Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q4 2025 Earnings Presentation
44 slides from Deutsche Bank's earnings presentation, Jan 29, 2026
Slide 1: Q4/FY 2025 results
Deutsche Bank Investor Relations Q4/FY 2025 results January 29, 2026
Slide 2: Delivering on 2025 goals sets firm foundation to scale the Global Hausbank
Delivering on 2025 goals sets firm foundation to scale the Global Hausbank FY 2025 Achieved € 32bn revenue ambition achieved with continued business momentum 6.0% Revenue CAGR FY 2021-251 Executed € 2.5bn operational efficiencies and self-funded transformation 64% Cost/income ratio (CIR) Achie
Slide 3: 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 4: 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 5: Creating value and returning capital to shareholders
Creating value and returning capital to shareholders Tangible book value per basic share outstanding Payout details +25% € 30.98 € 2.9bn Share buyback, in € bn 2.9 € 29.90 Proposed capital distribution Dividend, in € bn 2.3 1.0 in respect of FY 2025, € 28.41 of which: € 1.0bn authorized buyback 1.0
Slide 6: 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 7: Group financials
Group financials Deutsche Bank Investor Relations Q4/FY 2025 results, January 29, 2026 7
Slide 8: Key performance indicators
Key performance indicators In % Revenue CAGR1 FY 2025 vs FY 2021 CIR development 5.5-6.5% Group revenue CAGR target 2021-2025 <65% FY 2025 target Delivered on all full-year targets for 2025 9.5 85 75 75 76 64 6.0 11.2 10.3 4.6 4.1 3.2 4.6 Significant improvement in RoTE and CIR CB IB PB AM Group FY
Slide 9: 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 10: Net interest income (NII) / Net interest margin (NIM)
Net interest income (NII) / Net interest margin (NIM) 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 2025 Q4 2025
Slide 11: 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 12: 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 13: Capital metrics
Capital metrics Movements in basis points (bps), unless stated otherwise, period end CET1 ratio1 Leverage ratio1 MREL / TLAC, in € bn Surplus above requirements 14.5% 1 4.6% 0 13 4.6% 21 14.2% (6) (10) (44) (8) 131 Senior preferred2 16 23 Q3 2025 FX effect OCI filter RWA Capital Q4 2025 Q3 2025 FX e
Slide 14: Segment results
Segment results Deutsche Bank Investor Relations Q4/FY 2025 results, January 29, 2026 14
Slide 15: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q4 2025 Δ vs. Δ vs. Δ vs. Q4 2024 Q3 2025 Q4 2024 Statement of income Solid financial performance with full-year RoTE above 15% and cost/income ratio of 62% Corporate Revenues 1,822 (2)% 0% Treasury
Slide 16: Investment Bank
Investment Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q4 2025 Δ vs. Δ vs. Δ vs. Q4 2024 Q3 2025 Q4 2024 Revenues slightly higher year on year, driven by Markets Statement of income +7% YoY strength in FIC Fixed Income & Currencies Revenues 2,514 5% (1
Slide 17: Private Bank
Private Bank In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Δ vs. Δ vs. Revenues Δ vs. Q4 2025 Q4 2024 Q3 2025 Q4 2024 Statement of income Strong operating leverage in Q4 of 14% supports Personal Banking Revenues 2,440 3% 1% 1,358 (1)% delivery of abov
Slide 18: Asset Management
Asset Management In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Δ vs. Δ vs. Revenues Δ vs. Q4 2025 Q4 2024 Q3 2025 Q4 2024 Statement of income trans. Mgmt. fees Revenues 888 25% 21% 674 +4% Profit before tax increased by 73% year on year Provision for
Slide 19: Outlook
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 expected to trend
Slide 20: Appendix
Appendix Deutsche Bank Investor Relations Q4/FY 2025 results, January 29, 2026 20
Slide 21: 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 42 and 43 Deutsche Bank Investor Relations Q4/FY 2025 results, J
Slide 22: Delivered increasing shareholder distributions
Delivered increasing shareholder distributions Payout trajectory details Share buybacks Organic capital generation from net income and improved capital efficiency support shareholder Executed in FY, in € m distributions, as well as business growth +50% p.a. 1,000 1,000 675 450 Plan to propose € 1.00
Slide 23: 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 24: Indicative divisional currency mix
Indicative divisional currency mix Q4 2025 Net revenues Noninterest expenses 4% 0% 7% 10% 12% 18% 18% 5% 19% 17% 18% 0% 15% 6% 25% 1% 23% 17% 16% 21% 19% 0% 34% 37% 2% 23% 6% 20% 3% 88% 84% 65% 63% 59% 42% 55% 52% 43% 46% 8% CB IB PB AM Group CB IB PB AM Group EUR GBP USD Other1 Notes: classificatio
Slide 25: 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 26: 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 27: 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 28: Loan and deposit development
Loan and deposit development In € bn, unless stated otherwise; loan-to-deposit ratio 69% Loan development1,2 Key highlights FX-adjusted3 Loans increased by € 3bn, or 1%, during the quarter adjusted 485 482 472 476 479 1% 3% for FX, driven by € 6bn growth in operating businesses: Investment Susta
Slide 29: 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 30: Provision for credit losses and Stage loans
Provision for credit losses and Stage 3 loans Provision for credit losses, in € m Stage 3 at amortized cost, in € bn Private Bank Corporate Bank Investment Bank PB (ex-POCI) CB (ex-POCI) IB (ex-POCI) POCI 471 1,707 Group Stage 3 3.3% 3.0% 3.1% 3.2% 3.2% loans at amortized 420 423 417 cost %2 15.8 15
Slide 31: 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 32: 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 33: 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 34: Litigation update
Litigation update In € bn, unless stated otherwise, period end Litigation provisions Key highlights 2.1 2.0 1.7 1.3 1.3 Litigation provisions remained stable at € 1.3bn quarter Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 on quarter Contingent liabilities decreased by € 0.2bn quarter on Contingent li
Slide 35: Assets under management – Private Bank
Assets under management – Private Bank In € bn, unless stated otherwise AuM1,2 – by client segments and product group AuM - % delta Investment products - % delta +8% +8% +2% 634 632 +10% 645 675 +2% 685 101 100 101 106 106 129 127 128 131 134 Investment 57 58 66 68 70 403 405 416 437 445 products 34
Slide 36: Assets under management – Asset Management
Assets under management – Asset Management In € bn, unless stated otherwise AuM development Quarterly mgmt. 25.9 Year-on-year 24.8 25.2 Quarter-on-quarter 24.8 fee margin, in bps 1,085 1,085 0 0 1,054 (1) 20 51 (55) 77 10 1,012 Q4 2024 Net flows FX Market Other Q4 2025 Q3 2025 Net flows FX Market Ot
Slide 37: Corporate & Other
Corporate & Other In € m, unless stated otherwise Financial results Profit (loss) before tax Key highlights Q4 2025 Δ vs. Δ vs. Abs. Δ vs. Q4 2024 Q3 2025 Q4 2024 Statement of income Funding & liquidity (113) (13) Revenues 62 n.m. (37)% Valuation & Loss before tax of € 109m primarily driven Provis
Slide 38: 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 39: 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 40: 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 41: 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 42: Footnotes 1 / 2
Footnotes 1 / 2 Slide 2 – Delivering on 2025 goals sets firm foundation to scale the Global Hausbank Slide 11 – Adjusted costs – Q4 2025 and FY 2025 (YoY) 1. Compound annual growth rate (CAGR); detailed on slide 38 1. Excludes severance of € 177m in Q4 2024, € 29m in Q4 2025, € 533m in FY 2024, € 19
Slide 43: Footnotes 2 / 2
Footnotes 2 / 2 Slide 22 – Delivered increasing shareholder distributions Slide 31 – Commercial Real Estate (CRE) 1. € 8bn anticipated cumulative payout in respect of FY 2021-2025 (including distributions in respect of 2025, payable in 2026) subject to 1. Based on Deutsche Bank’s definition of non-r
Slide 44: 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