Solid performance despite weak economic conditions: SME bond market remains resilient in 2025

EQS-News: iron AG / Key word(s): Study/Bond Solid performance despite weak economic conditions: SME bond market remains resilient in 2025 21.01.2026 / 14:46 CET/CEST The issuer is solely responsible for the content of this announcement. Solid performance despite weak economic conditions: SME bond market remains resilient in 2025 27 bond issues with a placed volume of with a placed volume of EUR 1.00 billion, around 9% below the prior-year period, but at a solid level in a long-term comparison Average coupon significantly lower at 7.34% p.a. (2024: 8.14% p.a.) High sector diversification: energy sector dominates Kolibri Beteiligung, Homann Holzwerkstoffe and FC Schalke 04 recorded the largest issues Defaulted bond volume increased to EUR 155.0 million, in line with the overall market trend IR.score of bond issuers slightly improved: positive correlation with placement success Surveyed banks expect stable market conditions in 2026 and rising transparency requirements Cologne, 21 January 2026 – The German SME bond market once again proved remarkably resilient in 2025 despite a challenging economic environment. Against the backdrop of geopolitical tensions, economic uncertainty and volatile financial markets, the market remained stable and receptive to new bond issues. Although the number of transactions as well as target and placed volumes declined slightly, overall market activity remains at a solid level in a long-term comparison. These are the findings of the latest analysis by iron AG on the German SME bond market. Slight decline in issuance activity and placement ratio – investor demand remains stable Issuance activity in 2025 was below the previous year’s level: 24 companies issued a total of 27 bonds, compared with 33 issues by 28 companies in the prior year. Despite the lower number of issues, placement dynamics remained robust. The actual placed volume of EUR 1.00 billion was only slightly below the prior year’s level (2024: EUR 1.10 billion). Based on a target volume of EUR 1.26 billion, this corresponds to a stable placement ratio of around 80% (2024: 83%). Overall, the SME bond market once again demonstrated its capacity to absorb new issues in 2025, with investor interest remaining broadly stable.