Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (January 2026)
39 slides from Deutsche Bank's debt investor presentation, Jan 30, 2026
Slide 1: Q4/FY 2025 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q4/FY 2025 Fixed Income Investor Conference Call January 30, 2026
Slide 2: A transformed bank delivering increasing profitability
A transformed bank delivering increasing profitability In € bn, unless stated otherwise Pre-provision profit1 Revenues Noninterest expenses ~3x +26% (4)% 11.4 32.1 23.0 30.1 +7% 21.5 21.7 1.7 28.9 (10)% +30% 20.4 20.7 8.8 27.2 75% 25.4 More predictable revenue streams3 7.2 1.7 6.8 21.3 3.9 7.1 FY 20
Slide 3: Disciplined strategy execution driving higher returns across all businesses
Disciplined strategy execution driving higher returns across all businesses Significantly enhanced collaboration across divisions of the Global Hausbank RoTE1 CIR Significantly increased revenues by >40% since FY 2021; well-positioned to Corporate Bank Well-positioned for profitable growth furth
Slide 4: Fully focused on delivering the next phase of strategic agenda
Fully focused on delivering the next phase of strategic agenda Set out new medium-term targets and objectives at the Investor Deep Dive 20251 Scaling the Global Hausbank The European Champion as a long-term vision Long-term vision anchored in client-centric purpose and strong culture European leader
Slide 5: Banking book NII stable through 2025 despite lower policy rates
Banking book NII stable through 2025 despite lower policy rates In € bn, unless stated otherwise Group development Key banking book segment1 development 1.4% 1.4% 1.5% 1.5% 1.6% 3.8% 3.6% 3.6% 3.4% 3.4% Corporate Bank 4.3 3.8 3.9 1.2 1.2 1.2 1.1 1.1 3.7 3.7 0.8 0.5 0.6 Q4 2024 Q1 2025 Q2 2025 Q3 202
Slide 6: Loan growth in key segments while maintaining capital discipline
Loan growth in key segments while maintaining capital discipline In € bn, unless stated otherwise; loan-to-deposit ratio 69% Loan development1,2 Loan split FX-adjusted3 Other 10% 485 482 472 476 479 1% 3% Currency 27% Investment € 479bn Bank 110 112 108 111 115 4% 14% USD 63% EUR Corporate Bank 117
Slide 7: Stable and well diversified deposit portfolio
Stable and well diversified deposit portfolio In € bn, unless stated otherwise Deposit development1 Deposit split FX-adjusted2 Term deposits Term deposits Other Corporate Bank 5% 666 665 653 663 692 4% 7% 12% Product 38% Private Bank Investment 22 27 25 28 Non-operational 16% € 692bn Retail 24 overn
Slide 8: Sound liquidity and funding base supporting future growth
Sound liquidity and funding base supporting future growth In € bn, unless stated otherwise Liquidity coverage ratio (LCR)1 Key highlights 3M daily avg. 128% 127% 131% 143% 134% High-quality liquid assets (HQLA) LCR Quarter-end LCR increased reflecting strong liquidity LCR 131% 134% 136% 140% 144%
Slide 9: CET1 ratio remains strong
CET1 ratio remains strong As of December 31, 2025, period end CET1 ratio1, movements in basis points (bps) Key highlights 14.5% 1 21 14.2% CET1 ratio down by 30bps compared to Q3 2025; slightly above the (44) (8) upper end of the operating range 44bps decrease driven by removal of the OCI filter2
Slide 10: Capital ratios well above requirements
Capital ratios well above requirements As of December 31, 2025, in % of RWA, unless stated otherwise Key highlights 19.5 T2 2.0 351bps 16.0 Buffer to CET1 requirement of 293bps, down 32bps AT1 3.3 T2 quarter on quarter 2.7 requirement5 30bps decrease in line with CET1 ratio development 293bps AT
Slide 11: Leverage ratio stable
Leverage ratio stable As of December 31, 2025, movement in bps, unless stated otherwise Key highlights 4.6% 0 13 4.6% (6) (10) 3.60% Leverage ratio down by 3bps compared to Q3 2025 0.50% G-SIB 0.10% Pillar 2 6bps decrease due to the removal of OCI filter2 requirement 10bps decrease from higher
Slide 12: Significant buffer over MREL/TLAC requirements
Significant buffer over MREL/TLAC requirements As of December 31, 2025, loss-absorbing capacity, in € bn unless stated otherwise Key highlights 131 Senior preferred1 16 23 Surplus 22 25 above Q4 2025 loss-absorbing capacity significantly above Senior requirements 47 all regulatory requirements, wi
Slide 13: Rating trajectory reflects continued progress
Rating trajectory reflects continued progress Moody‘s S&P Fitch Investors Service Global Ratings Tangible rating progress in 2025 with upgrades by Long-term multiple agencies4 and a positive outlook revision A1 A A- bank rating1 from S&P in Q4 2025 Outlook Stable Positive Stable Short-term rating2 P
Slide 14: 2026 issuance plan at € 10-15bn
2026 issuance plan at € 10-15bn In € bn, unless stated otherwise Key highlights Covered bonds Senior preferred2 Senior non-preferred AT1/T23 20 18 19 2 16 10-15 14 5 6 8 3 0.5-1 2025 issuance plan completed with € 18.7bn 3 5 3.5-4 issuance, in line with guidance, including € 3bn 11 7 5 7 prefundin
Slide 15: Summary and outlook
Summary and outlook Delivery on all targets and objectives lays firm foundation to scale the Global Hausbank Business momentum in 2026 to date supports our revenue trajectory and investment plans Continued year-on-year improvements in full-year operating performance Provision for credit losses expec
Slide 16: Appendix
Appendix Deutsche Bank Investor Relations Q4/FY 2025 Fixed Income Conference Call, January 30, 2026 16
Slide 17: 2028 financial targets and capital objectives
2028 financial targets and capital objectives Financial >13% <60% targets RoTE Cost/income ratio 2026-2028 Capital 13.5-14.0% 60% Excess objectives CET1 ratio Payout + operating range1 ratio capital Notes: for footnotes refer to slides 37 and 38 Deutsche Bank Investor Relations Q4/FY 2025 Fixed Inco
Slide 18: Net balance sheet
Net balance sheet As of December 31, 2025, net1 in € bn High-quality loan portfolio Stable funding mix Assets Liabilities & Equity 76% Loans in lower risk Private Bank and Corporate Bank 1,139 1,139 7years Weighted-average life in long-term debt portfolio Trading and 169 HQLA4 260 related liabilitie
Slide 19: Interest rate hedge
Interest rate hedge In € bn, unless stated otherwise Income from long-term hedge portfolio (excl. equity)1 Key highlights 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Average yield 1.2% 1.5% 1.8% 2.0% 2.2% Hedge contribution expected to grow 3.1% 3.2% 2.9% further with limited sen
Slide 20: Net interest income (NII) sensitivity
Net interest income (NII) sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity1 +25bps shift in yield curve -25bps shift in yield curve ~145 ~55 ~90 ~(40) ~(85) ~(140) 2026 2027 2028 Breakdown of sensitivity by currency for +25bps shift in yield curve
Slide 21: Capital markets issuance outstanding
Capital markets issuance outstanding As of December 31, 2025, in € bn By product1 By currency1 Capital instruments Other (AT1/T2) GBP 7 3 21 Senior Covered bonds 13 53 non-preferred 112 112 65 EUR USD 37 10 Senior structured 15 Senior preferred Notes: for footnotes refer to slides 37 and 38 Deutsche
Slide 22: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise Annual development Quarterly development Key highlights Provision for credit losses In bps of average loans Provision for credit losses1 In bps of average loans1 31 38 36 35 39 36 35 33 Overall provisions lower quarter on quarter as incre
Slide 23: Loan book composition
Loan book composition Q4 2025, IFRS loans: € 479bn1 Key highlights Other2 Other IB3 0% 13% German Mortgages and Leveraged Debt Capital Markets Home Loans & Savings 1% Asset Backed Securities 30% 7% 52% of loan portfolio in Private Bank, consisting of retail mortgages mainly in Personal Banking (Ge
Slide 24: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) As of December 31, 2025 CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 31bn, 6% of By region By sector By sector total loans1 APAC Office € 24bn higher risk CRE loans 5% Other Other 24% Office
Slide 25: Leverage exposure and risk-weighted assets
Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 347 347 63 Operational risk RWA 63 1,300 1,327 Market risk RWA 26 21 Trading assets 145 136 Credit valuation 3 17 adjustments Derivatives1 125 130 Lending 458 459 138 Lending Credit risk RWA 2
Slide 26: Derivatives bridge
Derivatives bridge Q4 2025, IFRS derivative trading assets and the impact of netting and collateral, in € bn Key highlights 241 Gross notional derivative exposure amounts are not exchanged and relate only to the reference amount of all contracts; it is no reflection of the credit or market risk ru
Slide 27: Level 3 assets and liabilities
Level 3 assets and liabilities As of December 31, 2025, in € bn Assets: € 26bn Liabilities: € 12bn Key highlights Others Other 2 Derivative 0 Level 3 is an indicator of valuation uncertainty Assets Debt 7 and not of asset quality securities 6 Debt Securities The Group classifies financial instru
Slide 28: Group Trading Book Value-at-Risk (VaR) and stressed Value-at-Risk (sVaR)
Group Trading Book Value-at-Risk (VaR) and stressed Value-at-Risk (sVaR)1 As of December 31, 2025, in € m, 99% confidence level Trading P&L2, VaR sVaR 500 160 400 211 300 120 191 207 140 200 100 80 33 0 27 27 26 40 (100) (200) 0 (300) (400) (40) (500) (80) Q1 2025 (600) Q2 2025 Q3 20
Slide 29: FY 2025 and Q4 2025 highlights
FY 2025 and Q4 2025 highlights In € bn, unless stated otherwise Financial results Q4 2025 divisional revenues FY 2025 divisional revenues Δ vs. Δ vs. Δ vs. +7% Δ vs. Δ vs. Q4 2025 Q4 2024 Q3 2025 FY 2025 FY 2024 +7% +7% Q4 2024 FY 2024 Statement of income 7.7 32.1 Revenues 7.7 7% (4)% 32.1 7% 7.2 30
Slide 30: Adjusted costs – Q4 2025 and FY 2025 (YoY)
Adjusted costs – Q4 2025 and FY 2025 (YoY) In € m, unless stated otherwise Q4 2025 FY 2025 FY/Q4 2024 ex- 5,138 20,235 bank levies Compensation FX impact (108) FX impact (208) 188 417 and benefits1 Information (28) (46) (35) (106) technology (179) (2)% xxxx (315) xxxx (0)% Professional (7) (13) (27)
Slide 31: Sustainability
Sustainability Q4 2025 highlights Recent achievements Sustainable Finance1 volumes Second highest quarterly Sustainable Finance volumes1 of € 31bn bringing FY 2025 volumes to € 98bn, the highest annual 471bn 900bn level since 2021 lifting cumulative Sustainable Finance volumes to € 471bn since 202
Slide 32: Deutsche Bank's performance in leading ESG ratings
Deutsche Bank’s performance in leading ESG ratings As of January 29, 2026 Score range Rating score Rating agency ESG rating criteria (weighting) Rating development (best to worst) DB Corporate Governance & Corporate Behavior Privacy & Data Security (15%) (35%) Responsible Investment (15%) AAA
Slide 33: Pre-provision profit, CAGR and operating leverage
Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise CAGR2 FY 2021 – FY 2024 vs FY 2021 FY 2025 FY 2024 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 FY 2025 Net revenues Corporate Bank 5,153 1,866 1,896 1,816 1,822 7,400 9.5% 7,506 7,400 (1)% Investment Bank 9,631 3,3
Slide 34: Adjusted costs – Q4 & FY 2025
Adjusted costs – Q4 & FY 2025 In € m, unless stated otherwise Q4 2025 Q4 2024 Q3 2025 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,158 1,722 1,712 485 226 5,304 1,502 1,771 1,919 473 555 6,221 1,150 1,703 1,647 433 246 5,180 Nonoperating Impairment of good
Slide 35: Key metrics ex-specific litigation items
Key metrics ex-specific litigation items In € m, unless stated otherwise Q4 2024 Q4 2025 FY 2024 FY 2025 Revenues 7,224 7,726 30,092 32,096 Noninterest expenses (6,221) (5,304) (22,971) (20,658) Pre-provision profit 1,003 2,422 7,121 11,437 Provision for credit losses (420) (395) (1,830) (1,707) Rep
Slide 36: Definition of certain financial measures
Definition of certain financial measures Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance (in total referred to Adjusted costs as nonoperating costs) from noninterest expenses under IF
Slide 37: Footnotes 1/2
Footnotes 1/2 Slide 2- A transformed bank delivering increasing profitability Slide 12 – Significant buffer over MREL/TLAC requirements 1. Defined on slide 37 and detailed on slide 34 1. Plain vanilla instruments and structured notes eligible for MREL 2. Detailed on slide 36 2. Includes adjustments
Slide 38: Footnotes 2/2
Footnotes 2/2 Slide 25 – Leverage exposure and risk-weighted assets 1. Includes credit risk RWA related to derivatives and CVA RWA, excludes any derivatives-related market risk RWA, which have been fully allocated to non-derivatives trading assets 2. Includes contingent liabilities Slide 26 – Deriva
Slide 39: Cautionary statements
Cautionary statements The figures in this presentation are preliminary and unaudited. Our Annual Report 2025 and SEC Form 20-F are scheduled to be published on March 12, 2026 Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements are statements t
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