Deutsche Bank (DB) outlines 4Q 2025 updates and EU vs IASB IFRS basis

Rhea-AI Filing Summary

Deutsche Bank Aktiengesellschaft filed a Form 6-K summarizing information it shared with the market during 4Q 2025. The filing notes that Exhibit 99.1 contains key updates for the quarter, prepared using International Financial Reporting Standards as endorsed by the EU, including the so‑called EU carve-out for portfolio fair value hedge accounting. It explains that these EU IFRS figures underpin Deutsche Bank’s financial targets and capital objectives, while certain U.S. reports, such as its 2024 Form 20‑F, use IFRS as issued by the IASB, which does not allow that carve-out.

The report also highlights Deutsche Bank’s use of various non‑GAAP financial measures, such as adjusted costs, net assets (adjusted) and tangible shareholders’ equity, and points readers to prior disclosures for detailed definitions and reconciliations. An English translation of the most recently amended Articles of Association is attached as Exhibit 99.2, and the entire report is incorporated by reference into an existing registration statement.

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 December 2025

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 ☐

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Explanatory note

Key updates communicated during 4Q 2025

On December 31, 2025, Deutsche Bank published the attached Exhibit 99.1, which describes key updates communicated

during 4Q 2025.

Deutsche Bank generally publishes its financial 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. In addition, Deutsche Bank’s financial targets and capital objectives are based on its financial results prepared

in accordance with EU IFRS. Exhibit 99.1 hereto presents financial information using EU IFRS.

For U.S. reporting purposes, Deutsche Bank also prepare versions of certain of its financial reports 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. For example, Deutsche Bank’s 2024 Annual Report on Form

20-F has been prepared using IASB IFRS, and the impact of the EU carve-out is described in Note 1, “Material accounting

policies and critical accounting estimates – Basis of accounting – EU carve-out” to the consolidated financial statements

contained therein.

Additionally, an English translation of the most recently amended Article of Association of Deutsche Bank is attached

hereto as Exhibit 99.2

This Report on Form 6-K and the exhibits hereto are hereby incorporated by reference into Registration Statement No.

333-278331 of Deutsche Bank AG.

Exhibits

Exhibit 99.1 : Key updates communicated during 4Q 2025, December 31, 2025 (EU IFRS).

Exhibit 99.2 : English translation of Articles of Association of Deutsche Bank Aktiengesellschaft in conformity with the

resolution of the Supervisory Board on November 21, 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) attributable to Deutsche Bank shareholders for the segments, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components for the segments		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		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
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) the section “Non-GAAP financial measures” of Exhibit 99.1 to Deutsche

Bank’s Report on Form 6-K dated October 29, 2025 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 5, 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

FAQ

What does Deutsche Bank (DB) disclose in this Form 6-K for 4Q 2025?

The Form 6-K states that Exhibit 99.1 contains key updates communicated during 4Q 2025, prepared under EU IFRS, and that Exhibit 99.2 is an English translation of the most recently amended Articles of Association.

Which accounting standards does Deutsche Bank (DB) use in this update?

Deutsche Bank explains that it generally uses EU IFRS, which includes the EU carve-out for portfolio fair value hedge accounting, for its financial reporting, targets and capital objectives, while some U.S. reports, such as its 2024 Form 20‑F, are prepared under IASB IFRS without the carve-out.

What is the EU IFRS carve-out mentioned by Deutsche Bank (DB)?

The filing notes that under the EU carve-out, Deutsche Bank applies portfolio fair value hedge accounting for non-maturing deposits and certain fixed rate mortgages to reduce volatility in reported Treasury revenues from interest rate movements across tenor buckets.

How does Deutsche Bank (DB) describe its non-GAAP financial measures?

Deutsche Bank lists several non-GAAP financial measures, including adjusted costs, net assets (adjusted), net interest income in key banking book segments, tangible shareholders’ equity and various returns on average (tangible) equity, and identifies the most directly comparable IFRS measures such as profit (loss), net interest income, net revenues, noninterest expenses, total assets and total shareholders’ equity.

Where can investors find detailed definitions of Deutsche Bank (DB) non-GAAP measures?

The report directs readers to the “Non-GAAP financial measures” section of Exhibit 99.1 to the Form 6-K dated October 29, 2025, and to the “Supplementary Information (Unaudited): Non-GAAP Financial Measures” section on pages 422 to 428 of the 2024 Form 20‑F.

Does this Deutsche Bank (DB) filing include forward-looking statements?

Yes. The report contains a forward-looking statements section explaining that such statements reflect current plans and expectations, involve risks and uncertainties, and may differ materially from actual results due to factors described in the 2024 Form 20‑F risk factors.

Is this Deutsche Bank (DB) Form 6-K linked to any registration statement?

The report states that this Form 6‑K and its exhibits are incorporated by reference into Deutsche Bank AG’s Registration Statement No. 333-278331.