Exposure ladder
EUR as of Oct. 16, 2026; forecasts are probability weighted. Natural hedge is the receivables/payables overlap netted off.
| Bucket | Inflows | Outflows | Natural hedge | Net exposure | Forwards sold (net) | Open position |
|---|---|---|---|---|---|---|
| M2 | 380,000 | 0 | 0 | 380,000 | 300,000 | 80,000 |
| M3 | 626,000 | 90,000 | 90,000 | 536,000 | 250,000 | 286,000 |
| M4 | 0 | 0 | 0 | 0 | 200,000 | -200,000 |
| M5 | 312,000 | 0 | 0 | 312,000 | 0 | 312,000 |
| M7 | 288,000 | 0 | 0 | 288,000 | 0 | 288,000 |
| M9 | 264,000 | 0 | 0 | 264,000 | 0 | 264,000 |
| M11 | 240,000 | 0 | 0 | 240,000 | 0 | 240,000 |
| >12m | 216,000 | 0 | 0 | 216,000 | 0 | 216,000 |
| Total | 2,326,000 | 90,000 | 90,000 | 2,236,000 |