olivLaw · European equity research
Triodos Bank N.V. TRIO.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
Triodos Bank N.V. is a bank that directs its lending and investments toward positive change, focusing on five transition themes: energy, food, resource, societal and wellbeing. Its total loan and investment volume reached EUR 10.4 billion in 2025, and strategic decisions such as the exit from Germany and the Fit for Impact programme could shape how the bank reconfigures its activity.
At the close of 05 Nov 2026, Triodos Bank N.V. (TRIO.AS) stock was 36.15 EUR (+2.12% on the day), with market capitalisation 511.4 m EUR, dividend yield 1.66%, beta 0.37, 52-week range 26.45–41.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.2
- strong (55–70)
- Bollinger (20, 2)
- 33.74 – 36.18
- in the upper half of the band · %B 0.99 · band width 7.0%
- SMA 50 / 200
- 36.94 / 30.90
- mixed trend
- MACD (12, 26, 9)
- -0.40 / -0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.3% | −0.6% | −1.6 pp | — |
| 3 months | +17.9% | −4.2% | +22.1 pp | — |
| 6 months | +29.6% | +4.3% | +25.2 pp | — |
| Year to date | +23.1% | +7.5% | +15.6 pp | — |
| 1 year | +31.7% | +9.9% | +21.8 pp | +0.3% |
| 3 years | unavailable | +49.8% | unavailable | +2.2% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -3.0 m | -25.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.21 | -1.77 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | 146.6 m | 215.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 17.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -2.1%
- ROA
- -0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Property, plant & equipment, net | 77.3 m | 71.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 45.6 m | 48.2 m | esef· 07 Apr 2026verified |
| Total assets | 17.0 bn | 17.6 bn | esef· 07 Apr 2026verified |
| Total liabilities | 15.7 bn | 16.4 bn | esef· 07 Apr 2026verified |
| Equity | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 14.3 m | 14.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 150.1 m | 216.9 m | esef· 07 Apr 2026verified |
| Capex | 3.5 m | 1.2 m | esef· 07 Apr 2026verified |
| Free cash flow | 146.6 m ≈ | 215.7 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -591.9 m | -862.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | 286.3 m | 280.3 m | esef· 07 Apr 2026verified |
| Dividends paid | 58.3 m | 8.5 m | esef· 07 Apr 2026verified |
| Share repurchases | 1.8 m | 0 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 511.4 m EUR
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.16 – 11.13 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)8.16 – 11.13 (Mid 9.42)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 42.2% | 100 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 33% |
| Payout ratio (FCF) · Returns | 3.9% | 100 (on a fixed band) | 22% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns54/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Triodos Bank N.V. (TRIO.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -2.1%.
The estimated value range is 8.16–11.13 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.42 EUR, the price of 36.15 EUR leaves a potential of -74.0% (value / price − 1) and a margin of safety of -283.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 42.2%
- Payout ratio (FCF): 3.9%
What contradicts it
- Shareholder yield (distributions): 1.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for TRIO.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Triodos Bank N.V. is a bank that directs its lending and investments toward positive change, focusing on five transition themes: energy, food, resource, societal and wellbeing. Its total loan and investment volume reached EUR 10.4 billion in 2025 1, and strategic decisions such as the exit from Germany and the Fit for Impact programme could shape how the bank reconfigures its activity 1.
SWOT
Strengths
- Long experience in impact finance and a portfolio that management describes as solid despite the 2025 provisions 1.
- A clear business model centred on five transition themes provides a coherent strategic direction 1.
- Progress in reducing financed emissions and reaching the 2030 absolute target earlier than anticipated 1.
Weaknesses
- The 2025 net result was strongly affected by provisions on part of the loan portfolio 1.
- The exit from Germany and the reduced activity in Spain and Belgium indicate difficulty reaching the necessary scale in some markets 1.
- The need for a broad transformation programme suggests the current organisational structure requires simplification 1.
Opportunities
- Demand for impact finance in energy, food and resources could grow, offering room for expansion 1.
- Developing Nature-based Solutions and bespoke institutional investment products could diversify revenue 1.
- Responsible use of artificial intelligence could improve customer service and operational efficiency 1.
Risks
- Credit riskhigh
Provisions set aside for part of the loan portfolio weighed on the 2025 net result, and the portfolio's evolution could affect results again if the economic environment worsens 1.
- Transformation execution riskmedium
The Fit for Impact programme involves simplifying the organisation and investing in commercial and technological capabilities, and delays or unforeseen costs could affect outcomes 1.
- Reputation riskmedium
The credibility of an impact-oriented bank depends on consistency between commitments and practice, and any control shortcomings could affect trust 1.
- Compliance and control riskmedium
The report mentions internal and external findings on the control environment, which could generate additional costs if not remediated 1.
- Market exit risklow
The exit from Germany and the reconfiguration in Spain and Belgium affect customers and co-workers and could generate exit costs 1.
Investment thesis
What would need to be true (bull case)
- The bank has a clear business model and long experience in impact finance, which could give it a distinct position if demand for this kind of finance grows 1.
- The reduction in financed emissions and the early reaching of the 2030 target could demonstrate the effectiveness of the climate strategy and could attract customers and investors 1.
- If the Fit for Impact programme succeeds in simplifying the organisation, the bank could improve cost efficiency and investment capacity 1.
What would break the thesis
- Provisions on part of the portfolio significantly reduced the 2025 net result, and if credit problems spread, profitability could remain under pressure 1.
- The exit from Germany and reduced activity in other countries could indicate difficulty in achieving the scale needed in some markets 1.
- A broad organisational transformation carries execution risks, and its costs could delay the expected benefits 1.
What to watch
- Evolution of provisions and loan portfolio quality2026
- Progress of the Fit for Impact programme and effects on costs2026
- Review of emission targets announced for 20262026
- Development of Triodos Investment Management in Nature-based Solutions2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for fiscal 2025, Triodos Bank aims to contribute to a society where people live prosperous lives on a thriving planet, directing customer and investor money toward impact projects 1. The activity is organised around five transition themes and supported by personal banking, business banking and investment management through Triodos Investment Management 1. In 2025 the bank introduced a renewed vision for finance and launched the Fit for Impact transformation programme in January 2026 1.
The governance structure includes an Executive Board and a Supervisory Board, with emphasis on risk and control governance, detailed in the report 1. The bank reports under Dutch law and voluntarily under the European ESRS sustainability standards 1. The consolidated financial statements were audited by PricewaterhouseCoopers Accountants N.V. 1.
In 2025 the bank delivered positive commercial results, but its net result was significantly affected by provisions on part of the loan portfolio, while management says the portfolio fundamentals remain strong 1. Triodos Bank Depository Receipts have traded on Euronext Amsterdam since June 2025 1.
Segments
Personal banking
Retail activity in 2025 focused on customer experience, with new features in the mobile app and offers for groups such as young adults in the Netherlands 1. The bank announced a repositioning in Spain and Belgium through the discontinuation of certain retail products 1.
Business banking
Lending to companies remains central, oriented toward the five transition themes and toward reducing financed emissions, which fell by 20% in 2025 1. The bank announced its intention to wind down its German business, judging that the necessary scale could not be reached in a reasonable timeframe 1.
Investment management
Triodos Investment Management sharpened its focus on financial inclusion in emerging markets, the energy transition in Europe, and listed impact equities and bonds 1. It is also developing capabilities for Nature-based Solutions and bespoke solutions for institutional investors 1.
Market context
The report describes a context of geopolitical tensions, fragile economic growth and the continuing climate and biodiversity crisis, factors that shape demand for impact finance 1. The bank is adjusting its model amid regulatory pressures and evolving customer expectations, and competition in sustainable finance could remain intense if these trends continue 1.
The EUR 10.4 billion loan and investment volume in 2025 reflects the current scale of activity, while the EUR 500 million Nature-based Solutions ambition for 2030 indicates targeted growth directions 1. Future results could depend on the success of the Fit for Impact programme 1.
Trends
- Geopolitical tension and economic uncertaintyheadwind
The report notes that geopolitical instability and modest economic growth complicate planning and could affect loan portfolio quality if difficulties persist 1.
- Demand for transition financetailwind
Environmental and social challenges create demand for finance with measurable impact, which could support the bank's growth in its transition themes 1.
- Regulation and sustainability reportingmixed
Regulatory pressures and the shifting sustainability reporting landscape raise compliance costs, but could strengthen trust in impact products if well implemented 1.
- Artificial intelligence and cost efficiencytailwind
Responsible use of artificial intelligence in customer service and know-your-customer processes could improve efficiency, and cost efficiency remains a strategic priority 1.
Competitive position
The analysed source does not explicitly name the bank's competitors, so comparative market positions cannot be stated. The report mentions customer expectations and technological change as pressures in the competitive environment 1.
The bank's stated advantage lies in its specialisation in impact finance and its experience of more than four decades in the field, as the report notes 1. If the ongoing transformation succeeds, the bank could strengthen this niche position 1.
- Other sustainable finance banks
The source does not name specific competitors, so this category cannot be detailed from the text analysed.
- Traditional commercial banks
The source does not identify commercial banks by name as rivals, but mentions pressure from evolving customer expectations in retail.
- Retail fintech platforms
The source does not name fintech firms, but mentions digital innovations such as mobile payments that could intensify competition.
- ESG-focused asset managers
The source does not identify asset management rivals, but describes investment management as an area of growth.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202407 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Triodos Bank N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.