To which road user must you give way here?

You correctly identified that you must give way to both the pedestrian and the cyclist. According to German traffic rules, when you see a pedestrian walking at or near a crossing or an intersection, you must yield to them since they have priority. Similarly, cyclists on the road or crossing have priority if they are on a main road or if indicated by signs.

In this scenario, the bus does not have priority because it is stopped and not signaling to move immediately, and there is no rule granting it right of way over pedestrians or cyclists in this situation. Therefore, giving way to the pedestrian and cyclist ensures safety and compliance with the right-of-way regulations at intersections and pedestrian crossings. Always observe carefully and yield to more vulnerable road users like pedestrians and cyclists first.