Declared Dividend • May 20
Dividend of €1.10 announced Shareholders will receive a dividend of €1.10. Ex-date: 21st May 2026 Payment date: 26th May 2026 Dividend yield will be 0.008%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (51% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Apr 11
Commerzbank AG, Annual General Meeting, May 20, 2026 Commerzbank AG, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time. Annonce • Apr 09
UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK). UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. As of April 7, 2026, Commerzbank currently sees no basis for a mutually agreed value-accretive transaction after interactions with UniCredit which did not demonstrated sufficient value upside potential for its shareholders beyond the current standalone strategy. UniCredit has also shown no willingness to offer Commerzbank shareholders a necessary adequate premium. Commerzbank will continue to focus on the successful implementation of its standalone strategy. Commerzbank remains open to discussions and proposals that create concrete value for its shareholders and stakeholders.
UniCredit S.p.A. (BIT:UCG) cancelled the acquisition of remaining 73.98% stake in Commerzbank AG (XTRA:CBK) on April 7, 2026. Buy Or Sell Opportunity • Mar 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to Ft11,895. The fair value is estimated to be Ft15,149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Mar 26
Full year 2025 earnings released Full year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 54.8% (down from 56.2% in FY 2024). Non-performing loans: 1.99% (up from 1.94% in FY 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Europe. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hungarian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Annonce • Mar 16
UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion. UniCredit S.p.A. (BIT:UCG) made a voluntary public takeover offer to acquire remaining 73.98% stake in Commerzbank AG (XTRA:CBK) for €25.7 billion on March 16, 2026. Subject to the offer conditions in the offer document, the Bidder intends to offer the minimum consideration prescribed under German law, which will finally be determined by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and which the Bidder expects to be 0.485 new ordinary shares in UniCredit (UniCredit Offer Shares) for each tendered Commerzbank Share. The consummation of the Offer will be subject to certain closing conditions to be further detailed in the offer document. These will include merger control, foreign investment control, and EU foreign subsidies clearances, regulatory clearances (including, but not limited to, clearance by the European Central Bank and German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany) as well as other customary offer conditions. The Offer is expected to be formally launched at the beginning of May with an offer period of 4 weeks. Subject to the fulfilment or waiver by UniCredit of the conditions to the Offer, settlement is expected to be completed by the first half of 2027 after having obtained all necessary regulatory clearances, as will be further detailed in the offer document. Buy Or Sell Opportunity • Mar 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to Ft11,810. The fair value is estimated to be Ft14,827, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Feb 13
Full year 2025 earnings released Full year 2025 results: Revenue: €11.5b (up 9.9% from FY 2024). Net income: €2.63b (up 6.5% from FY 2024). Profit margin: 23% (in line with FY 2024). Cost-to-income ratio: 57.0% (up from 56.2% in FY 2024). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in Europe. Declared Dividend • Feb 12
Dividend of €1.10 announced Shareholders will receive a dividend of €1.10. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 0.008%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Feb 12
Commerzbank Ag Announces Resignation of Bernd Spalt as Chief Risk Officer Commerzbank AG announced that Bernd Spalt, Chief Risk Officer will fulfil his current contract running until the end of 2026, but has decided, for personal reasons, not to seek an extension. He has informed the Supervisory Board about his decision in the meeting on 10 February. Bernd Spalt joined Commerzbank on 1 January 2024. He has established the risk function as a reliable partner supporting Commerzbank's strategic goals. Annonce • Feb 11
Commerzbank AG announces Annual dividend, payable on May 25, 2026 Commerzbank AG announced Annual dividend of EUR 1.1000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026. Buy Or Sell Opportunity • Dec 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to Ft13,330. The fair value is estimated to be Ft11,101, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Annonce • Dec 10
Commerzbank AG to Report Fiscal Year 2025 Final Results on Mar 25, 2026 Commerzbank AG announced that they will report fiscal year 2025 final results on Mar 25, 2026 Buy Or Sell Opportunity • Nov 26
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at Ft12,965. The fair value is estimated to be Ft10,425, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Nov 10
Now 23% overvalued Over the last 90 days, the stock has fallen 9.1% to Ft12,925. The fair value is estimated to be Ft10,510, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: €0.51 (vs €0.53 in 3Q 2024) Third quarter 2025 results: EPS: €0.51. Revenue: €2.66b (up 9.6% from 3Q 2024). Net income: €846.0m (up 1.2% from 3Q 2024). Profit margin: 32% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Banks industry in Europe. Annonce • Oct 01
Commerzbank AG (XTRA:CBK) commences an Equity Buyback Plan for 67,011,368 shares, representing 5.66% of its issued share capital, under the authorization approved on May 15, 2025. Commerzbank AG (XTRA:CBK) commences share repurchases on September 25, 2025, under the program mandated by the shareholders in the Annual General Meeting held on May 15, 2025. As per the mandate, the company is authorized to repurchase up to 67,011,368 shares, representing 5.66% of its issued share capital, such that the company’s holding in treasury does not exceed 10% of its issued share capital. The highest price at which the company may buy its own shares may not be more than 10% higher than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The lowest price at which the company may buy its shares may not be more than 20% lower than the average value for the share price (closing auction prices or similar successor prices for the share in XETRA trading or a similar successor system to the XETRA system on the Frankfurt Stock Exchange) on the last three trading days prior to the purchase. The repurchased shares can be resold; can be used as consideration for the purpose of acquiring companies, parts of companies or participations in companies as well as other assets; used for a grant of a subscription right for holders of conversion rights or warrants issued or still be issued by the company or companies in which the company directly or indirectly holds a majority stake, which such holders would have after exercising the conversion right or the warrant or after fulfilling a corresponding duty to convert or exercise the warrant; or can be used as employee shares issued to employees of the company and companies in which the company directly or indirectly holds a majority stake; or can be used as a component in the compensation by granting shares to members of the Board of Managing Directors, members of senior management of employees of the above-mentioned companies; or will be cancelled. The authority will be valid till May 14, 2030. As of April 4, 2025, the company had 1,184,669,009 shares outstanding and 57,172,814 shares in treasury.
On September 24, 2025, the company announces a share repurchase program. Under the program, the company will repurchase up to €1,000 million worth of its shares. The repurchased shares will be redeemed. The program has been approved by the European Central Bank (ECB) and the German Finance Agency. The program will begin on September 25, 2025, and will be conducted for a period until February 10, 2026.
On the same day, the company also announced that it will repurchase up to €15.5 million worth of its shares. The purpose of the program is to use the repurchased shares for the planned employee share program. Annonce • Sep 05
Commerzbank CEO Reportedly Rules Out UniCredit S.p.A. Takeover Commerzbank AG's (XTRA:CBK) CEO Bettina Orlopp has confirmed that Italy’s UniCredit SpA (BIT:UCG) will not acquire the German lender, emphasizing that any potential deal rests with shareholders, Reuters reported on September 3, 2025. Speaking at a banking conference, Orlopp stressed Commerzbank’s independence, noting that any transaction would only proceed if it creates clear value, the media said. "Our shareholders will decide, and that's where the decision belongs," she was cited as saying. UniCredit has built a 26% stake in Commerzbank over the past year and has been pushing for a complete merger. It recently confirmed it does not plan to seek board representation and that it will closely monitor the German bank’s efforts to strengthen its business and generate shareholder value. Commerzbank and the German government, holding around 12% of the local bank, have consistently resisted the bid. Buy Or Sell Opportunity • Apr 03
Now 22% undervalued Over the last 90 days, the stock has risen 33% to Ft8,650. The fair value is estimated to be Ft11,048, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: €2.08 (vs €1.63 in FY 2023) Full year 2024 results: EPS: €2.08 (up from €1.63 in FY 2023). Revenue: €10.4b (up 5.1% from FY 2023). Net income: €2.47b (up 21% from FY 2023). Profit margin: 24% (up from 21% in FY 2023). Cost-to-income ratio: 56.2% (down from 57.4% in FY 2023). Non-performing loans: 1.94% (up from 1.76% in FY 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 49% per year. Annonce • Feb 26
German Regulator Reportedly Assesses UniCredit Bid for Stake in Commerzbank Italian lender UniCredit S.p.A. (BIT:UCG) has reported its planned acquisition of a 29.99% minority stake in Germany's Commerzbank AG (XTRA:CBK) to the German Cartel Office for assessment, a spokesperson for the regulator said. The application, dated February 24, 2025, appears on a list of current merger control proceedings on the office's website. The German authority has up to one month to decide whether the purchase is problematic in a first-phase assessment procedure. UniCredit announced an initial 9% stake in Commerzbank in September, angering the Berlin government and the German lender, which has described the move as hostile and unilateral. The Italian bank has not backed down, however, and it is also awaiting European Central Bank approval for the stake it has built, largely using derivatives. UniCredit CEO Andrea Orcel has said he wanted to wait until a new government was in place in Berlin after Sunday's election before making an offer for the rest of Commerzbank. The planned stake reported to the German regulator sits just below the 30% threshold that would trigger a mandatory takeover offer under German rules. Orcel said this month that a decision on what to do with the Commerzbank stake would be taken in three to five quarters. Reported Earnings • Feb 14
Full year 2024 earnings released Full year 2024 results: Revenue: €10.4b (up 4.5% from FY 2023). Net income: €2.68b (up 32% from FY 2023). Profit margin: 26% (up from 21% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Europe. Annonce • Feb 01
Commerzbank AG Plans to Propose A Dividend Based on the strong results, Commerzbank AG plans to propose a dividend of €0.65 per share (previous year: €0.35) to the Annual General Meeting. Annonce • Dec 13
Commerzbank AG to Report Fiscal Year 2024 Results on Mar 26, 2025 Commerzbank AG announced that they will report fiscal year 2024 results on Mar 26, 2025 Annonce • Aug 06
Commerzbank AG to Report Q1, 2025 Results on May 09, 2025 Commerzbank AG announced that they will report Q1, 2025 results on May 09, 2025 Annonce • Mar 22
Commerzbank AG (XTRA:CBK) acquired 18% stake in Nixdorf Kapital AG. Commerzbank AG (XTRA:CBK) acquired an 18% stake in Nixdorf Kapital AG on March 21, 2024. Tim Oliver Brandi, Fabian Pfuhl, Kerstin Neighbour, Heiko Gemmel and Christine Borries of Hogan Lovells acted as legal advisor for Commerzbank.Commerzbank AG (XTRA:CBK) completed the acquisition of an 18% stake in Nixdorf Kapital AG on March 21, 2024. 
