Deutsche Bank (NYSE: DB) explains 1Q 2026 updates, IFRS carve-out and non-GAAP use

Rhea-AI Filing Summary

Deutsche Bank AG filed a Form 6-K summarizing how it presents financial information and key updates for 1Q 2026 via attached Exhibit 99.1 prepared under EU IFRS.

The bank explains that it generally reports using IFRS as endorsed by the EU, applying the “EU carve-out” for portfolio fair value hedge accounting on non‑maturing deposits and certain mortgages to reduce interest-rate driven revenue volatility in Treasury activities. For U.S. purposes, some reports, including the 2024 Form 20‑F, are prepared under IASB IFRS, which does not permit this carve-out.

The filing also highlights use of various non‑GAAP financial measures, such as net interest in key banking book segments, currency‑adjusted revenues and costs, and tangible shareholders’ equity metrics, and it cross‑references detailed descriptions and reconciliations in the 2025 non‑SEC and SEC annual reports. It includes standard forward‑looking statement cautions and incorporates this report and Exhibit 99.1 by reference into Registration Statement No. 333‑278331.

Key Terms

EU IFRS, EU carve-out, portfolio fair value hedge accounting, IASB IFRS, +2 more

6 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”)"

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"

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)"

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.

post-tax return on average tangible shareholders’ equity financial

"Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon)"

Form 6-K: How Foreign Companies Report to the SEC →

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 March 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 1Q 2026

On March 31, 2026, Deutsche Bank AG (“Deutsche Bank”) published the attached Exhibit 99.1, which describes key

updates communicated during 1Q 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 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.

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 1Q 2026, March 31, 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 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 the sections “Supplementary Information (Unaudited): Non-GAAP Financial

Measures” of the non-SEC Annual Report 2025 and the SEC Annual Report 2025.

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: March 31, 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 March 2026 Form 6-K?

Deutsche Bank’s Form 6-K explains how it reports financial information and furnishes key 1Q 2026 updates via Exhibit 99.1. It clarifies its use of EU IFRS, hedge accounting under the EU carve-out, and reliance on non-GAAP performance measures referenced to prior annual reports.

How does Deutsche Bank (DB) use the EU IFRS carve-out in its results?

Deutsche Bank generally prepares results under EU IFRS, applying the EU carve-out for portfolio fair value hedge accounting on non-maturing deposits and certain mortgages. This approach seeks to minimize accounting exposure to interest-rate movements across tenor buckets, reducing reported Treasury revenue volatility compared with IASB IFRS treatment.

What is the difference between EU IFRS and IASB IFRS for Deutsche Bank (DB)?

For Deutsche Bank, EU IFRS includes an EU carve-out allowing portfolio fair value hedge accounting for specific deposits and mortgages. IASB IFRS, used in the 2024 Form 20-F, does not permit this carve-out but is otherwise the same framework, so reported results can differ where hedge accounting treatment diverges.

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

Deutsche Bank highlights non-GAAP measures such as net interest in key banking book segments, currency-adjusted revenues and costs, adjusted net assets, tangible shareholders’ equity, and tangible book value per share. Each is linked to the closest IFRS metric, with explanations and adjustments detailed in its 2025 annual reporting materials.

How does this Form 6-K affect Deutsche Bank’s (DB) U.S. registration statements?

The Form 6-K states that this report and Exhibit 99.1 are incorporated by reference into Deutsche Bank’s Registration Statement No. 333-278331. Incorporation by reference allows U.S. investors to treat the furnished updates and disclosures as part of that registration statement’s information package.

What forward-looking statement cautions does Deutsche Bank (DB) provide?

Deutsche Bank notes that forward-looking statements reflect current plans and expectations and involve risks and uncertainties. Actual results may differ materially due to market conditions, borrower defaults, strategic implementation, risk management reliability, and other risk factors described in its 2025 Form 20-F under “Risk Factors.”

Filing Exhibits & Attachments

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