Overview
- No profit transfer to the federal budget will be made for the sixth consecutive year.
- The cumulative balance‑sheet loss stands at €27.8 billion after the reduced 2025 shortfall.
- Valuation reserves climbed to €388 billion as gold holdings were marked at about €395 billion, lifting net equity to €363 billion.
- The ECB also reported a 2025 loss of roughly €1.25 billion, resulting in no distributions to national central banks.
- The Bundesbank expects another deficit in 2026 even as earnings improve, with 2025 net interest income at –€4.2 billion after an €8.9 billion improvement from the prior year.