Deutsche Bank (NYSE: DB) explains EU carve-out, IFRS basis and key non-GAAP measures

Rhea-AI Filing Summary

Deutsche Bank AG filed a Form 6-K summarizing that it published a separate document with key updates for 2Q 2026 and incorporating that material into an existing U.S. registration statement.

The report explains that Deutsche Bank’s financial targets and capital objectives are based on results prepared under EU IFRS, which include the so‑called EU carve-out. This allows portfolio fair value hedge accounting for certain non-maturing deposits and fixed-rate mortgages with prepayment options, aiming to reduce revenue volatility from Treasury activities. For U.S. reporting, the bank also prepares versions of some reports under IASB IFRS, which do not permit this carve-out.

The document outlines several non‑GAAP financial measures the bank uses, such as adjusted net interest income, currency‑adjusted revenues and costs, tangible shareholders’ equity, and related return and per‑share metrics, and points readers to prior filings for full definitions and reconciliations. It also emphasizes that both forward‑looking statements and forward‑looking non‑GAAP measures involve risks and uncertainties described in the bank’s 2025 Annual Report on Form 20‑F.

Key Terms

EU IFRS, EU carve-out, IASB IFRS, portfolio fair value hedge accounting, +1 more

5 terms

EU IFRS financial

"Deutsche Bank generally publishes its financial results prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union"

EU carve-out financial

"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”)."

IASB IFRS financial

"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)"

portfolio fair value hedge accounting financial

"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"

non-GAAP financial measures financial

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

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

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Available on EDGAR 07/01/2026 - 09:50 AM Accepted by SEC EDGAR 07/01/2026 - 09:50 AM Learn about SEC filing dates

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 June 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

Key updates communicated during 2Q 2026

On June 30, 2026, Deutsche Bank AG (“Deutsche Bank”) published the attached Exhibit 99.1, which describes key updates

communicated during 2Q 2026.

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 99.4 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 2025 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.

This Report on Form 6-K and Exhibit 99.1 hereto are hereby incorporated by reference into Registration Statement No.

333-278331 of Deutsche Bank AG.

Exhibits

Exhibit 99.1 Key updates communicated during 2Q 2026, June 30, 2026 (EU IFRS).

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 our beliefs and expectations. Any statement in this report that states our 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 we undertake 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 we

derive a substantial portion of our trading revenues, 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

2025 Annual Report on Form 20-F filed with the SEC, 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
Net interest income in the key banking book segments		Net interest income
Revenues on a currency-adjusted basis		Net revenues
Costs on a currency-adjusted basis		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 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 April 29, 2026 and (ii) the section “Supplementary Information (Unaudited): Non-GAAP Financial

Measures” of Deutsche Bank’s 2025 Annual Report on Form 20-F.

When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also 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: June 30, 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 June 2026 Form 6-K?

Deutsche Bank’s Form 6-K notes it published key 2Q 2026 updates and incorporates those disclosures into a U.S. registration statement. It also explains its use of EU IFRS, the EU carve-out, and several non-GAAP financial measures with references to earlier filings.

How does Deutsche Bank (DB) prepare its financial statements under EU IFRS?

Deutsche Bank prepares financial results under EU IFRS, including the EU carve-out for portfolio fair value hedge accounting. This treatment covers certain non-maturing deposits and fixed-rate mortgages with prepayment options and is used when setting the bank’s financial targets and capital objectives.

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

The EU carve-out allows Deutsche Bank to apply portfolio fair value hedge accounting to some deposits and mortgages. This is designed to offset both positive and negative interest-rate movements by tenor bucket, reducing volatility in reported revenue from Treasury activities under EU IFRS reporting.

How does IASB IFRS reporting differ from EU IFRS for Deutsche Bank (DB)?

Under IASB IFRS, Deutsche Bank cannot use the EU carve-out, though otherwise the standards align with EU IFRS. For instance, the 2025 Annual Report on Form 20-F was prepared under IASB IFRS and describes how results would differ without the EU carve-out adjustment.

Which non-GAAP financial measures does Deutsche Bank (DB) highlight in this document?

Deutsche Bank highlights non-GAAP measures including net interest income in key banking book segments, currency-adjusted revenues and costs, adjusted net assets, tangible shareholders’ equity, related average and per-share metrics, and post-tax return on average tangible shareholders’ equity, with IFRS comparables listed alongside them.

Where can investors find definitions of Deutsche Bank’s (DB) non-GAAP metrics?

Definitions and reconciliations for Deutsche Bank’s non-GAAP metrics are referenced in two places: the non-GAAP financial measures section of an April 29, 2026 Form 6-K exhibit, and the supplementary non-GAAP measures section of its 2025 Annual Report on Form 20-F.

Filing Exhibits & Attachments

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