Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q3 2026 Earnings Presentation
35 slides from Deutsche Bank's earnings presentation, Oct 28, 2026
Slide 1: Q3 2026 results
Deutsche Bank Investor Relations Q3 2026 results October 28, 2026
Slide 2: Strategy execution delivers record 9M results and underpins path to targets
Strategy execution delivers record 9M results and underpins path to targets Strong revenue performance supported by a high- 11.5% 61.4% quality business mix and record net flows Return on tangible equity1 Cost/income ratio FY 2028 target: >13% FY 2028 target: <60% Record profit before tax of € 8.4bn
Slide 3: Continued progress on Scaling the Global Hausbank
Continued progress on Scaling the Global Hausbank Key achievements across strategic levers Year-to-date Strict ▪ 5% YoY revenue growth, with greater contribution from focused growth areas delivering 6% increase, capital led by Private Bank and Asset Management discipline Focused >13% growth RoTE 202
Slide 4: All divisions delivered a RoTE of 12% or higher
All divisions delivered a RoTE of 12% or higher Performance indicators in 9M Key achievements in Q3 RoTE1 CIR ▪ Private Bank client assets rose to € 865bn3, with record AuM net Private Bank 12.3% 67.1% flows of € 17bn +1.8ppt YoY (2.5)ppt YoY ▪ Asset Management generated record AuM net flows of € 31
Slide 5: Group financials
Group financials Deutsche Bank Investor Relations Q3 2026 results, October 28, 2026 5
Slide 6: Q3 2026 highlights
Q3 2026 highlights In € bn, unless stated otherwise Financial highlights Profit before tax by segment3 Statement of income Q3 2026 Δ YoY Δ QoQ Net revenues 8.3 4% (2)% +8% Provision for credit losses 0.5 20% 9% 2.6 Noninterest expenses 5.2 0% (3)% 2.4 Profit (loss) before tax 2.6 8% (2)% 0.7 Profit
Slide 7: Revenue performance
Revenue performance In € bn, unless stated otherwise Revenues by segment Revenues by type Net commission and fee income1 Private Bank Corporate Bank C&O Net interest income Trading and other Private Bank Corporate Bank Asset Management Investment Bank Net commission and fee income Asset Management I
Slide 8: Net interest income (NII) and net interest margin (NIM)
Net interest income (NII) and net interest margin (NIM) In € bn, unless stated otherwise Group Key banking book1 Segments Key banking book1 and other funding2 Deposits Loans Divisional NIM Accounting asymmetry driven3 Private Bank 1.5% 1.6% 1.6% 1.7% 1.5% 2.8% 2.9% 2.9% 2.9% 2.9% 2.5% 2.6% 2.6% 2.7%
Slide 9: Noninterest expenses
Noninterest expenses In € bn, unless stated otherwise, year-on-year development 0% 5.2 0.3 (0.2) 5.2 ▪ Incremental investments in modernizing technology 0.1 (0.1) infrastructure, Private Bank operating model optimization, hiring in Wealth Management and IBCM and expansion of Corporate Bank solutions
Slide 10: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise In bps of average loans annualized1 In bps for LTM2 43 41 38 35 33 39 ▪ Portfolio quality remains strong with underlying performance in line with expectations 519 501 460 417 ▪ Close monitoring of segments subject to economic and 395 geopol
Slide 11: Capital metrics
Capital metrics Risk-weighted assets CET1 ratio1 In € bn Movements in bps 367 1 43 3 365 11 14.0% 13.9% (26) (5) (16) (0) Q2 2026 FX impact Business Other Q3 2026 Q2 2026 FX impact RWA Net Distribution Other Q3 2026 growth change income2 deductions ▪ Risk-weighted assets down by € 3bn (ex-FX impact)
Slide 12: Segment results
Segment results Deutsche Bank Investor Relations Q3 2026 results, October 28, 2026 12
Slide 13: Private Bank
Private Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q3 2026 Δ YoY Δ QoQ RoTE of 13% and CIR of 65% demonstrate € 865bn € 17bn ▪ Net revenues 2,606 8% 2% continued progress in strategy execution, Client assets1, +2% QoQ Net flows
Slide 14: Asset Management
Asset Management In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q3 2026 Δ YoY Δ QoQ Strong growth continued, with +3% € 17bn ▪ Net revenues 766 4% 1% € 31bn net flows, including € 17bn long- Profit before tax Long-term net flows3 term n
Slide 15: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q3 2026 Δ YoY Δ QoQ Strong quarter with record revenues and a +8% +13% ▪ Net revenues 1,978 9% 4% RoTE of 17.6% Loans1 Net commission and fee Provision for credit losses 68 n
Slide 16: Investment Bank
Investment Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q3 2026 Δ YoY Δ QoQ Revenues broadly matching last year’s record 2.1% +5% ▪ Net revenues 2,918 (2)% (8)% quarter IBCM market share4 Client activity5 ▪ Solid FIC performance
Slide 17: Outlook
Outlook Revenues Strong 9M 2026 performance supports FY 2026 revenue ambition of above € 33bn Costs On track to deliver FY 2026 expenses in line with plan while investing and delivering operating efficiencies Provision for Underlying credit quality remains resilient and in line with expectations; pr
Slide 18: Appendix
Appendix Deutsche Bank Investor Relations Q3 2026 results, October 28, 2026 18
Slide 19: 2028 financial targets and capital objectives
2028 financial targets and capital objectives Financial targets Capital objectives1 >13% 13.5-14.0% Return on tangible equity CET1 ratio FY 2028 operating range2 <60% 60% + Excess Cost/income ratio Payout ratio capital FY 2028 2026-2028 Notes: for footnotes refer to slides 33 and 34 Deutsche Bank In
Slide 20: Capital deployment and distribution
Capital deployment and distribution Optimized capital deployment Distribution policy Preserve capital and liquidity buffers through macro cycles Payout ratio of 60% as ordinary distribution1 Increase shareholder rewards across both dividends and share buybacks Continuously grow dividend per share In
Slide 21: Sustainability strategy progress
Sustainability strategy progress Q3 2026 Selected ESG ratings Key achievements Rating agency1 DB score ▪ Contributed to € 1bn syndicated guarantee facility for 2019 Q3 2026 ENERCON3; facility supports the production, distribution and MSCI BBB AA servicing of onshore wind turbines4 S&P Global CSA 48
Slide 22: 21 consecutive quarters of year-on-year revenue growth
21 consecutive quarters of year-on-year revenue growth1 In € bn, unless stated otherwise Q1 revenues Q2 revenues Q3 revenues Q4 revenues +18% +2% +28% +9% +20% +4% +31% +7% 8.5 8.7 8.5 8.3 7.8 8.0 7.7 7.8 7.6 1.1 7.7 7.3 1.7 7.4 7.5 1.2 2.1 7.1 7.2 0.6 1.3 6.9 1.5 6.6 6.7 0.9 1.9 2.0 1.5 2.0 1.8 6.3
Slide 23: Net interest income sensitivity and interest rate hedge
Net interest income sensitivity and interest rate hedge Net interest income sensitivity1 Income from long-term hedge portfolio (excl. equity)1 Hypothetical +/-25bps shift in yield curve, in € m In € bn, unless stated otherwise +25bps shift in yield curve -25bps shift in yield curve 10y EUR swap Yiel
Slide 24: Group Trading Book Value-at-Risk (VaR) and stressed Value-at-Risk (sVaR)
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 In € m, 99% confidence level, as of September 30, 2026 Trading P&L2, VaR sVaR 600 160 500 400 120 211 300 208 195 169 200 80 100 33 33 32 0 40 29 (100) (200) 0 (300) (40) (400) (500) (80) (600) Q4 2025 Q1 2026
Slide 25: Provision for credit losses: trends and outlook
Provision for credit losses Trends and outlook In bps annualized (LTM) Group PB1 CB1 IB 30bps through the cycle guidance 100 ▪ Group provisioning levels include impacts of proactive, capital 75 accretive de-risking strategy and valuation updates on legacy 50 defaulted CRE portfolio with no evidence
Slide 26: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio US CRE portfolio (24)% € 30bn (31)% € 22bn 61% (42)% € 11bn 38% 76% Total non-recourse portfolio1, Higher risk portfolio in scope of Weighted average net LTV of Higher risk portfolio in scope of US CRE allocated in US Weighted average net LTV in since 2022
Slide 27: Loans and deposits
Loans and deposits In € bn, unless stated otherwise Loan development1 Loan book composition Key highlights Other IB2 Other +5% +1% 0% German Mortgages and ▪ Loans up € 6bn, or 1%, during the quarter: LDCM 14% Home Loans & Savings Asset Backed 476 479 486 491 497 Securities 1% 28% ▪ Private Bank: Str
Slide 28: Private Bank client assets
Private Bank client assets In € bn, unless stated otherwise Client assets1 Assets under management2,3 Net flows (AuM)4 WM - AuM PeB - AuM PB - AuC WM - Inv. products WM - Deposits WM - Inv. products WM - Deposits PeB - Inv. products PeB - Deposits PeB - Inv. products PeB - Deposits +2% +3% 865 732 7
Slide 29: Asset Management AuM
Asset Management AuM In € bn, unless stated otherwise Assets under management Net flows Long-term +16% +3% flows1 10.3 8.0 6.6 11.6 16.6 1,190 1,221 16 17 1,085 1,093 140 30.9 1,054 125 16 16 0.4 18 106 111 100 105 105 24.8 107 108 112 0.4 13.9 455 475 12.9 376 395 396 0.8 12.1 10.5 11.0 1.5 0.3 0.3
Slide 30: Corporate & Other
Corporate & Other1 In € m, unless stated otherwise Financial results Profit (loss) before tax Abs. Δ vs. Abs. Δ vs. Statement of income Q3 2026 Δ YoY Δ QoQ Q3 2025 Q2 2026 Net revenues 67 (33)% 2% Funding & liquidity (92) (30) (2) 26 (15)% (63)% Valuation & Provision for credit losses timing differe
Slide 31: Litigation update
Litigation update In € bn, period end Litigation provisions Contingent liabilities 1.3 1.3 1.3 1.2 1.1 1.1 0.9 1.0 0.9 0.9 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Notes: figures reflect current status of individual matters and provisions; litigation provisions
Slide 32: FX translation impact and indicative divisional currency mix
FX translation impact and indicative divisional currency mix In € m, unless stated otherwise FX translation impact Indicative divisional currency mix Statement of income Q3 2025 Q2 2026 Q3 2026 Δ QoQ Δ YoY Net revenues Net revenues - as reported 8,043 8,479 8,335 (2)% 4% 3% FX translation impact 24
Slide 33: Definition of certain financial measures and footnotes 1 / 2
Definition of certain financial measures and footnotes 1 / 2 Definition of certain financial measures Slide 7 – Revenue performance 1. Corporate & Other net commission and fee income Q3 2025: € (13)m, Q3 2026: € (23)m are not shown on this chart but are Post-tax return on average tangible shareholde
Slide 34: Definition of certain financial measures and footnotes 2 / 2
Definition of certain financial measures and footnotes 2 / 2 Slide 16 – Investment Bank Slide 25 – Provision for credit losses: trends and outlook 1. Loans gross of allowance at amortized cost 1. Increase in Private Bank and Corporate Bank provision for credit losses run rates as of Q3 2026 driven b
Slide 35: Cautionary statements
Cautionary statements Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based