Record 2025 profit and higher payouts at Deutsche Bank (NYSE: DB)

Rhea-AI Filing Summary

Deutsche Bank AG reported record 2025 results, with profit before tax of € 9.7 billion, up 84% year on year, and net profit of € 7.1 billion, roughly double 2024. Net revenues rose 7% to € 32.1 billion, while the cost/income ratio improved to 64%.

Post-tax return on tangible equity reached 10.3%, meeting the bank’s target of above 10%. All four core businesses delivered double‑digit profit growth and post‑tax RoTE above 10%. Noninterest expenses fell 10% to € 20.7 billion, driven by an 86% reduction in nonoperating costs.

Management plans capital distributions of € 2.9 billion in respect of 2025, including a proposed dividend of € 1.00 per share (€ 1.9 billion) and € 1 billion in share buybacks, bringing cumulative distributions for 2021‑2025 to € 8.5 billion. The CET1 capital ratio rose to 14.2%, and the Liquidity Coverage Ratio stood at 144%.

Positive

• Record profitability and improved efficiency: 2025 profit before tax reached € 9.7 billion, up 84% year on year, with net profit doubling to € 7.1 billion and the cost/income ratio improving to 64%, meeting or beating stated financial targets.
• Stronger capital and higher shareholder returns: The CET1 ratio increased to 14.2% while management proposes € 2.9 billion of 2025 distributions, taking cumulative 2021‑2025 payouts to € 8.5 billion, above the original € 8.0 billion goal.

Negative

• None.

Insights

Banking & capital markets analyst

Record 2025 profits, stronger capital and larger shareholder payouts mark a materially positive year.

Deutsche Bank generated profit before tax of € 9.7 billion in 2025, up 84%, and net profit of € 7.1 billion, roughly doubling 2024. Revenues grew 7% to € 32.1 billion, while noninterest expenses fell 10% to € 20.7 billion, driving a cost/income ratio of 64% and post‑tax RoTE of 10.3%.

All core segments – Corporate Bank, Investment Bank, Private Bank and Asset Management – delivered double‑digit profit growth and post‑tax RoTE above 10%, indicating broad-based operating strength rather than reliance on a single business. Provision for credit losses declined 7% to € 1.7 billion, suggesting stable overall asset quality, though Stage 3 provisions rose in late 2025.

The CET1 ratio improved to 14.2%, despite higher regulatory requirements and growth, enabling proposed capital distributions of € 2.9 billion for 2025 and lifting cumulative payouts for 2021‑2025 to € 8.5 billion. Management has outlined 2026‑2028 targets, including RoTE above 13% and a higher payout ratio of 60%, which future filings and results will show progress against.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2026

Commission File Number 1-15242

DEUTSCHE BANK CORPORATION

(Translation of Registrant’s Name Into English)

Deutsche Bank Aktiengesellschaft

Taunusanlage 12

60325 Frankfurt am Main

Germany

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of

Form 20-F or Form 40-F:  Form 20-F ☒  Form 40-F ☐

2

Explanatory note and Exhibits

On January 29, 2026, Deutsche Bank AG published its Media Release, Analyst Conference Call Presentation and Financial

Data Supplement, each of which relates to Deutsche Bank’s results for the quarter and year ended December 31, 2025.

For non-U.S. purposes, Deutsche Bank AG publishes such documents setting forth results prepared in accordance with

International Financial Reporting Standards (IFRS) as endorsed by the European Union, including application of portfolio fair

value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (“EU IFRS”, using the

“EU carve-out”). Fair value hedge accounting under the EU carve-out is employed to minimize the accounting exposure to

both positive and negative moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue

from Treasury activities. These documents prepared using EU IFRS are attached as Exhibits 99.1 through 99.3 hereto.

For U.S. reporting purposes, Deutsche Bank AG also prepares versions of its Media Release and Financial Data

Supplement prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB), which

does not permit use of the EU carve-out (“IASB IFRS”), but which is otherwise the same as EU IFRS. The Media Release

and Financial Data Supplement prepared using IASB IFRS are attached as Exhibits 99.4 and 99.5 hereto. The impact of the

EU carve out is described in the section “Basis of Accounting” on page 11 of Exhibit 99.4 hereto.

This Report on Form 6-K contains the following exhibits:

Exhibit 99.1 : Deutsche Bank AG’s Media Release, dated January 29, 2026, announcing its preliminary results for the quarter

and year ended December 31, 2025 (EU IFRS).

Exhibit 99.2 : Financial Data Supplement 4Q 2025, providing details of the preliminary results (EU IFRS).

Exhibit 99.3 : Presentation of Christian Sewing, Chief Executive Officer, James von Moltke, President and Chief Financial

Officer, and Raja Akram, Chief Financial Officer Designate, given at Deutsche Bank AG’s Analyst Conference Call on

January 29, 2026 (EU IFRS).

Exhibit 99.4 : Deutsche Bank AG’s Media Release, dated January 29, 2026, announcing its preliminary results for the quarter

and year ended December 31, 2025 (IASB IFRS).

Exhibit 99.5 : Financial Data Supplement 4Q 2025, providing details of the preliminary results (IASB IFRS).

This Report on Form 6-K and Exhibits 99.4 and 99.5 hereto are hereby incorporated by reference into Registration

Statement No. 333-278331 of Deutsche Bank AG. Exhibits 99.1 through 99.3 are not so incorporated by reference.

The results provided hereby are presented under International Financial Reporting Standards (IFRS) and are preliminary

and unaudited. Such results do not represent a full set of financial statements in accordance with IAS 1 and IFRS 1.

Therefore, they may be subject to adjustments based on the preparation of the full set of financial statements for 2025.

Forward-looking statements contain risks

This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts;

they include statements about Deutsche Bank’s beliefs and expectations. Any statement in this report that states Deutsche

Bank’s intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement.

These statements are based on plans, estimates and projections as they are currently available to the management of

Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and Deutsche Bank

undertakes no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could

therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors

include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which

Deutsche Bank derives a substantial portion of its trading revenues, potential defaults of borrowers or trading counterparties,

the implementation of its strategic initiatives, the reliability of its risk management policies, procedures and methods, and

other risks referenced in its filings with the U.S. Securities and Exchange Commission. Such factors are described in detail

in Deutsche Bank’s 2024 Annual Report on Form 20-F filed with the SEC on March 13, 2025, under the heading “Risk

Factors.” Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/

ir.

3

Use of Non-GAAP Financial Measures

This document and other documents Deutsche Bank has published or may publish contain non-GAAP financial measures.

Non-GAAP financial measures are measures of its historical or future performance, financial position or cash flows that

contain adjustments that exclude or include amounts that are included or excluded, as the case may be, from the most

directly comparable measure calculated and presented in accordance with IFRS in its financial statements. Examples of its

non-GAAP financial measures, and the most directly comparable IFRS financial measures, are as follows:

Non-GAAP Financial Measure		Most Directly Comparable IFRS Financial Measure
Profit (loss) before tax before nonoperating costs, Profit (loss) before tax excluding specific litigation items		Profit (loss) before tax
Profit (loss) attributable to Deutsche Bank shareholders, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components, Profit (loss) excluding specific litigation items, Profit (loss) attributable to Deutsche Bank shareholders excluding specific litigation items		Profit (loss)
Net interest income in the key banking book segments		Net interest income
Revenues on a currency-adjusted basis		Net revenues
Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs, Specific litigation items		Noninterest expenses
Cost/income ratio excluding specific litigation items		Cost/income ratio based on noninterest expenses
Net assets (adjusted)		Total assets
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value		Total shareholders’ equity (book value)
Post-tax return on average shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average shareholders’ equity excluding specific litigation items, Post-tax return on average tangible shareholders’ equity excluding specific litigation items		Post-tax return on average shareholders’ equity
Tangible book value per basic share outstanding, Book value per basic share outstanding		Book value per share outstanding

For descriptions of these non-GAAP financial measures and the adjustments made to the most directly comparable financial

measures under IFRS, please refer to (i) pages 15 through 26 of Exhibits 99.2 and 99.5 and (ii) the section “Supplementary

Information (Unaudited): Non-GAAP Financial Measures” on pages 422 to 428 of Deutsche Bank’s 2024 Annual Report on

Form 20-F.

When used with respect to future periods, non-GAAP financial measures Deutsche Bank uses forward-looking statements.

Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that

would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial

measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from

such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown, events

and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP

financial measure will be greater than or less than the related IFRS financial measure.

4

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.

Deutsche Bank Aktiengesellschaft

Date: January 29, 2026

By:	_/s/ Andrea Schriber____________
Name:	Andrea Schriber
Title:	Managing Director

By:	_/s/ Joseph C. Kopec____________
Name:	Joseph C. Kopec
Title:	Managing Director and Senior Counsel

Media Release 1 | 13

Deutsche Bank

Exhibit 99.1

Media Release

Frankfurt am Main 29 January 2026

Deutsche Bank hits 2025 financial targets with record

full-year and fourth-quarter profits

Record profits in full year 2025

• Profit before tax of € 9.7 billion, up 84% year on year

• Net profit doubles year on year to € 7.1 billion

Delivery on 2025 financial targets

• Post-tax return on tangible equity (RoTE) 1 of 10.3%

• Cost/income ratio of 64%

€ 8.5 billion in completed and proposed capital distributions since 2022 include   

€ 2.9 billion of distributions proposed in respect of 2025, comprising:

• Dividend proposal of € 1.00 per share/€ 1.9 billion

• € 1 billion in share buybacks authorized

Continued year-on-year growth in net revenues and business volumes

• 2025 net revenues up 7% to € 32.1 billion, in line with ambition

• Compound annual revenue growth of 6% since 2021

• Net inflows of € 78 billion, and growth in assets under management of

€ 124 billion, across Private Bank and Asset Management

Costs reduced in line with full-year guidance, with solid credit quality

• Noninterest expenses down 10% year on year to € 20.7 billion, reflecting

an 86% reduction in nonoperating costs

• Adjusted costs of € 20.3 billion, down 1% year on year

• Provision for credit losses down 7% to € 1.7 billion

Issued by the media relations department of Deutsche Bank AG Taunusanlage 12, 60325 Frankfurt am Main Internet: db.com/news Email: db.media@db.com

Media Release 2 | 13

Record profit before tax in the fourth quarter of 2025

• Profit before tax of € 2.0 billion, up from € 583 million in the prior year

• Net profit of € 1.6 billion, up from € 337 million in the prior year

• Revenues of € 7.7 billion, up 7% year on year

• Noninterest expenses down 15% year on year to € 5.3 billion, reflecting

significantly lower nonoperating costs

“The record results we achieved in 2025 prove the strength of our Global

Hausbank model and the value we provide for our clients,” said Christian Sewing,

Chief Executive Officer. We delivered on all our 2025 financial goals and, with €

8.5 billion in delivered and proposed capital distributions so far since 2022, we will

surpass our original commitment to shareholders. This gives us the strongest

possible foundation for the next phase of our strategy. We’re committed to scaling

our Global Hausbank and further improving returns on our path towards our long-

term goal: to become the European Champion.”

Deutsche Bank (XETRA: DBGn.DB / NYSE: DB) today announced a record profit

before tax of € 9.7 billion for 2025, up 84% compared to 2024. Revenues grew by

7% year on year to € 32.1 billion, in line with the bank’s 2025 goal of around € 32

billion. Noninterest expenses were € 20.7 billion, in line with guidance of around €

20.6 billion and down 10% year on year, driven by a reduction of 86% in

nonoperating costs which largely reflected the non-recurrence of specific

litigation items in 2024.

Delivery on key targets

Net profit was € 7.1 billion, approximately double the 2024 result. The bank’s full-

year 2025 target ratios improved considerably year on year and were in line with

the bank’s 2025 targets:

• Post-tax return on average tangible shareholders’ equity (RoTE 1 ) was

10.3% in 2025, in line with the bank’s 2025 target of above 10% and up from

4.7%, or 7.1% excluding specific litigation items, in 2024. Post-tax return on

average shareholders’ equity (RoE 1 ) was 9.3%, up from 4.2% in the prior year

• The cost/income ratio was 64%, meeting the bank’s target of below 65%

and down from 76%, or 71% excluding the aforementioned specific litigation

items, in 2024

Fourth-quarter pre-tax profit was € 2.0 billion, a record for the fourth quarter and

a rise of more than threefold compared to the fourth quarter of 2024. This

development reflected 7% growth in revenues to € 7.7 billion, together with a 15%

reduction in noninterest expenses to € 5.3 billion, driven primarily by the non-

recurrence of the aforementioned specific litigation items in the prior year quarter.

Media Release 3 | 13

Fourth-quarter net profit was € 1.6 billion, up from € 337 million in the fourth

quarter of 2024. Post-tax RoTE 1 was 8.7% in the quarter, up from 0.7% in the prior

year quarter, while post-tax RoE 1 was 7.8%, up from 0.6% year on year. The fourth

quarter cost/income ratio was 69%, down from 86% in the prior year quarter.

A further € 2.9 billion in proposed capital distributions to shareholders

Management plans to propose dividends in respect of 2025 of € 1.00 per share, or

€ 1.9 billion, to shareholders at its Annual General Meeting in May 2026, up by

around 50% from € 0.68 per share for 2024. The bank has secured the customary

authorizations for € 1.0 billion in further share repurchases in respect of 2025.

Together, these measures would increase cumulative capital distributions to

shareholders by a further € 2.9 billion and would represent distributions in respect

of 2025 consistent with the bank’s commitment to a 50% payout ratio.

Cumulative capital distributions in respect of the financial years 2021-2025, paid

or payable in 2022-2026, would thereby reach € 8.5 billion, surpassing the bank’s

original goal of € 8 billion. The bank aims to deliver further capital distributions,

subject to the customary authorization, in the second half of 2026.

James von Moltke, Chief Financial Officer, added: “2025 was a year of delivery for

Deutsche Bank. We hit our RoTE target of above 10%, both Group-wide and across

all our businesses. We sustained revenue momentum and business growth in line

with our ambitions. We maintained cost discipline and used operational

efficiencies to self-fund further investments while meeting our cost targets. Sound

capital management enabled us both to strengthen our capital ratio and grow our

distributions to shareholders. All of this gives us a strong step-off point to deliver

on our future goals.”      

The Global Hausbank : strength across the board in 2025

All four of Deutsche Bank’s businesses delivered double-digit profit growth,

significantly improved cost/income ratios and post-tax RoTE 1 above 10% in 2025:

Corporate Bank: profit before tax up 24% year on year to € 2.6 billion

• RoTE 1 of 15.3% (2024: 12.7%) and RoE 1 of 14.1% (2024: 11.9%)

• Cost/income ratio of 62% (2024: 67%)

Investment Bank: profit before tax up 20% year on year to € 4.0 billion

• RoTE 1 of 11.2% (2024: 9.4%) and RoE 1 of 10.8% (2024: 9.1%)

• Cost/income ratio of 58% (2024: 63%)

Private Bank: profit before tax up 95% year on year to € 2.3 billion

• RoTE 1 of 10.5% (2024: 5.1%) and RoE 1 of 10.1% (2024: 5.1%)

• Cost/income ratio of 70% (2024: 78%)

Asset Management: profit before tax up 55% year on year to € 983 million

• RoTE 1 of 29.1% (2024: 18.0%) and RoE 1 of 12.9% (2024: 8.0%)

• Cost/income ratio of 59% (2024: 69%)

Media Release 4 | 13

Accelerating execution of the Global Hausbank strategy: delivery in all areas

builds strong foundations for the next phase of growth

Deutsche Bank delivered in line with its goals on all pillars of the accelerated

execution of its Global Hausbank strategy in 2025:

• Revenue growth: Net revenues grew 7% to € 32.1 billion in 2025, in line with

the bank’s goal of around € 32 billion for the year. Compound annual

revenue growth since 2021 was 6.0% through the end of 2025, the mid-

point of the bank’s target range of 5.5-6.5%.

• Operational efficiency : Deutsche Bank completed its € 2.5 billion

operational efficiency program as planned by the end of 2025. Measures

include optimization of the bank’s platform in Germany and workforce

reductions, notably in non-client-facing roles.

• Capital efficiency : Deutsche Bank’s capital efficiency program delivered

RWA equivalent benefits of a cumulative € 31 billion by the end of 2025,

above the high end of its year-end 2025 target range of € 25-30 billion .

These efficiencies contributed to the bank’s year-end 2025 CET1 capital

ratio of 14.2%, up from 13.8% at year-end 2024.

In November 2025, Deutsche Bank announced its ‘Scaling the Global Hausbank’

strategy, financial targets and capital objectives for 2026-2028. The bank aims to

accelerate value creation through focused growth, strict capital discipline and a

scalable operating model, and targets a post-tax RoTE of greater than 13% and a

cost/income ratio of below 60% in 2028. The bank also plans to increase its payout

ratio from 50% to 60% from 2026, with discretion to deploy and distribute excess

capital where the bank’s CET1 capital ratio sustainably exceeds its target

operating range of 13.5-14.0%.

Deutsche Bank’s long-term ambition is to become the European Champion with

leadership across key segments, market-leading returns, a deepened and scaled

global presence and network and an AI-powered and innovation-focused

organization. Further details of the bank’s ‘ Scaling the Global Hausbank’ strategy

and 2026-2028 goals can be found at https://investor-relations.db.com/ .     

2025 business and volume growth in line with goals

Net revenues of € 32.1 billion in 2025, up 7% year on year, included net

commission and fee income of € 10.9 billion, up 5% year on year, while net interest

income in key segments of the banking book remained resilient at € 13.7 billion, up

2%, reflecting higher deposit volumes .

Assets under management grew by € 124 billion across the Private Bank and

Asset Management, including net inflows of € 78 billion, during 2025; this is

expected to drive revenue growth in these businesses in future periods.

Fourth-quarter net revenues were € 7.7 billion, up 7% year on year and the bank’s

highest fourth-quarter revenues since 2014.

Media Release 5 | 13

Revenue performance in the bank’s businesses

Corporate Bank :

• 2025 net revenues were € 7.4 billion, down 1% year on year. This decrease

was driven primarily by FX movements and lower net interest income, partly

offset by growth of 5% in net commission and fee income. Deposit margin

compression was partly offset by growth of € 17 billion, or 5%, in deposits to

€ 329 billion during the year. Revenues in Corporate Treasury Services were

up 1% year on year at € 4.2 billion, Institutional Client Services revenues

declined 2% to € 1.9 billion, and Business Banking revenues were down 7%

to € 1.3 billion.

• Fourth-quarter net revenues were € 1.8 billion, down 2% on the prior year

quarter. The impacts of normalizing deposit margins and FX headwinds were

partly offset by interest rate hedging, deposit growth of € 25 billion during

the quarter with strong growth in sight deposits, and year-on-year growth of

4% in net commission and fee income. Corporate Treasury Services

revenues were € 1.0 billion, essentially flat year on year; revenues in

Institutional Client Services were down 5% to € 455 million and Business

Banking revenues declined 4% to € 318 million.

Investment Bank :

• 2025 net revenues grew 9% year on year to € 11.5 billion. Fixed Income &

Currencies (FIC) revenues rose 13% to € 9.6 billion, with FIC Markets up 13%

and FIC Financing revenues up 12%. Investment Banking & Capital Markets

revenues were € 1.9 billion, down 6%, or essentially flat if adjusted for

certain mark-to-market losses on Leveraged Debt Capital Markets

exposures early in the year. Debt Origination revenues were down 14% to

€ 1.1 billion. This more than offset growth in Equity Origination, which rose

21% to € 225 million, and a 1% rise in Advisory revenues to € 536 million.

• Fourth-quarter net revenues were € 2.5 billion, up 5% on the prior year

quarter. Revenues in FIC grew 6% to € 2.0 billion , the strongest fourth

quarter on record, despite lower levels of volatility. FIC Markets revenues

grew 7% to € 1.1 billion, largely driven by growth in Foreign Exchange and

Emerging Markets. FIC Financing revenues were up 6% to € 881 million,

reflecting continued momentum and focused balance sheet deployment

throughout 2025. Investment Banking & Capital Markets revenues declined

4% to € 495 million, driven in part by a 9% decline in Advisory revenues

compared to a very strong prior-year quarter. A 6% decline in Debt

Origination revenues largely offset growth of 23% in Equity Origination.

Media Release 6 | 13

Private Bank :

• 2025 net revenues were € 9.7 billion, up 3% year on year. Net interest

income was up 7% to € 6.2 billion and net commission and fee income

rose 1% year on year to € 3.0 billion. Revenues in Personal Banking were

€ 5.3 billion, up 1% year on year; growth in deposit revenues and investment

products offset lower lending revenues, which reflected the strategic

decision to optimize parts of the mortgage business and focus further

on value-accretive areas. Wealth Management revenues rose 6% to

€ 4.4 billion, predominantly driven by growth in investment product

revenues and deposits, while lending remained essentially flat. Assets under

management , at € 685 billion, were € 51 billion higher than year-end 2024,

driven partly by net inflows of € 27 billion.

• Fourth quarter net revenues were € 2.4 billion, up 3% year on year.

Revenues in Personal Banking were € 1.4 billion, down 1% year on year. In

Wealth Management, revenues grew 10% year on year to € 1.1 billion,

predominantly driven by growth in deposit revenues and investment

product revenues, while the prior year quarter was impacted by certain

hedging costs. Assets under management grew by a further € 10 billion,

including net inflows of € 2 billion.

Asset Management :

• 2025 net revenues were € 3.1 billion, up 16% year on year and the highest

for any year since the initial public offering of DWS in 2018. Management

fees grew 5% to € 2.6 billion. Performance and Transaction fees more than

doubled, to € 318 million, reflecting the recognition of performance fees

from Alternative Infrastructure. Other revenues were € 162 million, up from

€ 23 million in the prior year, driven by favorable valuations of guaranteed

products. Assets under management grew to € 1,085 billion, € 73 billion

higher than at the end of 2024, driven primarily by net inflows of € 51

billion .

• Fourth-quarter net revenues were € 888 million, up 25% on the prior year

quarter. Management fees were € 674 million, up 4% year on year, reflecting

higher average assets under management, predominantly in Passive

products. Performance and Transaction fees were significantly higher at €

173 million, reflecting continued strong performance fees from a multi-

asset fund and higher Infrastructure performance fees. Other Revenues

were € 41 million, materially higher, driven by the aforementioned

factors. Assets under management rose by € 30 billion during the quarter,

driven by market performance and net inflows of € 10 billion.

Media Release 7 | 13

Noninterest expenses: year-on-year reductions in line with guidance

Noninterest expenses were € 20.66 billion in 2025, down 10% year on year, in line

with the bank’s full-year forecast of approximately € 20.6 billion.

• Adjusted costs , which exclude nonoperating items, were € 20.3 billion,

down 1% year on year and in line with guidance. Higher variable

compensation expenses, reflecting the bank’s performance, were offset by

cost reductions in IT, professional services and other expenses.

• Nonoperating costs were € 362 million, down 86% from € 2.6 billion in

2024. This reduction was largely driven by significantly lower litigation

expenses, primarily relating to specific litigation items in 2024.

In the fourth quarter , noninterest expenses were € 5.3 billion, down 15% from the

prior year quarter.

• Adjusted costs were € 5.1 billion, down 3% from the prior year quarter and

in line with guidance.

• Nonoperating costs were € 168 million, down from € 945 million in the prior

year quarter, reflecting both significantly lower specific litigation items and

lower restructuring and severance expenses.

With effect from the first quarter of 2026, Deutsche Bank plans to discontinue the

separate reporting of adjusted costs and nonoperating costs.

The workforce was 89,879 FTEs at the end of 2025, essentially unchanged

compared to the end of 2024. In the fourth quarter, the workforce was reduced by

451 FTEs as hiring and the internalization of external staff were more than offset

by departures during the quarter.

Credit quality: provisions down 7% in 2025

Provision for credit losses was € 1.7 billion, or 36 basis points (bps) of average

loans, down 7% from € 1.8 billion, or 38 bps of average loans, in 2024 .

In the fourth quarter, provision for credit losses was € 395 million, or 33 bps

of average loans, down 5% from the previous quarter and down 6% from

€ 420 million in the prior year quarter.

Provision for non-performing (Stage 3) loans was € 532 million, up from € 357

million in the previous quarter and from € 415 million in the prior year quarter.

The quarter-on-quarter Stage 3 development reflected higher provisions in the

Corporate Bank than in previous quarters; a single-name provision in the

commercial real estate sector in the Investment Bank; and a rise in Private Bank

provisions following model updates which positively impacted the third quarter.

This increase in Stage 3 provisions was partly offset by releases of € 137 million in

performing (Stage 1 and 2) loan provisions. These releases reflected an improved

macro-economic outlook compared to earlier in 2025 and positive portfolio

effects, partly offset by higher overlays.

Media Release 8 | 13

Strong capital generation supports € 2.9 billion in further distributions

The Common Equity Tier 1 (CET1) capital ratio was 14.2% at the end of 2025, up

from 13.8% at the end of 2024. Organic capital generation from increased

profitability offset the combined impacts of higher capital distributions and

coupon payments, regulatory impacts and business growth during the year.

During 2025, the bank made capital distributions of € 2.3 billion, up 50% over

2024. These included the 2024 dividend of € 0.68 per share, or € 1.3 billion, and

share buybacks of € 1.0 billion, bringing cumulative distributions paid since 2022

to € 5.6 billion.

Deutsche Bank has proposed further capital distributions of € 2.9 billion in 2026 to

date, as outlined above. This would bring cumulative distributions to € 8.5 billion,

in excess of the bank’s original goal of € 8.0 billion, in respect of the financial years

2021-2025, paid or payable in 2022-2026. The bank aims to deliver further capital

distributions, subject to the customary authorizations, in the second half of 2026.

The fourth-quarter development of the bank’s CET1 ratio, from 14.5% to 14.2%,

largely reflected anticipated regulatory impacts. These included the

discontinuation, at the end of 2025, of the application of Article 468 Capital

Requirements Regulation (CRR) transitional rule for unrealized gains and losses

(‘OCI filter’), and the annual update of Operational Risk RWA calculations in line

with revised EBA guidance issued in June 2025. The fourth-quarter development

also reflected normalizing market risk levels and credit risk RWA growth. These

impacts were partly offset by strong organic capital generation as well as

securitization transactions executed in the quarter. With these transactions, RWA

efficiencies relating to the bank’s capital efficiency program reached € 31 billion,

exceeding the bank’s target range of € 25-30 billion by the end of 2025.

The Leverage ratio was 4.6% in the fourth quarter of 2025, stable versus the third

quarter, reflecting the aforementioned discontinuation of the capital filter for

unrealized gains and losses; higher leverage exposures, driven by higher year-end

cash balances and securities financing transactions, were offset by higher AT1

capital including AT1 issuance in the quarter.

Liquidity and funding strength

The Liquidity Coverage Ratio was 144%, above the regulatory requirement of

100%, representing a surplus of € 80 billion. The Net Stable Funding Ratio was

119%, within the bank’s target range of 115-120% and representing a surplus of

€ 106 billion above required levels.

Deposits were € 692 billion at the end of 2025, up by € 26 billion from year-end

2024 and including growth of € 29 billion during the fourth quarter of 2025,

reflecting franchise strength in the Corporate Bank, notably Corporate Cash

Management, and in the Private Bank.

Media Release 9 | 13

Sustainable Finance: volumes 2 reach € 471 billion since 2020 after a very strong

fourth quarter

Sustainable Financing and ESG investment volumes ex-DWS 2 were € 31 billion in

the quarter, the second-highest quarter since the bank began tracking these

volumes in 2020. This brought the 2025 total to € 98 billion, the highest annual

volume since 2021, and the cumulative total since January 1, 2020 to € 471 billion.

In the fourth quarter of 2025, Deutsche Bank’s businesses contributed as follows:

• Corporate Bank: € 7 billion in sustainable financing, raising the Corporate

Bank’s cumulative total since January 1, 2020, to € 91 billion.

• Investment Bank: € 20 billion in sustainable financing, capital market

issuance and market making, for a cumulative total of € 291 billion since

January 1, 2020.

• Private Bank: € 4 billion growth in ESG assets under management and new

client lending, and a cumulative total of € 80 billion since January 1, 2020.

In November 2025, Deutsche Bank announced a new target for a cumulative € 900

billion in sustainable and transition finance for the period from 2020 to the end of

2030. This target includes the bank’s sustainable financing and ESG investment

volumes since January 1, 2020 and reinforces Deutsche Bank’s role as a trusted

partner for clients in global transformation. The bank also launched its ambition to

facilitate 300 nature-related transactions by the end of 2027.

For the first time, Deutsche Bank achieved a place on the A-List with CDP, the

global environmental disclosure platform. This ranks Deutsche Bank among the

top four percent of companies rated by CDP in all sectors globally.

Notable transactions during the fourth quarter of 2025 included:

• Acting as Joint Global Coordinator on China Water Affairs Group Ltd USD

150 million 5-year Blue Bond. An amount equal to the net proceeds will be

allocated to finance or refinance eligible projects under its Green and Blue

Framework such as Clean Water or Sanitation.

• Refinancing and upsizing AUD 3 billion in Certified Green Loans – the

largest CBI2 green loan certification in 2025 – for Intellihub Group. The

financing supports the large-scale rollout of smart meters and energy

devices across Australia and New Zealand, enabling Intellihub to more than

double its current reach of over three million households by 2030.

• Joint Lead Arranger on a senior credit facility to the German FlixTrain to

finance 30 high-speed energy-efficient electric train units. This aligns with

the growing demand for eco-friendly transportation and supports Flix’s

target of reduction by ~41% of emission intensity (gCO2e/pkm) by 2032.

Media Release 10 | 13

Group results at a glance

1 For a description of this and other non-GAAP financial measures, see ‘Use of non-GAAP financial measures’

below, and on pp 15-22 of the fourth quarter 2025 Financial Data Supplement

2 Cumulative ESG volumes include sustainable financing (flow) and ESG investments (stock) in the Corporate

Bank, Investment Bank, Private Bank and Corporate & Other from January 1, 2020 to date. Products in scope

include capital market issuance (bookrunner share only), market making activities (annual average volume of

eligible bond inventory), sustainable financing, period-end assets under management and period-end pension

plan assets (gross assets). Cumulative volumes and targets do not include ESG assets under management

within DWS, which are reported separately by DWS

3 At period-end

Media Release 11 | 13

ESG Classification

We defined our sustainable financing and ESG investment activities in the “Sustainable Financing Framework”

and “Deutsche Bank ESG Investments Framework” which are available at investor-relations.db.com. Given the

cumulative definition of our target, in cases where validation against the Framework cannot be completed

before the end of the reporting quarter, volumes are reported upon completion of the validation in subsequent

quarters. In Asset Management, for details on ESG product classification of DWS, please refer to the section

“Our Responsibility – Sustainable Action – Our Product Suite” in DWS Annual Report 2024 .

For further information please contact:

Christian Streckert Eduard Stipic

Phone: +49 69 910 38079 Phone: +49 69 910 41864

Email: christian.streckert@db.com Email: eduard.stipic@db.com

Charlie Olivier

Phone: +44 20 7545 7866

Email: charlie.olivier@db.com

Investor Relations

+49 800 910-8000 (Frankfurt)

db.ir@db.com

Annual Media Conference

Deutsche Bank will host its Annual Media Conference at 09:00 CET today. This

event can be followed live on the bank’s website from 09:00 to 11:00 CET. 

Analyst call

An analyst call to discuss fourth quarter and full year 2025 financial results will

take place at 11:00 CET today. The Financial Data Supplement (FDS), presentation

and audio webcast for the analyst conference call are available at: www.db.com/

quarterly-results

A fixed income investor call will take place on January 30, 2026, at 15:00 CET.

This conference call will be transmitted via internet: www.db.com/quarterly-

results

Annual Report

The figures in this release are preliminary and unaudited. Deutsche Bank will

publish its 2025 Annual Report and Form 20-F on March 12, 2026.

Media Release 12 | 13

About Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and

wealth management products and services as well as focused investment banking to private individuals, small

and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the

leading bank in Germany with strong European roots and a global network.

Forward-looking statements

This release contains forward-looking statements. Forward-looking statements are statements that are not

historical facts; they include statements about our beliefs and expectations and the assumptions underlying

them. These statements are based on plans, estimates and projections as they are currently available to the

management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are

made, and we undertake no obligation to update publicly any of them in the light of new information or future

events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important

factors could therefore cause actual results to differ materially from those contained in any forward-looking

statement.

Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and

elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial

portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or

trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management

policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and

Exchange Commission. Such factors are described in detail in our SEC Form 20-F of March 13, 2025, under the

heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from

www.db.com/ir.

Basis of Accounting

Results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the

International Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”), including,

from 2020, application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate

mortgages with pre-payment options (the “EU carve out”). Fair value hedge accounting under the EU carve out

is employed to minimize the accounting exposure to both positive and negative moves in interest rates in each

tenor bucket thereby reducing the volatility of reported revenue from Treasury activities.

For the three-month period ended December 31, 2025, the application of the EU carve out had a positive

impact of € 463 million on profit before taxes and of € 308 million on profit. For the same time period in 2024,

the application of the EU carve out had a negative impact of € 127 million on profit before taxes and of € 60

million on profit. For the full year 2025, the application of the EU carve out had a positive impact of € 662

million on profit before taxes and of € 325 million on profit. For the full year 2024, the application of the EU

carve out had a negative impact of € 1.4 billion on profit before taxes and of € 976 million on profit. The

Group’s regulatory capital and ratios thereof are also reported on the basis of the EU carve out version of IAS

39. As of December 31, 2025, the application of the EU carve out had a negative impact on the CET1 capital

ratio of about 60 basis points compared to a negative impact of about 68 basis points as of December 31,

2024. In any given period, the net effect of the EU carve out can be positive or negative, depending on the fair

market value changes in the positions being hedged and the hedging instruments.

Media Release 13 | 13

Use of Non-GAAP Financial Measures

This report and other documents the bank has published or may publish contain non-GAAP financial

measures. Non-GAAP financial measures are measures of our historical or future performance, financial

position or cash flows that contain adjustments that exclude or include amounts that are included or

excluded, as the case may be, from the most directly comparable measure calculated and presented in

accordance with IFRS in our financial statements. Examples of our non-GAAP financial measures, and the

most directly comparable IFRS financial measures, are as follows:

Non-GAAP Financial Measure			Most Directly Comparable IFRS Financial Measure
Profit (loss) before tax before nonoperating costs, Profit (loss) before tax excluding specific litigation items			Profit (loss) before tax
Profit (loss) attributable to Deutsche Bank shareholders, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components, Profit (loss) excluding specific litigation items, Profit (loss) attributable to Deutsche Bank shareholders excluding specific litigation items			Profit (loss)
Net interest income in the key banking book segments			Net interest income
Revenues on a currency-adjusted basis			Net revenues
Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs, Specific litigation items			Noninterest expenses
Cost/income ratio excluding specific litigation items			Cost/income ratio based on noninterest expenses
Net assets (adjusted)			Total assets
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value			Total shareholders’ equity (book value)
Post-tax return on average shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average shareholders’ equity excluding specific litigation items, Post-tax return on average tangible shareholders’ equity excluding specific litigation items			Post-tax return on average shareholders’ equity
Tangible book value per basic share outstanding, Book value per basic share outstanding			Book value per share outstanding

Revenues and costs on a currency-adjusted basis are calculated by translating prior period revenues that were

generated or incurred in non-euro currencies into euros at the foreign exchange rates that prevailed during the

current period. These adjusted figures, and period-to-period percentage changes based thereon, are intended to

provide information on the development of underlying business volumes.

Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net

litigation charges and (iii) restructuring and severance, in total referred to as nonoperating costs , from

noninterest expenses under IFRS.

Specific litigation items are costs relating to the bank’s provision for Postbank takeover litigation, the reversal

of the bank’s RusChemAlliance (RCA) indemnification asset, and the bank’s provision relating to Polish FX

mortgages.

FAQ

How did Deutsche Bank (DB) perform financially in 2025?

Deutsche Bank delivered record 2025 results, with profit before tax of € 9.7 billion, up 84% year on year, and net profit of € 7.1 billion. Net revenues rose 7% to € 32.1 billion, while the cost/income ratio improved to 64%, meeting its efficiency target.

Did Deutsche Bank (DB) meet its 2025 return and cost targets?

Yes. Post-tax return on tangible equity reached 10.3%, in line with the goal of above 10%. The cost/income ratio improved to 64%, meeting the target of below 65%. All four core businesses achieved post-tax RoTE above 10% with double-digit profit growth.

What shareholder distributions did Deutsche Bank (DB) announce for 2025?

Management plans € 2.9 billion of capital distributions in respect of 2025, including a proposed dividend of € 1.00 per share (€ 1.9 billion) and € 1 billion in share buybacks. This would lift cumulative 2021‑2025 distributions to € 8.5 billion, exceeding its € 8.0 billion goal.

How strong is Deutsche Bank’s (DB) capital and liquidity position after 2025?

The Common Equity Tier 1 capital ratio rose to 14.2% at year-end 2025, up from 13.8% a year earlier. The Liquidity Coverage Ratio stood at 144%, well above the 100% requirement, and the Net Stable Funding Ratio was 119%, within the 115‑120% target range.

How did Deutsche Bank’s (DB) business segments perform in 2025?

Corporate Bank, Investment Bank, Private Bank, and Asset Management all posted double-digit profit growth and post-tax RoTE above 10% in 2025. Notably, Investment Bank profit before tax rose 20% to € 4.0 billion, and Asset Management profit before tax increased 55% to € 983 million.

What are Deutsche Bank’s (DB) strategic and sustainability milestones through 2025?

Deutsche Bank completed a € 2.5 billion operational efficiency program and achieved cumulative sustainable financing and ESG investment volumes of € 471 billion since 2020. It set a new target of € 900 billion in sustainable and transition finance from 2020 to 2030 and outlined 2026‑2028 growth and return goals.