Commerzbank (AO) | Buy | Shareholder structure of tendered shares

Research evidence excerpt

Commerzbank (AO) | Buy | Shareholder structure of tendered shares

News comment

Release date: 25 June 2026

Tobias Lukesch, CIIA

Equity Research Analyst

+49 69 7569 6217

tlukesch@keplercheuvreux.com

BuyCommerzbank

Germany | Banks & Asset Managers Beta Profile: MCap: EUR41.0bn Country Top Picks

Target Price: EUR45.00 Bloomberg: CBK GR Reuters: CBKG.DE

Current Price: EUR37.38 Free float 88.0%

Up/downside: 20.4% Avg. daily volume (EURm) 260.6

YTD abs performance 3.5% Market data: 24 June 2026

52-week high/low (EUR) 38.38/26.70

Shareholder structure of tendered shares

Key points:

This morning, Commerzbank disclosed the shareholder structure of the 12.51% tendered shares of the UCG offer, showing that

10% of the volume came from institutional investors, while the large majority of 89% was addressable to banks.

This followed UCG CEO Andrea Orcel's comment at a conference on Tuesday, where he said that all but five institutional investors

have “either tendered or sold shares”, not counting passive ones.

The current additional tender offer period is running until 3 July. We continue to expect CBK shares, which are currently trading at

a 1% discount to the offer, to perform well given the strong fundamental development and the UCG optionality.

Commerzbank has full visibility into its shareholder base, based on proprietary information typically available only to the issuer.

The shareholder structure remains broadly unchanged. To date, institutional investors have tendered only slightly more than 1%

of Commerzbank’s shares, while approximately 0.05% of shares tendered have come from retail investors, with the remainder

attributable to banks.

The remaining free float consists of several hundred institutional shareholders and more than 500,000 retail investors.