26 February 2026

• ECB reports loss of €1.3 billion (2024: loss of €7.9 billion)
• Losses will be offset against future profits

The financial statements of the European Central Bank (ECB) for 2025 show a loss of €1,254 million, which is much lower than the loss of €7,944 million reported in 2024, owing mainly to a significant reduction in net interest expense. The 2025 loss, like the losses from the prior years, will remain on the ECB’s balance sheet to be offset against future profits. As a result of the loss, there will be no profit distribution to euro area national central banks for 2025.

The losses since 2022 come after many years of substantial profits and are the result of policy actions taken by the Eurosystem that were necessary to fulfil its primary mandate of maintaining price stability. These policies required the ECB to expand its balance sheet by purchasing financial assets, mostly with fixed interest rates and long maturities. This resulted in a corresponding rise…