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Explanatory note and Exhibits

This Report on Form 6-K contains the following exhibits. This Report on Form 6-K and the exhibits hereto are hereby

incorporated by reference into Deutsche Bank’s Registration Statement No. 333-278331. For the avoidance of doubt,

the section of the Interim Report (contained in Exhibit 99.1) entitled “Risks and Opportunities” is intended to supplement,

but not replace, the section “Risk Factors” in the Deutsche Bank’s 2025 Annual Report on Form 20-F.

Exhibit 99.1: Deutsche Bank AG’s Interim Report as of June 30, 2026 (IASB IFRS).

Exhibit 99.2: Capitalization table of Deutsche Bank AG as of June 30, 2026 (IASB IFRS).

For non-U.S. purposes, Deutsche Bank publishes its Interim Report and other financial reporting documents setting forth

results prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European

Union, including application of fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro

hedges) in accordance with the EU carve out version of IAS 39 (“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.

For U.S. reporting purposes, Deutsche Bank also publishes its Interim Report 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 Interim Report using IASB IFRS is attached as Exhibit 99.1 hereto. The

impact of the EU carve out is described in the section “Basis of preparation/impact of changes in accounting principles”

thereof.

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.

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 (“ex-FX”)		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 hereto 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 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.