"As we transform Triodos Bank, we remain anchored in our mission, focusing our energy where we can create the greatest positive change. So we can better support the customers who make that impact possible."
In 2025, we continued to direct our customers’ and
investors’ money towards financing positive change. Around
us, geopolitical tensions and polarisation intensified, economic
growth was fragile and the climate and biodiversity crisis
continued, yet we remained true to our purpose. This purpose,
and our 45 years of sustainable finance experience, guided
several strategic decisions we took during the year to remain
a leader in impact finance.
Against the backdrop of these external challenges and our continued commitment to financing positive change, our financial performance in 2025 reflects both the strength of our underlying business and the impact of several difficult but necessary decisions. We delivered positive commercial results; however, our net result was significantly affected by provisions, specifically on a part of our loan portfolio. Despite this financial impact, the fundamentals of our portfolio remain strong, providing a robust foundation for future growth and impact.
Contributing to a prosperous life on a thriving planet
We aim to contribute to building a society that allows people to live prosperous lives on a thriving planet. To achieve this, we focus our loans and investments on five interlinked transition themes: the energy, food, resource, societal and wellbeing transitions.
In 2025, we enabled and accelerated these through our loans and investments, supported by stronger data and impact measurement tools. We financed over EUR 1.1 billion in new business loans that contribute to the five transition themes, leading to a total loan and investment volume of EUR 10.4 billion.
Driving down financed emissions
At the same time, our financed emissions continued to decline, with a 20% reduction in 2025, which is essential to address the climate crisis. We have achieved this by gaining more company-specific insights, divesting from certain companies and working closely with our customers and investees to help them decarbonise their businesses. Because of this decline, we have met our absolute emission target for 2030 to achieve at least a 42% CO2 reduction earlier than anticipated in 2025. We are encouraged by this because it confirms we are moving in the right direction. In 2026, we will evaluate our targets as planned, taking into account these developments.
We made progress towards our ambition to mobilise EUR 500 million in Nature-based Solutions (NbS) by 2030 by developing a strong pipeline, progressing two Triodos Investment Management NbS fund propositions, and enhancing our impact tracking and reporting capabilities. We plan to increase our investments in sustainable forestry, nature restoration projects and regenerative organic agriculture, supporting biodiversity and local communities as well as storing carbon from the atmosphere.
Introducing a renewed vision for finance
Triodos Bank is not only committed to financing positive change but also to fundamentally changing the way finance itself works. To underline this, one of the most significant moments of the year came with the introduction of our renewed vision for the future of finance.
With this vision, we argue for a fundamental transformation of the financial system to better serve society. We believe that urgent reforms are needed to ensure finance supports human dignity, ecological balance and long-term prosperity. By working together to implement these changes, we can rebuild a financial system that is resilient, inclusive and fit for the challenges of the 21st century.
Pursue focused growth
To continue delivering meaningful impact in a rapidly changing world, we needed to look critically at where Triodos Bank should allocate resources to achieve the greatest long-term impact. Over the past year, this led us to make deliberate and sometimes difficult choices. Our guiding principle was simple: focus our energy and resources where Triodos Bank can create the greatest positive change at scale.
We announced a repositioning in Spain and Belgium by discontinuing certain retail banking products. We also announced our intention, after careful consideration, to wind down our business in Germany. We concluded that we cannot, in a reasonable timeframe, achieve the necessary scale for meaningful impact in Germany, and we deeply regret that this affects our co-workers and customers.
Triodos Investment Management sharpened its strategic focus to support sustainable growth and deepen its impact on three key areas: financial inclusion in emerging markets, the energy transition in Europe, and listed impact equities and bonds. Triodos Investment Management is also working on further developing investment capabilities for Nature-based Solutions and bespoke investment solutions for institutional investors.
Meeting customer expectations
Across the bank, our focus is ultimately about deepening the value we bring to customers. To achieve success as an impact-driven bank, we should effectively meet the needs of our customers. They generate the real impact, and our goal should be to support and empower them to be in the strongest position to make a difference.
In 2025, we increased focus on our customers’ experience with our retail banking services. We added new functionality to our mobile banking app and took steps to offer attractive propositions to particular customer groups, such as young adults in the Netherlands. These are important steps towards building a bank that is both mission‑driven and customer‑centric, equipped for the next phase of positive impact.
An efficient and robust organisation
To remain a leading impact bank, we must ensure that our organisation is as resilient, agile and forward‑looking as we ask others to be in our quest for societal change. That is why we developed in 2025, and launched in January 2026 Fit for Impact, a comprehensive transformation programme designed to strengthen our position as a leading impact bank.
We are taking the necessary steps to ensure we remain at the forefront of impact banking by being adaptive, efficient and focused on what matters most: delivering value for our customers, empowering our co-workers and maximising our contribution to a sustainable future. Fit for Impact will simplify the organisation and enhance business agility. We will accelerate investments in commercial and technological capabilities to increase our impact.
Embracing new technologies
Part of this evolution of Triodos Bank involves embracing new technologies where they genuinely enhance our customer service and support our colleagues. We increased the responsible use of AI in areas such as customer service, Know Your Customer and Financial Crime.
This can lead to positive results, for example in our customer service teams. AI-based assistance results in increased efficiency and better customer experience by providing real-time guidance to answer customer queries, helping to resolve issues more quickly and efficiently.
Strong compliance and control frameworks
For a values‑based bank, strong compliance and control are essential to uphold our ethical standards, protect our reputation and maintain the trust that enables us to deliver positive impact. It is the foundation of an efficient and robust banking organisation.
We therefore continue to mature our risk and compliance frameworks, responding to internal and external findings on our control environment with a focus on building robust, data-driven and future-ready foundations.
Strong leadership
As part of strengthening our organisation, we expanded the Executive Board with a Chief Transformation Officer. A new Chief Information Officer replaced the Chief Operational Officer. Their leadership will be essential as we navigate this period of change and build the organisational strength required to deliver our strategy. In a bank undergoing transformation, strong and committed leadership is vital. It ensures we remain focused on what matters most, deepen our customer focus and evolve in a way that keeps us at the forefront of impact banking while staying firmly anchored in our mission.
Strengthening our relationship with DR Holders
As we make our organisation fit for impact and sharpen our strategic focus, it is equally important that we continue to strengthen our relationship with those who invest in our mission. Our Depository Receipt (DR) Holders form a vital part of the Triodos Bank community, and in 2025 we took several important steps related to the Depository Receipts.
A major milestone was the start of trading of Triodos Bank DRs on Euronext Amsterdam in June, enhancing tradability and accessibility of the DRs for existing and new investors. Just six months later, we were included in the Euronext AMS Next 20 index, which will further increase our visibility among investors and strengthen our position in the capital markets.
Most importantly, we successfully finalised the settlement offer of EUR 10 per eligible DR with a high acceptance rate of 82.4%.
Together, these developments demonstrate not only the progress of our broader transformation but also our deepened commitment to our DR Holders. Their trust and long‑term support remain essential to our mission. We will keep prioritising meaningful engagement with our DR Holder community to ensure they remain closely connected to the positive change they help make possible.
Collaboration
Looking ahead to 2026 and beyond, we will continue to grow customer engagement by refreshing our visual identity, first introduced in this Annual Report. Our new visual identity demonstrates how we have evolved and offers our customers a fresh, modern and consistent brand experience across all interactions. This way, they can experience a consistent and inspiring connection with our mission and our services, no matter where or how they engage with us.
Collaboration and staying connected is also at the heart of our ambition to strengthen the Triodos Bank community, which consists of individuals and organisations who each want to bring about positive change in their own way. Only by working together can we find sustainable solutions that make a real difference.
A significant step is the establishment of the Triodos Bank Impact Collective, an advisory council supporting us in shaping our impact strategy that will have its first meeting in May 2026. We are looking forward to working together with the members of the council in the coming years.
Staying at the forefront
We will continue to contribute to positive change by financing our five transition themes and to transform as an organisation to stay at the forefront of impact finance. Our focus will remain on our customers, investing in digital innovation and making decisions that strengthen our ability to deliver the greatest positive change at sufficient scale. The implementation of the Fit for Impact programme will help us to deliver on this.
Thank you
In conclusion, I would like to express my gratitude to everyone involved with Triodos Bank, especially our customers, co-workers and DR Holders, for all we have done together in 2025. Since stepping in as CEO this year, I have been inspired by the teamwork and shared passion for our mission. Time and again, we prove that banking with values truly does make a real difference in the world. Thank you!
Marcel Zuidam
Chief Executive Officer
