 2 Accounting principles Pursuant to section 115 of the Securities Trading Act (Wertpapierhandelsgesetz, WpHG) in conjunction with section 117 no. 2 WpHG, these condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards (hereinafter referred to as “IFRS” for short). The applicable IFRS rules are those published by the International Accounting Standards Board (IASB) and adopted by the European Union (EU) into European law at the time the financial statements are prepared. These consolidated interim financial statements meet the requirements set out in IAS 34 “Interim Financial Reporting”. The condensed consolidated interim financial statements, which are reported in euros, comprise a statement of profit or loss and other comprehensive income, statement of financial position, condensed statement of changes in equity, condensed statement of cash flows and selected explanatory notes. All amounts are rounded in accordance with standard commercial practice. This may result in small discrepancies in the calculation of totals within tables. The present consolidated interim report has been reviewed by our year-end auditor and should be read in conjunction with our audited 2024 consolidated financial statements. The majority of disclosures on risks relating to financial instruments are presented in the risk report section of the interim management report. 3 Accounting policies and estimates Accounting policies The consolidated interim financial statements are based on the same accounting policies as those applied in the 2024 consolidated financial statements. In principle, income and expenses are recognised in the period to which they may be assigned in economic terms. Items allocable evenly over several periods are accrued or deferred on a pro rata basis. Estimation uncertainty and discretion Both discretionary decisions and estimates are necessary as part of IFRS accounting. These are made in accordance with the relevant standards and reviewed on an ongoing basis. They are based on experience and other factors, including expectations regarding future events that appear reasonable under the given circumstances. Estimation uncertainty can arise from a number of sources, including the macroeconomic environment, structural changes within the global economy (for example the US tariff policy, changes affecting supply chains), and ongoing or new geopolitical tension and conflicts – particularly in Ukraine and the Middle East. The prevailing environment may mean that actual developments do not reflect those originally expected. Explanatory information on the macroeconomic environment and information on exposure to countries affected by crisis can be found in the interim management report. Where discretionary management decisions or estimates have a material impact on items or scenarios, these are explained in detail either in the section on accounting policies or in the notes to the relevant items. 62

63

Interim financial statements | General disclosures Deka Group Interim Report 2025 Discretionary decisions, estimates or a combination of the two arise in connection with, inter alia, the recognition of risk provisions in the lending and securities business (see note [7] and note [21] “Risk provisions in the lending and securities business”), the recognition of provisions (see note [30] “Provisions”), the recognition of contingent liabilities (see note [36] “Contingent liabilities and other obli- gations”) and the fair value measurement of financial instruments (see note [32] “Disclosures on the fair value of financial instruments”). 4 Accounting standards applied for the first time and to be applied in future The amendments to IAS 21 “Lack of Exchangeability” were applied within the Deka Group for the first time in the first half of 2025. The amendments to IAS 21 added provisions that must be applied if a currency is not exchangeable into another currency. New disclosures were also introduced to help users of financial statements evaluate how a currency’s lack of exchangeability affects, or is expected to affect, an entity’s financial performance, financial position and cash flows. Implementation of these amendments had no material effect on this Interim Report. For further information on new or amended standards and interpretations, we refer to our 2024 Annual Report, note [2] “Accounting standards applied for the first time and to be applied in future”. New standards and interpretations and amendments to existing standards and interpretations published by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC) which do not have to be applied until subsequent financial years were not applied early. Changes relevant to the Deka Group are presented below. Amendments to IFRS 9 and IFRS 7 On 30 May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 “Amendments to the Classification and Measurement of Financial Instruments”. These amendments result from the post-implementation review, conducted in 2022, of the corresponding part of IFRS 9 “Financial Instruments”. The amendments adopted clarify the classification of financial assets with ESG-linked or similar features. The extent to which these ESG-linked features of financial instruments affect subsequent recognition, i.e. recognition at amortised cost or fair value, has been a topic of debate among practitioners. Subsequent recognition depends on the cash flow characteristics of the financial asset. The IASB is using the amendments to clarify how the contractual cash flows of these instruments are to be assessed within this context. The amendment also addresses the settlement of liabilities using electronic payment systems. The debate focused on problems applying the derecognition rules in IFRS 9 for financial assets or liabilities in cases involving electronic payment transfer. First, the amendments clarify when a financial asset or financial liability is derecognised. Second, they introduce an accounting policy choice to allow an entity to derecognise a financial liability before it delivers cash on the settlement date if specified criteria are met. Application of the new rules is mandatory for financial years beginning on or after 1 January 2026. Voluntary early adoption is permitted. The Deka Group does not expect the amendments to have any material impact on the consolidated financial statements. 63

64

Interim financial statements | General disclosures Deka Group Interim Report 2025 IFRS 18 The IASB published a new standard, IFRS 18 “Presentation and Disclosure in Financial Statements”, on 9 April 2024. In future, this will replace IAS 1 “Presentation of Financial Statements”, the standard that has applied to date. IFRS 18 sets out new rules on the presentation of the income statement, as well as new disclosure requirements regarding what are known as management-defined performance measures. Going forward, IFRS 18 will provide for three categories, “operating”, “investing” and “financing”, to which income and expenses have to be allocated in the statement of profit or loss. Different regulations apply to entities with specific business activities, including banks, with respect to allocation to the “operating” category. Two mandatory sub-totals have also been defined: “operating profit or loss” and “profit or loss before financing and income taxes”. The fundamental requirements set out in IAS 1, for example those relating to significant accounting policies and sources of estimation uncertainty, have been carried forward unchanged. The new rules are mandatory for financial years beginning on or after 1 January 2027. Voluntary early application is permitted subject to the endorsement that is still outstanding. The Deka Group is currently reviewing the impact of the new IFRS 18 on the presentation of future annual financial reports, as well as implications for the reporting process. Annual Improvements to IFRS Accounting Standards (Volume 11) On 18 July 2024, the IASB published amendments to five existing standards (IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) as part of its Annual Improvements Project. The amendments include clarifications, simplifications, corrections and changes to improve the consistency of several IFRS Accounting Standards. Application of the new rules is mandatory for financial years beginning on or after 1 January 2026. Voluntary early adoption is permitted. The Deka Group does not expect implementation of the amendments to have any material impact on the consolidated financial statements. Law for an immediate tax investment programme to strengthen Germany as a business location The law for an immediate tax investment programme was published in Germany on 18 July 2025. This piece of legislation provides for a gradual reduction in corporation tax by 1.0% every year from 2028 onwards, bringing the tax rate down from the current level of 15.0% to the target of 10.0% in 2032. This will reduce the combined tax rate from 30.8% in 2028 to 26.6% in 2032. The measurement of deferred taxes is based on the tax rate that applies at the time the deferred taxes are realised. At present, DekaBank does not expect any relevant effects to materialise before 2027, as the main differences for the purposes of calculating deferred taxes are caused by valuation effects related to changes in interest rates. Their reversal cannot be planned in a linear fashion and the differences can change at every reporting date. 64

65

Interim financial statements | General disclosures Deka Group Interim Report 2025 5 Scope of consolidation In addition to DekaBank as the parent company, the consolidated interim financial statements include a total of 11 (31 December 2024: 11) domestic companies and 6 (31 December 2024: 6) foreign companies in which DekaBank directly or indirectly holds the majority of the voting rights. The scope of consolidation also includes 1 structured entity (31 December 2024: 1). A total of 9 other affiliated companies (31 December 2024: 9) controlled by the Deka Group were not consolidated, because they are of minor significance, both individually and collectively, for the presentation of the financial position and financial performance of the Group. The interests held in these subsidiaries are reported under financial assets at fair value. Likewise, structured entities are not consolidated if they are of minor significance to the consolidated interim financial statements. Units in unconsolidated investment funds are measured at fair value through profit or loss. These are shown in the statement of financial position under financial assets at fair value. The consolidated subsidiaries (affiliated companies and structured entities), joint ventures and associated companies, as well as the companies (affiliated companies and structured entities) and equity investments not included in the scope of consolidation on materiality grounds, are shown in the list of shareholdings (note [37], “List of shareholdings”). 65

66

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 Notes to the statement of profit or loss and other comprehensive income 6 Net interest income In addition to interest income and expenses, this item includes the pro rata unwinding of premiums and discounts on financial instruments. Net interest income from items in the trading book and the associated refinancing expenses are not included as they are reported in trading profit or loss. 1st half 2025 1st half 2024 Change –276.6 –316.5 39.9 8.2 8.2 3.6 15.0 –17.1 3.7 3.1 –1.6 0.5 –106.3 0.5 –370.6 –208.3 –239.5 32.5 –1.2 –63.5 0.2 –63.6 –0.1 – –14.9 0.1 –286.7 –83.9 €m Interest income from Financial assets measured at amortised cost thereof: lending and money market transactions thereof: fixed-interest securities Financial assets measured at fair value through other comprehensive income thereof: fixed-interest securities Financial assets measured at fair value through profit or loss Trading portfolio thereof: lending and money market transactions thereof: interest rate derivatives (economic hedges) Financial assets mandatorily measured at fair value through profit or loss thereof: lending and money market transactions thereof: fixed-interest securities thereof: current income from shares and other non-fixed-interest securities thereof: current income from equity investments hedge derivatives (hedge accounting) Negative interest from liabilities Total interest income Interest expenses for Financial liabilities measured at amortised cost thereof: lending and money market transactions thereof: securitised liabilities thereof: subordinated liabilities Financial liabilities measured at fair value through profit or loss Trading portfolio thereof: lending and money market transactions thereof: interest rate derivatives (economic hedges) Financial liabilities designated at fair value thereof: lending and money market transactions thereof: securitised liabilities hedge derivatives (hedge accounting) Negative interest on money-market transactions and fixed- interest securities Total interest expenses Net interest income 743.3 598.6 144.7 37.2 37.2 161.3 18.7 114.3 9.1 16.7 0.6 1.8 119.9 0.6 1,062.4 750.4 534.9 194.5 21.0 198.1 20.0 175.6 2.5 – 43.2 0.3 992.1 70.3 1,019.9 915.1 104.8 29.1 29.1 157.7 3.6 131.4 5.5 13.6 2.2 1.4 226.1 0.1 1,432.9 958.7 774.4 162.0 22.2 261.7 19.8 239.3 2.6 – 58.2 0.2 1,278.7 154.2 The drop in net interest income can be attributed primarily to lower interest income from the liquidity investment of own funds as a result of the current interest rate trend. 66

67

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 7 Risk provisions in the lending and securities business This item primarily includes expenses and income from changes in risk provisions for financial instruments in the measurement categories “Financial assets measured at amortised cost” (AC) and “Financial assets measured at fair value through other comprehensive income” (FVOCI), as well as for loan commitments and financial guarantee contracts insofar as they fall within the scope of the impairment rules set out in IFRS 9. Risk provisions in the lending and securities business are presented in the statement of profit or loss and other comprehensive income as follows: €m Allocation to risk provisions/provisions for credit risks Reversal of risk provisions/provisions for credit risks Direct write-downs on receivables Income on written-down receivables Net income from modifications in the lending business (stage 3 or POCI) Risk provisions in the lending business Allocation to risk provisions for securities Reversal of risk provisions for securities Direct write-downs on securities Net income from modifications in the securities business (stage 3 or POCI) Risk provisions in the securities business Risk provisions in the lending and securities business 1st half 2025 1st half 2024 Change –80.1 61.6 – 0.3 – –18.2 –2.8 2.6 – – –0.2 –18.4 –117.1 115.2 – 0.6 –2.6 –4.0 –1.2 1.7 – – 0.6 –3.4 37.0 –53.5 – –0.3 2.6 –14.2 –1.7 0.9 – – –0.8 –15.0 In the first half of 2025, net allocations to risk provisions in the lending and securities business came to €18.4m (H1 2024: €3.4m). The increase in expenses for risk provisions in the lending business is due primarily to additions to specific provisions for real estate financing. Furthermore, there was a positive net effect in the first half of 2025 from the change in post-model adjustments for borrowers in the real estate segment (see note [21] “Risk provisions in the lending and securities business”). 67

68

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 8 Net commission income Net commission income by type of service is as follows: €m Commission income from Investment fund business Securities business Lending business Other Total commission income Commission expenses for Investment fund business Securities business Lending business Other Total commission expenses Net commission income 1st half 2025 1st half 2024 Change 1,704.0 212.2 7.3 12.4 1,528.9 171.7 13.0 10.4 1,935.9 1,724.0 943.1 126.1 0.9 3.1 1,073.2 862.7 824.0 107.4 5.3 1.7 938.5 785.5 175.1 40.5 –5.7 2.0 211.9 119.0 18.7 –4.4 1.4 134.7 77.2 As part of its activities as an asset manager, the Deka Group receives commission from contracts with customers which varies according to product category (e.g. mutual or special funds) and asset category (e.g. shares, bonds or real estate). The income is calculated and collected as described in the corresponding sales prospectuses and investment conditions of the investment funds concerned. The main types of income are explained in more detail below. Commission income from investment fund business arises in the Asset Management Securities and Asset Management Real Estate business divisions. In the Asset Management Securities business division, the Deka Group generates income from management and administrative activities and from the asset management of fund-based products. For these services, the Deka Group receives (asset) management fees, sales commission, performance-related remuneration and income from combined fees. Additional commission income arises in the investment fund business as a result of brokerage services provided during the reporting period. The performance obligation is fulfilled on an ongoing basis and the consideration is collected and recognised in income on a monthly basis. In addition to portfolio-related commission, the Deka Group also earns sales-related commission (front-end loads) when issuing certain units in investment funds, where appropriate. The amount of the front-end load is based on the unit value at the time of issue. In the Asset Management Real Estate business division, management fees are collected for ongoing management activities in relation to the average investment fund holdings. In the case of retail products, the amount of the management fee varies, within specified ranges, depending on the performance of the investment fund’s unit value over the fund financial year. These fees are settled on a monthly basis. Fees resulting from the management of the properties held in the real estate funds are collected to cover the ongoing management of these real estate funds. These fees are settled on a monthly basis. In addition, the Asset Management Real Estate business division collects front-end loads in cases involving the issue of certain units in investment funds. The Deka Group also collects purchase and sales fees from investment funds that invest in real estate. The service is deemed to have been rendered when the property in question is added to, or removed from, the investment fund. This is a one-time payment which is usually calculated based on the underlying transaction volume. 68

69

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 Part of the commission income from the investment fund business is passed on to the sales partners in accordance with the regulatory requirements. The corresponding expense is reported under commission expenses for the investment fund business. In the Asset Management Services business division, the Deka Group provides various services for which income is reported under commission income from the securities business. These include, for example, the assumption of the role of custodian and the safekeeping of securities in securities accounts. As a custodian, the Deka Group receives a custodian fee for its ongoing activities and a securities account fee for the safekeeping of securities. The custodian fee is paid and collected monthly as a general rule and is based on the average values of the fund assets. The securities account fee also relates to a specific period. The annual fee to be paid is a fixed fee per securities account. In the context of asset management for savings banks and institutional customers, the Deka Group receives commission fees for its support services relating to the procurement and settlement of securities and financial derivatives. The fee is calculated for securities as a percentage of the transaction price, while for financial derivatives it is calculated depending on the number of contracts. Services are rendered and settled when the securities are delivered (value date). These fees are allocated to the Capital Markets business division and are also reported under commission income from the securities business. Commission income from the lending business relates almost exclusively to services in connection with the administration of loans and is not directly related to the origination of the loans. The fees are levied irrespective of the term and generally fall due at the beginning of the credit relationship as a one-off amount. Commission income from the lending business is allocated to the Financing business division. Commission income from syndications is allocated to the Capital Markets business division on a proportionate basis. Segment reporting in note [1] shows the net commission income for each business division pursuant to IFRS 8. Commission income and commission expenses are offset and reported in net terms, meaning that the figure shown includes revenue from contracts with customers pursuant to IFRS 15. 9 Net income from the derecognition of financial assets measured at amortised cost This item comprises the net income from the early disposal of financial assets measured at amortised cost. In the first half of 2025, receivables and loans have been derecognised due to early repayments made by debtors. €m Gains arising from the derecognition of financial assets measured at amortised costs Losses arising from the derecognition of financial assets measured at amortised costs Net income from the derecognition of financial assets measured at amortised cost 1st half 2025 1st half 2024 Change 2.9 0.5 2.5 2.8 4.0 –1.2 0.1 –3.5 3.6 69

70

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 10 Trading profit or loss This item comprises sale and valuation results, dividends as well as commission from financial instruments in the trading portfolio sub-category. It also includes all results from the currency translation of financial assets and liabilities, regardless of their measurement category. In general, the net interest income from derivative and non-derivative financial instruments in this sub-category, together with any related refinancing expenses, is also reported under this item. However, net interest income from economic hedging derivatives (banking book portfolios) is reported under net interest income. €m Sale and valuation results Net interest income and current income from trading transactions Foreign exchange profit or loss Commission Trading profit or loss 1st half 2025 1st half 2024 Change 151.9 160.3 1.2 –7.5 305.9 73.4 162.8 2.7 –6.2 232.7 78.5 –2.5 –1.5 –1.2 73.2 Trading profit was up year on year. This was due primarily to a less negative credit rating-induced result from own issues due to spread developments. 11 Profit or loss on financial assets mandatorily measured at fair value This item mainly comprises gains or losses on the disposal and measurement of financial instruments in the “financial assets mandatorily measured at fair value” sub-category. However, net interest income and dividend income from financial instruments in this sub-category are disclosed under net interest income. €m Sale and valuation results Commission Profit or loss on financial assets mandatorily measured at fair value 1st half 2025 1st half 2024 7.0 0.2 7.2 7.5 0.2 7.7 Change –0.5 0.0 –0.5 70

71

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 12 Profit or loss on financial instruments designated at fair value This item mainly comprises gains or losses on the disposal and measurement of financial instruments designated at fair value. However, interest expenses and income on financial instruments in this sub-category are disclosed under net interest income. €m Sale and valuation results Commission Profit or loss on financial instruments designated at fair value 1st half 2025 1st half 2024 0.5 – 0.5 2.0 – 2.0 Change –1.5 – –1.5 13 Profit or loss from fair value hedges The net valuation result is composed as follows, grouped by the type of risk hedged: €m Interest rate fair value hedges Net valuation result from hedging financial assets Net valuation result from hedging financial liabilities Currency fair value hedges Net valuation result from hedging financial assets Profit or loss from fair value hedges 14 Profit or loss on financial investments 1st half 2025 1st half 2024 Change –0.4 –1.1 1.2 –0.3 4.2 1.5 –3.0 2.7 –4.6 –2.6 4.2 –3.0 This item primarily comprises the gains or losses on the disposal of financial assets measured at fair value through other comprehensive income and the pro rata annual profit or loss from shares in associated companies and joint ventures accounted for using the equity method. €m Sale results Commission Net income from equity-accounted companies Profit or loss on financial investments 1st half 2025 1st half 2024 Change 1.5 – –0.4 1.1 0.7 – –0.4 0.3 0.7 – 0.1 0.8 71

72

Interim financial statements | Notes to the statement of profit or loss and other comprehensive income Deka Group Interim Report 2025 15 Administrative expenses Administrative expenses comprise personnel expenses, other administrative expenses and depreciation and amortisation: €m Personnel expenses Other administrative expenses Amortisation Property, plant and equipment Intangible assets Rights-of-use assets for leases Administrative expenses 1st half 2025 1st half 2024 Change 365.8 316.4 28.3 4.7 8.5 15.2 710.5 327.7 267.2 31.7 3.5 6.1 22.1 626.6 38.1 49.2 –3.4 1.2 2.4 –7.0 83.9 The increase in personnel expenses can be explained mainly by wage and salary rises under collective agreements, as well as by the increase in headcount. The increase in other administrative expenses is due first and foremost to higher project costs for the expansion of sales, multichannel management and digitalisation activities. Other administrative expenses also include the annual contribution to the deposit guarantee scheme of the Landesbanken and Girozentralen amounting to €40.0m (H1 2024: €20.0m). As in the previous year, there is no bank levy in 2025. 16 Other operating profit The breakdown of other operating profit is as follows: €m Income from repurchased debt instruments Other operating income Other operating expenses Other operating profit 1st half 2025 1st half 2024 0.4 10.1 21.6 –11.1 2.6 8.2 49.9 –39.2 Change –2.1 2.0 –28.3 28.1 In the previous year, other operating profit reflected the negative impact of interest paid in January 2024 as a result of tax assessment notices. 17 Income taxes The combined tax rate applied was unchanged at 31.9% (trade tax plus corporation tax of 15.0% and a solidarity surcharge of 5.5%). 72

73

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Notes to the statement of financial position 18 Cash reserves €m Cash on hand Balances with central banks Total 19 Due from banks 30 Jun 2025 31 Dec 2024 0.0 387.1 387.1 0.0 378.2 378.2 Amounts due from banks can be broken down by business type as follows: €m Deposit facility with Deutsche Bundesbank Current accounts Daily and time deposits Lending business Genuine repurchase agreements and collateralised securities lending transactions Due from banks before risk provisions Risk provisions in the lending business Total 30 Jun 2025 31 Dec 2024 9,477.5 419.8 4,091.3 4,300.3 14,310.7 32,599.6 –0.2 32,599.4 5,640.6 423.8 4,760.5 4,545.5 15,066.8 30,437.3 –0.3 30,437.0 The breakdown of amounts due from banks by region is as follows: €m Domestic banks Foreign banks Due from banks before risk provisions Risk provisions in the lending business Total 30 Jun 2025 31 Dec 2024 20,497.3 12,102.3 32,599.6 –0.2 32,599.4 17,280.2 13,157.0 30,437.3 –0.3 30,437.0 Change –0.0 9.0 9.0 Change 3,836.9 –4.1 –669.2 –245.2 –756.1 2,162.4 0.0 2,162.4 Change 3,217.1 –1,054.8 2,162.4 0.0 2,162.4 73

74

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 20 Due from customers Amounts due from customers can be broken down by business type as follows: €m Current accounts Daily and time deposits Lending business Genuine repurchase agreements and collateralised securities lending transactions Due from customers before risk provisions Risk provisions in the lending business Total 30 Jun 2025 31 Dec 2024 500.0 720.2 392.6 777.2 Change 107.4 –57.0 18,696.9 20,031.5 –1,334.6 4,254.9 24,172.0 –370.1 23,801.9 3,869.2 25,070.5 –363.2 24,707.3 385.7 –898.6 –6.9 –905.4 Change 69.1 –967.6 –898.6 –6.9 –905.4 The breakdown of amounts due from customers by region is as follows: €m Domestic borrowers Foreign borrowers Due from customers before risk provisions Risk provisions in the lending business Total 30 Jun 2025 31 Dec 2024 6,986.9 17,185.1 24,172.0 –370.1 23,801.9 6,917.8 18,152.7 25,070.5 –363.2 24,707.3 21 Risk provisions in the lending and securities business Default risks in lending and securities business are recognised through provisions, including provisions for off- balance sheet commitments. The accumulated provisions for debt instruments in the AC measurement category are offset against the gross carrying amounts on the asset side. For debt instruments in the FVOCI measurement category, on the other hand, the provisions are reported on the liabilities side in other comprehensive income (OCI). Risk provisions for credit risks from off-balance sheet commitments are reported on the liabilities side under provisions. Risk provisions recognised in the first half of 2025 were as follows: €m Risk provisions in the lending business Risk provisions for loan losses – due from banks Risk provisions for loan losses – due from customers Provisions for off-balance sheet commitments Risk provisions in the securities business Risk provisions for securities1) Total 30 Jun 2025 31 Dec 2024 Change 375.2 0.2 370.1 4.9 15.2 15.2 390.4 381.4 0.3 363.2 17.9 15.0 15.0 396.4 –6.2 –0.0 6.9 –13.1 0.2 0.2 –6.0 1) Including risk provisons for financial assets measured at fair value through other comprehensive income Compared to 31 December 2024, there has been no change in the methods and processes used to calculate risk provisions. The key assumptions and parameters used in determining risk provisions are reviewed and updated on a regular basis as part of the risk management processes. 74

75

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 The expected credit loss (ECL) is calculated using prospective information, including macroeconomic factors. Macroeconomic forecasts are produced based on the process used by the Macro Research department for the purposes of preparing the official research opinion (baseline scenario) of the Deka Group using a large volume of external information. The statements relate to the analysis and forecasting of fundamental economic data and financial market indicators. The baseline scenario represents the most probable event and is supplemented by a positive and a negative scenario to cover a wide range of possible macroeconomic developments. The probabilities of occurrence for the scenarios used to calculate risk provisions as at 30 June 2025 were as follows: baseline scenario = 65% (31 December 2024: 65%), negative scenario = 25% (31 December 2024: 25%) and positive scenario = 10% (31 December 2024: 10%). The forecast horizon spans a period of three years (2025-2027), and the forecast relates to those countries that account for the largest gross carrying amounts relevant to risk provisions. The reasoning for the post-model adjustment for selected borrowers in the real estate segment recognised as at 31 December 2024 was confirmed. As at 30 June 2025, this resulted in a post-model adjustment of €13.9m (31 December 2024: €32.2m). 75

76

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Movements in risk provisions in the first half of 2025 were as follows: Risk provisions for assets measured at amortised cost €m Due from banks Position as at 1 January 2025 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2025 Due from customers Position as at 1 January 2025 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2025 Financial investments Position as at 1 January 2025 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2025 Stage 1 Stage 2 Stage 3 POCI Total 0.3 – – –0.0 0.0 0.0 –0.0 – – – – –0.0 0.2 5.8 –0.2 0.3 –0.6 2.2 1.0 –3.0 – – – – –0.4 5.1 2.8 –0.1 0.0 –0.3 0.2 0.6 –0.2 – – – – 0.0 3.1 – – – – – – – – – – – – – 85.6 –3.9 0.6 –11.9 – 15.4 –26.7 – – – – –5.6 53.5 11.9 –0.0 0.1 – – 2.0 –2.1 – – – – –0.0 11.9 – – – – – – – – – – – – – 265.4 –0.3 3.5 – – 60.8 –3.6 –0.3 – – – –18.5 306.9 – – – – – – – – – – – – – – – – – – – – – – – – – – 0.3 – – –0.0 0.0 0.0 –0.0 – – – – –0.0 0.2 6.5 363.2 – – – – 0.3 –2.3 – – – – 0.2 4.6 – – – – – – – – – – – – – –4.4 4.4 –12.5 2.2 77.4 –35.6 –0.3 – – – –24.3 370.1 14.8 –0.1 0.1 –0.3 0.2 2.6 –2.3 – – – – –0.0 15.0 76

77

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Stage 1 Stage 2 Stage 3 POCI Total 0.3 – – –0.0 – 0.0 –0.0 – – – – –0.0 0.3 10.2 –1.8 1.4 –0.1 – 0.9 –3.3 – 0.0 0.2 7.5 2.3 – – –0.1 – 0.7 –0.4 – – – 0.0 2.6 – – – – – – – – – – – – – 161.6 –17.7 1.8 –15.0 – 43.4 –41.5 – 0.1 2.6 135.4 11.6 – – – – 0.3 –1.1 – – – – 10.7 – – – – – – – – – – – – – – – – – – – – – – – – – – 167.8 0.1 – 16.3 –2.8 – 58.2 –51.4 –0.0 – 10.9 198.8 – – – – – – – – – – – – – – – – 4.7 – – – 0.8 5.5 – – – – – – – – – – – – 0.3 – – –0.0 – 0.0 –0.0 – – – – –0.0 0.3 339.6 –19.5 19.5 –17.9 – 107.0 –96.1 –0.0 0.1 14.6 347.2 13.8 – – –0.1 – 1.0 –1.5 – – – 0.0 13.2 €m Due from banks Position as at 1 January 2024 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2024 Due from customers Position as at 1 January 2024 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2024 Financial investments Position as at 1 January 2024 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2024 77

78

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Risk provisions for financial assets measured at fair value through other comprehensive income €m Financial investments Position as at 1 January 2025 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2025 €m Financial investments Position as at 1 January 2024 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2024 Stage 1 Stage 2 Stage 3 POCI Total 0.2 – – –0.0 0.0 0.0 –0.0 – – – – – 0.2 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 0.2 – – –0.0 0.0 0.0 –0.0 – – – – – 0.2 Stage 1 Stage 2 Stage 3 POCI Total 0.2 – – –0.0 – 0.0 –0.0 – – – – 0.2 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – 0.2 – – –0.0 – 0.0 –0.0 – – – – 0.2 78

79

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Provisions for credit risks from off-balance sheet commitments Stage 1 Stage 2 Stage 3 POCI 0.2 –0.0 0.0 –0.1 0.0 0.0 –0.1 – – – – –0.0 0.1 2.5 –0.0 0.0 – – 0.4 –0.2 – – – – –0.0 2.7 15.2 – – –10.2 – – –2.9 – – – – –0.1 2.1 – – – – – – – – – – – – – Total 17.9 –0.0 0.0 –10.3 0.0 0.4 –3.1 – – – – –0.1 4.9 €m Loan commitments and financial guarantee contracts Position as at 1 January 2025 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Changes in the scope of consolidation Exchange rate-related and other changes Position as at 30 June 2025 €m Loan commitments and financial guarantee contracts Position as at 1 January 2024 Transfer to other stages Transfer from other stages Disposals New business Allocation Reversal Utilisation Changes due to model changes Changes due to non-substantial modifications Exchange rate-related and other changes Position as at 30 June 2024 Stage 1 Stage 2 Stage 3 POCI Total 0.4 –0.0 – –0.2 – 0.0 –0.1 – – – 0.0 0.1 5.1 –1.4 0.0 –0.4 – 2.0 –0.6 – – – 0.0 4.7 3.2 – 1.4 –3.5 – 14.8 –0.6 – – – 0.2 15.6 – – – – – – – – – – – – 8.7 –1.4 1.4 –4.1 – 16.8 –1.3 – – – 0.2 20.4 In order to examine the sensitivity of the ECL model to possible future developments, the Bank performed further calculations related to the changes at stages 1 and 2 of the impairment model. An extreme weighting of 100% for each of the scenarios on which the ECL plausibility check is based (baseline, negative and positive scenario) was applied. These simulations do not include the post-model adjustments. Instead, they apply the scenario-specific simulated probability of default profiles. In the baseline scenario, risk provisions would be 0.9% higher, while they would be approximately 1.3% higher in the negative scenario and 0.7% higher in the positive scenario. 79

80

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Key ratios for risk provisions: % Reversal/allocation ratio as at reporting date1) (Ratio of net allocation/-reversal to gross carrying values relevant for risk provisions) Default rate as at reporting date (Ratio of defaults to gross carrying values relevant for risk provisions) Average default rate (Ratio of defaults on a 5-year average to gross carrying values relevant for risk provisions) Net provisioning ratio as at reporting date (Ratio of risk provisions to gross carrying values relevant for risk provisions) 30 Jun 2025 31 Dec 2024 –0.04 0.00 0.03 0.92 –0.05 0.05 0.06 0.90 1) Reversal ratio shown without negative lending sign The calculations of the figures above are based on a gross carrying amount relevant for risk provisioning purposes of €42.6bn (31 December 2024: €44.0bn). 80

81

€m Customers Real estate sector (including real estate funds) Transport sector Renewable energies Conventional energies and infrastructure Public sector Industrial sector Other financial institutions Service sector Other Total customers Banks Commercial banks Savings banks Other financial institutions Total banks Securities Renewable energies Conventional energies and infrastructure Industrial sector Service sector Commercial banks Transport sector Other Total securities Total 331.9 3.3 33.6 3.8 0.3 1.2 0.2 0.0 0.5 337.3 2.7 34.1 4.2 0.4 1.5 0.3 0.0 0.5 374.9 381.1 0.0 0.2 0.0 0.2 0.1 0.3 7.7 0.5 5.9 0.2 0.4 0.0 0.2 0.0 0.3 0.0 0.3 6.2 0.4 7.5 0.2 0.4 15.2 390.4 15.0 396.4 0.1 –0.1 – – – – – – –0.0 0.0 – – – – – – – – – – – – –0.5 –0.1 – – – – – – –0.0 –0.6 – – – – – – – – – – – – –19.2 –0.7 0.7 0.4 0.1 0.2 0.1 –0.0 –0.0 –18.5 –0.0 0.0 0.0 0.0 –0.1 –0.0 –1.5 –0.0 1.6 –0.0 –0.1 –0.2 –20.0 13.3 –9.2 –1.9 0.8 0.2 –0.0 0.0 14.8 –2.0 0.0 0.0 0.0 0.0 – –0.0 –0.3 –0.1 1.1 –0.0 –0.1 0.6 –1.4 Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Risk provisions by risk segment: Valuation allowances and provisions in the lending and securities business Defaults1) Net allocations to2)/reversals of valuation allowances and provisions for credit risk 30 Jun 2025 31 Dec 2024 1st half 2025 1st half 2024 1st half 2025 1st half 2024 0.0 –0.6 –18.7 1) Includes utilisation, direct write-downs and income on written-down receivables and securities 2) Excludes the result from modifications. Negative in the column 81

82

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 22 Financial assets at fair value This item includes debt securities, equities, units in investment funds and derivatives held for trading purposes. Derivatives forming part of economic hedging relationships that do not meet the requirements for hedge accounting under IFRS 9 (economic hedging derivatives) are also reported here. In addition, this item includes holdings in unconsolidated subsidiaries, joint ventures and associated companies, as well as other equity investments. 30 Jun 2025 31 Dec 2024 Change 10,659.7 10,466.5 193.3 1,331.2 1,189.4 141.8 7,547.7 7,522.8 25.0 506.5 10,362.0 10,360.4 1.7 1,184.5 1,060.6 123.8 7,318.9 7,268.7 50.1 683.2 20,045.2 19,548.5 1,187.8 1,187.8 1,071.0 1,071.0 – 225.4 4.7 220.1 0.6 523.3 35.9 35.1 0.6 – 0.2 – 213.3 4.3 208.5 0.4 405.5 33.3 32.5 0.6 – 0.2 297.7 106.1 191.6 146.8 128.8 18.0 228.9 254.0 –25.1 –176.6 496.7 116.7 116.7 – 12.2 0.4 11.6 0.2 117.8 2.6 2.6 – – 0.0 249.2 746.0 €m Trading portfolio Bonds and other fixed-interest securities Bonds and debt securities Money market securities Shares and other non-fixed-interest securities Shares Units in investment funds Positive market values of derivative financial instruments Positive market values of derivative financial instruments (trading) Positive market values of derivative financial instruments (economic hedging derivatives) Loan receivables Total – trading portfolio Financial assets mandatorily measured at fair value through profit or loss Bonds and other fixed-interest securities Bonds and debt securities Money market securities Shares and other non-fixed-interest securities Shares Units in investment funds Other non-fixed-interest securities Loan receivables Shareholdings Equity investments Shares in affiliated companies Holdings in joint ventures Shares in associated companies Total – financial assets mandatorily measured at fair value through profit or loss Total 1,972.4 22,017.6 1,723.1 21,271.7 82

83

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 23 Financial investments €m Financial assets measured at amortised cost Bonds and other fixed-interest securities Financial assets measured at fair value through other comprehensive income Bonds and other fixed-interest securities Shareholdings Shares in at-equity accounted companies Financial investments before risk provisions Risk provisions for securities (AC) Total 24 Intangible assets and goodwill €m Purchased goodwill Software Purchased Developed in-house Other intangible assets Total 30 Jun 2025 31 Dec 2024 12,261.3 11,304.4 2,666.0 2,788.3 19.6 19.0 14,946.9 14,111.7 –15.0 14,931.9 –14.8 14,097.0 Change 956.9 –122.4 0.6 835.2 –0.2 834.9 30 Jun 2025 31 Dec 2024 Change 155.9 143.6 80.5 63.1 12.9 312.4 155.9 114.3 63.6 50.7 14.2 284.4 – 29.3 16.9 12.4 –1.3 28.0 Purchased goodwill is unchanged and includes €95.0m in goodwill from the acquisition of Deka Vermögens- management GmbH, €53.1m in goodwill from the acquisition of WestInvest Gesellschaft für Investment- fonds mbH and €7.8m in goodwill from the acquisition of IQAM Invest GmbH and IQAM Partner GmbH. 25 Property, plant and equipment and right-of-use assets for leases €m Plant and equipment Technical equipment and machines Right-of-use assets for leases (leasing assets) Total 30 Jun 2025 31 Dec 2024 23.1 10.6 393.8 427.6 24.7 12.5 406.1 443.3 Change –1.6 –1.9 –12.3 –15.7 83

84

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 26 Due to banks Amounts due to banks can be broken down by business type as follows: €m Overdrafts Daily and time deposits Promissory note loans and registered bonds Collateralised registered bonds and promissory note loans Unsecured registered bonds and promissory note loans Genuine repurchase agreements and collateralised securities lending transactions Borrowings Total 30 Jun 2025 31 Dec 2024 956.6 5,802.9 1,504.1 109.8 1,394.3 1,332.2 256.4 9,852.2 1,135.0 5,239.3 1,465.3 108.0 1,357.3 1,101.4 273.7 9,214.8 The regional breakdown of amounts due to banks is as follows: €m Domestic banks Foreign banks Total 27 Due to customers 30 Jun 2025 31 Dec 2024 8,500.2 1,352.0 9,852.2 7,867.4 1,347.4 9,214.8 Amounts due to customers can be broken down by business type as follows: €m Overdrafts Daily and time deposits Promissory note loans and registered bonds Collateralised registered bonds and promissory note loans Unsecured registered bonds and promissory note loans Genuine repurchase agreements and collateralised securities lending transactions Borrowings Total 30 Jun 2025 31 Dec 2024 23,529.7 21,236.0 9,051.6 1,407.2 122.1 1,285.1 124.8 66.8 34,180.1 7,399.3 1,291.1 144.5 1,146.5 61.9 64.4 30,052.6 Change –178.4 563.6 38.7 1.7 37.0 230.8 –17.4 637.4 Change 632.8 4.6 637.4 Change 2,293.7 1,652.4 116.2 –22.4 138.6 62.9 2.4 4,127.5 84

85

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 The regional breakdown of amounts due to customers is as follows: €m Domestic customers Foreign customers Total 28 Securitised liabilities 30 Jun 2025 31 Dec 2024 27,562.6 6,617.5 34,180.1 24,487.8 5,564.8 30,052.6 Change 3,074.8 1,052.7 4,127.5 Securitised liabilities include bonds and other liabilities for which transferable certificates are issued. In accordance with IFRS 9, own bonds held by the Deka Group with a nominal amount of €397.2m (31 December 2024: €153.4m) were deducted from the issued bonds. €m Uncovered debt securities issued Covered debt securities issued Money market securities issued Total 29 Financial liabilities at fair value 30 Jun 2025 31 Dec 2024 9,975.5 2,727.4 2,838.9 15,541.9 8,558.7 3,027.7 5,298.2 16,884.6 Change 1,416.8 –300.3 –2,459.3 –1,342.7 Financial liabilities at fair value comprise trading issues and liabilities designated at fair value. This item also includes the negative market values of derivative financial instruments held for trading and the negative market values of hedging derivatives that are used as hedging instruments but do not meet the requirements of IFRS 9 for hedge accounting (economic hedging derivatives). Securities short portfolios are also reported in this line item. €m Trading portfolio Trading issues Securities short portfolios Negative market values of derivative financial instruments (trading) Negative market values of derivative financial instruments (economic hedging derivatives) Total – trading portfolio Financial liabilities designated at fair value Issues Financial liabilities designated at fair value - total Total 30 Jun 2025 31 Dec 2024 17,180.7 17,347.4 1,152.7 7,958.2 1,341.3 7,538.9 53.0 39.0 26,344.5 26,266.6 127.9 127.9 130.7 130.7 26,472.5 26,397.2 Change –166.7 –188.7 419.3 14.0 78.0 –2.7 –2.7 75.2 85

86

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 Issues are broken down by product type as follows: €m Trading portfolio Uncovered trading issues Bearer bonds issued Registered bonds issued Promissory notes raised Total Financial liabilities designated at fair value Uncovered issues Registered bonds issued Covered issues Total 30 Provisions €m Provisions in investment funds business Provisions for credit risks Provisions for pensions and similar commitments Provisions for operational risks Provisions for legal risks Provisions in human resources Sundry other provisions Total 30 Jun 2025 31 Dec 2024 15,282.6 15,303.1 706.6 1,191.5 761.4 1,282.9 17,180.7 17,347.4 94.5 33.5 127.9 96.4 34.3 130.7 30 Jun 2025 31 Dec 2024 98.0 4.9 17.2 7.3 15.1 3.0 76.2 221.6 102.1 17.9 15.7 7.3 15.0 2.2 76.8 237.1 Change –20.5 –54.8 –91.4 –166.7 –1.9 –0.8 –2.7 Change –4.2 –13.1 1.4 – 0.0 0.8 –0.6 –15.5 Provisions in investment funds business are created, among other things, for the funds with formal guarantees described below. The Deka Group's range of products includes investment funds with guarantees of various types. With these funds, the investment management company guarantees, at the very beginning of the investment period, that the investor will receive a defined capital or unit value at a specific point in time (usually at the end of the investment period or on the fund’s defined maturity date). The amount of the provision is the forecast shortfall at the guarantee date, which is the difference between the expected unit value and the unit value guaranteed. Deka also offers a short-term bond fund featuring a capital guarantee at the end of the guarantee period that is renewed every six months. The redemption price on the last trading day of June and December is guaranteed. As at the reporting date, €27.7m (31 December 2024: €25.2m) was set aside based on the changes in the respective fund assets. The guarantees as at the reporting date covered a maximum total volume of €2.4bn (31 December 2024: €2.4bn) at the respective guarantee dates. The market value of the corresponding fund assets totalled €2.7bn (31 December 2024: €2.7bn). For the fund- based Riester products offered as private pensions, DekaBank provides a capital guarantee at the start of the disbursement phase, for which a provision of €52.5m (31 December 2024: €59.0m) was recognised. Potential obligations from fund-based pension products totalled €6.5bn (31 December 2024: €6.4bn). The market value of the fund-based pension products totalled €9.4bn (31 December 2024: €9.6bn). 86

87

Interim financial statements | Notes to the statement of financial position Deka Group Interim Report 2025 The drop in provisions for credit risks is due to the reversal of risk provisions for irrevocable lending commitments. The actuarial interest rate underlying the measurement of pension provisions as at 30 June 2025 was 3.95%, 0.4 percentage points above the actuarial interest rate applied at 31 December 2024. Based on actuarial valuations, a (pre-tax) revaluation gain of €9.8m (31 December 2024: €11.5m) was recognised in other comprehensive income. DekaBank has undertaken voluntary investigations to ascertain whether its involvement enabled third parties to conduct share trades around the dividend record date and make use of abusive tax structures or whether it was otherwise involved in such structures. The possibility of a claim in the amount of €6.7m being asserted against DekaBank in this regard due to its function as custodian cannot be ruled out in all probability. As a result, a provision for operational risks was set up in the amount of €3.8m as at 31 December 2020. As at 31 December 2022, the amount of the provision was increased by €2.9m to €6.7m based on further analyses. No further risks in this regard were evident as at 30 June 2025. The sundry other provisions were established in respect of liabilities arising from a range of issues. Sundry other provisions are unchanged and chiefly comprise a provision created in the 2019 financial year for a capital-strengthening measure in relation to a company in the equity investment portfolio. The provision was unchanged as at the reporting date at €71.2m. There is also a contingent liability of €14.4m (31 December 2024: €14.4m). 30 Jun 2025 31 Dec 2024 Change 286.3 –94.6 598.6 239.5 6,210.2 1.1 6,209.1 45.0 28.1 –17.0 5.6 –0.7 0.4 28.6 350.8 7,635.8 286.3 –94.6 598.6 239.5 6,236.0 1.1 6,234.9 33.7 18.3 –30.1 0.4 –0.4 0.8 44.7 300.1 7,599.6 – – – – –25.8 – –25.8 11.3 9.8 13.1 5.2 –0.3 –0.3 –16.2 50.7 36.2 31 Equity €m Subscribed capital Own shares (deduction) Additional capital components (AT1 bonds) Capital reserve Retained earnings Statutory reserve Other retained earnings Revaluation reserve For provisions for pensions For foreign currency basis spreads of hedging derivatives For financial assets measured at fair value through other comprehensive income For own credit risk of financial liabilities designated at fair value Currency translation reserve Deferred taxes Accumulated profit (consolidated profit) Total 87

88

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 Notes on financial instruments 32 Disclosures on the fair value of financial instruments Classes, categories and fair values of financial instruments Fair value is deemed to be the amount that would be received on the sale of an asset or paid for the transfer of a liability in an arm’s length transaction between market participants at the measurement date. The fair value of financial instruments is determined on the basis of market prices or observable market data as at the reporting date and by using generally recognised valuation models. Where no prices are available on an active market, valuation models are used that are considered appropriate for the financial instruments in question. Observable market data is always used as the basis where available. However, the availability of observable stock market prices, valid prices or market data varies depending on the financial instrument and can change over time. Furthermore, the valuation models are periodically readjusted and validated as required. Depending on the financial instrument and market situation, it may be necessary to include assumptions and estimates made by the Bank in the valuation. The Bank is also responsible for selecting suitable modelling techniques and appropriate parameters and assumptions. The assumptions underlying financial valuation models can have a considerable effect on the fair value determined. Where there are no prices from active markets, the fair value is therefore deemed to be the model value as at the reporting date, which reflects a realistic estimate of how the market would be likely to value the financial instrument. Where bid and ask prices are available for assets and liabilities, the provisions of IFRS 13 state that the price to be used to determine the fair value is that which best reflects the fair value within the bid-ask spread, with the use of mid-market pricing being an acceptable valuation convention. DekaBank generally measures financial instruments at mid-market prices. For illiquid financial instruments assigned to level three of the fair value hierarchy, bid-ask adjustments are taken into account. Furthermore, the Bank takes credit valuation adjustments (CVAs) or debit valuation adjustments (DVAs) into consideration when measuring OTC derivatives in order to allow for its own credit risk or that of counterparties, unless these are already included elsewhere in the valuation model. If a netting agreement exists for counterparties, the calculation is performed at the level of the counterparty based on the net position. In other cases, the calculation is performed using the individual positions. The Deka Group takes a funding valuation adjustment (FVA) into account, which represents the implicit market funding costs for uncollateralised derivative positions. The maturity structure of funding is considered to be an important component of fair value for uncollateralised derivatives. The Deka Group also recognises a margin valuation adjustment (MVA) at counterparty level when determining the fair value of derivatives. The MVA is used to reflect the expected future funding costs from initial margin payments in net present value terms. The MVA is taken into account in pricing and, as a result, also in the valuation carried out independently of trading activities. The MVA has the same form as the FVA, namely that of collateralisation costs for the initial margin over the life of the derivative. In the Deka Group, financial instruments are classified as per IFRS 7 by balance sheet line item and IFRS measurement category. The carrying values and fair values of financial assets and financial liabilities are divided among the measurement categories and classes of financial instruments as follows: 88

89

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 €m Assets Financial assets measured at amortised cost Cash reserves Due from banks Due from customers Financial investments Other assets 30 Jun 2025 31 Dec 2024 Fair value Carrying value Fair value Carrying value 387.1 32,610.7 23,637.7 12,167.2 234.3 387.1 32,599.4 23,801.9 12,246.4 234.3 378.2 30,424.6 24,473.0 11,142.0 255.2 378.2 30,437.0 24,707.3 11,289.7 255.2 Financial assets measured at fair value through other comprehensive income Financial investments 2,666.0 2,666.0 2,788.3 2,788.3 Financial assets measured at fair value through profit or loss Trading portfolio Financial assets at fair value 20,045.2 20,045.2 19,548.5 19,548.5 Financial assets mandatorily measured at fair value through profit or loss Financial assets at fair value Other assets Positive market values of derivative hedging instruments Total asset items Liabilities Financial liabilities measured at amortised cost Due to banks Due to customers Securitised liabilities Subordinated capital Other liabilities Financial liabilities measured at fair value through profit or loss Trading portfolio 1,972.4 11.5 1,972.4 11.5 1,723.1 13.4 1,723.1 13.4 236.6 236.6 59.6 59.6 93,968.7 94,200.8 90,805.9 91,200.3 9,843.9 34,135.9 15,343.8 1,001.2 514.8 9,852.2 34,180.1 15,541.9 987.9 514.8 9,199.4 30,014.7 16,597.8 1,144.0 518.1 9,214.8 30,052.6 16,884.6 1,134.3 518.1 Financial liabilities at fair value 26,344.5 26,344.5 26,266.6 26,266.6 Other liabilities Financial liabilities designated at fair value Financial liabilities at fair value Negative market values of derivative hedging instruments Total liability items 8.5 127.9 59.2 87,379.7 8.5 127.9 59.2 87,617.0 13.6 130.7 362.4 84,247.2 13.6 130.7 362.4 84,577.6 89

90

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 Assets and liabilities measured at fair value in the balance sheet Fair value hierarchy Financial instruments carried at fair value in the balance sheet are to be allocated to the following three fair value hierarchy levels specified in IFRS 13 depending on the inputs influencing their valuation: Level 1: (Prices listed on active markets): Financial instruments whose fair value can be derived directly from prices on active, liquid markets are allocated to this level. Level 2: (Valuation method based on observable market data): Financial instruments whose fair value can be determined either from similar financial instruments traded on active and liquid markets, from similar or identical financial instruments traded on less liquid markets, or based on valuation methods with directly or indirectly observable inputs, are allocated to this level. Level 3: (Valuation method not based on observable market data): Financial instruments whose fair value is determined based on valuation models that include inputs not observable in the market, provided they are significant for the valuation, are allocated to this level. The tables below show the fair values of the financial instruments carried in the balance sheet at fair value according to their level in the fair value hierarchy: €m Valuation method Valuation method Prices listed on active based on observable based on observable markets (level 1) market data (level 2) market data (level 3) 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 Financial assets measured at fair value through profit or loss Debt securities, other fixed-interest securities and loan receivables 7,194.9 5,821.1 4,915.1 5,482.8 767.3 1,217.9 Shares and other non-fixed-interest securities 1,440.1 1,203.3 90.0 162.7 Derivative financial instruments 463.2 79.0 6,502.4 7,137.3 Interest-rate-related derivatives Currency-related derivatives – – – – 3,807.7 3,997.2 245.9 173.1 Share and other price-related derivatives 463.2 79.0 2,448.8 2,967.0 Shareholdings Positive market values of derivative hedging instruments Financial assets measured at fair value through other comprehensive income – – – – – – 236.6 59.6 Bonds and other fixed-interest securities 2,024.2 1,628.4 641.8 1,116.6 26.5 582.1 43.8 – 538.3 35.9 – – Total 11,122.4 8,731.8 12,385.9 13,959.0 1,411.8 31.7 102.5 69.1 – 33.4 33.3 – 43.4 1,428.8 90

91

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 Prices listed on active on observable market on observable market Valuation method based Valuation method based markets (level 1) data (level 2) data (level 3) 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 €m Financial liabilities measured at fair value through profit or loss Securities short portfolios Derivative financial instruments Interest-rate-related derivatives Currency-related derivatives 815.8 125.7 – – 875.7 81.2 – – 336.9 465.6 7,440.1 5,602.3 7,480.5 5,423.4 262.8 154.1 – 445.4 2.5 – 442.9 36.3 – 481.7 – 16.1 5.9 – 10.2 9.9 – 26.0 Share and other price-related derivatives 125.7 81.2 1,575.0 1,903.0 Issues Negative market values of derivative hedging instruments – – – – 17,272.3 17,468.2 59.2 362.3 Total 941.5 956.9 25,108.5 25,776.6 Reclassifications The following reclassifications between level 1 and level 2 of the fair value hierarchy took place in respect of assets and liabilities measured at fair value and held in the portfolio at the reporting date: €m Reclassifications from level 1 to level 2 Reclassifications from level 2 to level 1 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 Financial assets measured at fair value through profit or loss Debt securities, other fixed-interest securities and loan receivables Derivative financial instruments Interest-rate-related derivatives Currency-related derivatives Share and other price-related derivatives Financial liabilities measured at fair value through profit or loss Securities short portfolios Derivative financial instruments Interest-rate-related derivatives Currency-related derivatives Share and other price-related derivatives 660.2 17.1 – – 17.1 80.3 4.9 – – 4.9 1,003.2 24.9 1,847.2 410.1 – – 24.9 108.8 2.7 – – 2.7 – – 410.1 191.8 50.1 – – 50.1 674.5 22.0 – – 22.0 53.6 17.8 – – 17.8 Financial instruments were transferred from level 1 to level 2 during the period under review because prices on an active market could no longer be demonstrated for these financial instruments. Financial instruments were also transferred from level 2 to level 1 because, at the reporting date, prices were available for these financial instruments on an active market which could be used unchanged for valuation purposes. Within the Deka Group, reclassifications between the different levels of the fair value hierarchy are deemed to have taken place at the end of the relevant reporting period. 91

92

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 Measurement principles and inputs for determining fair value Fair value hierarchy level 1 Where securities and derivatives are traded on active markets with sufficient liquidity, and hence where stock market prices or executable broker quotations are available, these prices are used to determine the fair value. The fair value of units in unconsolidated investment funds is generally determined from the redemption price published by the investment management company. Fair value hierarchy level 2 Fair values for insufficiently liquid bearer bonds are determined on the basis of discounted future cash flows. Instrument-specific and issuer-specific interest rates are used for discounting. Discount rates are determined from market prices of similar liquid securities, selected according to criteria in the categories of issuer, sector, rating, rank and maturity. Derivative financial instruments are measured using standard valuation models, such as the Black-Scholes model, the Black-76 model, the SABR model, the Bachelier model, the G1PP model, the G2PP model or the local volatility model. The models are always calibrated using observable market data. Interest rate and interest rate/currency swaps and unlisted interest rate futures are measured on the basis of the discounted cash flow model using the market interest rates applying to the remainder of the term of the financial instruments. The tenor structures of the individual interest rates are taken into account by means of separate forward yield curves. Interest rate swaps are discounted using the currency-specific yield curve. This is used for bootstrapping the forward yield curves. For the foreign currency cash flows in interest rate/currency swaps, discounting is carried out taking into account the cross-currency basis. Fair values for forward currency contracts are determined at the reporting date on the basis of the forward rates, which in turn are quoted by FX swap points in the market. Fair values of single name and index credit default swaps are determined using a standard hazard rate model calibrated to the respective par CDS spreads. The fair value of deposits and borrowings is determined by discounting future cash flows using discount rates that are customary for comparable financial transactions with similar terms on liquid or less liquid markets. If no price is observable on an active market for financial liabilities in relation to issuing business, the fair value is calculated by discounting the contractually agreed cash flows. Discounting uses a risk-adjusted market interest rate corresponding to the liability category. This is based on DekaBank’s credit risk and is derived from market information. Any existing collateralisation structure is taken into account, such as that used for covered bonds (Pfandbriefe), for example. Fair value hierarchy level 3 Fair values of amounts due from banks or due from customers relating to lending business are determined using the present value method. Future cash flows from receivables are discounted at a risk-adjusted market rate based on the categories of borrower, sector, rating, rank and maturity. If loan receivables are recognised at fair value, a granular analysis is carried out when determining the first spread component. In particular, side agreements such as the borrower’s rights of termination or floors are taken into account. These side agreements are each taken into account using suitable, recognised valuation procedures. Loans are allocated to level 3 irrespective of their IFRS category. 92

93

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 The debt securities, other fixed-interest securities and loan receivables reported under financial assets measured at fair value through profit or loss are bonds, promissory note loans and originated loans. The fair value of the bonds is calculated either using the discounted cash flow model based on credit spreads that are not observable in the market or on the basis of indicative quotations that implicitly result in a valuation spread. The promissory note loans are also measured using the discounted cash flow model based on credit spreads that cannot be observed in the market. Assuming an average uncertainty of five basis points relating to the credit spreads, the fair value of the bonds and promissory note loans could have been €0.4m higher or lower. Determining the fair value of loan receivables also involves the use of spreads that are not observable in the market. Assuming an average uncertainty of 50 basis points relating to the credit spreads, the fair value of the loan receivables measured at fair value could have been €5.9m higher or lower. The Bank also allocates to level 3 a limited number of equity, credit and interest rate derivatives or issues with embedded equity, credit and interest rate derivatives, for example if unobservable valuation parameters are used which are significant for their valuation. For equity and interest rate derivatives whose valuation requires correlations, the Bank typically uses historical correlations with the relevant share prices or interest rate fixings, or changes to these. The sensitivity of the equity option positions concerned was around €–0.2m as at 30 June 2025. For interest rate derivatives based on an index spread, the sensitivity in terms of the correlation between the relevant reference indices is mapped via shifts in the model parameters. The resulting change in the correlation is approximately +1.5%, giving rise to a measurement difference of €+0.04m. There are also equity derivatives with a maturity that is longer than the equivalent (based on the underlying) exchange-traded equity (index) options. The temporal extrapolation uncertainty as at 30 June 2025 is approximately €–1,423.2m. For credit default swaps (CDS) and credit linked notes with a longer maturity than CDS spreads quoted on the market, a temporal extrapolation uncertainty of five basis points is assumed. As at 30 June 2025, this results in a value of €0.08m. There are no publicly quoted market prices for the company shares listed as shareholdings. The fair value of company shares is determined using the dividend discount model, provided that the company pays dividends on a sustained basis. Other company shares are measured on the basis of the net asset value approach. For transactions assigned to fair value hierarchy level 3 on the reporting date, a day-one profit of €2.1m was deferred on the reporting date (H1 2024: day-one loss of €1.9m). This item will be reversed over the residual term to maturity of the financial instruments concerned over the coming financial years. As at 30 June 2025, 100.0% of bonds and other fixed-income securities allocated to level 3 for which an external rating was available were rated as investment grade. 93

94

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 Performance of financial instruments in fair value hierarchy level 3 The movement in level 3 assets carried at fair value is shown in the table below: Debt securities, other fixed- interest securities and loan receivables Shares and other non- fixed-interest securities Interest- rate- related derivative s Share and other price- related derivatives Shareholdi ngs Positive market values of derivative hedging instruments 499.3 2,989.0 2,556.9 65.5 388.8 26.0 32.6 – 1,261.3 12.8 1,261.3 1,555.9 1,378.5 209.8 26.0 377.5 –110.1 – 767.3 51.8 – 20.9 – – – 0.8 – 31.7 0.3 31.7 2.8 8.5 – – – 45.0 – 0.7 – 37.2 8.0 –4.4 – 69.1 –4.4 69.1 – – 1.9 – – 0.5 –23.4 – 26.5 – 43.8 7.1 10.7 –9.5 3.1 – 1.3 10.5 – 33.4 22.2 33.4 58.8 0.1 –0.2 454.2 6.4 –1.8 – 538.3 29.5 2.1 2.3 – – – 4.0 – 33.3 4.0 33.3 – – – – – 2.6 – 35.9 –73.9 0.5 11.0 –1.6 2.6 – – – – – – – – – – – – – – – – – – – €m As at 1 January 2024 Additions through purchase Disposals through sale Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2024 Movement in unrealised gains or losses in respect of assets in the portfolio at the balance sheet date3) As at 1 January 2025 Additions through purchase Disposals through sale Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 30 June 2025 Movement in unrealised gains or losses in respect of assets in the portfolio at the balance sheet date3) 1) Gains and losses recognised in profit or loss from the measurement/disposal of level 3 financial instruments are included in net interest income, trading profit or loss, profit or loss on financial instruments mandatorily measured at fair value and profit or loss on financial instruments designated at fair value. 2) Gains and losses recognised in other comprehensive income from the measurement of level 3 financial instruments are included in the revaluation reserve. 3) Unrealised profits or losses from level 3 financial instruments are presented within net interest income, trading profit or loss, profit or loss on financial instruments required to be measured at fair value, profit or loss on financial instruments designated at fair value as well as revaluation reserve. In the reporting period, the mirror "performance of financial instruments in fair value hierarchy level 3" was standardised with regard to the presentation of the different financial instruments for reasons of better readability. In the case of disposals of derivative financial instruments, for example, the value in the opening balance is now also divided into disposal value and realised profit and loss for the period. Total 632.7 3,001.8 2,571.3 68.6 426.0 35.3 43.5 – 1,428.8 34.9 1,428.8 1,617.5 1,387.1 211.5 480.2 383.9 –132.2 – 1,411.8 –61.4 94

95

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 The movement in level 3 liabilities carried at fair value is shown in the table below: Interest-rate- related derivatives Share and other price- related derivatives Issues 13.5 5.2 – – – – 5.7 3.1 – 9.9 – 9.9 – – 5.7 0.1 26.0 5.1 0.1 – 36.3 0.1 Total 55.1 9.8 –14.0 – –0.3 5.9 29.5 29.6 – 26.0 3.5 26.0 164.4 –3.5 5.7 1.2 303.6 6.7 13.6 – 481.7 10.5 €m As at 1 January 2024 Additions through purchase Disposals through sale Additions through issues Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 31 December 2024 Movement in unrealised gains or losses in respect of liabilities in the portfolio at the balance sheet date3) As at 1 January 2025 Additions through purchase Disposals through sale Additions through issues Maturity/repayments Transfers To Level 3 From Level 3 Changes arising from measurement/disposal Recognised in profit or loss1) Recognised in other comprehensive income2) As at 30 June 2025 Movement in unrealised gains or losses in respect of liabilities in the portfolio at the balance sheet date3) – – – – – 5.9 – – – 5.9 – 5.9 – – – – – – 3.4 – 2.5 3.4 41.6 4.6 –14.0 – –0.3 – 23.8 26.5 – 10.2 3.5 10.2 164.4 –3.5 – 1.1 277.6 1.6 10.1 – 442.9 7.0 1) Gains and losses recognised in profit or loss from the measurement/disposal of level 3 financial instruments are included in net interest income, trading profit or loss, profit or loss on financial instruments mandatorily measured at fair value and profit or loss on financial instruments designated at fair value. 2) Gains and losses recognised in other comprehensive income from the measurement of level 3 financial instruments are included in the revaluation reserve. 3) Unrealised profits or losses from level 3 financial instruments are presented within net interest income, trading profit or loss, profit or loss on financial instruments required to be measured at fair value, profit or loss on financial instruments designated at fair value as well as revaluation reserve. In the reporting period, the mirror "performance of financial instruments in fair value hierarchy level 3" was standardised with regard to the presentation of the different financial instruments for reasons of better readability. In the case of disposals of derivative financial instruments, for example, the value in the opening balance is now also divided into disposal value and realised profit and loss for the period. During the reporting period, positive market values of debt securities, other fixed-interest securities and loan receivables amounting to €26.0m were transferred to level 3, while €377.5m was transferred from level 3. Positive market values of share- and other price-related derivatives amounting to €454.2m were transferred to level 3, with €6.4m being transferred from level 3. In addition, negative market values of issues amounting to €5.1m were transferred from level 3, with €26.0m being transferred to level 3. Additionally, negative market values of share- or price-related derivatives amounting to €277.6m were transferred to level 3, with €1.6m being transferred from level 3. This was due to a more detailed analysis of the market data used for valuation. 95

96

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 As at 30 June 2025, analyses for level 3 financial instruments were performed with regard to the materiality of spread curves, correlation matrices, volatility surfaces and dividend expectations. In the case of spread curves, the valuation is performed without a spread or with a spread of zero. If the resulting change in present value is insignificant, the product can be assigned to level 2. For financial instruments whose valuation involves the use of a correlation matrix (historical 250-day correlations), sensitivity to a change in the correlation matrix is a relevant factor. For interest rate correlations, sensitivity is mapped via shifts in the model parameters for the relevant reference indices. This sensitivity is expressed in relation to the present value of the financial instrument. If the sensitivity is insignificant, the product can be assigned to level 2. For volatility surfaces and dividend expectations, the materiality of the unobservable area is determined via shifts. If the resulting change in present value is insignificant, the products can be assigned to level 2. When it comes to credit default swaps, materiality is determined using various extrapolation methods. On the reporting date, a volume with a market value of €–7,260.16m was transferred from level 3 to level 2. Measurement processes for financial instruments in fair value hierarchy level 3 For all transactions in the trading book and the banking book, DekaBank generally performs a daily valuation independent of trading operations. This provides the basis for the calculation of results. Responsibility for the valuation process lies with Risk Control, the different tasks being assigned to various specialist teams as part of the valuation process. The models used for theoretical valuation of transactions must undergo validation and initial acceptance before they can be employed in the valuation process. Adequacy checks are carried out on a regular basis as part of normal operations. The main steps in the process are the provision of market data that is independent of trading activities, parametrisation, performance of the valuation and quality assurance. Each of these steps and processes has a team responsible for design and implementation. Finance and Risk Control analyse and provide commentary on any notable changes in the valuation carried out independently of trading activities. The economic profits and losses determined on the basis of this independent valuation are made available to the trading units on a daily basis for the trading book and on at least a weekly basis for the banking book. To support the process, a committee has been established within Risk Control which plans and coordinates the medium to long-term development of the valuation process. Valuation models are always used where no reliable external prices are available. External price quotations are obtained from established providers such as stock exchanges and brokers. Every price is subject to a monitoring process which assesses its quality and establishes whether it is appropriate for use in the valuation process. If the level of quality is assessed as inadequate, a theoretical valuation is carried out. For financial instruments whose present value is determined using a valuation model, the prices needed to calibrate the model are either found directly, independently of trading, or are checked via an independent price verification process (IPV) to ensure they are consistent with the market, and are corrected if necessary. The valuation models used are either validated by Risk Control or implemented in Risk Control independently of trading. The appropriateness of the models is examined by Risk Control on a regular basis, and at least once a year. The results of the examination form the basis for a joint recommendation agreed between Risk Control, Finance and the trading units on whether the valuation models should continue to be used or require further development. When new financial instruments are introduced, existing valuation processes are examined to determine whether they can be applied to the new instrument and are modified or expanded if necessary. Valuation processes may be expanded to include new price sources or apply new valuation models. Where new models are introduced, Risk Control checks for model risks as part of the implementation and validation process. 96

97

Interim financial statements | Notes on financial instruments Deka Group Interim Report 2025 33 Information on the quality of financial assets Non-performing exposures The following table shows the breakdown of non-performing exposures by risk segment. €m Non-performing exposures1) Collateral2) Provisions for loan losses/credit rating- related changes in fair value Transport sector Renewable energies Real estate sector Conventional energies and infrastructure Total 30 Jun 2025 Total 31 Dec 2024 21.6 21.6 – 70.7 – 18.3 949.1 650.4 298.8 – – – 1,041.4 672.0 317.0 941.3 596.2 289.6 1) The figures shown represent the cross carrying value of the credit risk-bearing financial asset classified as non-performing. 2) Recognition of measurable collateral. Indication of market or fair value not exceeding the underlying exposure. Exposures with forbearance measures The table below shows the breakdown of forborne exposures by risk segment. €m Forborne exposures1) thereof: Performing thereof: Non-Performing Collateral2) Provisions for loan losses/credit rating- related changes in fair value Transport sector Renewable energies Real estate sector Industrial sector Total 30 Jun 2025 Total 31 Dec 2024 159.6 138.0 21.6 158.2 0.8 227.6 156.9 70.7 – 22.9 914.1 366.6 547.5 796.5 117.6 67.4 67.4 – 63.0 1.1 1,368.8 728.9 639.8 1,017.7 142.4 1,604.4 1,047.7 556.7 1,229.5 144.6 1) The figures shown represent the cross carrying value of the credit risk-bearing financial asset classified as forborne. 2) Recognition of measurable collateral. Indication of market or fair value not exceeding the underlying exposure. Key ratios for non-performing and forborne exposures: % NPE ratio at the reporting date (Ratio of non-performing exposures to maximum credit risk) NPE coverage ratio, including collateral, at the reporting date (Ratio of risk provisions, including collateral, to non-performing exposures) NPE coverage ratio, excluding collateral, at the reporting date (Ratio of risk provisions, excluding collateral, to non-performing exposures) Forborne exposure ratio, at the reporting date (Ratio of forborne exposures to maximum credit risk) 30 Jun 2025 31 Dec 2024 1.12 94.97 30.44 1.47 1.04 94.10 30.76 1.78 The maximum credit risk underlying the ratio of non-performing and forborne exposures is determined based on IFRS 7.35K(a)/IFRS 7.36(a) using credit risk-bearing financial assets and the corresponding off-balance sheet commitments. As at the reporting date, it amounted to €93.1bn (31 December 2024: €90.3bn). 97

98

Interim financial statements | Other disclosures Deka Group Interim Report 2025 34 Derivative transactions The derivative financial instruments used in the Deka Group can be broken down by the type of risk hedged as follows: €m Interest rate risks Currency risks Share and other price risks Total Net amount disclosed in the statement of financial position1) Nominal value Positive fair values Negative fair values 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 890,959.5 776,582.9 19,483.9 18,979.6 19,627.0 18,769.6 31,807.5 29,062.7 510.3 207.7 339.7 532.3 83,026.8 74,060.3 3,547.6 3,173.3 2,213.6 2,065.7 1,005,793.8 879,705.9 23,541.8 22,360.6 22,180.3 21,367.6 7,784.3 7,378.5 8,070.4 7,940.1 1) The lower balance sheet value of the derivatives in the trading portfolio compared to the market values is due to the offsetting of the market values against the variation margin. Other disclosures 35 Regulatory capital (own funds) CRR III entered into force on 1 January 2025. The Deka Group’s own funds are reported with and without transitional provisions. The latter represents full application of the CRR/CRD framework, in which all transitional provisions are disregarded and the final target state of the regulatory requirements is reached. No retrospective disclosure is provided for the new requirements, as this is not stipulated by the CRR. Own funds were calculated based on the figures from the IFRS consolidated financial statements. Pursuant to Article 26 (2) CRR, the year-end profit for 2024 less foreseeable charges and dividends was included in Common Equity Tier 1 capital as at 31 December 2024 (dynamic approach). The composition of own funds is shown in the following table: €m Common Equity Tier 1 (CET 1) capital Additional Tier 1 (AT 1) capital Tier 1 capital Tier 2 (T2) capital Own funds CRR III (without transitional provisions) CRR III (with transitional provisions) CRR II 30 Jun 2025 30 Jun 2025 31 Dec 2024 6,102 599 6,701 711 7,412 6,102 599 6,701 711 7,412 6,104 599 6,702 746 7,448 98

99

Interim financial statements | Other disclosures Deka Group Interim Report 2025 The items subject to a capital charge are shown in the following table: €m Credit risk Market risk Operational risk CVA risk Output Floor-RWA Risk-weighted assets % Common Equity Tier 1 capital ratio Tier 1 capital ratio Total capital ratio As at the reporting date, the ratios for the Deka Group were as follows: 19,212 5,257 5,969 375 – 30,814 CRR II CRR III (without transitional provisions) CRR III (with transitional provisions) CRR II 30 Jun 2025 30 Jun 2025 31 Dec 2024 15,662 6,041 7,322 407 1,183 30,614 15,196 6,041 7,322 407 – 28,965 CRR III (without transitional provisions) CRR III (with transitional provisions) 30 Jun 2025 30 Jun 2025 31 Dec 2024 19.9 21.9 24.2 21.1 23.1 25.6 19.8 21.7 24.2 Regulatory own funds requirements were met at all times during the reporting period. 36 Contingent liabilities and other obligations €m Irrevocable lending commitments Other liabilities Total 30 Jun 2025 31 Dec 2024 267.7 16.8 284.5 384.7 15.6 400.3 Change –117.0 1.2 –115.8 The bank guarantees provided by DekaBank are financial guarantees under IFRS and are stated net. The nominal amount of the guarantees in place as at the reporting date was €73.2m (31 December 2024: €84.3m). In a circular dated 9 July 2021, the Federal Ministry of Finance (BMF) presented revised rules for the tax treatment of share trades around the dividend record date, and noted, inter alia, that certain transaction types may fall under the scope of section 42 of the German Tax Code (Abgabenordnung, AO) and that, in certain cases, beneficial ownership pursuant to section 39 AO does not pass to the recipient of the shares. In the period leading up to November 2024, the tax authority issued tax assessment notices for the period from 2013 to 2018 that refused to allow any relief from capital yields tax (Kapitalertragsteuer) relating to share trades around the dividend record date for these years. In the context of these assessment notices, the tax authorities pointed out that the content of the share trades could not be reviewed, and that changes to the tax relief amounts could be made in the future (subject to a review). An appeal has been lodged in each case. DekaBank paid all of the stipulated amounts, including interest, in 2024. 99

100

Interim financial statements | Other disclosures Deka Group Interim Report 2025 DekaBank’s risk assessment regarding an ultimate victory in fiscal court proceedings has not changed. This is consistent with the view of its tax adviser. As a result, DekaBank still sees no convincing reason to believe that the share trades it transacted around the dividend record date will fall under the scope of section 42 AO. In the case of its share trades, DekaBank also believes that there was a transfer of beneficial ownership and therefore considers it more unlikely than not that a final claim will be made in this regard. As DekaBank continues to assume that its legal view will be confirmed in the final instance of fiscal court proceedings, tax refund claims of €478.0m are recognised in this context (€260.4m reported under income tax assets and €217.6m under other assets). This amount is unchanged as against 31 December 2024. 37 List of shareholdings DekaBank Deutsche Girozentrale, Frankfurt/Berlin, is entered in Commercial Register A of the Local Court (Amtsgericht) of Frankfurt am Main under the number HRA 16068. The following information on shareholdings is a supplementary disclosure required under section 315e HGB. No comparative information is therefore presented in respect of the previous period. Consolidated subsidiaries (affiliated companies): Name, registered office bevestor GmbH, Frankfurt/Main Deka Beteiligungs GmbH, Frankfurt/Main Deka Far East Pte. Ltd., Singapore Deka Immobilien Investment GmbH, Frankfurt/Main Deka International S.A., Luxembourg Deka Investment GmbH, Frankfurt/Main Deka Real Estate International GmbH, Frankfurt/Main Deka Real Estate Services USA Inc., New York Deka Vermögensmanagement GmbH, Frankfurt/Main Deka Vermögensverwaltungs GmbH, Frankfurt/Main Deka Verwaltungsgesellschaft Luxembourg S.A., Luxembourg IQAM Invest GmbH, Salzburg IQAM Partner GmbH, Vienna S Broker AG & Co. KG, Wiesbaden S Broker Management AG, Wiesbaden WestInvest Gesellschaft für Investmentfonds mbH, Düsseldorf WIV GmbH & Co. Beteiligungs KG, Frankfurt/Main 1) 25.5% is held by IQAM Partner GmbH. 2) 5.1% is held by WIV GmbH & Co. Beteiligungs KG. Consolidated subsidiaries (structured entities): Name, registered office S Broker 1 Fonds, Frankfurt/Main 100 Share of equity % 30 Jun 2025 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.001) 100.00 100.00 100.00 99.742) 94.90 Share in fund assets % 30 Jun 2025 100.00

101

Interim financial statements | Other disclosures Deka Group Interim Report 2025 Joint ventures accounted for under the equity method: Name, registered office S-PensionsManagement GmbH, Cologne1) Dealis Fund Operations GmbH i.L., Frankfurt/Main2) SWIAT GmbH, Frankfurt/Main2) Share of equity % Equity €’000 Total of profit or loss €’000 30 Jun 2025 30 Jun 2025 50.00 50.00 30.50 43,191.0 34,845.0 5,487.3 2025 416.8 882.0 –3,814.2 1) Amounts reported in financial statements for the year ended 31 December 2023 2) Werte des Jahresabschlusses zum 31. Dezember 2024 Associated companies not accounted for under the equity method: Name, registered office DPG Deutsche Performancemessungs-Gesellschaft für Wertpapierportfolios mbH, Frankfurt/Main Merry Hill NewCo Limited, Jersey Unconsolidated subsidiaries (affiliated companies): Name, registered office Deka Investors Spezial InvAG m.v.K. und TGV, Frankfurt/Main Teilgesellschaftsvermögen Deka Investors Unternehmensaktien, Frankfurt/Main Deka Treuhand Erwerbsgesellschaft mbH, Frankfurt/Main Deka Treuhand GmbH, Frankfurt/Main Deka Vorratsgesellschaft 03 mbH, Frankfurt/Main Deka Vorratsgesellschaft 04 mbH, Frankfurt/Main Deka Vorratsgesellschaft 05 mbH, Frankfurt/Main LBG Leasing Beteiligungs-GmbH, Frankfurt/Main IQAM Research der DekaBank GmbH, Frankfurt/Main WIV Verwaltungs GmbH, Frankfurt/Main Share of equity % 30 Jun 2025 22.20 21.37 Share of equity % 30 Jun 2025 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.90 101

102

Interim financial statements | Other disclosures Deka Group Interim Report 2025 Unconsolidated structured entities: Name, registered office Deka-FlexFonds Stabilität, Frankfurt/Main Deka-FlexFonds 35, Frankfurt/Main Deka-FlexFonds 100, Frankfurt/Main Deka-FlexFonds 65, Frankfurt/Main Deka-MultiFactor Global Corporates, Luxembourg Deka-Globale Aktien Value, Luxembourg Connect-Perspektive Aktien 3, Frankfurt/Main Connect-Perspektive Aktien 2, Frankfurt/Main Connect-Perspektive Aktien 1, Frankfurt/Main Connect-Aktien Globale Trends, Frankfurt/Main Connect-Aktien Gesundheit, Frankfurt/Main Connect-Aktien Technologie, Frankfurt/Main Deka-Lifestyle, Luxembourg Fund assets €m Share of equity/fund assets % 30 Jun 2025 30 Jun 2025 4.99 4.90 4.64 4.79 31.36 12.68 1.60 1.97 1.42 1.99 2.17 3.19 7.68 42.00 38.49 100.00% 99.87% 99.84% 99.56% 94.55% 76.53% 66.27% 66.04% 65.05% 53.47% 43.34% 41.33% 36.53% 33.77% 28.33% Deka-MultiFactor Global Corporates HY, Luxembourg Deka-MultiFactor Emerging Markets Corporates, Luxembourg 38 Related party disclosures The Deka Group has business dealings with related parties. These include DekaBank’s shareholders, subsidiaries that are not consolidated on materiality grounds, joint ventures, associated companies and their respective subsidiaries as well as individuals in key positions and their relatives, and companies controlled by these individuals. Individuals in key positions exclusively comprise the members of the Board of Management and Administrative Board of DekaBank. Unconsolidated own mutual funds and special funds where the Deka Group’s holding exceeds 10% as at the reporting date are shown as subsidiaries, associated companies or other related parties in accordance with their equity holding. Transactions are carried out with related parties under arm’s length terms and conditions as part of the ordinary business activities of the Deka Group. These relate, inter alia, to loans, call money, time deposits and derivatives. The liabilities of the Deka Group to mutual funds and special funds essentially comprise bank balances from the temporary investment of liquid funds. The tables below show the extent of these transactions. 102

103

Interim financial statements | Other disclosures Deka Group Interim Report 2025 Business dealings with shareholders of DekaBank and unconsolidated subsidiaries: Shareholders Subsidiaries 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 – – – – – – – – 369.6 239.0 – – 369.6 – – 239.0 0.0 – 0.1 0.1 3.4 – – 3.4 0.0 – 0.0 0.0 2.3 – 0.0 2.3 €m Asset items Due from customers Financial assets at fair value Other assets Total asset items Liability items Due to customers Financial liabilities at fair value Other liabilities Total liability items €m Asset items Due from customers Financial assets at fair value Other assets Total asset items Liability items Due to customers Financial liabilities at fair value Other liabilities Total liability items Business relationships with joint ventures, associated companies and other related parties: Joint ventures/ associated companies Other related parties 30 Jun 2025 31 Dec 2024 30 Jun 2025 31 Dec 2024 119.0 2.5 0.0 121.6 44.6 15.8 – 60.4 121.2 2.4 0.0 123.6 21.7 17.0 0.6 39.4 5.3 0.5 0.0 5.8 35.7 9.2 – 44.8 0.6 2.0 0.0 2.6 65.7 3.6 0.0 69.3 39 Additional miscellaneous information Events after the reporting period No major developments of particular significance occurred between the reporting date of 30 June 2025 and the time at which these interim financial statements were prepared. The consolidated interim financial statements were approved for publication on 13 August 2025 by DekaBank’s Board of Management. 103

104

Assurance of the Board of Management Deka Group Interim Report 2025 Assurance of the Board of Management We declare that, to the best of our knowledge, the consolidated interim financial statements prepared in accordance with the reporting standards applicable to interim financial reporting convey a true and fair view of the financial position and financial performance of the Group and that the interim management report conveys a true and fair view of the business performance including the business results and position of the Group and suitably presents the material risks and opportunities and likely development of the Group over the remainder of the financial year. Frankfurt/Main, 13 August 2025 DekaBank Deutsche Girozentrale The Board of Management Dr. Stocker Dr. Danne Dietl-Benzin Kapffer Knapmeyer Müller 104

105

Report on review of interim financial information Deka Group Interim Report 2025 Note: This is a translation of the German original. Solely the original text in German language is authoritative. Report on review of interim financial information To DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany We have reviewed the condensed interim consolidated financial statements of DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany, which comprise the statement of financial position, the statement of profit and loss and other comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows as well as selected explanatory notes, and the interim group management report for the period from 1 January to 30 June 2025, that are part of the half-year financial information under Section 115 German Securities Trading Act (WpHG). The preparation of the condensed interim consolidated financial statements in accordance with the IFRS® Accounting Standards (hereafter referred to as “IFRS Accounting Standards”) issued by the International Accounting Standards Board (IASB) applicable to interim financial reporting, as adopted by the EU, and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the executive directors of the Company. Our responsibility is to issue a review report on the condensed interim consolidated financial statements and on the interim group management report based on our review. We conducted our review of the condensed interim consolidated financial statements and of the interim group management report in compliance with the German Generally Accepted Standards for Reviews of Financial Statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance to preclude through critical evaluation that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting, as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and to analytical procedures applied to financial data and thus provides less assurance than an audit. Since, in accordance with our engagement, we have not performed an audit, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of DekaBank Deutsche Girozentrale AöR, Berlin and Frankfurt am Main/Germany, have not been prepared, in material respects, in accordance with the IFRS Accounting Standards applicable to interim financial reporting, as adopted by the EU, or that the interim group management report has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. Frankfurt am Main/Germany, 13 August 2025 Deloitte GmbH Wirtschaftsprüfungsgesellschaft Klaus Löffler Wirtschaftsprüfer (German Public Auditor) Stephanie Fischer Wirtschaftsprüferin (German Public Auditor) 105

106

OTHER INFORMATION

107

Other information Deka Group Interim Report 2025 Administrative Board and Board of Management of DekaBank (as of 1 August 2025) Administrative Board Prof. Dr. Ulrich Reuter Chairman President of the German Savings Banks and Giro Association e.V., Berlin President of the German Savings Banks and Giro Association – public law entity, Berlin Chairman of the General and Nominating Committee Chairman of the Remuneration Control Committee Walter Strohmaier First Deputy Chairman Chairman of the Management Board of Sparkasse Niederbayern- Mitte, Straubing First Deputy Chairman of the General and Nominating Committee First Deputy Chairman of the Remuneration Control Committee Chairman of the Risk and Credit Committee Michael Breuer Second Deputy Chairman President of the Rhineland Savings Banks and Giro Association, Düsseldorf Chairman of the Audit Committee Second Deputy Chairman of the General and Nominating Committee Melanie Kehr Member of the Management Board of Kreditanstalt für Wiederaufbau, Frankfurt/Main Member of the Risk and Credit Committee Dr. Stefan Kram Chairman of the Management Board of Kreissparkasse Duchy of Lauenburg, Mölln Ulrich Lepsch Chairman of the Management Board of Sparkasse Spree-Neiße, Cottbus Member of the General and Nominating Committee Member of the Remuneration Control Committee Member of the Risk and Credit Committee Dr. Matthias Neth President of the Savings Banks Association Baden-Württemberg, Stuttgart Member of the General and Nominating Committee Member of the Remuneration Control Committee Nancy Plaßmann Member of the Management Board of Berliner Sparkasse, Berlin Member of the Risk and Credit Committee Stefan G. Reuß Managing President of the Savings Banks and Giro Association Hesse-Thuringia, Frankfurt/Main Member of the General and Nominating Committee Member of the Remuneration Control Committee Klaus Richter Chairman of the Management Board of Sparkasse Münsterland Ost, Münster Further representatives selected by the Shareholders’ Meeting: Cord Bockhop President of the Savings Banks Association Lower Saxony, Hanover Member of the General and Nominating Committee Member of the Remuneration Control Committee Ingo Buchholz Chairman of the Management Board of Kasseler Sparkasse, Kassel Deputy Chairman of the Audit Committee Prof. Dr. Liane Buchholz President of the Savings Banks Association Westfalen-Lippe, Münster Member of the General and Nominating Committee Second Deputy Chairwoman of the Remuneration Control Committee Member of the Audit Committee Member of the Risk and Credit Committee Matthias Dießl President of the Savings Banks Association Bavaria, Munich Member of the General and Nominating Committee Member of the Remuneration Control Committee Member of the Audit Committee Johannes Hartig Chairman of the Management Board of Sparkasse Osnabrück, Osnabrück Member of the Risk and Credit Committee Christoph Helmschrott Chairman of the Management Board of Sparkasse Passau, Passau Thomas Hirsch President of the Savings Banks Association Rhineland-Palatinate, Mainz Member of the Audit Committee 107

108

Other information Deka Group Interim Report 2025 Katrin Rohmann Freelance Auditor, Birkenwerder Member of the Audit Committee Frank Saar Chairman of the Management Board of Sparkasse Saarbrücken, Saarbrücken Deputy Chairman of the Risk and Credit Committee Dr. Harald Vogelsang Spokesman of the Management Board of Hamburger Sparkasse AG, Hamburg President of the Hanseatic Savings Banks and Giro Association, Hamburg Ludger Weskamp Managing President of the East German Savings Banks Association, Berlin Burkhard Wittmacher Chairman of the Management Board of Kreissparkasse Esslingen- Nürtingen, Esslingen Member of the Audit Committee Alexander Wüerst Chairman of the Management Board of Kreissparkasse Köln, Cologne Member of the General and Nominating Committee Member of the Remuneration Control Committee Employee Representatives appointed by the Staff Committee: Board of Management Dr. Georg Stocker Chairman of the Board of Management Dr. Matthias Danne Deputy Chairman of the Board of Management Birgit Dietl-Benzin Member of the Board of Management Daniel Kapffer Member of the Board of Management Torsten Knapmeyer Member of the Board of Management Martin K. Müller Member of the Board of Management Executive Manager Manfred Karg Marion Blume Chairwoman of the Staff Committee, DekaBank Deutsche Giro zentrale, Frankfurt/Main Barbara Wörfel Second Deputy Chairwoman of the Staff Committee, DekaBank Deutsche Girozentrale, Frankfurt/Main Representatives appointed by the Federal Organisation of Central Municipal Organisations (in an advisory capacity): Helmut Dedy (until 30 June 2025) Chief Executive Officer of the German Association of Cities, Berlin Prof. Dr. Hans-Günter Henneke Managing Member of the Presiding Board of the German County Association, Berlin Member of the General and Nominating Committee Member of the Remuneration Control Committee Christian Schuchardt (since 1 July 2025) Chief Executive Officer of the German Association of Cities, Berlin Ralph Spiegler Mayor of the Association of Municipalities of Nieder-Olm, Nieder-Olm 108

109

Other information Deka Group Interim Report 2025 Internet website The 2025 Interim Report can be found at www.deka.de/deka-gruppe under the heading “Investor Relations/Reports and presentations” and as an online version in German and English. The financial reports, presentations and other publications are also available for download. Contact External Reporting & Rating e-mail: Phone: +49 (0) 69 71 47-0 investor.relations@deka.de Credit Title photo: Lars Gruber This report was finalised in August 2026 Produced in-house with firesys Concept and design SILVESTER GROUP, Hamburg Translation BBi (Scotland) Ltd. This report is available in both German and English. In the event of discrepancies between the English and German versions, the German version shall prevail. Gender clause In this Interim Report, words in the masculine include words in the feminine; in parts of the report, the masculine form has been used solely to make the document easier to read. Disclaimer The Interim Management Report and other parts of the Interim Report contain forward-looking statements as well as expectations and forecasts. These are based on the information available to us at this time, which we have deemed to be reliable after careful consideration. We do not assume an obligation to update based on new information and future events after the publication of this information. We have derived our estimations and conclusions from these forward-looking statements, expectations and forecasts. We expressly point out that all of our future-oriented statements are associated with known or unknown risks or imponderables and are based on conclusions relating to future events, which depend on risks, uncertainties and other factors that are outside of our area of influence. Such developments may result from a change in the general economic situation, the competitive situation, development of the capital markets, changes in tax law and the legal framework and from other risks, among other things. The events actually occurring in the future may thus turn out to be considerably different from our forward-looking statements, expectations, forecasts and conclusions. We can therefore assume no liability for their correctness and completeness or for the actual occurrence of the events predicted. Due to rounding, numbers and percentages presented in this report may not add up precisely to the totals provided. 109

110

DekaBank Deutsche Girozentrale Große Gallusstraße 14 60315 Frankfurt/Main P.O. Box 11 05 23 60040 Frankfurt/Main Phone: + 49 (0) 69 71 47 - 0 Fax: www.dekabank.de + 49 (0) 69 71 47 - 13 76