db-20260630


Deutsche Bank	Global economy
Interim Report as of June 30, 2026

Management report

Global economy


Economic growth (in %)1	Jun 30, 2026	Dec 31, 20254	Main driver
Global Economy2	3.2	3.4	In the first half of 2026, the global economy was marked by heightened geopolitical uncertainty stemming from the Middle East conflict, which triggered volatility in oil and gas prices and increased consumer price inflation. The resulting loss of purchasing power, combined with weaker investment, weighed on growth momentum
Of which:
Developed countries	1.4	1.7	In developed countries, the energy price volatility was felt to varying degrees, depending on domestic reserves and sourcing capacities. Overall, the rise in inflation reduced purchasing power and weighed on private consumption. In response to mounting price pressures, some central banks began to raise interest rates
Emerging markets	4.2	4.5	Emerging markets experienced energy price volatility to varying degrees. In parts of Asia, high dependence on imports from the Middle East led to physical shortages. In Latin America, the impact from energy prices was less pronounced. Central European emerging economies remained resilient
Eurozone Economy3	0.4	1.3	The Eurozone economy was particularly exposed to the increase in oil and gas prices, given its heavy reliance on imported energy. The resulting cost pressures weighed on several industries, while rising inflation constrained private consumption. The ECB responded with cautious monetary tightening, beginning with an initial interest rate increase
Of which: Germany Economy	0.3	0.2	The increase in energy prices weighed on private demand and investment. Government consumption, however, provided a tailwind to the economy. Manufacturing, in particular, has received a large number of public orders, but capacity will need to be expanded before orders can be fulfilled
U.S. Economy3	2.4	2.1	In the United States, growth proved resilient, supported in particular by strong artificial intelligence (AI)-related investment. Private consumption, by contrast, felt the effects of elevated inflation. With the labor market remaining stable, the Federal Reserve decided to keep policy rates unchanged during the first half of the year
Japanese Economy3	0.5	1.1	Japan’s economy lost momentum in the first half of the year as oil prices rose. However, ample industrial inventories and diversified supply chains mitigated the impact. Private consumption was constrained by weaker real incomes. The Bank of Japan continued its monetary tightening with a further interest rate increase
Asia Economy3,5	5.1	5.5	Asia’s economic momentum was weakened by the increase in energy prices, policy measures in several Asian countries helped to contain the acceleration of inflation and limit the reduction in demand. Export growth remained resilient, supported by robust investment activity
Of which: Chinese Economy	4.3	5.0	China’s economy was supported by strong export performance, particularly the demand for AI-related products, in the first half of the year. Domestic demand lost momentum as inflation increased and government spending weakened. The People’s Bank of China left monetary policy unchanged

1Annual Real GDP Growth (% YoY). Sources: National Authorities unless stated otherwise

2The Global Economy growth rates are only available on an annual basis, hence full year forecasts for 2026 were used for half year numbers

3Quarterly Real GDP Growth (% YoY) Sources: Deutsche Bank Research. The half yearly numbers are not available, hence quarterly growth rates were used as indicative

growth percentage

4Some economic data for 2025 was revised by public statistics authorities. As a result, this data may differ from previously published

5Includes China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Sri Lanka, South Korea, Taiwan, Thailand and Vietnam; excludes Japan


Deutsche Bank	Banking Industry
Interim Report as of June 30, 2026

Banking industry


	Jun 30, 2026
Growth year-over- year (in %)	Corporate Lending	Retail Lending	Corporate Deposits	Retail Deposits	Main driver
Eurozone1	3.8	3.0	4.4	3.5	Lending to the private sector continued to pick up in the first half of 2026, especially with corporates. Momentum has reached its highest level in more than three years. However, this improvement is likely driven by a normalization following the 2023/24 downturn, rather than higher credit demand as the real economy remains weak and interest rates have increased slightly. Similar trends were observed on the funding side with corporate deposits more dynamic than retail deposits
Of which: Germany1	1.1	1.8	1.4	2.9	In the first few months of the year, the gap between loan growth in Germany and the Eurozone aggregate widened due to the impact from increased energy prices as a result of the Middle East conflict, and potentially reflecting delays in expected domestic structural economic reforms. Lending to companies increased slightly, while household lending was essentially flat. In both cases, growth rates stayed consistently below inflation. Moderate expansion of retail deposits continued, while corporate deposits slowed
US	6.2	2.6	6.22	6.22	Supported by a resilient U.S. economy, loan growth within the corporate sector accelerated significantly in the first half of 2026, to a level last seen in 2023. This was mainly the result of commercial lending. Retail loans continued to expand only moderately. Total deposit accumulation also accelerated, with deposit growth reaching its highest level since the COVID-19 pandemic
China1	8.1	(0.9)	4.8	7.5	Private sector lending slowed further in recent months, for the first time since records began in 2007. This is a fundamental shift after decades of double-digit growth. Compared to the nominal GDP trend, this amounts to considerable deleveraging. On the funding side, deposit- taking with households also weakened to the lowest level in years, while it remained largely flat with companies

1May 31, 2026

2Total U.S. deposits as sector breakdown is not available

The Investment Banking & Capital Markets industry fee pool was € 52.8 billion in the first half of 2026, up 16%

year on year. This was the second highest fee pool in the first half of the year since 2021, demonstrating

continued momentum in industry activity during the current growth cycle. Despite market volatility due to the

Middle East conflict, the fee pool exceeded prior-year levels in each of the first six months of 2026. The mergers &

acquisitions fee pool, largely reflecting closed deals, reached a record level for first half of 2026 at € 20.1 billion,

14% higher than the same period in the prior year, supported by strong announced deal volumes in 2025. This

strong announced activity has continued into this year, but remains skewed towards the U.S. and megadeals. In

Capital Markets, the Equity Capital Markets fee pool was € 9.9 billion, 64% higher year on year, led by a sharp

increase in initial public offerings, especially in the U.S. Leverage Debt Capital Markets fees were broadly flat year

on year at € 8.8 billion, with the industry impacted by concerns over artificial intelligence’s impact on software

companies and a rise in borrowing costs for high yield clients after oil prices spiked in the first quarter of 2026.

However, the second quarter of 2026 improved year on year as some of these concerns subsided. In Investment

Grade Debt Capital Markets, fees reached record levels for the first half of the year at € 14 billion, supported by

record volumes and strong levels of activity across corporates, financial institutions as well as sovereigns,

supranationals and agencies. In Fixed Income, revenue pools are expected to be slightly higher than the strong

first six months of 2025. Foreign exchange client activity increased marginally across the ten most traded

currencies globally, notably against a backdrop of elevated volatility in the first quarter of 2026. Emerging

Markets activity also increased and was driven primarily by Foreign Exchange activity. In Rates, activity was

expected to be slightly lower in the first half of 2026 versus a very strong prior year period. Credit Trading has

improved compared to the prior year, which saw credit spreads and secondary trading temporarily impacted by

the market reaction to the U.S. administration’s tariff policy announced in the second quarter of 2025. In

Financing, client demand for the first half of 2026 remained robust and largely in line with the prior year period.


Deutsche Bank	Strategy
Interim Report as of June 30, 2026

Strategy

The following section provides an overview of Deutsche Bank’s implementation of its strategy during the first six months

of 2026 and should be read in conjunction with the strategy section in the Annual Report 2025.

Scaling the Global Hausbank

Deutsche Bank’s strategy, Scaling the Global Hausbank, focuses on accelerating value creation through focused growth,

disciplined capital management and a scalable operating model. Shareholder value add (SVA) remains the central

steering principle, guiding resource allocation and accountability across the bank.

Key performance indicators for 2028:

Financial targets:

–Post-tax return on average tangible equity of greater than 13% for the Group

–Cost/income ratio of below 60%

Capital objectives:

–CET1 capital ratio within an operating range of 13.5% to 14.0%, with a 200 basis points distance to the Maximum

Distributable Amount (MDA) as a floor

–60% total payout ratio from 2026 and distribution of excess capital when CET1 capital ratio is sustainably above 14%

Post-tax return on average tangible equity is a non-GAAP financial measure. Please refer to “Supplementary information:

Non-GAAP financial measures” of this report for the definitions of such measures and reconciliations to the IFRS

numbers on which they are based.

Deutsche Bank’s financial targets and capital objectives are based on the bank’s financial results prepared in accordance

with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board

(“IASB”) and endorsed by the European Union (“EU”). For further details, please refer to the section ‘Basis of preparation/

impact of changes in accounting principles’ in this report.

Progress on strategy implementation

During the first six months of 2026, Deutsche Bank made further progress in executing its strategy, delivering focused

growth while maintaining disciplined capital deployment and advancing its scalable operating model. The bank has

delivered revenue growth consistent with the bank’s 2026 revenue ambition of around € 33 billion with strong

contribution from the Investment Bank and focused growth areas, including asset gathering in Private Bank and Asset

Management. The bank maintained strict capital discipline and announced the sale of the Private Bank’s India franchise,

which is expected to be SVA-positive upon closing next year, and took a number of capital-accretive measures across the

businesses. In addition, the bank progressed on its scalable operating model by continuing to simplify the operating

model in the Private Bank and made targeted investments in technology and front-to-back capabilities across the bank.

For example, the Corporate Bank continued investing in its Cash Management capabilities and strengthening its

coverage and sales platforms with multinational companies.

The bank has completed the majority of its current € 1 billion share repurchase program and received supervisory

approval for a second share repurchase program of € 500 million, to be executed in the second half of 2026. This second

repurchase program contributes to the target payout ratio of 60% in relation to the net profit of 2026.

Sustainability

Deutsche Bank sustainability highlights included:

–Supporting a German electricity grid operator with a € 100 million loan to finance investments in grid infrastructure,

including substations, grid connectivity and charging infrastructure. More than 90% of revenues are generated from

sustainable activities under the company’s framework

–Participating in a € 3.0 billion inaugural green bond for an Asia-Pacific public transport operator, the largest euro-

denominated green bond issuance from APAC. Proceeds will fund eligible green projects under the issuer's

Sustainable Finance Framework, including renewable energy, low-carbon transportation and energy efficiency

–Financing a German public transport operator who will allocate the proceeds of a € 180 million Green Schuldschein to

finance metro, bus and related-service refurbishments, supporting low-carbon and zero-emission public transport

–Reconfirmation as a constituent of the Dow Jones Best in Class World and Europe Indices following the latest

Corporate Sustainability Assessment by the rating agency S&P Global


Deutsche Bank	Group results
Interim Report as of June 30, 2026

Group results

The information presented in this section is based on IFRS as issued by the IASB (IASB IFRS), whereas Deutsche Bank’s

financial targets and capital objectives are based on financial results prepared in accordance with IFRS as issued by the

IASB and endorsed by the EU (EU IFRS). The IASB IFRS financial results may materially differ from the EU-IFRS results as

Deutsche Bank applies hedge accounting under the EU carve-out. Deutsche Bank does not use the IASB IFRS financial

results as a basis for measuring the bank’s progress towards its financial targets or capital objectives. For additional

details, please refer to “Basis of preparation/impact of changes in accounting principles” in this report.

Deutsche Bank reported profit before tax of € 3.4 billion in the second quarter of 2026, up by € 411 million, or 14%,

compared with the prior year quarter. Post-tax profit was € 2.4 billion in the second quarter of 2026, up by € 285 million,

or 13%, from the prior year quarter.

Post-tax return on average shareholders’ equity (RoE) was 12.5%, up from 11.0% in the prior year quarter. Post-tax return

on average tangible shareholders’ equity (RoTE) was 14.0%, up from 12.2% in the prior year quarter. Cost/income ratio

was 58%, improved from 59% in the second quarter of last year.

Net revenues in the second quarter of 2026 increased by 10% year on year to € 9.2 billion, reflecting growth across all

business segments. Net commission and fee income grew by € 186 million or 7% to € 2.9 billion compared to the prior

year period. Net interest income was € 4.3 billion, up by € 458 million, or 12%, versus the prior year period. Net interest

income in the key banking book segments increased by 5% to € 3.6 billion, from € 3.4 billion in the prior year period.

Noninterest expenses were € 5.3 billion, up 8% year on year, driven by increases in fixed-pay and performance-related

compensation, continued investments in the franchise as well as the impact of the announced sale of the Private Bank’s

India franchise, and the non-recurrence of litigation-related releases that benefited the prior-year quarter, partly offset

by operating efficiencies.

Provision for credit losses was € 460 million in the second quarter of 2026, or 37 basis points of average loans, an

increase of 9% compared with the prior year quarter. The impact from the planned exit of certain non-performing

exposures as part of capital-accretive de-risking actions was partially offset by overlay releases.

Common Equity Tier 1 (CET1) capital ratio was 13.9% at the end of June 2026, in line with the bank's operating

range, after reflecting capital deductions consistent with its 60% payout ratio. In July, Deutsche Bank announced a

new € 500 million share repurchase program, funded from 2026 net profit and fully covered by existing capital

deductions.

Deutsche Bank’s profit before tax was € 5.6 billion in the first six months of 2026, up by € 153 million, or 3%, versus the

prior year period, driven by slightly higher revenues, partly offset by slightly higher noninterest expenses and higher

provision for credit losses. Post-tax profit was € 4.0 billion in the first six months of 2026, up by € 111 million, or 3%,

versus the prior year period.

RoE in the first six months of 2026 was 10.0% versus 9.8% in the prior year period. RoTE was 11.1%, compared to 10.9% in

the prior year period. The cost/income ratio was 62%, essentially flat versus the prior year period.

Net revenues were € 17.0 billion for the first six months of 2026, up by € 513 million, or 3%, year on year. Net commission

and fee income grew by € 239 million or 4% to € 5.7 billion compared to the prior year period. Net interest income in the

first half of 2026 was € 8.4 billion, up 8% from € 7.7 billion in the prior year period. Net interest income in the key banking

book segments increased by 6% to € 7.2 billion, from € 6.8 billion in the prior year period.

Noninterest expenses increased by € 276 million, or 3%, to € 10.5 billion in the first six months of 2026. The increase was

driven by planned incremental investments in technology enhancements, operating model optimization in the Private

Bank and hiring across Wealth Management and Investment Banking & Capital Markets as well as the expansion of

Corporate Bank solutions. Partly offsetting were operating efficiencies through workforce and target operating model

measures.

In the first six months of 2026, provision for credit losses was € 979 million, or 40 basis points of average loans, up 9%

from € 894 million in the prior year period.

Net interest income in the key banking book segments and post-tax return on average tangible shareholders’ equity are

Non-GAAP financial measures. Please refer to “Supplementary information: Non-GAAP financial measures” of this report

for the definitions of such measures and reconciliations to the IFRS measures on which they are based.


Deutsche Bank	Group results
Interim Report as of June 30, 2026

Group results at a glance


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute change	Change in %
Net revenues:
Of which:
Private Bank	2,566	2,371	195	8	5,133	4,810	324	7
Asset Management	756	725	31	4	1,558	1,455	103	7
Corporate Bank	1,906	1,896	10	1	3,722	3,763	(40)	(1)
Investment Bank	3,185	2,687	498	19	6,558	6,049	509	8
Corporate & Other	754	660	94	14	13	396	(382)	(97)
Total net revenues	9,168	8,339	829	10	16,985	16,471	513	3
Provision for credit losses	460	423	37	9	979	894	84	9
Noninterest expenses:
Compensation and benefits	3,108	2,894	214	7	6,037	5,935	102	2
General and administrative expenses	2,233	2,065	168	8	4,415	4,245	170	4
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	(1)	—	(2)	N/M	—	(5)	5	(99)
Total noninterest expenses	5,340	4,959	381	8	10,451	10,175	276	3
Profit (loss) before tax	3,368	2,957	411	14	5,555	5,402	153	3
Income tax expense (benefit)	966	840	126	15	1,595	1,554	41	3
Profit (loss)	2,401	2,116	285	13	3,960	3,849	111	3
Profit (loss) attributable to noncontrolling interests	55	46	9	19	110	90	20	22
Profit (loss) attributable to Deutsche Bank shareholders and additional equity components	2,347	2,070	276	13	3,850	3,758	92	2
Profit (loss) attributable to additional equity components	210	202	8	4	417	395	22	6
Profit (loss) attributable to Deutsche Bank shareholders	2,136	1,868	268	14	3,433	3,363	69	2

Post-tax return on average shareholders' equity1	12.5%	11.0%	1.5ppt	N/M	10.0%	9.8%	0.2ppt	N/M
Post-tax return on average tangible shareholders' equity1	14.0%	12.2%	1.8ppt	N/M	11.1%	10.9%	0.2ppt	N/M
Cost/income ratio2	58.2%	59.5%	(1.2)ppt	N/M	61.5%	61.8%	(0.2)ppt	N/M
Common Equity Tier 1 capital ratio	13.9%	14.2%	(0.3)ppt	N/M	13.9%	14.2%	(0.3)ppt	N/M

Risk-weighted assets (in € bn)3	367	341	26	8	367	341	26	8
Of which: operational risk RWA (in € bn)3	65	59	6	11	65	59	6	11
Employees (full-time equivalent)3	89,742	89,426	316	—	89,742	89,426	316	—

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Non-GAAP Financial Measures” of this report

2 Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

3As of quarter-end


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Segment results

Private Bank

Profit before tax was € 605 million in the second quarter of 2026, in line with the prior year period. This development was

primarily driven by higher noninterest expenses and credit loss provisions, offset by 8% year-on-year growth in revenues.

Post-tax RoE and post-tax RoTE increased to 10.8% and 11.3% compared to 10.4% and 10.8% respectively in the prior

year quarter. The cost/income ratio remained in line with the prior year quarter at 70%.

Net revenues were € 2.6 billion, up 8% year on year. Net interest income increased by 10% to € 1.7 billion, while net

commission and fee income was higher at € 0.8 billion compared to the prior year period. Revenue growth was driven by

significantly higher deposit and investment product revenues in line with the bank’s strategy, partially offset by

significantly lower other banking services. In Personal Banking, revenues were up 6% year on year at € 1.4 billion, as

significantly higher deposit revenues were partially offset by significantly lower revenues from other banking services. In

Wealth Management, revenues grew by 11% year on year to € 1.2 billion, reflecting higher revenues in deposits and

investment products, while lending revenues were slightly lower year on year.

Provision for credit losses was € 177 million in the second quarter of 2026, or 29 basis points of average loans. In the

prior year quarter, provision for credit losses was € 118 million, or 19 basis points of average loans, benefitting from a

model update. Credit quality remained resilient, with provisions reflecting stable portfolio quality.

Noninterest expenses were € 1.8 billion, up 8% year on year, reflecting continued incremental investments including

severance costs and the upfront impact of the announced sale of Private Bank’s India franchise.

Assets under management were € 732 billion at quarter end, reflecting continued growth with € 9 billion net inflows and

€ 28 billion positive market development.

For the first six months of 2026, the Private Bank reported a profit before tax of € 1.3 billion, up € 191 million, or 17%,

year on year. Post-tax RoE rose to 11.5%, from 9.4% in the prior year period, while post-tax RoTE was 12.0%, up from

9.5%. The cost/income ratio improved to 68% from 70% in the prior year period. These developments were primarily

attributable to a revenue increase of 7% to € 5.1 billion driven by significantly higher net interest income, while net

commission and fee income was slightly higher. Partly offsetting this were slightly higher noninterest expenses of

€ 3.5 billion, predominantly driven by the upfront impact related to divestment and continued incremental investments

including severance cost. Provision for credit losses was € 356 million, up from € 336 million in the corresponding prior

year period. The development reflects stable portfolio quality, while the prior year benefited from a credit loss provision

model update. The Private Bank recorded net inflows into assets under management of € 20.3 billion in the first six

months of the year.


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Private Bank results at a glance


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %
Net revenues:
Personal Banking	1,383	1,306	77	6	2,742	2,594	148	6
Wealth Management1	1,184	1,065	118	11	2,392	2,215	176	8
Total net revenues	2,566	2,371	195	8	5,133	4,810	324	7
Of which:
Net interest income	1,662	1,517	145	10	3,300	2,971	329	11
Net commission and fee income	799	739	59	8	1,651	1,571	80	5
Remaining income	106	115	(9)	(8)	182	268	(86)	(32)
Provision for credit losses	177	118	60	51	356	336	20	6
Noninterest expenses:
Compensation and benefits	766	675	90	13	1,467	1,414	54	4
General and administrative expenses	1,020	972	48	5	2,025	1,970	54	3
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	(2)	1	(2)	N/M	—	(5)	5	N/M
Total noninterest expenses	1,784	1,648	136	8	3,492	3,379	113	3
Noncontrolling interests	—	—	—	N/M	—	—	—	N/M
Profit (loss) before tax	605	605	—	—	1,286	1,094	191	17

Total employees (full-time equivalent)2	35,709	36,917	(1,208)	(3)	35,709	36,917	(1,208)	(3)
Risk-weighted assets (in € bn)2	97	93	4	4	97	93	4	4
Of which: operational risk RWA (in € bn)2	16	15	1	7	16	15	1	7
Assets under Management (in € bn)2,3	732	645	87	13	732	645	87	13
Net flows (in € bn)	9	6	2	39	20	12	8	66
Cost/income ratio4	69.5%	69.5%	—ppt	N/M	68.0%	70.3%	(2.2)ppt	N/M
Post-tax return on average shareholders’ equity5	10.8%	10.4%	0.3ppt	N/M	11.5%	9.4%	2.1ppt	N/M
Post-tax return on average tangible shareholders’ equity5	11.3%	10.8%	0.5ppt	N/M	12.0%	9.5%	2.5ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1Starting from the fourth quarter of 2025, the Private Bank renamed “Wealth Management & Private Banking” to “Wealth Management”

2As of quarter-end

3Assets under Management include assets held on behalf of customers for investment purposes and/or client assets that are advised or managed by Deutsche Bank. They

are managed on a discretionary or advisory basis or are deposited with the bank. Deposits are considered Assets under Management if they serve investment purposes. In

Personal Banking, this includes Term deposits and Savings deposits. In Wealth Management (excl. Business Banking), it is assumed that all customer deposits are held

with the bank primarily for investment purposes and accordingly are classified as Assets under Management. In instances in which the Private Bank distributes investment

products qualifying as Assets under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset

Management (DWS) because they are two distinct, independent qualifying services

4Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

5Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary information: Non-GAAP

financial measures” of this report


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Asset Management

Profit before tax was € 224 million in the second quarter of 2026, essentially flat year on year, as slightly higher net

revenues were offset by higher noninterest expenses. Post-tax RoE was 14.2%, up from 11.6% in the prior year quarter,

and post-tax RoTE was 38.8%, up from 26.0% compared to the prior year quarter. The cost/income ratio was 62%, up

from 60% in the second quarter of 2025.

Net revenues were € 756 million, slightly higher year on year at 4%. Management fees grew significantly by 13% year on

year to € 709 million, benefitting from strong markets and net flows resulting in increasing average assets under

management. Performance and transaction fees decreased significantly to € 11 million, predominantly reflecting lower

performance fees, as the prior-year period benefited from higher performance fees in Alternatives, while other revenues

were slightly down 3% year on year to € 36 million primarily driven by unfavorable valuation of guaranteed products,

partially offset by decreased funding charges.

Noninterest expenses were € 469 million, up 7% year on year, primarily reflecting higher fund-related service costs driven

by increased assets under management, as well as share price related compensation effects.

Assets under management increased by € 97 billion to € 1,190 billion during the second quarter of 2026. The increase

was primarily driven by strong markets and net flows, supported by favorable foreign exchange effects. Net flows were

€ 25 billion in the second quarter of 2026, compared to € 8 billion in the prior year quarter, predominantly driven by

Passive and Cash products.

For the first six months of 2026, profit before tax was € 504 million, significantly up 17% year on year. Post-tax RoE

increased to 16.1%, from 10.8% in the corresponding prior year period, and post-tax RoTE rose to 44.4%, from 24.2% in

the prior year period. The improvement in both ratios was supported by the update to the equity allocation framework

for Asset Management. The cost/income ratio improved to 59%, from 62% in the corresponding prior year period. This

development was driven by 7% growth in net revenues to € 1.6 billion, while noninterest expenses remained essentially

flat at € 914 million. Assets under management increased to € 1,190 billion, reflecting continued strong markets and net

inflows (mainly Passive), as well as favorable foreign exchange developments.


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Asset Management results at a glance


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %
Net revenues:
Management fees	709	630	79	13	1,382	1,268	114	9
Performance and transaction fees	11	58	(47)	(81)	120	95	25	26
Other	36	37	(1)	(3)	56	92	(36)	(39)
Total net revenues	756	725	31	4	1,558	1,455	103	7
Provision for credit losses	—	—	—	N/M	—	—	—	N/M
Noninterest expenses:
Compensation and benefits	243	226	17	8	486	476	9	2
General and administrative expenses	226	212	14	7	428	428	—	—
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	—	—	—	N/M	—	—	—	N/M
Total noninterest expenses	469	438	31	7	914	905	9	1
Noncontrolling interests	63	62	—	—	140	121	19	16
Profit (loss) before tax	224	225	(1)	—	504	429	75	17

Total employees (full-time equivalent)1	5,411	5,229	182	3	5,411	5,229	182	3
Risk-weighted assets (in € bn)1	17	13	4	28	17	13	4	28
Of which: operational risk RWA (in € bn)1	5	5	1	14	5	5	1	14
Assets under Management (in € bn)1,2	1,190	1,010	180	18	1,190	1,010	180	18
Net flows (in € bn)	25	8	16	192	36	28	7	26
Cost/income ratio3	62.0%	60.4%	1.7ppt	N/M	58.7%	62.2%	(3.5)ppt	N/M
Post-tax return on average shareholders’ equity4	14.2%	11.6%	2.5ppt	N/M	16.1%	10.8%	5.2ppt	N/M
Post-tax return on average tangible shareholders’ equity4	38.8%5	26.0%	12.8ppt	N/M	44.4%5	24.2%	20.2ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1As of quarter-end

2Assets under Management (AuM) means assets (a) the segment manages on a discretionary or non-discretionary advisory basis; including where it is the management

company and portfolio management is outsourced to a third party; and (b) a third party holds or manages and on which the segment provides, on the basis of contract,

advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. AuM represents both collective investments (including mutual funds and

exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each

reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update

monthly, quarterly or even yearly for some products. While AuM do not include the segment’s investments accounted for under equity method, they do include seed

capital and any committed capital on which the segment earns management fees. In instances in which Private Bank distributes investment products qualifying as Assets

under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset Management (DWS) because they

are two distinct, independent qualifying services

3Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

4Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary information: Non-GAAP

financial measures” of this report

5Starting from the fourth quarter 2025 the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -

Business segments and related information” of the Annual Report 2025


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Corporate Bank

Profit before tax was € 691 million in the second quarter of 2026, down by 6% year on year, driven by slightly higher

noninterest expenses and significantly higher provision for credit losses partly offset by a slight increase in revenues.

Post-tax RoE was 15.0%, down from 16.2% in the prior year quarter, and post-tax RoTE was 16.4%, down from 17.6% in

the prior year quarter. The cost/income ratio was 62%, up from 60% in the second quarter of 2025.

Net revenues were € 1.9 billion in the second quarter of 2026, up 1% year on year, supported by higher business volumes,

interest rate hedging and growth in net commission and fee income, compared against a very strong prior year quarter.

Corporate Treasury Services revenues were € 1.1 billion, up 3% year on year, benefitting from higher business volumes

and interest rate hedges. Institutional Client Services revenues declined by 6% year on year to € 496 million, mostly

driven by the non-repetition of certain items in the prior year period, partly offset by higher business volumes and growth

in net commission and fee income. Business Banking revenues of € 326 million were up 3% year on year, as margin

normalization was offset by interest hedging and higher business volumes.

Provision for credit losses was € 38 million in the second quarter of 2026, or 13 basis points of average loans, reflecting

solid underlying portfolio quality, compared to € 22 million in the prior year quarter, which benefitted from model

updates.

Noninterest expenses were € 1.2 billion, up 4% year on year, driven by volume-related growth and franchise investments

as well as the non-recurrence of a litigation provision release in the prior year quarter, partially offset by disciplined cost

management.

For the first six months of 2026, profit before tax was € 1.3 billion, down 4% year on year. Post-tax RoE decreased to

14.2%, from 14.7% in the prior year period and post-tax RoTE was 15.6%, down from 15.9% in the prior year. The cost/

income ratio increased to 62%, from 61% in the prior year period. These developments were driven by a 1% decline in

revenues to € 3.7 billion and a 1% increase in noninterest expenses to € 2.3 billion, partly offset by a 13% decline in

provision for credit losses to € 86 million.


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Corporate Bank results at a glance


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %
Net revenues:
Corporate Treasury Services	1,084	1,053	31	3	2,158	2,126	33	2
Institutional Client Services	496	527	(31)	(6)	916	1,000	(84)	(8)
Business Banking	326	316	10	3	648	637	11	2
Total net revenues	1,906	1,896	10	1	3,722	3,763	(40)	(1)
Of which:
Net interest income	1,163	1,169	(5)	—	2,308	2,329	(22)	(1)
Net commission and fee income	723	696	27	4	1,386	1,353	33	2
Remaining income	20	32	(12)	(37)	28	80	(52)	(65)
Provision for credit losses	38	22	17	76	86	99	(13)	(13)
Noninterest expenses:
Compensation and benefits	445	399	45	11	864	803	61	8
General and administrative expenses	733	737	(4)	(1)	1,458	1,491	(33)	(2)
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	—	—	—	N/M	—	—	—	N/M
Total noninterest expenses	1,177	1,137	41	4	2,322	2,294	28	1
Noncontrolling interests	—	—	—	N/M	—	—	—	N/M
Profit (loss) before tax	691	738	(47)	(6)	1,314	1,370	(56)	(4)

Total employees (full-time equivalent)1	27,372	26,163	1,208	5	27,372	26,163	1,208	5
Risk-weighted assets (in € bn)1	74	72	2	2	74	72	2	2
Of which: operational risk RWA (in € bn)1	12	11	1	6	12	11	1	6
Cost/income ratio2	61.8%	59.9%	1.8ppt	N/M	62.4%	61.0%	1.4ppt	N/M
Post-tax return on average shareholders’ equity3	15.0%	16.2%	(1.2)ppt	N/M	14.2%	14.7%	(0.5)ppt	N/M
Post-tax return on average tangible shareholders’ equity3	16.4%	17.6%	(1.1)ppt	N/M	15.6%	15.9%	(0.3)ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1As of quarter-end

2Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

3Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary information: Non-GAAP

financial measures” of this report


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Investment Bank

Profit before tax was € 1.3 billion in the second quarter of 2026, 59%, higher year on year, driven by significantly higher

revenues and a reduction in provision for credit losses, partially offset by higher noninterest expenses. Post-tax RoE was

12.9%, up from 8.4%, and post-tax RoTE was 13.4%, up from 8.7% in the prior year quarter. The cost/income ratio

improved to 53%, from 60% in the second quarter of last year.

Net revenues were € 3.2 billion, 19% higher compared to the prior year period, reflecting a record second quarter in Fixed

Income & Currencies (FIC) performance and significantly higher Investment Banking & Capital Markets (IBCM) revenues.

FIC delivered record second quarter revenues of € 2.6 billion, up 16% year on year. This is significantly higher than the

prior year quarter, driven by strength in FIC Markets. FIC Markets revenues increased by 27% year on year to € 1.7 billion,

led by Rates and Credit Trading growth, while FIC Financing revenues of € 905 million were essentially flat when

compared to a strong prior year quarter. IBCM revenues of € 559 million in the second quarter of 2026 were 36% higher

year on year, reflecting strength in both Equity Origination and Advisory in a growing industry fee pool (Dealogic).

Provision for credit losses was € 174 million in the second quarter, or 58 basis points of average loans, significantly lower

compared to the prior year quarter, as an overlay release and the non-recurring impact of model updates in the prior year

quarter more than offset the impact from the planned exit of certain non-performing exposures as part of capital-

accretive de-risking actions.

Noninterest expenses were € 1.7 billion, 6% higher year on year, materially driven by targeted hiring and performance-

related compensation.

For the first six months of 2026, profit before tax was € 2.8 billion, up 16% year on year. Post-tax RoE rose to 14.0%, from

12.9% in the corresponding period in the prior year, while post-tax RoTE was 14.5%, up from 13.3% in the prior year

period. The cost/income ratio improved to 51%, from 54% in the corresponding period in the prior year. This development

was driven by an 8% increase in net revenues to € 6.6 billion across both FIC and IBCM, partially offset by noninterest

expenses increasing by 3% to € 3.3 billion, and provision for credit losses increasing by 10% to € 464 million.


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Investment Bank results at a glance


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %
Net revenues:
Fixed Income & Currencies	2,614	2,247	367	16	5,466	5,142	324	6
Fixed Income & Currencies: Financing	905	904	2	—	1,872	1,809	63	3
Fixed Income & Currencies: Markets1	1,708	1,343	365	27	3,594	3,333	261	8
Investment Banking & Capital Markets2	559	410	149	36	1,036	864	172	20
Debt Origination	266	223	44	20	568	498	69	14
Equity Origination	121	49	72	148	187	101	86	86
Advisory	172	139	33	24	282	265	17	6
Research and Other3	12	30	(18)	(59)	56	43	13	29
Total net revenues	3,185	2,687	498	19	6,558	6,049	509	8
Provision for credit losses	174	259	(84)	(33)	464	422	42	10
Noninterest expenses:
Compensation and benefits	781	721	60	8	1,509	1,473	36	2
General and administrative expenses	918	879	40	5	1,833	1,776	57	3
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	—	—	—	N/M	—	—	(1)	N/M
Total noninterest expenses	1,699	1,600	100	6	3,342	3,250	92	3
Noncontrolling interests	1	2	(1)	(50)	2	6	(4)	(72)
Profit (loss) before tax	1,311	826	484	59	2,751	2,371	379	16

Total employees (full-time equivalent)4	20,233	20,004	229	1	20,233	20,004	229	1
Risk-weighted assets (in € bn)4	147	132	15	11	147	132	15	11
Of which: operational risk RWA (in € bn)4	18	15	3	17	18	15	3	17
Cost/income ratio5	53.3%	59.5%	(6.2)ppt	N/M	51.0%	53.7%	(2.8)ppt	N/M
Post-tax return on average shareholders’ equity6	12.9%	8.4%	4.6ppt	N/M	14.0%	12.9%	1.2ppt	N/M
Post-tax return on average tangible shareholders’ equity6	13.4%	8.7%	4.7ppt	N/M	14.5%	13.3%	1.2ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1Starting from the fourth quarter of 2025, the additional sub-category “Fixed Income & Currencies: Ex Financing“ within Fixed Income & Currencies (FIC) was renamed to

“Fixed Income & Currencies: Markets“

2 Starting from the fourth quarter of 2025, Deutsche Bank renamed “Origination & Advisory” within the Investment Bank to “Investment Banking & Capital Markets”

3Historically, certain bank funding charges that were allocated to the Investment Bank but not directly attributable to specific balance sheet positions were reported

within “Research and Other”. Beginning the third quarter of 2025 these charges have been allocated to underlying businesses based on an agreed allocation key in order

to support ongoing refinement of business level reporting. Prior year’s comparatives are aligned to presentation in the current year

4As of quarter-end

5Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

6Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary information: Non-GAAP

financial measures” of this report


Deutsche Bank	Segment results
Interim Report as of June 30, 2026

Corporate & Other

Corporate & Other reported a profit before tax of € 537 million in the second quarter of 2026 driven by positive revenues

from valuation and timing differences. This is slightly lower compared to a profit before tax of € 563 million in the prior

year quarter.

Net revenues were positive € 754 million in the second quarter of 2026, compared to positive € 660 million in the prior

year quarter. Revenues relating to valuation and timing differences were positive € 889 million reflecting gains on

portfolio hedges of interest rate risk, where fair value hedge accounting cannot be applied under IFRS as issued by the

IASB. This compares to positive € 751 million in the prior year quarter.

Provision for credit losses were € 70 million in the second quarter of 2026, driven by single-name events compared to

€ 25 million in the prior year quarter.

Noninterest expenses were € 210 million in the second quarter of 2026, compared to € 137 million in the prior year

quarter with the year-on-year change driven by litigation. Expenses associated with shareholder activities were

€ 156 million in the second quarter of 2026, compared to € 167 million in the prior year quarter.

Noncontrolling interests are reversed in Corporate & Other after deduction from the divisional profit before tax. These

were positive € 64 million for the second quarter of 2026 compared to positive € 65 million in the prior year quarter,

mainly related to DWS.

For the first six months of 2026, loss before tax was € 299 million, compared to a profit before tax of € 138 million for the

first six months of 2025. Net revenues were positive € 13 million driven by lower gains on portfolio hedges of interest rate

risk compared to positive € 396 million for the first six months of 2025. Noninterest expenses increased to € 382 million

from € 348 million for the first six months of 2025 driven by litigation provisions, with provision for credit losses at

€ 72 million in 2026 driven by single-name events compared to € 37 million in the first six months of 2025.

Corporate & Other results at a glance


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %
Net revenues	754	660	94	14	13	396	(382)	(97)
Provision for credit losses	70	25	45	182	72	37	36	97
Noninterest expenses:
Compensation and benefits	874	873	2	—	1,711	1,769	(58)	(3)
General and administrative expenses	(664)	(736)	72	(10)	(1,329)	(1,422)	92	(6)
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	—	—	—	N/M	—	—	—	N/M
Total noninterest expenses	210	137	73	54	382	348	35	10
Noncontrolling interests	(64)	(65)	1	(1)	(142)	(127)	(15)	12
Profit (loss) before tax	537	563	(26)	(5)	(299)	138	(437)	N/M

Total Employees (full-time equivalent)1,2	37,429	36,348	1,081	3	37,429	36,348	1,081	3
Risk-weighted assets (in € bn)1	33	31	2	7	33	31	2	7

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1As of quarter-end

2The total employee numbers reported in Corporate & Other also include employees from infrastructure functions that are allocated to other segments. As a result, the

sum of full‑time equivalents reported for the individual segments does not reconcile to the Group’s total headcount


Deutsche Bank	Financial Position
Interim Report as of June 30, 2026

Financial position

Assets


in € m. (unless stated otherwise)	Jun 30, 2026	Dec 31, 2025	Absolute Change	Change in %
Cash, central bank and interbank balances	140,445	171,621	(31,176)	(18)
Central bank funds sold, securities purchased under resale agreements and securities borrowed	44,143	37,515	6,628	18
Financial assets at fair value through profit or loss	594,872	519,960	74,912	14
Of which: Trading assets	176,590	153,811	22,779	15
Of which: Positive market values from derivative financial instruments	275,892	241,654	34,238	14
Of which: Non-trading financial assets mandatory at fair value through profit and loss	142,390	124,495	17,895	14
Financial assets at fair value through other comprehensive income	48,540	43,644	4,897	11
Loans at amortized cost	489,960	478,214	11,746	2
Remaining assets	208,149	188,920	19,229	10
Of which: Brokerage and securities related receivables	112,863	105,424	7,439	7
Total assets	1,526,110	1,439,873	86,237	6

Liabilities and equity


in € m. (unless stated otherwise)	Jun 30, 2026	Dec 31, 2025	Absolute Change	Change in %
Deposits	700,894	694,580	6,314	1
Central bank funds purchased, securities sold under repurchase agreements and securities loaned	3,693	4,179	(486)	(12)
Financial liabilities at fair value through profit or loss	453,064	384,230	68,834	18
Of which: Trading liabilities	47,948	42,879	5,069	12
Of which: Negative market values from derivative financial instruments	260,170	225,827	34,344	15
Of which: Financial liabilities designated at fair value through profit or loss	144,434	115,055	29,379	26
Other short-term borrowings	24,850	18,204	6,646	37
Long-term debt	111,352	114,754	(3,401)	(3)
Remaining liabilities	149,921	141,641	8,280	6
Of which: Brokerage and securities related payables	106,388	107,256	(868)	(1)
Total liabilities	1,443,774	1,357,588	86,187	6
Total equity	82,335	82,285	50	—
Total liabilities and equity	1,526,110	1,439,873	86,237	6


Deutsche Bank	Financial Position
Interim Report as of June 30, 2026

Movements in assets and liabilities

As of June 30, 2026, the total balance sheet of € 1.5 trillion was higher compared to year end 2025.

Cash, central bank and interbank balances decreased by € 31.2 billion, primarily due to a € 22.8 billion increase in trading

assets, driven by higher exposure to government securities resulting from client activity and desk positioning. The

decrease also reflected growth in the bank’s European government bonds portfolio measured at amortized cost and fair

value through other comprehensive income.

Central bank funds sold, securities purchased under resale agreements, and securities borrowed measured at amortized

cost increased by € 6.6 billion , mainly driven by increased trading activities and client flows.

Positive and negative market values of derivative financial instruments increased by € 34.2 billion and € 34.3 billion,

respectively, primarily driven by increases in foreign exchange products in the Investment Bank, mainly due to

strengthening of the U.S. dollar against the euro and market movement.

Non-trading financial assets mandatory at fair value through profit or loss increased by € 17.9 billion, mainly driven by

securities purchased under resale agreements in relation to increased trading activities and client flows.

Loans at amortized cost increased by € 11.7 billion, primarily driven by growth in FIC in the Investment Bank, Trade

Finance and Lending in the Corporate Bank and Wealth Management in the Private Bank, partly offset by reductions in

select non-capital accretive retail lending books.

Remaining assets increased by € 19.2 billion, mainly due to € 7.4 billion rise in brokerage and securities-related

receivables, reflecting higher receivables arising from pending settlement of regular way trades and a € 7.3 billion

increase in debt securities held to collect, driven by the ongoing expansion of the bank’s European government bonds

portfolio under its asset purchase program..

Deposits increased by € 6.3 billion, supported by growth and campaign inflows across businesses as well as higher sight

deposit balances in Institutional Client Services in the Corporate Bank.

Trading liabilities increased by € 5.1 billion, mainly driven by higher short positions in government securities.

Financial liabilities designated at fair value through profit or loss increased by € 29.4 billion, mainly attributable to an

increase in securities sold under repurchase agreements as a result of increased financing activities and client flows; as

well as an increase in long term debt driven by new issuances in FIC in the Investment Bank.

Other short-term borrowings increased by € 6.6 billion, primarily driven by newly issued commercial paper during the

period.

Remaining liabilities increased by € 8.3 billion, primarily due to higher accounts payable.

The overall movement of the balance sheet included an increase of € 15.0 billion, due to foreign exchange rate

movements, mainly driven by strengthening of the U.S. dollar versus the euro. The effects from foreign exchange rate

movements are embedded in the movement of the balance sheet line items discussed in this section.

Liquidity

Total high-quality liquid assets (HQLA) as defined in Commission Delegated Regulation (EU) 2015/61, as amended by

Regulation (EU) 2018/1620, amounted to € 237.4 billion as of June 30, 2026, compared with € 260.0 billion as of

December 31, 2025. The liquidity coverage ratio was 140% in the second quarter of 2026, exceeding the minimum

regulatory requirement by € 67.9 billion. This compares to 144% or € 80.0 billion in the fourth quarter of 2025.


Deutsche Bank	Financial Position
Interim Report as of June 30, 2026

Equity

Total equity as of June 30, 2026, was € 82.3 billion compared to € 82.3 billion as of December 31, 2025, an increase of

€ 50 million. Positive effects included the profit attributable to Deutsche Bank shareholders and additional equity

components reported for the period of € 3.8 billion, the issuance of Additional Tier 1 equity instruments (AT1) of

€ 1.3 billion as well as treasury shares distributed under share-based compensation plans of € 559 million.

Cash dividends paid to Deutsche Bank shareholders reduced total equity by € 1.9 billion, coupons paid to additional equity

components reduced total equity by € 796 million.

A share repurchase program resolved by the Management Board of Deutsche Bank AG of up to € 1.0 billion, but no more

than 100 million shares, started on February 26, 2026 and will end no later than August 28, 2026. As of June 30, 2026,

Deutsche Bank repurchased 25.4 million common shares. The repurchase of these shares has reduced total shareholder’s

equity by € 672 million. The acquisition costs of the repurchased shares are included in the total amount of treasury

shares purchased in the first six months of 2026 of € 1.2 billion. The remaining common shares to be repurchased of

€ 328 million have reduced total shareholder’s equity as obligation to repurchase common shares and are recognized in

other liabilities.

A redemption of Additional Tier 1 equity instruments (AT1) reduced total equity in the amount of € 801 million

(GBP 650 million) in the first six months of 2026. A related foreign exchange translation gain of € 51 million was

recognized in additional paid-in capital.

Changes in unrealized net gains/losses on accumulated other comprehensive income, net of tax, resulted in a positive

effect of € 68 million driven by unrealized net gains on foreign currency translation, net of tax, of € 448 million, primarily

resulting from the strengthening of the U.S. dollar against the Euro. Offsetting effects included unrealized net

losses on derivatives hedging the variability of cash flows, net of tax, of € 335 million, unrealized net losses attributable

to change in own credit risk of financial liabilities designated at fair value through profit and loss, net of tax, of

€ 15 million as well as unrealized net losses on financial assets at fair value through OCI, net of tax, of € 32 million.

Further contributing factors include a net change in share awards for the period of negative € 197 million, negative tax

effects related to share-based compensation plans of € 114 million, option premiums and other effects from options on

common shares of negative € 111 million as well as remeasurement losses related to defined benefit plans, net of tax, of

€ 91 million.


Deutsche Bank	Outlook
Interim Report as of June 30, 2026

Outlook

The following section outlines Deutsche Bank’s outlook for the bank and its business segments for the financial year

2026 and should be read in conjunction with the outlook section in the Combined Management Report of the Annual

Report 2025. The macroeconomic and banking industry outlook reflects the bank’s general expectations for future

economic and industry developments. Economic assumptions used in the bank’s models are laid out separately in the

respective sections.

Global economy

The Global Economy Outlook


Economic growth (in %)¹	20262	20254	Main driver
Global Economy			The impact of the energy shock and the AI cycle varies across the globe, but both have contributed to a moderate tightening cycle by global central banks. Resolution of the Middle East conflict would ease pressure on energy markets and could support the momentum in the global economy
GDP	3.2	3.4
Inflation	4.0	3.4
Of which:
Developed countries			In developed countries, inflation momentum is expected to ease, although the extent will depend on reliance on oil and gas imports. AI-related investment will continue to play a prominent role, although to varying degrees regionally. The US should continue to show robust growth momentum, while the Eurozone is expected to recover gradually
GDP	1.4	1.7
Inflation	2.9	2.6
Emerging markets			In Asia in particular, the increases in energy prices are likely to continue to weigh on activity, though its impact should fade. Private consumption should benefit from easing inflationary pressures. Latin America is expected to grow robustly, reflecting its lower exposure to the energy prices. In Central European economies, domestic demand is likely to serve as the main growth driver
GDP	4.2	4.5
Inflation	4.6	3.9
Eurozone Economy			In the Eurozone, growth momentum is expected to pick up in the second half of 2026, as the inflation-driven reduction in purchasing power could ease alongside lower energy prices. Expansionary German fiscal policy could also provide positive spillovers to the region. The ECB is expected to raise interest rates gradually
GDP	0.5	1.3
Inflation	2.9	2.1
Of which: German economy			In Germany, the fiscal policy is likely to continue lending support to the economy. Easing inflationary pressures could bolster private consumption, while large industrial order backlogs point to further capacity investment. Amid structural transformation in key industries, the labor market is expected to move largely sideways
GDP	0.5	0.2
Inflation	2.7	2.3
U.S. Economy			The U.S. economy is expected to grow resiliently, driven mainly by AI-related investment, supportive fiscal policy and accommodative financing conditions. Inflation is likely to ease only gradually, while the labor market is expected to be stable. The Federal Reserve is expected to raise interest rates in the second half of 2026
GDP	2.3	2.1
Inflation	3.3	2.7
Japanese Economy			In the second half of the year, Japan’s economy is expected to soften. Depending on the trajectory of oil prices, inflation momentum could pick up, weighing on private consumption. The Bank of Japan is likely to continue its gradual tightening cycle and raise interest rates further
GDP	0.7	1.1
Inflation	1.9	3.2
Asian Economy3			Asia remains exposed to energy supply from the Middle East, with corresponding implications for inflation. To varying degrees, the region’s economies are benefiting from global demand for AI equipment. Private consumption is likely to receive gradual support from government measures, while central banks are expected to prioritize price and market stability
GDP	5.3	5.5
Inflation	2.5	0.9
Of which: Chinese Economy			In China, the strength of the export sector is likely to more than offset moderate domestic demand in the second half of the year. Inflation is expected to rise further, which could weigh on private consumption. Investment is likely to regain momentum, supported by government measures
GDP	4.7	5.0
Inflation	1.3	0.1

1Annual Real GDP Growth (% YoY). Sources: National Authorities unless stated otherwise

2Sources: Deutsche Bank Research

3Includes China, India, Indonesia, Hong Kong, South Korea, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam; excludes Japan

4Some economic data for 2025 was revised by public statistics authorities. As a result, this data may differ from previously published


Deutsche Bank	Outlook
Interim Report as of June 30, 2026

There are a number of risks to the bank’s global economic outlook. Geopolitical risks remain elevated in the Middle East

and Ukraine. A continued conflict in the Middle East, particularly involving damage to oil and gas infrastructure, could

trigger energy price volatility. Fiscal policy is likely to become more expansionary in Europe and other regions. With debt

ratios rising, partly as a result of measures to shield economies from the increases in energy prices, the sustainability of

public finances could again be tested.

Banking industry

During the remainder of the year, the global banking industry might potentially benefit from a less volatile and more

supportive geopolitical backdrop which could lead to fewer headwinds for the macro economy and for banks. Demand

for credit may increase and asset quality is expected to overall remain benign. With interest rates in major regions

expected to be stable or even increase, net interest income is likely to stay resilient. Investment banking fees and trading

commissions may ease slightly after a strong first half of 2026. Overall, the banking sector is expected to sustain robust

profitability. Policymakers in Europe and the U.S. may pursue targeted adjustments to prudential regulation, aiming to

increase the competitiveness of their respective financial systems and improving the availability of funding for firms and

households.

In Europe, some of these effects could be more pronounced, if energy prices fell in case of a de-escalation of the Middle

East conflict and given fiscal stimulus measures, particularly in Germany. At the same time, reduced activity in capital

markets could lead to a slowdown in related fee and commission income. Higher interest rates could trigger greater

competition for deposits, along with organic market entries of digital foreign players. A stable market environment

combined with elevated profitability levels could foster banking sector consolidation. Large and partly rising public

deficits in several major countries have caused sovereign risk to re-emerge as a concern for financial markets and banks

alike.

In the US, a return to higher rates could lift banks’ interest margins further, while at the same time dampening loan

demand and raising credit losses. Concerns in equity and other markets about the sustainability of the recent rapid

growth in AI firms’ expenditures and valuations as well as of banks’ private credit exposures could pose a downside risk

for banks and asset managers.

In China, declining energy prices could also support banks’ businesses, but low inflation and consequently low interest

rates are expected to keep the industry’s net interest income relatively flat. Japanese banks face a more benign monetary

policy outlook, as further policy rate hikes by the Bank of Japan are expected to increase net interest income, while the

weak yen provides an additional boost from overseas earnings.

Regulatory initiatives continue to evolve across jurisdictions. In Europe, discussions on regulatory initiatives include

financial market infrastructure, bank competitiveness and the wider prudential framework. Key legislative files remain

under negotiation. In the U.S., regulators have proposed rules to implement the finalized Basel III framework, with

finalization expected by the end of 2026.


Deutsche Bank	Outlook
Interim Report as of June 30, 2026

Deutsche Bank Outlook

Deutsche Bank’s strategic and financial roadmap ‘Scaling the Global Hausbank’ outlines the bank’s medium‑term

financial targets and capital objectives. Building on restored profitability and a solid capital position, Deutsche Bank is

focused on scaling its Global Hausbank to support sustainable profit growth.

Deutsche Bank’s key performance indicators are shown in the table below:


Financial targets	Jun 30, 2026	Financial targets and capital objectives 2028
Post-tax return on average tangible equity1	11.1%	Greater than 13.0%
Cost/income ratio2	62%	Below 60%
Capital objectives
Common Equity Tier 1 capital ratio3	13.9%	13.5% to 14.0%4
Payout ratio5	N/M6	60%7

N/M – Not meaningful

1Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary Information (Unaudited):

Non-GAAP Financial Measures” of this report

2Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

3Further details on the calculation of this ratio are provided in the Risk Report in this report

4Target ratio while maintaining a buffer of 200 basis points above the bank’s expected maximum distributable amount (MDA) threshold

5Ordinary distributions in form of common share dividends and share buybacks in relation to Profit attributable to Deutsche Bank shareholders; presented in the financial

year to which distributions relate to

6Targeted distributions in respect of financial year 2026 consistent with the Group’s 60% payout ratio target

7Ordinary distributions in respect of financial year 2026 and thereafter

In 2026, Deutsche Bank expects revenues to be slightly higher compared to the prior year. Revenues at Group level are

expected to be around € 33 billion in 2026, driven by the resilience and growth potential of the bank’s businesses and

continued business momentum, reflecting the bank’s diversified business mix.

In 2026, the Private Bank net revenues are expected to be higher compared to 2025. In Personal Banking, net revenues

are expected to be higher compared to the prior year, driven by growth in deposit and investment product revenues.

Lending revenues in Personal Banking are expected to be slightly lower in line with the bank’s strategy. In Wealth

Management, net revenues are expected to be higher compared to 2025 driven by increased investment product

revenues supported by continued business growth and dedicated hiring initiatives. Deposit revenues are expected to

grow, while lending revenues are expected to be slightly lower. The Private Bank assumes continued inflows in assets

under management in 2026 with corresponding volumes in assets under management expected to be higher

compared to year end 2025.

Asset Management expects total net revenues to be slightly higher compared to prior year. Management fees are anticipated to

be significantly higher compared to prior year, driven by increasing average assets under management. Performance and

transaction fees are expected to be significantly lower year‑on‑year, as the prior year benefited from elevated performance fees.

Assets under management are expected to be significantly higher compared to the end of prior year, from net inflows and

assuming constructive markets.

Corporate Bank expects further progress on its initiatives and growth in business volumes to support the performance in

2026. Net revenues are expected to be slightly higher compared to the prior year, driven by growth in net commission

and fee income in addition to growth in net interest income from Corporate and Business Banking clients. Corporate

Treasury Services revenues are anticipated to be slightly higher in 2026 compared to 2025, supported by growth in net

interest income and net commission and fee income from Trade Finance products. Institutional Client Services revenues

are anticipated to be slightly lower, as growth in net commission and fee income is expected to be more than offset by

the remaining impacts of net interest income normalization in Institutional Cash Management. In Business Banking,

revenues are expected to be slightly higher, driven by higher business volumes and higher net commission and fee

income.

Investment Bank revenues are expected to be higher in 2026 compared to the prior year. Fixed Income & Currencies

(FIC) revenues are expected to be slightly higher versus a strong 2025. The FIC Markets businesses will look to

maintain the momentum of a strong first half of 2026. It expects growth through targeted investments aligned with

client demand, in addition to continued technology development, while further enhancing client workflow solutions.

FIC Financing aims to build on a strong year to date supported by targeted balance sheet deployment. Investment

Banking & Capital Markets (IBCM) revenues are expected to be significantly higher in 2026 compared to the prior year,

supported by prior period and planned investments. All businesses are expected to benefit from the aforementioned

investments, with a particular focus on Advisory and Equity Origination. Debt Origination is expected to benefit from

reductions in mark-downs in 2026 and continued improvement in Investment Grade Debt.


Deutsche Bank	Outlook
Interim Report as of June 30, 2026

Corporate & Other is expected to generate a pre-tax loss of approximately € 0.2 billion per quarter for the remainder of 2026.

Corporate & Other will continue to record shareholder expenses, certain funding and liquidity impacts, the reversal of

noncontrolling interests reported in the business segments, primarily from DWS, and valuation and timing differences.

Deutsche Bank continues to manage the Group’s cost base towards its cost/income ratio target of below 60% by 2028

and remains highly disciplined on costs while progressing on its incremental investments. Noninterest expenses in 2026

are expected to be slightly above € 21 billion and therefore slightly higher compared to 2025. This reflects

approximately € 900 million of the bank’s planned € 1.5 billion of incremental investments through 2028, expected to be

incurred in 2026. These investments are intended to accelerate automation and digitalization, support the scaling of the

Wealth Management franchise, broaden the Corporate Bank’s client footprint and further expand IBCM’s capabilities.

These are expected to be partially offset by benefits from structural efficiency measures supporting at least € 2 billion in

operating efficiencies by 2028. For 2026, the bank expects the cost/income ratio to remain below 65%.

On provision for credit losses, asset quality remains strong, and overall, portfolios are performing in line with

expectations. Deutsche Bank remains vigilant to potential geopolitical and other risks in the operating environment and

expect the portfolios to remain resilient to those challenges. Based on the current trends Deutsche Bank continues to

expect provision for credit losses to be slightly lower in 2026 compared to the prior year. However, the bank may

consider limited and targeted measures that are both capital accretive and further de-risk the portfolio including

additional non-performing loans sales which may drive overall provisions to be slightly higher. Deutsche Bank remains

committed to stringent underwriting standards and a strong risk management framework to manage emerging risks.

Further details on the calculation of expected credit losses can be found in the section "Risk information" in this report.

Common Equity Tier 1 ratio (CET1 ratio) by year end 2026 is expected to be slightly lower compared to year end 2025.

On a net basis, RWA are expected to be higher driven by capital-efficient business growth, model impacts and mitigation

actions. Deutsche Bank aims for a Common Equity Tier 1 capital ratio between 13.5% and 14.0%, while maintaining a

minimum buffer of 200 basis points above the bank’s Maximum Distributable Amount threshold (MDA). The bank has

completed the majority of its current € 1 billion share repurchase program and received supervisory approval for a

second share repurchase program of € 500 million, to be executed in the second half of 2026. This second repurchase

program contributes to the target payout ratio of 60% in relation to the net profit of 2026.

For a discussion of the risks and opportunities for the outlook of Deutsche Bank please refer to the section “Risks and

Opportunities” of this report.

Post-tax Return on Average Tangible Equity is a non-GAAP financial measure. Please refer to “Supplementary

information: Non-GAAP financial measures” of this report for the definitions of such measures and reconciliations to

the IFRS measures on which they are based.

Our financial targets and capital objectives are based on our financial results prepared in accordance with the

International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board

(“IASB”) and endorsed by the European Union (“EU”). For further details, please refer to the section ‘Basis of

preparation/impact of changes in accounting principles’ in this report.


Deutsche Bank	Risk and Opportunities
Interim Report as of June 30, 2026

Risks and Opportunities

Deutsche Bank’s risks and opportunities have not materially changed compared to the information presented in the Risk

and Opportunities section of the Annual Report 2025. The macroeconomic and geopolitical environment in the first half

of 2026 has seen some uncertainty due to the Middle East conflict. While market volatility and oil price increases

associated with the Middle East crisis are currently below the peaks, tensions have re-escalated and could lead to further

inflationary pressure and increased volatility in financial markets. If potential market volatility results in higher interest

rates, this could create opportunities for Deutsche Bank and result in higher net interest income.

Technology‑related risks in the first half of 2026 have seen the rapid advancement of AI technologies, with cyber threats

continuing to evolve at an accelerated pace. This advancement increases the likelihood that security vulnerabilities could

be exploited with greater speed or scale as growth in AI continues to accelerate across industries. Additionally, the

amount of capital expenditure being committed to AI infrastructure and related technologies has contributed to

elevated valuations in parts of the technology sector and could impact the timing of future returns or impact the bank’s

financial results. Whereas Deutsche Bank sees additional opportunities related to AI with the potential to increase the

speed at which AI is implemented to accelerate and exceed planned benefits, including revenue growth, and reduce the

bank’s cost base and enhance operational efficiencies even further than anticipated.

Potential European Union (EU) measures including, the One Europe One Market Roadmap agreed between the European

Commission, European Parliament and Council of the EU in April 2026 with further communication published in July 2026,

could bring improvements in the regulatory and operational landscape for Deutsche Bank in terms of alleviating regulatory

burden or creating better opportunities in Germany and the EU. Furthermore, Germany’s recently announced reform

package, including income tax relief and pension reforms, could support stronger economic activity and create additional

loan and revenue growth opportunities across the bank’s businesses.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Risk information

Key risk metrics

The following section provides qualitative and quantitative disclosures about credit, market, liquidity and other risk

metrics and their developments during the first six months of 2026. Disclosures in accordance with the Pillar 3 of the

finalized Basel III framework, which are implemented in the European Union through the Capital Requirements

Regulation (CRR) and supported by EBA Implementing Technical Standards or the EBA Guideline, will be published in the

Group’s separate Pillar 3 report.

The following selected key risk metrics form part of the bank’s holistic risk management across individual risk types. The

Common Equity Tier 1 (CET1) ratio, Economic Capital Adequacy (ECA) ratio, Leverage ratio, Total Loss Absorbing

Capacity (TLAC), Minimum Requirement for Own Funds and Eligible Liabilities (MREL), Liquidity Coverage Ratio (LCR),

Stressed Net Liquidity Position (sNLP) and Net Stable Funding Ratio (NSFR) serve as high-level metrics and are fully

integrated across strategic planning, risk appetite framework, stress testing as well as recovery and resolution planning

practices, which are reviewed and approved by the Management Board at least annually. For additional details on the

Group’s regulatory framework, information on key risk categories and on the management of its material risks, please

refer to the Annual Report 2025 in the section “Risk report”.


Common Equity Tier 1 ratio		Total risk-weighted assets
30.06.2026	13.9%	30.06.2026	€ 367.2bn
31.12.2025	14.2%	31.12.2025	€ 347.1bn

Economic capital adequacy ratio		Total economic capital demand
30.06.2026	196.3%	30.06.2026	€ 26.7bn
31.12.2025	193.6%	31.12.2025	€ 26.1bn

Leverage ratio		Leverage exposure
30.06.2026	4.5%	30.06.2026	€ 1,400bn
31.12.2025	4.6%	31.12.2025	€ 1,327bn

Total loss absorbing capacity		Minimum requirement for own funds and eligible liabilities
30.06.2026 (Risk-weighted asset based)	31.9%	30.06.2026	36.4%
30.06.2026 (Leverage exposure based)	8.4%	31.12.2025	37.7%
31.12.2025 (Risk-weighted asset based)	33.1%
31.12.2025 (Leverage exposure based)	8.7%

Liquidity coverage ratio		Net stable funding ratio
30.06.2026	140%	30.06.2026	118.0%
31.12.2025	144%	31.12.2025	119.0%

Stressed net liquidity position
30.06.2026	€ 76.7bn
31.12.2025	€ 94.1bn


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Key risk themes

In the following section, Deutsche Bank provides details on key risk themes currently in focus and thus of high relevance

for the Group. This section should be read in conjunction with the information presented in the ”Key Risk Themes“ and

“Focus Areas in 2025” sections of the Annual Report 2025.

Credit Risk

The latest developments and key uncertainties in the first half of 2026 have been considered as part of the bank’s

ongoing credit risk management activities and governance framework. These activities include, but are not limited to,

regular emerging risk reviews (amongst others from macroeconomic development and geopolitical conflict) as well as

portfolio deep dives, single name risk assessments, and regular model validations.

Portfolios and themes which have been identified for enhanced monitoring and downside risk assessment by the Group in

the first half of 2026 included CRE, the Middle East conflict, Private Credit, Technology and Climate Risk. Whilst risks in

the CRE portfolio remain elevated, higher risk U.S. CRE exposures have been reduced by approximately 41% since 2022

with further de-risking actions initiated in the second quarter 2026. The risk profile of the Private Credit, Technology and

Climate Risk portfolios have not changed materially since December 31, 2025. The Middle East remains dynamic, driven

by ongoing conflict in the region and the effect on oil prices and second-order impacts, resulting in a partial retention in

the second quarter of 2026 of the macro-economic management overlay recognized as of March 31, 2026. CRE and

Middle East are further discussed below.

Commercial Real Estate

While CRE markets remain affected by higher interest rates and reduced demand for office properties, broader market

indices point towards a stabilization of CRE prices. Green Street Commercial Property Price Index (CPPI), increased by

approximately 1.5% . between the fourth quarter of 2025 and the second quarter of 2026.

The Provision for credit losses this quarter reflects specific cases, mainly in U.S. West Coast Commercial Real Estate as

well as the planned exit of certain non-performing exposures. The main risks within the portfolio relate to refinancing and

extension of maturing loans, which are adversely affected by higher interest rates, lower collateral values and valuation

declines on legacy defaulted exposures. CRE loans often have a significant portion of principal payable at maturity.

Under current market conditions, borrowers may have difficulty obtaining a new loan to repay the maturing debt or to

meet conditions that allow an extension of the loan. Deutsche Bank is closely monitoring the CRE portfolio for

development of such risks.

The Group continues to proactively work with borrowers to address upcoming maturities to establish terms for loan

amendments and extensions, which in many cases are classified as forbearance triggering Stage 2 classification under

IFRS 9. However, in certain cases, the borrower may be subject to idiosyncratic factors, or be unable to restructure or

refinance, and therefore is classified as defaulted. Allowance for credit losses as of June 30, 2026 amounted to

€ 1.3 billion for the non-recourse portfolio and € 1.1 billion for the stress-tested CRE portfolio (December 31, 2025:

€ 1.1 billion and € 903 million respectively).

The following table presents the non-recourse CRE portfolio subject to bespoke stress-test by IFRS 9 stages, region,

property type and average weighted loan to value (LTV) as well as allowance and provision for credit losses recorded as

of June 30, 2026, and December 31, 2025, respectively.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Stress-tested CRE portfolio


	Jun 30, 2026	Dec 31, 2025
in € m.	Gross Carrying Amount¹	Gross Carrying Amount1
Exposure by stages
Stage 1	14,527	14,402
Stage 2	4,733	6,277
Stage 3	4,106	3,609
Total	23,366	24,288

thereof:
Forborne exposure	4,769	5,133

thereof:
North America	49%	51%
Western Europe (including Germany)2	45%	44%
Asia/Pacific	6%	5%

thereof: offices	35%	35%
North America	18%	18%
Western Europe (including Germany)3	16%	16%
Asia/Pacific	1%	1%
thereof: residential	15%	15%
thereof: hospitality	17%	15%
thereof: retail	9%	11%

Weighted average LTV, in %
Investment Bank	67%	65%
Corporate Bank	58%	58%
Other Business	84%	70%

	Six months ended Jun 30, 2026	Twelve months ended Dec 31, 2025
Allowance for Credit Losses4	1,129	903
Provision for Credit Losses4	395	712
thereof: North America	332	613

1Loans at amortized cost

2Germany accounts for ca 10% of the total stress-tested CRE portfolio as of June 30, 2026 and 9% as of December 31, 2025, respectively.

3Office loans in Germany accounted for 15% of total office loans in the stress-tested CRE portfolio as of June 30, 2026, and 14% as of December 31, 2025, respectively.

4Allowance for Credit Losses and Provision for Credit Losses do not include country risk allowances/provisions.

The decrease in the stress-tested CRE portfolio since December 31, 2025, was € 922 million mainly driven by loan

repayments. The weighted average LTV in the U.S. office loan segment was 92% as of June 30, 2026, versus 88% as of

December 31, 2025. However when considering allowance for credit losses, the weighted average net LTV in the same

U.S. Office loan segment was 75% as of June 30, 2026 versus 76% as of December 31, 2025. LTV calculations are based

on latest externally appraised values which are additionally subject to regular interim internal adjustments.

Based on the stress test assumptions and utilizing the stress-tested CRE portfolio of € 23.4 billion as of June 30, 2026, a

stressed scenario could result in approximately € 1.3 billion of credit losses, over multiple years based on the respective

maturity profile. The allowance recorded against the stress tested portfolio was € 1.1 billion as of June 30, 2026.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

The bespoke stress test has numerous limitations, including but not restricted to a lack of differentiation based on

individual asset performance, specific location or asset desirability, all of which could have a material impact on potential

stress losses. Furthermore, calculated stress losses are sensitive to potential further deterioration of peak-to-trough

index values and assumptions about incremental haircuts and incremental stress loss can therefore change in the future.

Changes in the underlying assumptions could lead to a wider range of stress results and hence the Group's bespoke

stress approach should be viewed as one of multiple possible scenarios. While the stress test aims to assess potential

losses in an adverse scenario, Deutsche Bank believes that based on currently available information, the ECL estimate

related to the Group’s CRE portfolio is within a reasonable range and thus represents the bank’s best estimate,

considering the advanced stage of the current down cycle which is pointing towards stabilization as real estate values

have adjusted to the shocks from higher interest rates and remote working trends.

Middle East conflict

The Middle East remains dynamic, with elevated oil prices for much of the quarter due to the conflict and closure of the

Strait of Hormuz, with the signing of a framework peace agreement in mid June led to oil prices falling back to pre-

conflict levels, however the conflict has re-escalated in recent weeks and the outlook remains uncertain.

Deutsche Bank’s direct exposure in the region is limited with exposures mainly to investment grade rated countries and

no exposure to Iran and Lebanon, while second order risks are in focus, with potential vulnerabilities in sectors such as

Manufacturing & Engineering, Transportation, Automotive and Steel, Metal & Mining where deep dives and scenario

analysis including stress testing have been conducted on an ongoing basis.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Risk-weighted assets

The table below provides an overview of RWA broken down by risk type and segment. It includes the aggregated effects

of the segmental reallocation of infrastructure related positions, if applicable, as well as reallocations between the

segments. As of June 30, 2026, the output floor for RWA according to CRR3 had no impact on Deutsche Bank´s RWA

based on the currently applicable regulation.

Risk-weighted assets by risk type and segment


	Jun 30, 2026
in € m.	Private Bank	Asset Management	Corporate Bank	Investment Bank	Corporate & Other	Total
Credit risk	80,806	11,318	61,966	107,483	15,176	276,749
Settlement risk	—	—	—	10	38	48
Credit valuation adjustment (CVA)	85	—	—	1,898	186	2,169
Market risk	15	35	537	19,573	2,773	22,932
Operational risk	15,677	5,323	11,650	18,155	14,448	65,252
Total	96,582	16,676	74,153	147,120	32,620	367,151


	Dec 31, 2025
in € m.	Private Bank	Asset Management	Corporate Bank	Investment Bank	Corporate & Other	Total
Credit risk	77,193	10,192	60,942	97,311	14,537	260,174
Settlement risk	—	—	—	91	44	135
Credit valuation adjustment (CVA)	58	3	—	2,328	201	2,591
Market risk	20	7	201	18,809	2,012	21,050
Operational risk	14,726	5,318	10,844	17,873	14,422	63,183
Total	91,997	15,520	71,987	136,412	31,216	347,133

RWA of Deutsche Bank were € 367.2 billion as of June 30, 2026, compared to € 347.1 billion at the end of 2025. The

increase of € 20.0 billion was driven by credit risk RWA, market risk RWA and operational risk RWA, partly offset by credit

valuation adjustment RWA.

Credit risk RWA increased by € 16.6 billion, mainly due to business growth, particularly within the Investment Bank, and

due to impacts from model-related changes and foreign exchange movements. This was partially offset by credit risk

RWA decreases resulting from lower RWA to clearing houses and new securitizations.

Market risk RWA increased by € 1.9 billion, primarily driven by higher Value-at-Risk (VaR) RWA resulting from increased

market volatility triggered by the Middle East conflict. This increase was partially offset by lower stressed-Value-at-Risk

(sVaR) RWA, mainly resulting from a change in the market risk stress window, and by a decrease in the market risk

standardized approach, principally caused by reduced inventory in the Fixed Income and Currencies business. Deutsche

Bank's operational risk RWA increased by € 2.1 billion, driven by the update to audited financial statements reflecting

the final regulatory guidance for the business indicator. Credit valuation adjustment RWA decreased by € 0.4 billion,

primarily driven by increased hedging activities.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

CET1 capital reconciliation to shareholders’ equity


in € m.	Jun 30, 2026	Dec 31, 2025
Total shareholders’ equity per accounting balance sheet (IASB IFRS)	68,616	69,015
Difference between equity per IASB IFRS/EU IFRS³	(1,937)	(2,082)
Total shareholders’ equity per accounting balance sheet (EU IFRS)	66,679	66,933
Deconsolidation/Consolidation of entities	(25)	(24)
Of which:
Additional paid-in capital	—	—
Retained earnings	(16)	(16)
Accumulated other comprehensive income (loss), net of tax	(9)	(9)
Total shareholders’ equity per regulatory balance sheet	66,654	66,909
Minority Interests (amount allowed in consolidated CET1)	945	917
Foreseeable charges incl. AT1 coupon and shareholder distribution deduction1	(2,276)	(3,585)
Capital instruments not eligible under CET1 as per CRR 28(1)	(7)	(4)
Common Equity Tier 1 (CET1) capital before regulatory adjustments	65,316	64,237
Prudential filters	(1,015)	(1,371)
Of which:
Additional value adjustments	(1,791)	(1,667)
Any increase in equity that results from securitized assets	—	—
Fair value reserves related to gains or losses on cash flow hedges and gains or losses on liabilities designated at fair value resulting from changes in own credit standing	776	296
Regulatory adjustments	(13,202)	(13,600)
Of which:
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)	(5,262)	(5,045)
Deferred tax assets that rely on future profitability	(2,291)	(2,533)
Negative amounts resulting from the calculation of expected loss amounts	(2,294)	(2,579)
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)	(1,023)	(1,135)
Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities	—	—
Securitization positions not included in risk-weighted assets	(61)	—
Collective Investment Undertakings (CIU) not included in risk-weighted assets	(184)	(214)
Other2	(2,086)	(2,094)
Common Equity Tier 1 capital	51,099	49,266

1Interim profits are recognized remain subject to approval as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013

(ECB/2015/4); current years deductions include deductions for future shareholder distribution of € 2.1 billion and AT1 coupons of € 0.1 billion

2Includes capital deductions of € 1.4 billion (December 2025: € 1.4 billion) based on ECB guidance on irrevocable payment commitments related to the Single Resolution

Fund and the Deposit Guarantee Scheme and € 0.6 billion (December 2025: € 0.7 billion) based on ECB’s supervisory recommendation for a prudential provisioning of

non-performing exposures

3 Differences in “equity per balance sheet” result entirely from deviations in profit (loss) after taxes due to the application of EU carve-out rules as set forth in the Note 1

"Material accounting policies and critical accounting estimates" of the Group’s Annual Report 2025. These rules were initially applied in the first quarter 2020

Deutsche Bank’s shareholders’ equity amounted to € 66.7 billion as of June 30, 2026, compared to € 66.9 billion at the

end of 2025. The decrease of € 0.3 billion was largely in line with the development of the total equity (for additional

information please refer to the “Equity” section in this report). Shareholders’ equity is adjusted for minority interests

recognized in CET1 capital, amounting to € 0.9 billion and foreseeable charges of € 2.3 billion. Foreseeable charges

include € 2.1 billion of regulatory deductions for intended future shareholder distributions relating to the Group’s 60%

payout ratio in respect of financial year 2026 and € 0.1 billion of accrued AT1 coupon payments. Therefore, CET1 capital

before regulatory adjustments amounted to € 65.3 billion, an increase of € 1.1 billion compared to December 31, 2025.

Deductions for prudential filters and regulatory adjustments decreased by € 0.8 billion since December 31, 2025. These

were mainly driven by changes in cash flow hedge reserves and own credit risk on fair-valued liabilities of € 0.5 billion, a

reduction in the expected loss shortfall of € 0.3 billion and lower deferred tax assets of € 0.2 billion These impacts were

partly offset by an increased deduction for additional value adjustments of € 0.1 billion, as well as the newly introduced

deduction for securitization positions no longer included in risk-weighted assets of € 0.1 billion Therefore, CET1 capital

amounted to € 51.1 billion, an increase of € 1.8 billion compared to December 31, 2025.

As of June 30, 2026, Deutsche Bank's CET1 ratio was 13.9%, a decrease of 27 basis points compared to

December 31, 2025. The development was primarily driven by higher RWA as outlined in the previous section, partly

offset by the increase in CET1 capital as outlined above.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Economic capital adequacy ratio and economic capital

The economic capital adequacy ratio was 196% as of June 30, 2026, compared to 194% as of December 31, 2025. The

increase was driven by an increase in economic capital supply, partly offset by an increase in economic capital demand.

Economic capital supply amounted to € 52.5 billion as of June 30, 2026, compared to € 50.5 billion as of

December 31, 2025. The increase of € 2.0 billion was mainly driven by a positive net income of € 4.0 billion, currency

translation adjustments of € 0.5 billion, lower capital deductions from deferred tax assets of € 0.3 billion and from

expected loss shortfall of € 0.3 billion. These increases were partly offset by € 2.3 billion of deductions for intended

future shareholder distributions relating to the Group’s 60% payout ratio in respect of the financial year 2026 and

accrued AT1 coupon payments, equity compensation of € 0.6 billion and higher capital deduction from additional value

adjustments of € 0.1 billion.

Economic capital demand amounted to € 26.7 billion as of June 30, 2026, which represents an increase of € 0.7 billion

compared to € 26.1 billion as of December 31, 2025. Market risk increased by € 2.3 billion mainly driven by a change in

the stress window used in the economic capital model. Operational risk increased by € 0.1 billion primarily due to an

increased number of internal losses and adverse developments of external losses. These increases were partly offset by

higher risk type diversification and lower credit risk. The risk type diversification benefit increased by € 1.2 billion

reflecting the market risk stress window change and the annual model recalibration. Credit risk decreased by € 0.5 billion

mainly due to sovereign rating improvements as well as lower transfer risk.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Leverage ratio and leverage exposure

Leverage ratio common disclosure


in € bn. (unless stated otherwise)	Jun 30, 2026	Dec 31, 2025
Tier 1 capital	63.1	60.8

Derivative exposures	142	130
Securities financing transaction exposures	180	159
Off-balance sheet exposures	138	128
On-balance sheet exposures (excluding derivatives and SFTs)	952	924
Asset amounts deducted in determining Tier 1 capital	(12)	(13)
Leverage ratio total exposure measure	1,400	1,327

Leverage ratio (in %)	4.5	4.6

In the first half of 2026, Tier 1 capital increased by € 2.3 billion to € 63.1 billion. The increase was driven by the increase

in CET1 capital, as discussed in the section “CET1 capital reconciliation to shareholders equity”, and by the issuance of a

new AT 1 capital instrument with a total principal amount of € 1.25 billion, partly offset by the exercise of the call option

on an AT 1 capital instrument with a total principal amount of £ 650 million (€ 0.8 billion equivalent).

Leverage exposure increased by € 72.5 billion to € 1,400.0 billion. The leverage exposure for total on-balance sheet

exposures (excluding derivatives and SFTs) increased by € 28.1 billion, largely in line with the development of the

balance sheet. For additional information on the development of the balance sheet please refer to section “Movements

in assets and liabilities” in this report. In addition, the leverage exposure for securities financing transactions (SFTs)

increased by € 20.7 billion, also largely in line with the development of the balance sheet. Furthermore, the leverage

exposure related to derivatives increased by € 12.6 billion, driven by replacement costs and potential future exposure

add-ons under the Standardized Approach for Counterparty Credit Risk (SA-CCR) as well as effective notional amounts

of written credit derivatives. Moreover, off-balance-sheet leverage exposures increased by € 10.8 billion, corresponding

to higher notional amounts for irrevocable lending commitments and financial guarantees.

The increase in leverage exposure in the first half of 2026 included a positive foreign exchange impact of € 16.4 billion,

mainly due to the strengthening of the U.S. Dollar against the Euro. The effects from foreign exchange rate movements

are embedded in the movement of the leverage exposure items discussed in this section.

As of June 30, 2026, Deutsche Bank’s leverage ratio was 4.5%, compared to 4.6% as of December 31, 2025. This reflects

Tier 1 capital of € 63.1 billion and an applicable exposure measure of € 1,400.0 billion as of June 30, 2026 (€ 60.8 billion

and € 1,327.4 billion as of December 31, 2025, respectively).


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Minimum Requirement of Own Funds and Eligible Liabilities (MREL) and Total

Loss Absorbing Capacity (TLAC)

MREL and TLAC


in € m. (unless stated otherwise)	Jun 30, 2026	Dec 31, 2025
Regulatory capital elements of TLAC/MREL
Common Equity Tier 1 capital (CET1)	51,099	49,266
Additional Tier 1 (AT1) capital instruments eligible under TLAC/MREL	11,967	11,518
Tier 2 (T2) capital instruments eligible under TLAC/MREL
Tier 2 (T2) capital instruments before TLAC/MREL adjustments	6,807	7,050
Tier 2 (T2) capital instruments adjustments for TLAC/MREL	36	30
Tier 2 (T2) capital instruments eligible under TLAC/MREL	6,844	7,080
Total regulatory capital elements of TLAC/MREL	69,909	67,864

Other elements of TLAC/MREL
Senior non-preferred plain vanilla	47,076	47,071
Holdings of eligible liabilities instruments of other G-SIIs (TLAC only)	—	—
Total Loss Absorbing Capacity (TLAC)	116,986	114,936
Add back of holdings of eligible liabilities instruments of other G-SIIs (TLAC only)	—	—
Available Own Funds and subordinated Eligible Liabilities (subordinated MREL)	116,986	114,936
Senior preferred plain vanilla	13,777	7,706
Senior preferred structured products	2,923	8,381
Available Minimum Own Funds and Eligible Liabilities (MREL)	133,686	131,023

Risk-weighted assets (RWA)	367,151	347,133
Leverage Ratio Exposure (LRE)	1,399,975	1,327,441

TLAC ratio
TLAC ratio (as percentage of RWA)	31.86	33.11
TLAC requirement (as percentage of RWA)	23.11	23.13
TLAC ratio (as percentage of Leverage Exposure)	8.36	8.66
TLAC requirement (as percentage of Leverage Exposure)	6.75	6.75
TLAC surplus over RWA requirement	32,128	34,641
TLAC surplus over LRE requirement	22,487	25,334

MREL subordination
MREL subordination ratio (as percentage of RWA)	31.86	33.11
MREL subordination requirement (as percentage of RWA)	21.23	24.94
MREL subordination ratio (as percentage of LRE)	8.36	8.66
MREL subordination requirement (as percentage of LRE)	5.79	7.03
MREL subordination surplus over RWA requirement	39,030	28,358
MREL subordination surplus over LRE requirement	35,927	21,617

MREL ratio
MREL ratio (as percentage of RWA)	36.41	37.74
MREL requirement (as percentage of RWA)	30.40	31.11
MREL ratio (as percentage of LRE)	9.55	9.87
MREL requirement (as percentage of LRE)	6.82	7.03
MREL surplus over RWA requirement	22,063	23,026
MREL surplus over LRE requirement	38,208	37,704


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

MREL ratio and surplus

As of June 30, 2026, available MREL was € 133.7 billion, corresponding to a ratio of 36.41% of RWA. This means that

Deutsche Bank had a surplus of € 22.1 billion above the Group’s MREL requirement of € 111.6 billion (i.e. 30.40% of RWA

including combined buffer requirement). € 117.0 billion of the Group’s available MREL were own funds and subordinated

liabilities, corresponding to a MREL subordination ratio of 31.86% of RWA and 8.36% of LRE, a buffer of € 35.9 billion over

the Group’s subordination requirement of € 81.1 billion (i.e. 5.79% of LRE).

TLAC ratio and surplus

As of June 30, 2026, TLAC was € 117.0 billion and the corresponding TLAC ratios were 31.86% of RWA and 8.36% of LRE.

This means that Deutsche Bank had a TLAC surplus of € 22.5 billion over its TLAC requirement of € 94.5 billion (i.e.,

6.75% of LRE).

Development and composition of MREL ratio and TLAC ratio

Compared to December 31, 2025, the buffer over the MREL ratio requirement decreased, as a lower requirement and

higher available MREL were more than offset by higher RWA. The buffer over the MREL subordination ratio requirement

significantly increased mainly due to a lower requirement but also supported by higher available subordinated MREL

both more than offsetting higher LRE. The buffer over the TLAC ratio requirement decreased, as higher TLAC was more

than offset by higher LRE.

As of June 30, 2026, when comparing the buffer over the MREL subordination ratio requirement with the buffer over the

TLAC ratio requirement, the TLAC ratio was more binding which was not the case as of December 31, 2025.

Some senior preferred eligible liabilities included in MREL were reclassified from structured products to plain vanilla

following the regulatory treatment rather than the accounting view used previously. This had no impact on the Group’s

available MREL.

Liquidity Coverage Ratio

As of June 30, 2026, the Group's Liquidity Coverage Ratio was 140%, or € 67.9 billion above the regulatory minimum

requirement of 100%. In comparison, as of December 31, 2025, the Group's Liquidity Coverage Ratio was 144% or

€ 80.0 billion excess liquidity.

Stressed Net Liquidity Position

The stressed Net Liquidity Position decreased to € 76.7 billion as of June 30, 2026 in comparison to € 94.1 billion as of

December 31, 2025. The decrease was in large part due to increased net impact of loans of approximately € 13.0 billion,

increased modelled stress outflows relating to derivative and intraday positions of approximately € 8.0 billion, committed

facilities and business debt securities of approximately € 6.0 billion, partly offset by increased net stress compliant

deposits of approximately € 10.0 billion.

Net Stable Funding Ratio

The Group’s Net Stable Funding Ratio as of June 30, 2026 was 118% or a surplus of € 100.4 billion over the regulatory

minimum of 100% as compared with 119% as of December 31, 2025 or a surplus of € 104.0 billion over the regulatory

minimum.

IFRS 9 Impairment

Model overview

During the first half of 2026, Deutsche Bank continued to apply the same IFRS 9 impairment models and methodologies,

key assumptions and risk management activities as disclosed in the Annual Report 2025, except a change to the

methodology on how the refinancing risk overlay has been quantified. This change represents a change in estimate and

contributed to the overlay releases described in the IFRS 9 Expected Credit Losses section below. As outlined in the

Annual Report 2025, the Group leverages existing models used for the determination of capital demand under the Basel

Internal Ratings Based Approach and internal risk management practices to calculate the bank’s ECL.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

The latest developments and key uncertainties in the first half of 2026 and their consideration in the ECL calculation,

based on the bank’s ongoing credit risk management activities and governance framework, are described in the section

‘Key risk themes’ in this report. Activities targeted at assessing the appropriateness of the ECL calculation include regular

emerging risk reviews as well as portfolio deep dives, day-to-day risk management on the level of individual borrowers,

and regular model validations. The Group also considers each reporting period if there are any potential model

imprecisions or uncertainties included in the model that require an overlay. Lastly, the Group presents its sensitivity

analysis regarding forward-looking information as a key assumption.

Forward-looking information

The tables below contain the macroeconomic variables (MEVs) included in the application of forward-looking

information feeding the IFRS 9 model as of June 30, 2026, and as of December 31, 2025. At each reporting date, the

consensus data include the latest macroeconomic developments.

Macroeconomic variables applied


	as of June 20261,2
	Year 1 (4 quarter avg)	Year 2 (4 quarter avg)
GDP - USA	1.95%	2.11%
GDP - Eurozone	0.44%	1.23%
GDP - Germany	0.73%	1.38%
GDP - Italy	0.54%	0.86%
GDP - Developing Asia	4.96%	4.54%
GDP - Emerging Markets	4.02%	4.10%
Unemployment - USA	4.36%	4.27%
Unemployment - Eurozone	6.30%	6.11%
Unemployment - Germany	3.84%	3.72%
Unemployment - Italy	5.38%	5.54%
Unemployment - Spain	9.96%	9.62%
Unemployment - Japan	2.61%	2.51%
Real Estate Prices - CRE Index USA	314.50	317.33
Real Estate Prices - CRE Index Eurozone	111.91	112.86
Real Estate Prices - House Price Index USA	327.76	336.43
Real Estate Prices - House Price Index Germany	155.11	156.01
Real Estate Prices - House Price Index Spain	2,405.97	2,491.88
Equity - S&P500	7,556	8,004
Equity - Eurostoxx50	6,178	6,408
Equity - DAX40	25,271	26,835
Equity - MSCI EAFE	1,481	1,551
Equity - MSCI Asia	2,526	2,641
Equity - Nikkei	63,543	65,949
Credit - High Yield Index	307.55	366.97
Credit - CDX High Yield	339.97	394.10
Credit - CDX IG	57.98	67.02
Credit - CDX Emerging Markets	171.13	204.21
Credit - ITX Europe 125	60.13	67.26
Commodity - WTI	78.11	69.67
Commodity - Gold	4,692.37	4,677.44

1MEVs as of June 18, 2026, which remained consistent as of June 30, 2026

2Year 1 equals second quarter of 2026 to first quarter of 2027, Year 2 equals second quarter of 2027 to first quarter of 2028


Deutsche Bank	Risk information
Interim Report as of June 30, 2026


	as of December 20251,2
	Year 1 (4 quarter avg)	Year 2 (4 quarter avg)
GDP - USA	1.87%	1.97%
GDP - Eurozone	1.16%	1.44%
GDP - Germany	0.65%	1.54%
GDP - Italy	0.60%	0.91%
GDP - Developing Asia	4.45%	4.78%
GDP - Emerging Markets	3.85%	4.19%
Unemployment - USA	4.42%	4.29%
Unemployment - Eurozone	6.30%	6.18%
Unemployment - Germany	3.75%	3.66%
Unemployment - Italy	6.14%	6.22%
Unemployment - Spain	10.37%	10.05%
Unemployment - Japan	2.49%	2.45%
Real Estate Prices - CRE Index USA	300.74	301.87
Real Estate Prices - CRE Index Eurozone	110.44	111.75
Real Estate Prices - House Price Index USA	331.21	340.69
Real Estate Prices - House Price Index Germany	157.28	158.82
Real Estate Prices - House Price Index Spain	2,213.53	2,264.16
Equity - S&P500	6,942	7,366
Equity - Eurostoxx50	5,793	6,086
Equity - DAX40	24,453	25,886
Equity - MSCI EAFE	1,288	1,351
Equity - MSCI Asia	2,068	2,160
Equity - Nikkei	50,891	53,099
Credit - High Yield Index	308.27	348.99
Credit - CDX High Yield	333.97	370.05
Credit - CDX IG	54.64	62.78
Credit - CDX Emerging Markets	149.82	179.86
Credit - ITX Europe 125	56.42	62.27
Commodity - WTI	61.07	59.01
Commodity - Gold	3,976.94	4,189.01

1 MEVs as of December 8, 2025, which remained consistent as of December 31, 2025

2Year 1 equals fourth quarter of 2025 to third quarter of 2026, Year 2 equals fourth quarter of 2026 to third quarter of 2027

Overlays applied to the IFRS 9 model output

The Group regularly reviews the IFRS 9 methodology and processes, key inputs into the ECL calculation and discusses

upcoming model changes, potential model imprecisions or other estimation uncertainties, for example in the

macroeconomic environment to determine if any overlays are required. Moreover, regular reviews for evolving or

emerging risks are performed, especially in the current macroeconomic and geopolitical environment. Measures applied

include client surveys and interviews, along with analysis of portfolios across businesses, regions and sectors. In addition,

the Group regularly reviews and validates key model inputs and assumptions (including those in feeder models) and

ensures where expert judgments are applied that these are in line with the Group’s risk management framework.

To ensure that Deutsche Bank’s ECL model accounted for the uncertainties in the macroeconomic environment

throughout the first half of 2026, the Group continued to review emerging risks, assessed potential baseline and

downside impacts and required actions to manage the bank’s credit strategy and risk appetite. As a result of these

reviews the broader macroeconomic overlay for the uncertainties and second order impacts related to the Middle East

conflict recognized as of March 31, 2026 has been partially retained given the overall development of MEVs.

As of June 30, 2026, management overlays amounted to € 158 million, compared to € 156 million at the end of 2025

(which resulted in an increase of Allowance for credit losses in both periods). Overlays as of June 30, 2026 included the

aforementioned overlay for uncertainties and second order impacts related to the Middle East conflict, an overlay for

observations from the bank’s portfolio reviews and credit risk assessments as well as expected impacts from model and

process refinements.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Overall assessment of ECLs

Results from the above reviews and development of key portfolio indicators are regularly discussed at the Credit Risk

Appetite and Management Forum, the Risk and Finance Credit Loss Provisioning Forum and Group Risk Committee.

Where necessary, actions and measures are taken to mitigate the risks. Client ratings are regularly reviewed to reflect the

latest macroeconomic developments and where potentially significant increases in credit risks are identified, clients are

moved to the watchlist (Stage 2), forbearance measures may be negotiated, and credit limits and collateralization are

reviewed. Overall, the Group believes that based on its day-to-day risk management activities and regular reviews of

emerging risks it has adequately provided for its ECL.

Model sensitivity

The Group has identified three key model assumptions included in the IFRS 9 model. These include forward looking

macroeconomic variables, the quantitative criteria for determining if a borrower has incurred a significant increase in

credit risk and transferred to Stage 2, and the LGD setting on homogenous portfolios in Stage 3. The bank also provides

sensitivity analysis on the potential impact if these key assumptions applied in the ECL model were to deviate from the

bank’s base case expectations. The sensitivity of the quantitative criteria for determining if a borrower has incurred a

significant increase in credit risk and transferred to Stage 2 and the sensitivity of LGD settings on portfolios in Stage 3

have not materially changed versus amounts disclosed in the Annual Report 2025.

Macroeconomic Variables

The sensitivity of the ECL model with respect to potential changes in projections for key MEVs is shown in the tables

below, which provides ECL impacts from downward and upward shifts applied separately to each group of MEVs as of

June 30, 2026, and December 31, 2025. The magnitude of the shifts is selected in the range of one standard deviation,

which is a statistical measure of the dispersion of the values of a random variable. Each of these groups consists of MEVs

from the same category:

–GDP growth rates: includes U.S., Eurozone, Germany, Italy, Developing Asia, Emerging Markets

–Unemployment rates: includes U.S., Eurozone, Germany, Italy, Japan, Spain

–Equities: S&P500, Eurostoxx50, DAX40, Nikkei, MSCI Asia, MSCI EAFE

–Credit spreads: ITX Europe 125, High Yield Index, CDX IG, CDX High Yield, CDX Emerging Markets

–Real Estate: CRE Index USA, CRE Index Eurozone, House Price Index USA, House Price Index Germany, House Price

Index Italy (until 2024 only), House Price Index Spain

–Commodities: WTI oil price, Gold price

Although interest rates and inflation are not included in the above set of MEVs as separate risk drivers, their overall

economic impact is reflected by other macroeconomic variables, such as GDP growth rates, unemployment, equities and

credit spreads, since higher rates and inflation typically filter through these forecasts and are thus reflected in the ECL

model and below sensitivity analysis in an implicit way.

In addition, the sensitivity analysis only includes the impact of the aggregated MEV group (i.e., potential correlations

between different MEV groups or the impact of management overlays is not taken into consideration). Interdependencies

and timing of MEV changes following the Middle East conflict can have further impacts on ECL. ECL quantification for

Stage 3 is not included where a model-based process is not followed.

As of June 30, 2026, the sensitivity impact, which does not consider overlays, is lower, compared to December 31, 2025,

mainly due to portfolio changes, lower ECL as well as improvements of base MEV projections which the analyses were

based on.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

IFRS 9 – Sensitivities of Forward-Looking Information applied on Stage 1 and Stage 2 – Group Level


	Jun 30, 2026
	Upward sensitivity		Downward sensitivity
	Upward shift	ECL impact in € m.	Downward shift	ECL impact in € m.
GDP growth rates	1pp	(71.9)	(1pp)	82.7
Unemployment rates	(0.5pp)	(48.8)	0.5pp	52.4
Real estate prices¹	5%	(31.6)	(5%)	37.2
Equities	10%	(16.7)	(10%)	23.5
Credit spreads	(40%)	(19.0)	40%	21.0
Commodities²	10%	(8.1)	(10%)	8.9


	Dec 31, 2025
	Upward sensitivity		Downward sensitivity
	Upward shift	ECL impact in € m.	Downward shift	ECL impact in € m.
GDP growth rates	1pp	(76.3)	(1pp)	87.2
Unemployment rates	(0.5pp)	(49.4)	0.5pp	51.6
Real estate prices¹	5%	(35.3)	(5%)	40.1
Equities	10%	(17.1)	(10%)	23.7
Credit spreads	(40%)	(19.5)	40%	21.6
Commodities²	10%	(6.9)	(10%)	7.4

1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3, reference is made to the Key Risk

Theme section on Commercial Real Estate above

2Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign. 1pp (percentage point), e.g., GDP shifts from 3% to 4%; 1% (percentage

change), e.g., Real estate price shifts from 100 to 101

IFRS 9 Expected Credit Losses

Provision for credit losses was € 460 million in the second quarter of 2026, or 38 basis points of average loans, down by

11% from € 519 million in the first quarter of 2026 and up from € 423 million in the prior year quarter. Provision for credit

losses included an impact of approximately € 120 million from the planned exit of certain non-performing exposures as

part of capital-accretive de-risking actions, partially offset by overlay releases.

Provision for non-performing (Stage 3) loans was € 562 million, up from € 300 million in the prior year quarter, primarily

reflecting additional provisions following the aforementioned targeted asset sales in the Investment Bank, the majority of

which are related to Commercial Real Estate, as well as Private Bank which benefited from a release on model updates in

the prior year period. Provision for performing loans (Stage 1 and 2) was € (102) million compared to € 123 million in the

prior year quarter, primarily due to releases of overlays.

Provisions for credit losses for the first six months of 2026 was € 979 million, up from € 894 million reported in the prior

year period mainly in the Investment Bank relating to Commercial Real Estate and Private Bank.


Deutsche Bank	Risk information
Interim Report as of June 30, 2026

Asset quality

This section describes the quality of debt instruments subject to impairment, which under IFRS 9 include debt

instruments measured at amortized cost (AC), financial instruments at fair value through other comprehensive income

(FVOCI) as well as off balance sheet lending commitments such as loan commitments and financial guarantees (hereafter

collectively referred to as ‘Financial Assets’).

The following table provides an overview of the exposure amount and allowance for credit losses by class of financial

instrument broken down into stages as per IFRS 9 requirements.

Overview of financial instruments subject to impairment


	Jun 30, 2026					Dec 31, 2025
in € m.	Stage 1	Stage 2	Stage 3	Stage 3 POCI	Total	Stage 1	Stage 2	Stage 3	Stage 3 POCI	Total
Amortized cost¹
Gross carrying amount	732,363	51,610	15,415	459	799,847	727,810	53,383	14,874	615	796,683
Of which Loans	431,845	48,814	15,145	459	496,263	416,848	52,092	14,720	610	484,270
Allowance for credit losses²	349	853	5,009	234	6,445	421	888	4,600	247	6,156
Of which Loans	329	844	4,893	231	6,296	409	881	4,513	247	6,049

Fair value through OCI
Fair value	47,867	484	190	—	48,540	43,030	466	147	—	43,644
Allowance for credit losses	10	29	16	—	55	12	22	14	—	48

Off-balance sheet positions
Notional amount	345,339	27,694	2,847	11	375,890	321,740	26,678	2,724	21	351,164
Allowance for credit losses³	94	96	189	1	380	98	96	196	2	393

1Financial assets at amortized cost consist of: Loans at amortized cost, cash and central bank balances, interbank balances (w/o central banks), Central bank funds sold

and securities purchased under resale agreements, securities borrowed and certain subcategories of Other assets

2Allowance for credit losses do not include allowance for country risk amounting to € 7 million as of June 30, 2026 and € 7 million as of December 31, 2025

3Allowance for credit losses do not include allowance for country risk amounting to € 13 million as of June 30, 2026 and € 12 million as of December 31, 2025


Deutsche Bank	Additional information
Interim Report as of June 30, 2026

Additional information

Management and Supervisory Board

Management Board

As of January 1, 2026, Raja Akram became a member of the Management Board of Deutsche Bank AG and since March 15, 2026,

he took over the responsibility as Chief Financial Officer from James von Moltke. James von Moltke remained as President and

was responsible for Asset Management until April 30, 2026 He retired from the Management Board as of June 30, 2026.

Following the Supervisory Board resolution on March 19, 2026:

–Stefan Hoops, Chief Executive Officer of the Management Board of Deutsche Bank’s asset manager DWS, additionally

became a member of the Management Board of Deutsche Bank AG and assumed responsibility for the Asset

Management division on the Management Board as of May 1, 2026. The Asset Management segment had been

represented on the Management Board by James von Moltke, who left the bank when his contract expired at the end

of June 2026. Stefan Hoops remains in his role as Chief Executive Officer of DWS, which continues to be a separately

listed legal entity with its own leadership, strategy, and governance.

–Marie-Jeanne Deverdun became a member of the Management Board as of May 1, 2026 and assumed the role of

Chief Technology, Data and Innovation Officer. She succeeded Bernd Leukert, who left the bank when his contract

expired at the end of June 2026.

–Fabrizio Campelli was appointed President as of July 1, 2026, when the term of the current President, James von

Moltke, ended. Mr. Campelli retains his existing roles as Head of the Corporate Bank and the Investment Bank, as well

as his Management Board responsibility for the regions Americas and the United Kingdom and Ireland.

–Following the extension of the contract of Claudio de Sanctis, Head of the Private Bank, at the end of last year, the

Supervisory Board extended the contract of Alexander von zur Mühlen as a member of the Management Board and

Chief Executive Officer for Asia-Pacific, the Middle East and Africa, as well as Europe and Germany. Both contracts

now run until 2029.

Supervisory Board

The terms of office as members of the Supervisory Board of Alexander Wynaendts and Yngve Slyngstad ended as

scheduled at the conclusion of the Annual General Meeting on May 28, 2026. Alexander Wynaendts and Yngve

Slyngstad were re-elected as members of the Supervisory Board on May 28, 2026. Carsten Knobel was also elected as a

member of the Supervisory Board on May 28, 2026. He succeeds Frank Witter, who stepped down from his office as a

member of the Supervisory Board.

At its subsequent meeting, the Supervisory Board elected Alexander Wynaendts as its Chairman.


Deutsche Bank	Consolidated statement of income
Interim Report as of June 30, 2026

Consolidated statement of income

Income statement


	Three months ended		Six months ended
in € m.	Jun 30, 2026	Jun 30, 2025	Jun 30, 2026	Jun 30, 2025
Interest and similar income1	11,167	11,034	22,006	22,506
Interest expense	6,819	7,143	13,624	14,779
Net interest income	4,349	3,891	8,382	7,727
Provision for credit losses	460	423	979	894
Net interest income after provision for credit losses	3,889	3,468	7,403	6,833
Net commission and fee income	2,861	2,674	5,665	5,426
Net gains (losses) on financial assets/liabilities at fair value through profit or loss	2,246	1,676	3,205	3,005
Net gains (losses) on derecognition of financial assets measured at amortized cost	3	1	4	4
Net gains (losses) on financial assets at fair value through other comprehensive income	18	17	28	33
Net income (loss) from equity method investments	4	(19)	11	(38)
Other income (loss)	(313)	97	(310)	314
Total noninterest income	4,819	4,448	8,603	8,745
Compensation and benefits	3,108	2,894	6,037	5,935
General and administrative expenses	2,233	2,065	4,415	4,245
Impairment of goodwill and other intangible assets	—	—	—	—
Restructuring activities	(1)	—	—	(5)
Total noninterest expenses	5,340	4,959	10,451	10,175
Profit (loss) before tax	3,368	2,957	5,555	5,402
Income tax expense (benefit)	966	840	1,595	1,554
Profit (loss)	2,401	2,116	3,960	3,849
Profit (loss) attributable to noncontrolling interests	55	46	110	90
Profit (loss) attributable to Deutsche Bank shareholders and additional equity components	2,347	2,070	3,850	3,758

1Interest and similar income of € 8.1 billion for the three months ended June 30, 2026 and € 8.1 billion for the three months ended June 30, 2025, € 15.9 billion for the six

months ended June 30, 2026 and € 16.6 billion for the six months ended June 30, 2025 was calculated based on the effective interest method

Earnings per common share


	Three months ended		Six months ended
	Jun 30, 2026	Jun 30, 2025	Jun 30, 2026	Jun 30, 2025
Earnings per common share:1
Basic	€ 0.84	€ 0.68	€ 1.59	€ 1.55
Diluted	€ 0.83	€ 0.67	€ 1.57	€ 1.51
Number of shares in million:
Denominator for basic earnings per share – weighted-average shares outstanding	1,910.2	1,968.7	1,918.9	1,960.1
Denominator for diluted earnings per share – adjusted weighted-average shares after assumed conversions	1,935.4	2,006.8	1,945.4	2,001.0

1Earnings were adjusted by € 748 million before tax for the second quarter of 2026 and by € 796 million before tax for the first six months of 2026 for coupons paid on

Additional Tier 1 notes. For the second quarter of 2025 and for the first six months of 2025 earnings were adjusted by € 728 million before tax for coupons paid on

Additional Tier 1 Notes. The coupons paid on Additional Tier 1 Notes are not attributable to Deutsche Bank shareholders and therefore need to be deducted in the

calculation in accordance with IAS 33.


Deutsche Bank	Consolidated statement of income
Interim Report as of June 30, 2026

Consolidated statement of comprehensive income


	Three months ended		Six months ended
in € m.	Jun 30, 2026	Jun 30, 2025	Jun 30, 2026	Jun 30, 2025
Profit (loss) recognized in the income statement	2,401	2,116	3,960	3,849
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurement gains (losses) related to defined benefit plans, before tax	(153)	(53)	(151)	(45)
Net fair value gains (losses) attributable to credit risk related to financial liabilities designated as at fair value through profit or loss, before tax	(219)	(49)	(22)	(22)
Total of income tax related to items that will not be reclassified to profit or loss	134	36	67	(29)
Items that are or may be reclassified to profit or loss
Financial assets at fair value through other comprehensive income
Unrealized net gains (losses) arising during the period, before tax	166	266	(24)	363
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax	(18)	(17)	(28)	(33)
Derivatives hedging variability of cash flows
Unrealized net gains (losses) arising during the period, before tax	196	62	(531)	207
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax	50	(27)	53	(34)
Assets classified as held for sale
Unrealized net gains (losses) arising during the period, before tax	—	—	—	—
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax	—	—	—	—
Foreign currency translation
Unrealized net gains (losses) arising during the period, before tax	134	(1,883)	372	(2,942)
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax	—	(7)	—	(7)
Equity Method Investments
Net gains (losses) arising during the period	—	1	2	42
Total of income tax related to items that are or may be reclassified to profit or loss	(67)	(92)	266	(142)
Other comprehensive income (loss), net of tax	223	(1,764)	4	(2,641)
Total comprehensive income (loss), net of tax	2,624	352	3,964	1,207
Attributable to:
Noncontrolling interests	64	(18)	137	(9)
Deutsche Bank shareholders and additional equity components	2,560	371	3,827	1,217


Deutsche Bank	Consolidated balance sheet
Interim Report as of June 30, 2026

Consolidated balance sheet

Assets


in € m.	Jun 30, 2026	Dec 31, 2025
Cash and central bank balances	131,899	164,659
Interbank balances (without central banks)	8,546	6,962
Central bank funds sold and securities purchased under resale agreements	44,138	37,509
Securities borrowed	6	6
Financial assets at fair value through profit or loss
Trading assets	176,590	153,811
Positive market values from derivative financial instruments	275,892	241,654
Non-trading financial assets mandatory at fair value through profit and loss	142,390	124,495
Financial assets designated at fair value through profit or loss	—	—
Total financial assets at fair value through profit or loss	594,872	519,960
Financial assets at fair value through other comprehensive income	48,540	43,644
Equity method investments	984	924
Loans at amortized cost	489,960	478,214
Property and equipment	5,862	5,924
Goodwill and other intangible assets	7,843	7,561
Other assets 1	186,349	167,160
Assets for current tax	1,569	1,609
Deferred tax assets	5,542	5,743
Total assets	1,526,110	1,439,873

Liabilities and equity


in € m.	Jun 30, 2026	Dec 31, 2025
Deposits	700,894	694,580
Central bank funds purchased and securities sold under repurchase agreements	3,691	4,177
Securities loaned	2	2
Financial liabilities at fair value through profit or loss
Trading liabilities	47,948	42,879
Negative market values from derivative financial instruments	260,170	225,827
Financial liabilities designated at fair value through profit or loss	144,434	115,055
Investment contract liabilities	512	469
Total financial liabilities at fair value through profit or loss	453,064	384,230
Other short-term borrowings	24,850	18,204
Other liabilities 1	145,897	137,662
Provisions	2,164	2,408
Liabilities for current tax	946	694
Deferred tax liabilities	632	594
Long-term debt	111,352	114,754
Trust preferred securities	283	283
Total liabilities	1,443,774	1,357,588
Common shares, no par value, nominal value of € 2.56	4,891	4,891
Additional paid-in capital	37,761	38,281
Retained earnings	31,314	30,275
Common shares in treasury, at cost	(841)	(185)
Equity classified as obligation to purchase common shares	(328)	—
Accumulated other comprehensive income (loss), net of tax	(4,180)	(4,247)
Total shareholders’ equity	68,616	69,015
Additional equity components	12,144	11,708
Noncontrolling interests	1,575	1,562
Total equity	82,335	82,285
Total liabilities and equity	1,526,110	1,439,873

1 Includes non-current assets and disposal groups held for sale


Deutsche Bank	Consolidated statement of changes in equity
Interim Report as of June 30, 2026

Consolidated statement of changes in equity


						Unrealized net gains (losses)
in € m.	Common shares (no par value)	Additional paid-in capital	Retained earnings	Common shares in treasury, at cost	Equity classified as obligation to purchase common shares	On financial assets at fair value through other compre- hensive income, net of tax2	Attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax2	On derivatives hedging variability of cash flows, net of tax2	On assets classified as held for sale, net of tax2	Foreign currency translation, net of tax2	Unrealized net gains (losses) from equity method investments	Accumula- ted other comprehen- sive income, net of tax1	Total shareholders’ equity	Additional equity components3	Noncontrolling interests	Total equity
Balance as of December 31 2024	5,106	39,744	25,873	(713)	—	(1,196)	(108)	23	—	(12)	(7)	(1,300)	68,709	11,550	1,606	81,865
Total comprehensive income (loss), net of tax1	—	—	3,758	—	—	241	(21)	119	—	(2,834)	28	(2,466)	1,292	—	(9)	1,282
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax	—	—	(4)	—	—	—	4	—	—	—	—	4	—	—	—	—
Common shares cancelled5	(119)	(556)	—	675	—	—	—	—	—	—	—	—	—	—	—	—
Cash dividends paid	—	—	(1,315)	—	—	—	—	—	—	—	—	—	(1,315)	—	(96)	(1,411)
Coupon on additional equity components, before tax	—	—	(728)	—	—	—	—	—	—	—	—	—	(728)	—	—	(728)
Remeasurement gains (losses) related to defined benefit plans, net of tax	—	—	(79)	—	—	—	—	—	—	—	—	—	(79)	—	—	(79)
Net change in share awards in the reporting period	—	(135)	—	—	—	—	—	—	—	—	—	—	(135)	—	—	(135)
Treasury shares distributed under share-based compensation plans	—	—	—	428	—	—	—	—	—	—	—	—	428	—	—	428
Tax benefits related to share-based compensation plans	—	73	—	—	—	—	—	—	—	—	—	—	73	—	—	73
Additions to Equity classified as obligation to purchase common shares6	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Deductions from Equity classified as obligation to purchase common shares7	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Option premiums and other effects from options on common shares	—	(75)	—	—	—	—	—	—	—	—	—	—	(75)	—	—	(75)
Purchases of treasury shares	—	—	—	(867)	—	—	—	—	—	—	—	—	(867)	—	—	(867)
Sale of treasury shares	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net gains (losses) on treasury shares sold	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other	—	(202)	—	—	—	—	—	—	—	—	—	—	(202)	290 4	(44)	44
Balance as of June 30, 2025	4,988	38,849	27,505	(477)	—	(955)	(125)	142	—	(2,846)	20	(3,763)	67,101	11,840	1,457	80,398


Deutsche Bank	Consolidated statement of changes in equity
Interim Report as of June 30, 2026


						Unrealized net gains (losses)
in € m.	Common shares (no par value)	Additional paid-in capital	Retained earnings	Common shares in treasury, at cost	Equity classified as obligation to purchase common shares	On financial assets at fair value through other compre- hensive income, net of tax2	Attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax2	On derivatives hedging variability of cash flows, net of tax2	On assets classified as held for sale, net of tax2	Foreign currency translation, net of tax2	Unrealized net gains (losses) from equity method investments	Accumula- ted other comprehen- sive income, net of tax1	Total shareholders’ equity	Additional equity components3		Noncontrolling interests	Total equity
Balance as of December 31 2025	4,891	38,281	30,275	(185)	—	(819)	(192)	(36)	—	(3,211)	10	(4,247)	69,015	11,708		1,562	82,285
Amendments to IFRS 9 Classification and Measurement	—	—	—	—	—	—	—	—	—	—	—	—	—	—		—	—
Balance as of January 1, 2026	4,891	38,281	30,275	(185)	—	(819)	(192)	(36)	—	(3,211)	10	(4,247)	69,015	11,708		1,562	82,285
Total comprehensive income (loss), net of tax1	—	—	3,850	—	—	(32)	(25)	(335)	—	448	2	58	3,908	—		137	4,046
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax	—	—	—	—	—	—	—	—	—	—	—	—	—	—		—	—
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax	—	—	(9)	—	—	—	9	—	—	—	—	9	—	—		—	—
Common shares cancelled5	—	—	—	—	—	—	—	—	—	—	—	—	—	—		—	—
Cash dividends paid	—	—	(1,878)	—	—	—	—	—	—	—	—	—	(1,878)	—		(123)	(2,001)
Coupon on additional equity components, before tax	—	—	(796)	—	—	—	—	—	—	—	—	—	(796)	—		—	(796)
Remeasurement gains (losses) related to defined benefit plans, net of tax	—	—	(91)	—	—	—	—	—	—	—	—	—	(91)	—		—	(91)
Net change in share awards in the reporting period	—	(197)	—	—	—	—	—	—	—	—	—	—	(197)	—		—	(197)
Treasury shares distributed under share-based compensation plans	—	—	—	559	—	—	—	—	—	—	—	—	559	—		—	559
Tax benefits related to share-based compensation plans	—	(114)	—	—	—	—	—	—	—	—	—	—	(114)	—		—	(114)
Additions to Equity classified as obligation to purchase common shares6	—	—	—	—	(1,000)	—	—	—	—	—	—	—	(1,000)	—		—	(1,000)
Deductions from Equity classified as obligation to purchase common shares7	—	—	—	—	672	—	—	—	—	—	—	—	672	—		—	672
Option premiums and other effects from options on common shares	—	(111)	—	—	—	—	—	—	—	—	—	—	(111)	—		—	(111)
Purchases of treasury shares	—	—	—	(1,215)	—	—	—	—	—	—	—	—	(1,215)	—		—	(1,215)
Sale of treasury shares	—	—	—	—	—	—	—	—	—	—	—	—	—	—		—	—
Net gains (losses) on treasury shares sold	—	—	—	—	—	—	—	—	—	—	—	—	—	—		—	—
Other	—	(99)	(37)	—	—	—	—	—	—	—	—	—	(136)	4364	—	(1)	300
Balance as of June 30, 2026	4,891	37,761	31,314	(841)	(328)	(851)	(207)	(371)	—	(2,762)	11	(4,180)	68,616	12,144		1,575	82,335

1Excluding remeasurement gains (losses) related to defined benefit plans, net of tax

2Excluding unrealized net gains (losses) from equity method investments

3Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS

4Includes net effect from issuance, repayment, purchase and sale of Additional Equity components

5At January 3, 2025, Deutsche Bank cancelled 46.4 million of its common shares. The cancellation reduced the nominal value of the shares by € 119 million. The cancelled shares had been held in common shares in treasury, at their acquisition cost of € 675 million. The difference between the common shares at cost and their nominal value has reduced additional paid-in capital by

€ 556 million

6 Includes the total maximum volume of common shares to be purchased under the share buyback program launched in the reporting period recognized as an obligation to repurchase common shares

7 Includes the volume of common shares repurchased under the share buyback program launched in the reporting period recognized as a reduction of the obligation to repurchase common shares. The acquisition costs of the repurchased shares are included in the total amount of treasury shares purchased. The remaining common shares to be purchased under the share buyback

program 2026 of € 328 million are recognized in other liabilities


		47


Deutsche Bank	Consolidated statement of cash flows
Interim Report as of June 30, 2026

Consolidated statement of cash flows


	Six months ended
in € m.	Jun 30, 2026	Jun 30, 2025
Profit (loss)	3,960	3,849
Cash flows from operating activities:
Adjustments to reconcile profit (loss) to net cash provided by (used in) operating activities:
Provision for credit losses	979	894
Restructuring activities	—	(5)
Gain on sale of financial assets at fair value through other comprehensive income, equity method investments and other	(31)	—
Deferred income taxes, net	599	548
Impairment, depreciation and other amortization, and accretion	1,550	1,339
Share of net income (loss) from equity method investments	(12)	3
Interest-earning time deposits with central banks and banks	22,118	(192)
Central bank funds sold, securities purchased under resale agreements, securities borrowed	(6,491)	7,575
Non-Trading financial assets mandatory at fair value through profit and loss	(17,045)	(6,899)
Financial assets designated at fair value through profit or loss	—	—
Loans at amortized cost	(12,144)	(2,648)
Other assets	(8,299)	(42,697)
Deposits	5,188	(467)
Financial liabilities designated at fair value through profit or loss and investment contract liabilities1	27,905	18,163
Central bank funds purchased, securities sold under repurchase agreements and securities loaned	(505)	780
Other short-term borrowings	6,583	8,353
Other liabilities	4,013	52,116
Senior long-term debt2	(3,088)	4,671
Trading assets and liabilities, positive and negative market values from derivative financial instruments, net	(16,768)	(27,255)
Other, net	(1,932)	7,524
Net cash provided by (used in) operating activities	6,578	25,651
Cash flows from investing activities:
Proceeds from:
Sale of financial assets at fair value through other comprehensive income	10,297	6,479
Maturities of financial assets at fair value through other comprehensive income	12,683	12,539
Sale of debt securities held to collect at amortized cost	—	—
Maturities of debt securities held to collect at amortized cost	2,258	1,697
Sale of equity method investments	—	—
Sale of property and equipment	4	—
Purchase of:
Financial assets at fair value through other comprehensive income	(27,079)	(21,054)
Debt Securities held to collect at amortized cost	(9,497)	(19,761)
Equity method investments	(38)	(15)
Property and equipment	(200)	(211)
Net cash received in (paid for) business combinations/divestitures	—	—
Other, net	(826)	(647)
Net cash provided by (used in) investing activities	(12,400)	(20,972)


		48


Deutsche Bank	Consolidated statement of cash flows
Interim Report as of June 30, 2026


	Six months ended
in € m.	Jun 30, 2026	Jun 30, 2025
Cash flows from financing activities:
Issuances of subordinated long-term debt3	1,002	20
Repayments and extinguishments of subordinated long-term debt3	(2,042)	(2,696)
Issuances of trust preferred securities4	—	—
Repayments and extinguishments of trust preferred securities4	(3)	(3)
Principal portion of lease payments5	(243)	(248)
Common shares issued	—	—
Purchases of treasury shares	(1,215)	(867)
Sale of treasury shares	—	—
Additional Equity Components (AT1) issued	1,250	1,500
Additional Equity Components (AT1) repaid	(750)	(1,208)
Purchases of Additional Equity Components (AT1)	(1,594)	(1,869)
Sale of Additional Equity Components (AT1)	1,591	1,865
Coupon on additional equity components, pre tax	(796)	(728)
Dividends paid to noncontrolling interests	(123)	(96)
Net change in noncontrolling interests	(1)	(4)
Cash dividends paid to Deutsche Bank shareholders	(1,878)	(1,315)
Net cash provided by (used in) financing activities	(4,803)	(5,650)
Net effect of exchange rate changes on cash and cash equivalents	1,308	(6,904)
Net increase (decrease) in cash and cash equivalents	(9,318)	(7,874)
Cash and cash equivalents at beginning of period	138,277	130,666
Cash and cash equivalents at end of period	128,960	122,792
Net cash provided by (used in) operating activities including
Income taxes paid (received), net	669	663
Interest paid6	13,230	14,968
Interest received6	21,619	22,854
Dividends received	20	35
Cash and cash equivalents comprise
Cash and central bank balances7	122,522	117,607
Interbank balances (w/o central banks)8	6,437	5,185
Total	128,960	122,792

1Included are senior long-term debt issuances of € 9.7 billion and € 6.9 billion and repayments and extinguishments of € 4.5 billion and € 3.5 billion through June 30, 2026

and June 30, 2025, respectively

2Included are issuances of € 11.6 billion and € 14.1 billion and repayments and extinguishments of € 14.9 billion and € 8.9 billion through June 30, 2026 and June 30, 2025,

respectively

3Non-cash changes for Subordinated Long-Term Debt are € 125 million in total and mainly driven by Fair Value changes of € (4) million and Foreign Exchange movements

of € 130 million through June 30, 2026 and € (765) million in total mainly driven by Fair Value changes of € 48 million and Foreign Exchange movements of € (816) million

through June 30, 2025

4Non-cash changes for Trust Preferred Securities are € 3 million in total and mainly driven by Changes from amortization of issue costs of € 9 million through June 30, 2026

and € 2 million in total and mainly driven by Fair Value changes of € (1) million through June 30, 2025

5Non-cash changes for Lease liabilities are € 272 million in total including Foreign Exchange movements of € 39 million through June 30, 2026 and € 156 million in total

including Foreign Exchange movements of € (198) million through June 30, 2025

6Includes interest paid and interest received from derivatives qualifying as hedging instruments under the Group’s fair value hedge accounting application, which includes

portfolio hedges of interest rate risk in accordance with the EU carve-out version of IAS 39

7Not included: Interest-earning time deposits with central banks of € 9.4 billion as of June 30, 2026 and € 19.5 billion as of June 30, 2025

8Not included: Interest-earning time deposits with banks of € 2.1 billion as of June 30, 2026 and € 1.6 billion as of June 30, 2025

As of June 30, 2026 cash and central bank balances include time and demand deposits at the Russian Central Bank of

€ 650 million (€ 497 million as of June 30, 2025). These are subject to foreign exchange restrictions. Thereof, demand

deposits of € 10 million (€ 12 million as of June 30, 2025) qualify as Cash and cash equivalents at end of period.


		49


Deutsche Bank	Notes to consolidated financial statements
Interim Report as of June 30, 2026

Basis of preparation/impact of changes in accounting

principles

The interim consolidated financial statements of Deutsche Bank Aktiengesellschaft, Taunusanlage 12, Frankfurt am Main,

Germany and its subsidiaries (collectively the “Group” or “Deutsche Bank”) for the six-month period ended June 30, 2026,

is stated in euros, the presentation currency of the Group. It has been prepared based on the International Financial

Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The interim consolidated

financial statements are prepared in accordance with the requirements of IAS 34 relating to interim financial reporting.

The Group’s interim consolidated financial statements are unaudited and include the consolidated balance sheet as of

June 30, 2026, the related consolidated statements of income and comprehensive income for the six-month period

ended June 30, 2026, as well as other information.

The Group’s interim consolidated financial statements should be read in conjunction with the audited consolidated

financial statements of Deutsche Bank for the year ended December 31, 2025, for which the same accounting policies,

critical accounting estimates and changes in accounting estimates have been applied with the exception of the newly

adopted accounting pronouncements outlined in section “Recently adopted accounting pronouncements”.

For purposes of the Group’s primary financial reporting outside the United States, the Group prepares its consolidated

financial statements in accordance with IFRS as endorsed by the EU. For purposes of the Group’s consolidated financial

statements prepared in accordance with IFRS as endorsed by the EU, the Group applies 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. The

purpose of applying the EU carve out version of IAS 39 is to align the Group’s hedge accounting approach with its risk

management practice and the accounting practice of its major European peers. Under the EU carve out version of IAS 39

fair value macro hedge accounting may be applied to core deposits. In addition, the EU carve out version of IAS 39 hedge

ineffectiveness is only recognized when the revised estimate of the amount of cash flows in scheduled time buckets falls

below the original designated amount of that bucket. If the revised amount of cash flows in scheduled time buckets is

more than the original designated amount, then there is no hedge ineffectiveness. Under IFRS as issued by the IASB,

hedge accounting for fair value macro hedges cannot be applied to core deposits. In addition, under IFRS as issued by

the IASB hedge ineffectiveness arises for all fair value macro hedge accounting relationships whenever the revised

estimate of the amount of cash flows in scheduled time buckets is either more or less than the original designated

amount of that bucket. The EU carve out version of IAS 39 also removes the prohibition on identifying a benchmark risk

component in a financial instrument priced at sub–benchmark. This may arise when financial instruments carry a

negative spread such that the identified non–contractually specified risk component is larger than the interest carry on

the contract itself.

The application of the EU carve out version of IAS 39 had a negative impact of € 688 million on profit before tax and of

€ 496 million on profit after tax for the three-month period ended June 30, 2026, compared to a negative impact of

€ 535 million on profit before tax and of € 383 million on profit after tax for the three-month period ended June 30, 2025.

The application of the EU carve out version of IAS 39 had a positive impact of € 166 million on profit before tax and of

€ 119 million on profit after tax for the six-month period ended June 30, 2026, compared to a negative impact of

€ 144 million on profit before tax and of € 103 million on profit post taxes for the six-month period ended June 30, 2025.

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 June 30, 2026, the application of the EU carve out had a cumulative negative impact on the CET1 capital ratio of

about 53 basis points compared to a cumulative negative impact of about 75 basis points as of June 30, 2025.

The preparation of financial information under IFRS requires management to make estimates and assumptions for certain

categories of assets and liabilities. These estimates and assumptions affect the reported amounts of assets and liabilities

and disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and

expenses during the reporting period. Actual results could differ from management’s estimates, especially in relation to

potential impacts from tariffs or inflation and broader changes in the political and geopolitical environment (e.g., war in

Ukraine or Middle East conflict), and the results reported should not be regarded as necessarily indicative of results that

may be expected for the entire year.


		50


Deutsche Bank	Notes to consolidated financial statements
Interim Report as of June 30, 2026

Recently adopted accounting pronouncements

The following are those accounting pronouncements which are relevant to the Group and which have been newly

applied in the first six months of 2026.

IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”

In May 2024, the IASB issued “Amendments to the Classification and Measurement of Financial Instruments

(Amendments to IFRS 9 and IFRS 7)” to address matters identified during the post-implementation review of the

classification and measurement requirements of IFRS 9 “Financial Instruments”. The amendments are effective for

annual periods beginning on or after January 1, 2026.

On classification and measurement, there were amendments to the solely payments of principal and interest (SPPI) test.

The amendments provide more guidance on the scope of contractually linked financial assets and the SPPI assessment

for debt instrument assets with contingent cash flow features, for example loans with Environmental, Social and

Governance (ESG) linked coupons. The amendments resulted in an adjustment to equity as of January 1, 2026, and did

not have a material impact on the Group’s interim consolidated financial statements. The amendments also include

additional disclosure requirements on financial instruments with contingent cash flow features which will initially be

required in the Group’s 2026 annual financial statements.

On financial liability derecognition via electronic payment systems, the amendments clarify that a financial liability is

derecognized on the settlement date (which is when the related obligation is discharged or cancelled or expires, or the

liability otherwise qualifies for derecognition) and provides for an election for a financial liability (or part of it) to be

derecognized before the settlement date if specified criteria are met. The initial application of the amendment has had

no impact on the Group’s interim consolidated financial statements, and the election to derecognize the financial liability

before the settlement date has not been applied as of the reporting date.

Annual Improvements to IFRS

In July 2024, the IASB issued amendments to multiple IFRS standards, which resulted from the IASB’s annual

improvements project. These comprise changes in terminology as well as editorial amendments related to IFRS 1 “First-

time Adoption of International Financial Reporting Standards”, IFRS 7 “Financial Instruments: Disclosures” and its

accompanying Guidance on implementing IFRS 7, IFRS 9 “Financial Instruments”, IFRS 10 “Consolidated Financial

Statements” and IAS 7 “Statement of Cash-Flows”. The amendments are effective for annual periods beginning on or

after January 1, 2026, with early adoption permitted. The amendments did not have a material impact on the Group’s

interim consolidated financial statements.

Contracts Referencing Nature-Dependent Electricity - Amendments to IFRS 9 and IFRS 7

In December 2024, the IASB issued “Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and

IFRS 7)” to address matters identified for contracts referencing to nature-dependent electricity. The own-use

requirements in IFRS 9 are to be amended to include the factors an entity is required to consider for which the source of

production of the electricity is nature-dependent. The hedge accounting requirements in IFRS 9 are to be amended to

permit an entity using a contract for nature-dependent renewable electricity with a variable volume of forecast

electricity transactions as the hedged item as well as for measuring hedge effectiveness. The IASB further amends IFRS 7

and IFRS 19 to introduce disclosure requirements about contracts for nature-dependent electricity with specified

characteristics.

The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted.

The amendments did not have a material impact on the Group’s interim consolidated financial statements.


		51


Deutsche Bank	Notes to consolidated financial statements
Interim Report as of June 30, 2026

New accounting pronouncements

The following accounting pronouncements were not effective as of June 30, 2026, and therefore have not been applied

in the first six months of 2026.

IFRS 18 “Presentation and Disclosure in Financial Statements”

In April 2024, the IASB issued the new standard IFRS 18 “Presentation and Disclosures in Financial Statements” that

replaces IAS 1 “Presentation of Financial Statements”. IFRS 18 contains new guidance on how to structure the Income

Statement as well as new disclosure requirements for Management-defined Performance Measures (MPMs). The new

standard is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted. The Group

does not expect a material impact of IFRS 18 on the presentation of its consolidated financial statements.

IFRS 19 “Subsidiaries without Public Accountability: Disclosures”

In May 2024, the IASB issued the new standard IFRS 19 “Subsidiaries without Public Accountability: Disclosures”. The

new standard permits a subsidiary to provide reduced disclosures when applying IFRS Accounting Standards in its

financial statements. In August 2025, the IASB issued amendments to the not yet effective standard which cover new or

amended IFRS Accounting Standards issued between February 28, 2021 and May 1, 2024, that were not considered

when IFRS 19 was first issued.

The new standard is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted.

The Group does not expect a material impact of IFRS 19 on the disclosure requirements of its subsidiaries. The new

standard has yet to be endorsed by the EU.

IAS 21 “The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary

Presentation Currency”

In November 2025, the IASB issued amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” to clarify

the accounting applied by a parent, whose functional currency is the currency of a hyperinflationary economy, when it

consolidates a subsidiary, whose functional currency is the currency of a non-hyperinflationary economy. The IASB

decided that when an entity translates amounts from a functional currency that is the currency of a non-

hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, the entity

translates those amounts, including comparative amounts, using the closing rate at the date of the most recent

statement of financial position. An entity shall also disclose that it has applied this translation method in its financial

statements, or in the results and financial position of its foreign operations.

The amendments will be effective for annual periods beginning on or after January 1, 2027, with early adoption

permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial

statements. The new standard has yet to be endorsed by the EU.

IAS 28 "Investments in Associates and Joint Ventures"

In June 2026, the IASB issued amendments to IAS 28 "Investments in Associates and Joint Ventures". The amendments

clarify the meaning of "similar entities" that are eligible to elect the fair value option for their investment in associates or

joint ventures. A similar entity includes an entity with a main business activity of investing in particular types of assets, as

assessed under IFRS 18. The election can be made separately for each associate or joint venture upon initial recognition.

The amendment is effective for annual periods beginning on or after January 1, 2027 when an entity first applies IFRS 18,

with early adoption permitted. The Group does not expect the amendments to have a material impact on its consolidated

financial statements. The new standard has yet to be endorsed by the EU

IFRS 20 "Regulatory Assets and Regulatory Liabilities"

In May 2026, the IASB issued the new standard IFRS 20 "Regulatory Assets and Regulatory Liabilities". The new standard

requires an entity that is subject to a regulatory agreement to provide information about its regulatory assets, regulatory

liabilities, regulatory income and regulatory expense.

The new standard is effective for annual periods beginning on or after January 1, 2029, with early adoption permitted.

The Group does not expect an impact on its consolidated financial statements. The new standard has yet to be endorsed

by the EU.


		53


Deutsche Bank	Segment Results
Interim Report as of June 30, 2026

Segment results


	Three months ended Jun 30, 2026
in € m. (unless stated otherwise)	Private Bank	Asset Management	Corporate Bank	Investment Bank	Corporate & Other	Total Consolidated
Net revenues	2,566	756	1,906	3,185	754	9,168
Provision for credit losses	177	—	38	174	70	460
Noninterest expenses:
Compensation and benefits	766	243	445	781	874	3,108
General and administrative expenses	1,020	226	733	918	(664)	2,233
Impairment of goodwill and other intangible assets	—	—	—	—	—	—
Restructuring activities	(2)	—	—	—	—	(1)
Total noninterest expenses	1,784	469	1,177	1,699	210	5,340
Noncontrolling interests	—	63	—	1	(64)	—
Profit (loss) before tax	605	224	691	1,311	537	3,368

N/M – Not meaningful


	Three months ended Jun 30, 2025
in € m. (unless stated otherwise)	Private Bank	Asset Management	Corporate Bank	Investment Bank	Corporate & Other	Total Consolidated
Net revenues	2,371	725	1,896	2,687	660	8,339
Provision for credit losses	118	—	22	259	25	423
Noninterest expenses:
Compensation and benefits	675	226	399	721	873	2,894
General and administrative expenses	972	212	737	879	(736)	2,065
Impairment of goodwill and other intangible assets	—	—	—	—	—	—
Restructuring activities	1	—	—	—	—	—
Total noninterest expenses	1,648	438	1,137	1,600	137	4,959
Noncontrolling interests	—	62	—	2	(65)	—
Profit (loss) before tax	605	225	738	826	563	2,957

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year


	Six months ended Jun 30, 2026
in € m. (unless stated otherwise)	Private Bank	Asset Management	Corporate Bank	Investment Bank	Corporate & Other	Total Consolidated
Net revenues	5,133	1,558	3,722	6,558	13	16,985
Provision for credit losses	356	—	86	464	72	979
Noninterest expenses:
Compensation and benefits	1,467	486	864	1,509	1,711	6,037
General and administrative expenses	2,025	428	1,458	1,833	(1,329)	4,415
Impairment of goodwill and other intangible assets	—	—	—	—	—	—
Restructuring activities	—	—	—	—	—	—
Total noninterest expenses	3,492	914	2,322	3,342	382	10,451
Noncontrolling interests	—	140	—	2	(142)	—
Profit (loss) before tax	1,286	504	1,314	2,751	(299)	5,555

N/M – Not meaningful


		55


Deutsche Bank	Segment Results
Interim Report as of June 30, 2026

Private Bank


	Three months ended				Six months ended
in € m. (unless stated otherwise)	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %	Jun 30, 2026	Jun 30, 2025	Absolute Change	Change in %
Net revenues:
Personal Banking	1,383	1,306	77	6	2,742	2,594	148	6
Wealth Management1	1,184	1,065	118	11	2,392	2,215	176	8
Total net revenues	2,566	2,371	195	8	5,133	4,810	324	7
Of which:
Net interest income	1,662	1,517	145	10	3,300	2,971	329	11
Net commission and fee income	799	739	59	8	1,651	1,571	80	5
Remaining income	106	115	(9)	(8)	182	268	(86)	(32)
Provision for credit losses	177	118	60	51	356	336	20	6
Noninterest expenses:
Compensation and benefits	766	675	90	13	1,467	1,414	54	4
General and administrative expenses	1,020	972	48	5	2,025	1,970	54	3
Impairment of goodwill and other intangible assets	—	—	—	N/M	—	—	—	N/M
Restructuring activities	(2)	1	(2)	N/M	—	(5)	5	N/M
Total noninterest expenses	1,784	1,648	136	8	3,492	3,379	113	3
Noncontrolling interests	—	—	—	N/M	—	—	—	N/M
Profit (loss) before tax	605	605	—	—	1,286	1,094	191	17

Total employees (full-time equivalent)2	35,709	36,917	(1,208)	(3)	35,709	36,917	(1,208)	(3)
Risk-weighted assets (in € bn)2	97	93	4	4	97	93	4	4
Of which: operational risk RWA (in € bn)2	16	15	1	7	16	15	1	7
Assets under Management (in € bn)2,3	732	645	87	13	732	645	87	13
Net flows (in € bn)	9	6	2	39	20	12	8	66
Cost/income ratio4	69.5%	69.5%	—ppt	N/M	68.0%	70.3%	(2.2)ppt	N/M
Post-tax return on average shareholders’ equity5	10.8%	10.4%	0.3ppt	N/M	11.5%	9.4%	2.1ppt	N/M
Post-tax return on average tangible shareholders’ equity5	11.3%	10.8%	0.5ppt	N/M	12.0%	9.5%	2.5ppt	N/M