2620291 BNG - Annual Report 2025
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Annual Report 2025
This document is the PDF/printed version of the 2025 Annual Report of BNG and has
been prepared for ease of use. The 2025 Annual Report was made publicly available
pursuant to section 5:25c of the Dutch Financial Supervision Act (Wet op het financieel
toezicht), and was filed with Netherlands Authority for the Financial Markets in European single electronic reporting format (the ESEF package). The ESEF package is available on
the company’s website at https://www.bngbank.nl/over-bng/resultaten-en-jaarverslagen/ jaarverslagen and includes a human-readable XHTML version of the 2025 Annual Report. In any case of discrepancies between this PDF version and the ESEF package, the latter prevails.
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Contents Foreword
5
4.
CO2e emissions
48
Key figures 2025
7
5.
Internal business operations
BNG in 2025
8
1.
10 12 13 17 20 23
55 56 60 64 79
Governance
82 83
2.
Bank of added value
1.1 1.2 1.3 1.4 1.5
Building social and green added value together
2.1 2.2 2.3 2.4 2.5
3.
Social progress The world around us Strategy Materiality analysis Stakeholder engagement and value creation
Local authorities Housing associations Healthcare Education Public infrastructure and energy
Financial results and outlook
3.1 3.2 3.3
Solid foundation in money and capital markets Financial results Financial outlook
26 28 30 33 35 37 40 41 43 47
6.
5.1 5.2 5.3 5.4
Corporate structure Composition of the management body and organisation
86
7.
Corporate governance statement
89
8.
Report of the Supervisory Board
91 92 95 98 100 102 104 105
Supplementary Information
106 107
9.
6.1 6.2
Employees Compliance Risk Management Digitalisation, IT and cybersecurity
8.1 8.2 8.3 8.4 8.5 8.6 8.7
9.1
Foreword Composition of the Supervisory Board and committees Activities of the Supervisory Board Audit Committee Risk Committee HR Committee Remuneration Committee
Reporting principles
3
9.2 9.3
Supplementary information on material topics Glossary
10. Financial statements
10.1 Consolidated financial statements 10.2 Company financial statements 10.3 Other information
115 122 126 127 214 240
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Foreword Connecting force behind public investments
The Netherlands faces major investment challenges. There is an urgent need for affordable housing, accelerated energy transition, innovation in education, quality healthcare, and infrastructure renewal. Public investment will be crucial for achieving this, and BNG is making the difference.
More than a bank
For over a century, we've played a crucial role as a stable financier and partner for
governments and (semi-)public institutions. We know the public sector down to the finest details, oversee the playing field, and facilitate investments in areas such as housing,
energy, education, healthcare, and infrastructure. We collaborate with our clients on more than just financing, building connections and thus enabling them to achieve their social goals faster and more effectively.
Every euro of BNG's equity creates approximately thirty euros in public investment
opportunities—from affordable housing and strong neighborhoods to sustainable energy,
future-proof schools, and healthcare institutions. These investments may seem obvious, but they're not. They're directly tangible for the residents of the Netherlands, contributing to livable, resilient communities, both now and in the future.
Loan portfolio and profit development
The steadily growing demand from our clients also formed the basis for further growth of our loan portfolio in 2025. We issued EUR 11.2 billion in new long-term loans, and the size of the loan portfolio increased from EUR 93 billion in 2024 to EUR 95.7 billion in 2025. Despite volatile market conditions and geopolitical tensions, demand for credit remained high,
particularly from municipalities and housing associations. To facilitate this, we attracted
EUR 16.6 billion in long-term financing. A significant portion, EUR 5.4 billion, was in ESG bonds, further strengthening our leading position in sustainable financing.
We achieved a net profit of EUR 172 million, EUR 122 million lower than in 2024, as a
result of both external factors and deliberate strategic decisions. Lower interest result, a
5
negative result on financial transactions, higher total operating expenses and impairments contributed to the decline in net profit.
Accelerate where it counts
In 2025, we took additional steps forward in the areas of housing and energy transition –
two urgent societal challenges with significant impact. The housing market is stuck, with a
shortage of nearly 400,000 homes. This hinders mobility, livability, and growth. Municipalities and housing associations want to accelerate this process but are hampered by complex regulations, rising costs, and infrastructure bottlenecks. We are actively contributing to
addressing the shortage of social and mid-range rental housing. We do this by making loans available and putting solutions for these obstacles on the agenda of relevant
decision-makers and policymakers. In this way, we contribute to a smoother housing market and accelerate construction.
At the same time, the energy transition requires clear plans, collaboration, and financial
strength. We want green energy to remain accessible and affordable for everyone, so that
and actively engage with regional investment projects, so that together we can achieve a sustainable impact.
These steps forward also require adjustments within our organisation. In 2025, we began simplifying and professionalising our internal organisation. The reorganisation we are
currently undertaking will lay the foundation for greater effectiveness and productivity,
accelerate digitalisation, and reduce costs. As usual, this requires temporary investments, resulting in higher short-term costs.
Our ultimate goal is to continue delivering our social and green added value. Together we make the Netherlands stronger, more livable, and more future-proof. On behalf of the Executive Committee, Philippine Risch CEO
households on a tight budget can also participate. Therefore, we are taking the lead in collaborating with the sector to create tools and frameworks, for example, through the revision of the Dutch Heat Act (Warmtewet) and a guarantee scheme for sustainable energy projects.
On the way to transition
Starting in 2026, we will launch a three-year transition program aimed at increasing our
social value. We will do this by expanding our loan portfolio, intensifying partnerships with our clients, and simultaneously reducing costs.
We remain committed to contributing to increasing the supply of affordable housing and accelerating the energy transition. Our goal is to become the strategic partner for our
clients, collaborating with them to design solutions, structure investment projects, and then finance them. We also want to connect clients from various sectors at the regional level
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Key figures 2025 Volume of lending
€ 11.2 billion
Balance sheet total
€ 115.6 billion
Net profit
Interest result
€ 496
€ 172
million
million
Proposed dividend
Common Equity Tier 1-ratio
million
2025 88.0
95.7
85.4
Of which granted to or guaranteed by public authorities
93
Healthcare Education
2023 81.6
Decentralized authorities Housing associations
2024
Total long-term loan portfolio
42%
40%
43%
14%
12%
13%
2025
2024
2023
2025
2024
2023
Loan portfolio and main SDGs per core sector
Total long-term loan portfolio
billion
14%
42%
€ 79 (€ 1.41 per share)
€ 95.7
Leverage ratio
89.2
Public infrastructure and energy
€ 29.2 billion
€ 54 billion € 6.1 billion € 1 billion
€ 5.1 billion
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Annual review The past year has been defined by strengthening, innovation, and social impact. The themes presented here illustrate how BNG continues to build a stable organization, provide sustainable financing, and foster meaningful collaboration with clients and partners.
Organization
•
Irene van Oostwaard,
Treasury & Funding
•
The new 10-year USD
formerly Head of Internal
bond was BNG’s first
Audit, has been
10-year USD benchmark
appointed Chief Risk
since June 2020.
Officer of BNG effective March 4, 2025. •
•
bonds as collateral
Glass artist Emmy van
in December 2025. This
der Grift has won the
recognition highlights the exceptional credit
art commission and will
quality and strong
create a work of art for
market liquidity of
the renovated BNG
BNG bonds.
office building. •
BNG is launching a new website in
LCH will accept BNG
•
BNG wins the award for Most Impressive SSA
November: one platform
Funding Team at the
that connects.
GlobalCapital Bond Awards 2025 in London.
•
BNG once again named 3rd safest bank in the world by Global Finance Magazine. 8
Creating added value
•
Leonieke Baerwaldt
Customers
•
wins the 2024 BNG
no-grow), which BNG
realization of affordable
issued at the end of March 2025, received significant investor demand and was
•
BNG and Altrecht sign
very well received by
BNG and housing
a financing agreement
the market.
corporation Trudo took
for the renovation and sustainability of their
visitors to the VNG conference on a tour of
•
healthcare properties.
the unique Woensel-
•
of €80.7 million for the
rental housing.
BNG Heritage Award.
The 15-year sustainability bond (EUR 500 million,
and sustainable
The municipality of Oirschot wins the 2025
•
•
with non-DAEB financing
Literature Prize. •
BNG is providing Alwel
Sustainability
BNG is launching a pilot green loan for housing
The goal is to provide
West district. Participants
associations. With this
a contemporary and
new financing option,
learned how effective
sustainable work and
we aim to contribute
collaboration can lead
treatment environment
to accelerating the
to housing happiness.
for clients, family,
sustainability of the
employees, and visitors.
Dutch housing stock.
To provide clarity to municipalities and other
•
With funding from BNG,
•
Our CO2e reduction
targets were validated
stakeholders, BNG has
the Barneveld housing
published the white paper
association has
in October 2025 by
‘Public heating networks,
accelerated the
the Science Based
knowledge and capacity
in the Oude Bloemenbuurt
municipalities have the to invest’.
sustainability of 79 homes
Targets initiative.
neighborhood through insulation and solar panels. 9
1.
Bank of added value
2 10
From a polluting economy to a climate-positive society, from a housing shortage to livable residential environments, and from vulnerable neighborhoods to future-proof neighborhoods – these societal transitions demand cooperation and concrete, meaningful steps. BNG is more than just a financier; we collaborate with housing associations, municipalities, healthcare institutions, and other public organisations on a sustainable future. We use our financial resources specifically to strengthen green spaces, well-being, and social progress. We view financing not just as money, but as a powerful tool for positive change. In this way, BNG positions itself as a partner in impact: bank of added value.
We see financing as a powerful tool for positive change. In this way, BNG is positioning itself as a partner in impact: bank of added value.
Green
Wellbeing
Social progress
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1.1 Social progress Connection We are committed to lasting social progress. As a trusted partner in the public sector, we strengthen organisations that are building a more social and sustainable Netherlands. Together, we give financial resources meaning by deploying them where they truly make a difference. As one of the world's three safest banks and with Triple-A rating, we offer financing that is
not only affordable and accessible but also contributes to sustainability and social impact. Whether it's affordable housing, improved healthcare facilities, or investments in climate-
We realise our ambitions through cooperation; we believe in the power of the collective. We have an open-minded attitude and actively seek contact.
Expertise We look outward, respond to relevant trends and developments and develop our knowledge to find smart solutions for public
resilient living environments, we facilitate solutions that create lasting social value. In this way, together with our clients, we contribute to a resilient and future-proof society.
(financing) issues in the public domain.
Optimism
We challenge ourselves every day to make the Netherlands more beautiful and sustainable. We see opportunities and possibilities for the public domain.
Entrepeneurial
We take initiative and dare to think outside the box. With courage and creativity, we turn ideas into impact and make a difference in the public domain.
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1.2 The world around us Economies, technologies, international relations, and society are changing rapidly. This dynamism demands agility and offers room for innovation and sustainable financing. We see a huge investment challenge in and for the public domain, a point confirmed by the Wennink report. Moreover, European regulations are changing, challenging us to constantly adapt. By closely monitoring trends and deploying our capital effectively, we develop products that help clients achieve sustainable and financial prosperity. This is how we remain a stable and committed partner for the Netherlands.
Politics Geopolitics
Geopolitical tensions—from Ukraine to Gaza and global trade tensions—continue to put pressure on financial markets. Polarisation and fragmentation in major economies are hampering policy consensus, increasing uncertainty for investors. Since the change of
power in the United States, the predictability of a major trading partner has further declined, leading to increased volatility worldwide. At the same time, concerns about concentration risks are growing as large American tech companies increasingly dominate. For a
Dutch systemically important bank like BNG, this combination of geopolitical uncertainty, volatility, and market dominance means that prudent risk management, broad funding
diversification, and further strengthening of the balance sheet remain essential. At the same time, BNG is seen as a safe haven in turbulent times, making us a stable factor in the financial system and contributing to market confidence and continuity.
Politics in the Netherlands
The fall of the Schoof cabinet ultimately had little direct impact on the progress of policy themes that enjoy broad political support. Regardless of party affiliation, there remains consensus on the need to invest in the public sector, particularly in affordable housing.
Accelerating construction projects and supporting municipalities also remain priorities,
which aligns well with our own strategic themes. Mid-market rental housing is playing an increasingly important role in this, both for politicians and for our bank. We will continue
to closely monitor developments surrounding the new coalition agreement to anticipate the consequences for our clients in a timely manner. It is encouraging that the European Commission decided at the end of 2025 that Member States may provide state aid for mid-range rental housing.
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Defense and Cybersecurity
The focus on defense, resilience, and strategic independence is increasing due to
Economic, ecological and social
geopolitical tensions and high global debt ratios; the Netherlands is relatively well-
Monetary policy
investments in cybersecurity remain necessary for the financial sector due to ongoing
and the Fed have gradually lowered their interest rates as the yield curve normalises.
positioned and can therefore invest more in defense and digital infrastructure. Structural attacks on critical infrastructure, which permanently increases costs for banks. Meanwhile, the focus in the debate about technological dependency is shifting from efficiency to concentration on large cloud providers and the need for digital autonomy.
Central banks are easing their policies again now that inflation is stabilising. The ECB
Customers are benefiting from lower borrowing costs and more short-term loans. From
a risk management perspective, this is beneficial due to lower refinancing risks, although it results in slightly lower returns for the bank.
Regulation
Ecology & Sustainability
European guidelines requiring banks to implement risk management practices, in which
changing due to the varying approaches to ESG in different parts of the world. We recognise
Regulatory focus in the banking sector is strongly on ESG risk management, with new
ESG risks play a significant role, alongside increasing geopolitical and macroeconomic
uncertainties. New European guidelines require banks to systematically identify, measure, and report ESG risks. At the same time, stricter capital requirements are being
introduced under the latest Basel III regulations, and operational resilience to digital
Expectations regarding sustainability and social impact for financial institutions are
these international trends and, as a bank, adhere to our own ESG agenda because we
consider it important for our social contribution. We are strongly focussing on housing and the energy transition.
risks has been strengthened through the Digital Operational Resilience Act (DORA). These
We have had our environmental goals independently validated by the Science Based
further strengthening the sector's stability and transparency in a complex and changing
and demographic changes, in keeping with our role in a changing world.
regulations require significant invesments in risk management and reporting systems,
environment. We are also focusing on Risk Data Aggregation and Risk Reporting (RDARR),
focused on collecting and reporting risk data, which will have implications for our processes.
Targets initiative (SBTi). With our impact-driven strategy, we actively respond to societal
Labor market
The labor market remains tight, and attracting talent is challenging, especially in digital and technology fields. Labor force participation is stable, with a slight increase among
older employees due to adjustments in pension policies. Diversity and inclusion remain important priorities for employers and require ongoing commitment to achieve visible
changes in participation rates. We expect our strong purpose to contribute to this. It already appeals to a broad group of professionals, which helps us attract and retain specialist staff. These developments require us to continuously invest in training and job satisfaction to remain competitive.
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Digitisation and technological developments Digitisation and technology
Digitisation remains a driving force in the financial sector. Banks are investing heavily in
digital transformation and cybersecurity to improve customer experience and modernise technological platforms. Generative AI offers significant opportunities for productivity
and revenue growth. At our bank, digitisation remains a high priority, with stability and
security always prioritised. At the same time, as a bank, we choose to focus primarily on
proven technologies. This ensures reliability and stability, while carefully and purposefully implementing digital innovations.
Efficient processes
Due to technological advancements and new ways of working, banks are increasingly
striving for efficiency in their processes. This means that many manual tasks are being
automated, allowing employees to focus on activities that add more value for customers.
BNG strives to improve service at lower costs through more efficient processes. To achieve this, we have initiated a reorganisation that will result in a more dynamic, efficient, and agile organisation.
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From fossil port to Green Port For many years, the Port of Amsterdam has been one of Europe’s largest ports and a major player in world trade. Where oil, coal and other fossil bulk goods once dominated, the port is now consciously opting for a green future. With its ambitious vision Green Port Amsterdam 2040, the port is taking steps towards clean shipping, circular industry and renewable energy. Fossil activities are slowly being phased out, while smart infrastructure for electricity, hydrogen, heat and CO2 is being built to prepare the port for sustainable growth. A key development is the use of shore-based power. This allows ships to switch off their engines while moored at the quay, thereby significantly reducing CO2 and nitrogen emissions. The transhipment of biofuels and other green energy carriers is also growing rapidly. The ambition is to have approximately 75% of the turnover come from non-fossil activities by 2028. BNG supports this green transition as a financing partner with an investment of 60
million euros in 2025. This money mainly goes to customer-oriented infrastructure, land purchases and climate-proof solutions. Together, we are building a cleaner port and a sustainable future in which businesses can grow and work together.
With its balance sheet financing, we give a boost to a future-proof and energy‑efficient infrastructure in the Port of Amsterdam.
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1.3 Strategy SWOT analysis
Our market-leading position is no reason to rest on our laurels. To maintain this strong
position, we actively respond to new developments. With our current strategic choices,
including contributing to the acceleration of housing construction and the energy transition,
Strengths
Weaknesses
•
• •
and further professionalisation, we are improving our organisation and working methods to remain future-proof.
We continuously review our business model and ensure that our resources and capabilities
•
align with current needs. This allows us to manage risks and seize new opportunities. The
•
position in a changing environment.
• • •
overview below summarises our key insights and demonstrates how we maintain our strong
Our Triple A rating, status as a promotional lender and position as one of the three safest banks in the world
ensure low funding costs and wide access to the capital market Stable factor and largest financier in the public domain in the Netherlands Structural financing possibilities,
•
Higher operational costs Room for improvement in
professionalisation, processes, and IT Digital services require further development
also in long maturities Engaged employees Stable shareholder base Focused on environmental and social impact
Opportunities •
•
Significant financing demand for sustainability and societal transitions and challenges, including the energy transition, affordable housing and the sustainability of public real estate Leveraging financing capacity for the energy transition, sustainable housing development and social infrastructure, in line with the coalition agreement
Threats • • • •
Increasing competition Geopolitical tensions and their impact on financial markets Complex laws and regulations are not always in line with our business model Political fragmentation complicates long-term client choices
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Strategic Objectives Objective 1
Loans and advances at competitive lending rates BNG offers clients loans and advances at the most competitive lending rates, enabled by competitive
organisational and financing costs. This is supported by active management of organisational costs and an efficient funding strategy. In addition, we offer a payment‑transactions product that is competitive and meets the needs of our customers.
Objective 2
Digital services with personal contact BNG offers a combination of digital services and personal contact where necessary. The focus is on digitalising processes and client contacts to improve the accessibility of client processes and tailor them to client needs.
Objective 3
Demonstrable sustainability Together with its clients, BNG makes a positive impact on making the bank more social and sustainable through our loans and advances and our knowledge.
Doelstelling 4
Objective 5
Quality and accessibility of data BNG needs high-quality and easily accessible data for data-driven work. High-quality data
make it possible to respond to changes and are essential for achieving strategic goals and improving processes.
Objective 6
Modern and secure IT BNG needs modern and secure IT infrastructure to achieve strategic goals, with the protection of clients, stakeholders, investors and employees as an important precondition.
Objective 7
We are a bank with a heart, focused on personal growth and cooperation BNG has a diverse and inclusive work environment
where everyone feels at home and can be themselves. We can call on all the talent and make the best use of the different perspectives and insights. Our employees are engaged, are in control, take charge of their own development and are focused on cooperation.
End-to-end improvement of the lending process BNG is continuously working on making business processes more efficient. This is important for client satisfaction, the impact BNG wants to make and employee satisfaction.
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Our Road to Impact (2024-2025)
Our refined strategy is clear: BNG is the bank for social and green added value. We remain
clear goals to increase our social impact and optimally support our clients. Its core
solutions for the most urgent social issues. By investing in the energy transition, affordable
The Our Road to Impact strategy ran from 2024 to 2025. Within this strategy, we formulated consisted of seven strategic objectives, as published on the previous page and of which we report on in this Annual Report.
the reliable financier of affordable loans to the public sector, with a focus on financing
housing, and sustainable social real estate, we are committed to concrete progress for
people and communities. We are also actively exploring new financing opportunities for social challenges in the Netherlands, such as investments in defense.
Road to More Added Value (2026-2028)
2026 is the first year of a three-year transformation. The transformation focuses on the
toward a more modern and agile organisation. Through a strategic and competitive
1. Strengthening our position in the broader public sector, with a greater focus on:
2025 was a transitional year in which we laid the foundation for our transformation initiative analysis, we clearly identified our strengths and areas for improvement. In discussions with stakeholders, clients, and investors, we updated our understanding of strengths, weaknesses, opportunities, and threats.
We explicitly addressed future trends, stakeholder expectations, and external risks such as
ESG factors. This allows us to better understand the implications of these developments for the sustainability of our business model and our strategic choices.
With clear choices, we collaborate with clients to finance sustainable improvements and
following strategic priorities: a. b.
Accelerating the transition to affordable energy
Increasing financing for affordable, social, and mid-range rental housing
2. A streamlined organisation with a low hierarchy and clear responsibilities.
3. A workforce with highly qualified and motivated employees and a culture that is highly
professional, collaborative, optimistic, and entrepreneurial.
4. Customer-focused, simplified, efficient, and more digitalised processes, supported by
data, data analytics, and AI.
5. A future-proof technology landscape and supporting processes.
attract capital that aligns with investors' impact needs. In doing so, we are developing a strategy that responds to the opportunities and challenges of today and tomorrow.
This analysis has led to a new strategy and a sharpened ambition: creating more value with fewer resources. In 2025, we launched various improvement initiatives in the areas of strategy, structure, people, and processes. This will prepare our organisation for the transformation to a new business model, which is essential for achieving our revised strategic ambitions.
Effective 2026, the "Our Road to Impact" strategy will be replaced by a new, bank-wide strategy called "Route to More Added Value."
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1.4 Materiality analysis Business Model and Strategy
Financial Materiality (Outside-In Perspective)
and other stakeholders. Sustainability is an integral part of our activities and is closely linked
society and the environment. For us, these include climate- and environment-related risks
As a bank of and for the public sector, we focus on increasing social value for our clients
to our strategy, decision-making, and products. The materiality analysis helps us determine
which sustainability topics are most relevant to BNG and its stakeholders and where we can exercise our responsibility and influence. This chapter provides an overview of the material impacts, risks, and opportunities, their relationship to our strategy (of 2025) and business model, and the methodology used for the Double Materiality Assessment (DMA).
The Double Materiality Analysis
In 2025, we conducted our first double materiality analysis in line with the requirements
This perspective focuses on the risks and opportunities for BNG arising from changes in that could impact our financial position, strategy, and ability to create social value.
Our material themes
In assessing sustainability topics, we based our assessment on the ESRS themes. In
addition, BNG-specific themes have been added to explicitly demonstrate how our activities contribute to social impact in the public domain, such as affordable financing and sufficient housing.
of the European Sustainability Reporting Standards (ESRS). In previous years, we based our materiality analysis on the GRI guidelines. The key difference is that we now assess both impact materiality and financial materiality.
A sustainability topic is considered material when it meets the criteria for impact materiality, financial materiality, or both.
Impact Materiality (Inside-Out Perspective)
This perspective considers the actual and potential positive and negative effects of our
activities on people and the environment. For BNG, this includes, for example, the effects of
the activities we finance, the contribution of our investments to social goals, and the direct impact of our products and services through our business relationships.
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Climate change
Financial materiality Sustainability topic
Impact materiality
Material risk
Material opportunity
Double materiality
BNG is aware of the negative impact that financing emission-intensive clients and
sectors can have on CO2 emissions. Risks include reputational risks and potential fines for
E1: Climate change
insufficient climate mitigation policies. At the same time, the transition to a sustainable
E2: Pollution
economy offers opportunities to encourage clients to make climate-friendly investments.
E3: Water and marine resources
Our own employees
E4: Biodiversity and ecosystems
Our employees are the core of our organisation. Diversity, inclusion, training, and equal
E5: Resource use and
treatment have a positive impact on employee satisfaction. At the same time, it is
circular economy
important that BNG continues to strive for good employment practices by paying sufficient
S1: Own workforce
attention to knowledge development and work-life balance in order to limit operational and financial risks.
S2: Workers in the value chain S3: Affected communities S4: Consumers and end users
Affordable and accessible financing
G1: Business conduct
BNG focuses on making affordable financing available to the public sector. Through our competitive terms and focus on social clients, we create a positive impact on public
BNG1: Affordable and accessible financing
facilities and encourage sustainable investments through Sustainability and Social Bonds. At the same time, we ensure that internal costs do not affect BNG's competitive position.
BNG2: Sufficient affordable housing
The increasing need for investment in the public sector also offers opportunities to expand
Material
Important
Normal
our services.
Sufficient affordable housing
Housing associations are a key sector within BNG. Through affordable and accessible financing, we support the sustainability improvements of existing homes and the
construction of new social housing. At the same time, we see opportunities due to
the growing demand for credit for sustainability improvements and new construction,
allowing BNG to make a tangible contribution to affordable and sustainable housing in the Netherlands.
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The impacts, risks, and opportunities of our material topics
The overview below shows how each material topic contributes to societal value, which risks we identify, and which opportunities arise to further increase our impact. IRO type
Description
Upstream
Mainstream
Downstream
Climate change Impact
•
Negative impact on CO2e emissions through financing of emission-intensive customers and sectors
X
Risk
•
Risk of reputational damage due to lack of climate mitigation policy
X
•
Risk of fines and penalties due to lack of climate mitigation policy
X
•
Negative impact of no work-life balance policy on employee satisfaction
X
•
Positive impact of diversity and inclusion on employee satisfaction
X
•
Positive impact of inclusion of employees with disabilities
X
•
Positive impact of training and development on employee satisfaction
X
•
Positive impact of equal treatment on employee satisfaction
X
•
Risk of insufficient knowledge development: operational risk and financial consequences
X
Own workforce Impact
Risk
Affordable and accessible financing Impact
•
Positive impact of highly favourable financing conditions on the public sector
X
•
Positive impact of BNG's focus on the public sector on public services
X
•
Positive impact of Sustainability and Social Bonds on the affordability of financing
X
Risk
•
If internal costs become too high, they will affect BNG's competitive position
Opportunity
•
Growing investment needs in the public domain.
X X
Sufficient affordable housing Impact
Opportunity
•
Positive impact of low-cost financing on making homes more sustainable.
X
•
Positive impact of affordable financing on new social housing construction.
X
•
Additional credit demand for making housing stock more sustainable.
X
•
Additional credit demand for new construction.
X
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1.5 Stakeholder engagement and value creation Stakeholder engagement
Stakeholder
Involvement
work and take place at various levels within the organisation. The table below provides
Supervisory authorities
We consult regularly with the supervisory authorities, including the European Central Bank (ECB), the Dutch Central Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) on both financial and non-financial issues.
We actively engage with stakeholders. These conversations are often part of our daily an overview.
Stakeholder
Involvement
Rating agencies
Clients
We have regular conversations with our clients, where, in addition to financial matters, social impact and sustainability are playing an increasingly prominent role.
Meetings with a range of rating agencies are held at least once per year. In these conversations, we address, among other things, the bank's financial performance and developments in the Dutch public sector.
Guarantee funds
Regular consultations take place with the Social Housing Guarantee Fund (WSW) and the Healthcare Sector Guarantee Fund (WfZ)
Sector organisations and trade associations
We participate in working groups of the Association of Netherlands Municipalities (VNG) and regularly hold discussions with the association of Dutch housing corporations Aedes.
Shareholders
General Meeting, Extraordinary General Meeting and discussions with ministries, provinces and municipalities.
Supervisory Board
The Supervisory Board oversees the activities and policies of the Executive Committee, as well as the way it implements our strategy. An overview of the activities and topics discussed by the Supervisory Board can be found in Chapter 8 of this Annual Report.
Employees
We hold a weekly 'Week-Up meeting' where the ExCo or other invitees present relevant matters to all staff. We involve the staff in our Strategy through, among other things, the meetings in which all employees are present. Furthermore, we conduct a pulse survey among the staff twice a year and employees are involved in the bank's direction via the Works Council (OR).
Investors
We have an active investor relations strategy. Throughout the year, we hold discussions with investors via Teams, at conferences, or in faceto-face meetings. In these conversations, we cover a range of topics: strategy, ESG, the funding program, financial performance, clients, and the macroeconomy.
Value creation
We aim to remain the leading financier of the Dutch public sector and contribute to a more social and greener Netherlands. We operate based on a central principle: Bank of Added
Value. Social impact and the value we create together are central to everything we do. In
the model below, we apply the six-capital model of the International Integrated Reporting Council (IIRC). This model provides insight into the outcomes of our strategy we strive for and the value we add for our stakeholders and society.
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How we create value Input
Strategic focus
Human capital Expert employees with expertise in public funding and sustainability, focused on social impact Financial capital Affordable financing for public activities, thanks to strong creditworthiness and suitable financial products
Social capital Strong relationships with public partners and clients, such as housing associations and healthcare institutions, focused on collaboration and shared goals Natural capital We focus on financing which contributes to the
achievement of the net-zero CO2 target for 2050 and to protect and restore natural resources Produced capital Buildings, office infrastructure, equipment and systems play a
critical role in our business operations
Strategic focus Attractive loans and advances, digital services, sustainability,
high-quality data, modern and secure IT and bank with a heart
Outcome
Financing at
We offer clients loans and advances at the most competitive lending rates
competitive lending rates
Core activity Providing financing and financial services to public and semi-public institutions, focusing on social and green added value
Technological capital Our focus is on digital infrastructure, cybersecurity and client-specific digital solutions
Output
Purpose Driven by social impact
Strategic client interviews
We offer a (digital) customer journey and personal contact where necessary.
Activities aimed at social and green added value
We are demonstrably sustainable.
Digitalised processes
Optimised data collection processes and improved datasets
Reinforced IT systems for improved resilience, reliability and safety
Improvements in staff strategy and
investments in the personal growth of employees
Impact
We have efficient processes and focus on continuously improving these processes.
Our data are of high quality and easily accessible.
We have modern and secure IT.
We are a bank with a heart,
focused on personal growth and cooperation.
1
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Material themes
context, it is essential to map out the material themes for the organisation properly. We
Reporting Initiative (GRI) in our Annual Report and have also done so for 2025. In this
focus actively on the following themes:
Since 2021, we have been reporting in accordance with the guidelines of the Global
evaluate these themes annually and report on our progress based on identified KPIs. We
Material theme
KPI
Objective
Score for 2025
Outcome and effectiveness of management actions
Affordable and available financing
Score percentage for long-term loans in client sectors: Public Sector, Healthcare, and Education
>60%
Red
Intervene in prices in accordance with pricing policy to achieve set objectives.
Sufficient affordable housing
Share of BNG in new loans granted to housing associations in the past year
>60%
Green
Intervene in prices in accordance with pricing policy to achieve set objectives.
Climate Change
Financed Emissions, Scope 1 and 2
-25% compared to 2018
Green
For the 2024 measurement year, the absolute amount of financed emissions (ktCO2e) within the loan portfolio – of the sectors we have been measuring since 2018 – in Scope 1 and 2 decreased by 0.6% compared to 2023 and by 25.5% compared to 2018.
Own Personnel
Male/Female Ratio, Senior Management
Green
We are seeing a visible positive trend towards gender balance within senior management. This KPI can be influenced when filling vacancies, women are nominated, and in cases of equal suitability, preference is given to a woman.
>40% = <60%
Own Personnel
Male/female ratio, all staff
>35% =<65%
Red
We are seeing a visible positive trend towards gender balance. This KPI is influenceable when filling vacancies; women are nominated, and preference is given to women when equally qualified.
Own Personnel
Sickness absence
<3%
Red
We started working with a new occupational health and safety service in 2025.
An explanation of the scores in 2025 can be found in the appendix in paragraph 9.2
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2.
Building social and green added value together
2 26
Our clients make the difference in society. We connect them with financing, knowledge, and experience to help them realise their socially valuable activities more quickly. As a leading financier of the public sector, we bring public organisations and the capital market together. Whether it concerns affordable housing, better healthcare facilities, or climate-resilient
living environments: thanks to our strong financial position, we offer competitive financing
that we pass on directly to municipalities, housing associations, healthcare and educational institutions, and organisations in infrastructure and energy. We actively think along with our clients and help provide feasible, sustainable solutions that create long-term impact. Sustainability is an integral part of our collaboration. We support clients in achieving
their goals and provide insight into their progress, enabling them to increase their social impact. We build long-term relationships as a reliable partner that works carefully and transparently. That trust forms the foundation for success.
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2.1 Local authorities In 2025, we strengthened our position as a trusted financing partner for local governments. Our involvement helped municipalities, provinces, and other public institutions not only ensure their financial continuity but also achieve ambitious social goals.
to lending. This enables us to facilitate investments in essential public services, such as social infrastructure, housing, educational facilities, and energy transition projects.
Challenges and sustainable investments
Local authorities Long-term loan portfolio
As primary banker, we offer a wide range of financial services, from payment transactions
The financial pressure on local governments remained noticeable in 2025. Rising costs and
uncertainties required careful consideration. The financial cliff year has now shifted to 2028,
Extent new long-term loans
€ 29.2
but municipalities must already make smart choices to enable major renovations and
sustainability projects. In the past year, we developed and implemented suitable financing
€ 2.6
billion
solutions for many of our municipal clients.
We went beyond just financing. By holding strategic discussions on topics such as energy
billion
transition and social issues, we helped municipalities clearly formulate their long-term ambitions. Sustainability is central to us. This is evident in our payment transactions
29.2
29.4
29.4
2.6 2.6
2025 (in EUR billions)
2024
2023
2.4 2.4
2025
2.3 2.3
2024
contracts, which include social return as standard. With these contracts, we offer
Extent new long-term loans
opportunities to people distanced from the labor market and support local initiatives.
Of which granted to or
2023
guaranteed by local authorities
(in EUR billions)
With its financing, BNG helps local authorities to work on
SDGs 3 (Good health and well-being), 4 (Quality education), 7 (Affordable and clean energy), 11 (Sustainable cities and communities) and 13 (Climate action).
Primary banking services
In 2025, municipalities again confirmed their confidence in us as their primary bank. We were proud that municipal tax office Twente and the municipalities of Enschede and
Hengelo-Losser extended their primary banking contracts with us. We also won the tender from the municipality of Nijmegen.
Our primary banking is about more than just products. We act as a partner that supports
government financial processes and aligns with their social responsibilities. With dedicated
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contacts, short lines of communication, and modern digital tools, we ensure efficient and committed service.
Customer meetings
To optimally support municipalities and other local government bodies, we organised
various meetings and webinars in 2025. In addition to sharing knowledge, the aim is to jointly develop visions and shape solutions. The focus was on current financial issues
and practical tools for municipal financial teams. For example, we organised conferences for medium-sized municipalities, for municipalities with up to 40,000 residents, and for municipalities with more than 100,000 residents. During the Association of Netherlands
Municipalities (VNG) conference in June, we focused on "From housing shortage to living
pleasure." Together with housing association Trudo and the municipality of Eindhoven, we organised an excursion to Woensel-West in Eindhoven, a neighborhood that has been
successfully transformed through intensive collaboration and sustainable innovation. We
also focused on sustainability by organising a special Sustainability Afternoon for financial professionals, focusing on knowledge sharing and best practices.
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2.2 Housing associations With over 2.4 million affordable rental homes, the rental sector plays a crucial role in the Netherlands. As the largest financier of housing associations, we contribute to affordable and sustainable housing.
Extent new long-term loans
€ 54.0 54.0
investments are unprofitable due to the growing gap between rental income and rising costs. To maintain investment power in the long term, a future-proof revenue model is
needed, with more room for rent increases, lower costs such as corporate tax adjustments, and more opportunities for selling assets. The National Performance Agreements aim for
housing associations to ultimately build 30,000 homes per year. Although new construction
46.9
7.2
7.7 7.4
6.9
production rose to 21,761 homes in 2024, it remains uncertain whether this level can be
7.2 Extent new long-term loans Of which granted to or
(in EUR billions)
2024
2023
loan portfolio again grew significantly in this sector. In total, we provided EUR 7.2 billion in
The investment capacity of housing associations is under pressure because many
billion
7.1
2025
market rental housing and the sustainability improvements to existing homes. In 2025, our
Investment capacity and new construction
€ 7.2
billion
50.9
We support housing associations with financing for the construction of new socialand mid-
new long-term loans, and the portfolio grew by EUR 3.1 billion to EUR 54.0 billion.
Housing associations Long-term loan portfolio
Financing
2025
2024
2023
guaranteed by local
and infrastructure.
authorities
(in EUR billions)
With its financing, BNG helps housing associations to work on SDGs 7 (Affordable and clean energy), 11 (Sustainable cities and communities) and 13 (Climate action).
structurally achieved from 2029 onwards due to bottlenecks in locations, procedures,
Mid-rent housing
We provided EUR 385 million in financing in the mid-rental segment. We did this across
both urban and regional areas. The mid-rental segment is crucial for meeting the housing needs of middle-income earners. These homes also facilitate greater mobility from social
housing and contribute to mixed neighborhoods. It is now widely recognised in Europe that mid-rental housing may receive government support. Financing mid-rental housing and how to already anticipate possible future funding from the WSW (Social Support Act) is a topic of discussion with our clients. This is also a frequent topic in presentations we give,
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such as for members of "De Vernieuwde Stad," the partnership of housing associations operating in urban areas.
Sustainability
In addition to new construction, sustainability remains a core priority within the social
housing sector, with particular attention to making homes energy-efficient (including through insulation) and making them natural gas-free. Regarding insulation and the phasing out of E, F, and G labels, the sector is on track with the National Performance
Agreements. However, there are still significant challenges surrounding the long-term
natural gas-free transition in homes. For example, the rollout of district heating networks is proceeding slower than necessary. Therefore, we strongly support sustainability, both
financially and in our dialogue with our clients. ESG criteria are a natural part of our strategy. Last year, we introduced new options, including a pilot for green loans with ESG criteria
for housing associations. This green loan will be introduced more broadly in the sector in
2026. We also actively attended conferences and meetings on this topic, such as our own BNG Corporatiemiddag.
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Sustainable principal banking in Nijmegen The municipality of Nijmegen considers it crucial to work with a reliable and efficient partner to manage its payment transactions. This forms the basis for a smooth and high-quality public service. Each year, some 90,000 municipal tax assessments are imposed and numerous payments are processed via parking machines, PIN transactions and the digital service desk. For this reason, the European tender to become the principal banker in 2025 focused not only on reliability, but also on the desire to find a partner that fits in seamlessly with the municipality’s sustainable and social ambitions. Sustainability, circularity and social impact were given extra weight in the award criteria, fully in line with the policy for Corporate Social Responsibility and Procurement. The social return requirement of at least 5% also contributed. In addition, the principal banker had to be legally affiliated with the Ministry of Finance, so that surplus public funds were safely managed by the State. This ensures efficient and risk-aware financial management. After careful selection, BNG proved to be the ideal partner, thanks in part to a strong sustainability profile. Thanks to the existing cooperation, the transition of payment transactions was smooth, with minimal impact for residents and entrepreneurs.
BNG facilitates stable and secure payment transactions for municipalities, with a visible impact on residents and the local economy.
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2.3 Healthcare We help healthcare institutions finance investments, such as healthcare real estate. We work closely with clients from various sectors: hospitals, mental healthcare, elderly care, disability care, and youth care. Thanks to our strong market position and stable risk profile, we are a reliable partner for real estate financing and sustainable investments in the healthcare sector.
Developments
Major issues continue to put pressure on healthcare institutions: staff shortages, lagging
investments, rising healthcare expenditures, and political uncertainty about how to address these issues. For many healthcare institutions, 2025 was a year of recovery plans. We
supported this movement with financing and strategic advice, contributing to important projects within various healthcare sectors.
Healthcare Long-term loan portfolio
Extent new long-term loans
€ 6.1
Creditworthiness of the sector
The credit risk profile of the healthcare sector has further improved over the past year. The sector has been able to effectively absorb the accumulation of challenges since
€ 390
billion
2022. The overall risk picture is now comparable to the pre-COVID period. Structurally
higher housing rates from 2026 and compensation for inflation by health insurers support
million
new investments, particularly in healthcare. There is confidence in the continuation of the
necessary transitions and in the government's continued support for crucial healthcare. This
6.1
6.3
6.6
339 299
2025 (in EUR billions)
2024
means that the risks for the coming years are clear and acceptable, although legitimate
390
2023
204 2025
286 285
2024
2023
Extent new long-term loans
concerns about the long-term sustainability of the healthcare system remain.
Of which granted to or guaranteed by local authorities
(in EUR millions)
With its financing, BNG helps healthcare institutions to work on SDGs 3 (Good health and well-being),
7 (Affordable and clean energy) and 13 (Climate action).
Sustainability
Sustainability in healthcare is gaining momentum, but not progressing quickly enough
everywhere. ESG risks are becoming more visible, and institutions are taking steps, although progress varies considerably by subsector. In care sector, sustainability is somewhat
lagging behind that of hospitals. In various subsectors, we see investments in energy
savings, circular construction, and the reuse of materials. After a relatively quiet 2024,
demand for sustainable projects increased in 2025, especially in new construction and
renovations. Commitment to the Green Deal ensures that the sector is actively working
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on CO2 reduction and more sustainable operations. BNG plays a key role as a partner in stimulating and supporting this sustainability drive.
Technological developments
Technology offers opportunities to make healthcare processes more efficient and reduce workload. Automation, AI, and robotisation are increasingly being explored and applied,
particularly to support routine tasks. By 2025, the focus will be on deploying smart sensors, the Internet of Things, and predictive analytics to collect real-time data and thus better
plan care and resources. These technological trends can contribute to a future-proof and more effective healthcare sector, although broad implementation is still in development.
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2.4 Education In 2025, we remained a key financing partner for the education sector, with a focus on primary and secondary education. Financing was provided via municipalities, or directly to educational institutions or entities responsible for educational housing. We also provide direct support to educational institutions in secondary vocational education (VET), higher vocational education, and universities. We offer financing that balances affordability with support for the sustainability and innovation goals of educational
institutions. Thanks to our sector-specific knowledge and experience, we are a partner our clients can rely on.
Sustainability as a driver of innovation in education Sustainability will continue to play a central role in educational housing in 2025.
The education sector is increasingly focusing on making school buildings more sustainable by (where possible) creating gas-free and energy-neutral schools and improving
the indoor climate. With thousands of school buildings requiring renovation or replacement,
Education
this presents a significant and urgent challenge, especially in primary education, where
Long-term loan portfolio
€ 950 950
for an accelerated, integrated approach. Circular construction is receiving increasing
attention, with economies of scale and efficiency being stimulated through collaboration
1,035
(in EUR millions)
2024
In 2025, BNG contributed to education housing, including by expanding the financing
million
91
arrangement for BreedSaam, a social real estate organisation. These investments support primary and special education in Breda. We also expanded funding for Building Breda, for sustainable and future-proof housing for secondary education in Breda. Furthermore, we
49
77 37
13 2025
and innovative financing models.
€ 91
million
1,002
the need for healthy, sustainable, and future-proof schools is greatest. This challenge calls
Extent new long-term loans
2023
2025
2024
13 2023
Extent new long-term loans Of which granted to or
supported the financing of integrated childcare centers in Wijhe through the Social Real Estate Foundation.
guaranteed by local authorities
(in EUR millions)
With its financing, BNG helps educational institutions to work on SDGs 4 (Quality education), 7 (Affordable and clean energy) and 13 (Climate action).
Innovative financing and collaboration
The education sector is increasingly open to efficient, scalable, and cost-saving financing
structures. These innovative financing methods enable investments in educational housing
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to better align with long-term sustainability goals and the budgetary frameworks of municipalities and educational institutions.
Knowledge sharing and collaboration as a foundation We continue to actively contribute to accelerating the approach to educational
housing challenges by promoting knowledge sharing, standardisation, and scaling up. Dialogue with all stakeholders involved is essential in this regard. In 2025, we
organised the annual Education Afternoon in Heerhugowaard, a successful platform for
collaboration and knowledge exchange. We also provided various workshops/presentations on financing options for educational housing. Furthermore, we collaborated intensively with various stakeholders and shared our knowledge and experience to realise a
programmatic and integrated approach to educational housing, enabling scaling up and accelerating implementation.
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2.5 Public infrastructure and energy Also in the Public Infrastructure and energy sector, we collaborate with our clients on sustainable solutions. We offer financing that helps them address societal challenges and create impact.
that public facilities remain future-proof. This requires long-term investments that are often
Long-term loan portfolio
We offer financing on attractive terms. We provide both unsecured and public sector-
Extent new long-term loans
5,022
vital public infrastructure– such as water, electricity, and heat networks, renewable energy
production, waste processing, and spatial planning – we support important social goals. At the same time, we strengthen the effectiveness of our stakeholders, such as municipalities, housing associations, and healthcare and educational institutions.
million
4,771
2023
2025
Extent new long-term loans Of which granted to or
365 2024
Client partnership in the sector
1,317
1,248 327
211 2024
guaranteed loans. We also develop and finance (guarantee) funds. With our focus on
€ 849
849
(in EUR millions)
Together with (utility) companies, municipalities, and the national government, we ensure passed on to society through cost-based tariffs.
million
2025
development of sufficient space for living and working require significant investments.
Public infrastructure and energy
€ 5,074 5,074
The energy and heating transition, the transition to a circular economy, and the
2023
guaranteed by local authorities
(in EUR millions)
With its financing, BNG helps the public infrastructure and energy sector to work on SDGS 7 (Affordable and clean energy), 11 (Sustainable cities and communities) and 13 (Climate action).
By 2025, we will have further strengthened our position as a financier of the Public
Infrastructure and Energy sector. This year was characterised by both large and small
financing transactions, with a total outstanding portfolio of EUR 5,074 million, an increase of EUR 52 million compared to 2024.
Networks
At Networks, the focus is on making energy, drinking water, and heat management systems more sustainable. We play an active role in this through financing of and collaboration
with public and private partners. In 2025, the Collective Heat Act (WCW) was passed by
the Senate and House of Representatives. The Heat Guarantee Scheme (GRW) is expected to be implemented in mid-2026. In 2025, municipalities continued to establish municipal
37
energy and/or heat companies. Further steps were also taken to create regional heat
As a social bank, we feel a clear responsibility to contribute to making the Netherlands more
remain actively involved with all parties to contribute to the optimal implementation of the
energy-efficient buildings and infrastructure – is closely aligned with our purpose and our
network companies to achieve market consolidation in the long term. BNG is and will
relevant legislation and to add value to important developments and transactions in the
heat network sector. In 2026, we will continue our role as a partner with municipalities, the national government, and other public parties in the sector.
Energy
In 2025, the energy sector continued to grow, despite significant challenges such as grid congestion and price fluctuations in the energy market. In the Netherlands, significant
sustainable energy generation capacity has been added in recent years, such as wind
farms and rooftop and ground-mounted solar farms. This has led to greater discrepancies between electricity supply and demand, resulting in more frequent periods of negative
electricity prices. This dynamic has a direct impact on existing business cases, including for projects financed by BNG. As a result, well-fitting