The State of North Rhine-Westphalia (Land NRW) delivered an outstanding performance in investor engagement in 2025, reinforcing its position as a benchmark sub-sovereign issuer and a global reference for best-in-class Investor Relations. As Germany’s largest state by population and economic output, Land NRW navigated a year marked by geopolitical volatility and intense domestic debate around the debt brake while maintaining consistent market access, strong liquidity and safe-haven status. This performance was underpinned by an exceptionally proactive IR strategy, combining extensive global roadshows across Europe, Asia and the Americas with continuous virtual engagement and transparent communication. Targeted investor outreach translated into a well-diversified investor base, including strong participation from US and Asian accounts, while Land NRW’s leadership in ESG disclosure — notably its ex-ante publication of eligible assets — set a new standard for transparency and attracted high-quality demand from “dark green” investors. For these reasons, as well as strong market feedback and investor polling, Land NRW is a deserving winner of the 2025 Best Sub-Sovereign Investor Relations Team Award. Only a team with deep expertise, global reach and unwavering commitment to transparency can consistently deliver at this level. Full reasoning on this award win can be found here, in the official Award Statement.