Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (July 2026)
31 slides from Deutsche Bank's debt investor presentation, Jul 30, 2026
Slide 1: Q2 2026 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q2 2026 Fixed Income Investor Conference Call July 30, 2026
Slide 2: Disciplined strategy execution delivers record H1 results
Disciplined strategy execution delivers record H1 results Executing on the strategy, advancing 2026 investment 11.9% 60.9% plan and SVA actions Return on tangible equity1 Cost/income ratio FY 2028 target: >13% FY 2028 target: <60% Strong revenue momentum delivering a record H1 profit of € 4.1bn € 50
Slide 3: All divisions delivered a RoTE of 12% or higher
All divisions delivered a RoTE of 12% or higher Performance indicators in H1 Key achievements in Q2 RoTE1 CIR ▪ Private Bank client assets up € 56bn3 year-to-date including € 20bn of Private Bank 12.0% 68.0% cumulative net AuM flows reflecting continued business momentum +2.5ppt YoY (2.2)ppt YoY ▪ A
Slide 4: Progress with strategy execution complemented by more constructive backdrop
Progress with strategy execution complemented by more constructive backdrop Upside trends Key developments Structural reforms following ▪ Fiscal deployment gaining momentum across infrastructure and defense, with DB well positioned to benefit German fiscal stimulus ▪ Reform agenda, including health,
Slide 5: Balance sheet
Balance sheet Performance measures in Q2 Net balance sheet1 In € bn € 491bn Assets Liabilities & Equity Loans +€ 18bn vs. Q2 2025 1,198 1,198 Deposits € 698bn HQLA2 237 203 Trading and related liabilities3 +€ 45bn vs. Q2 2025 71 Other liabilities5 Liquidity Coverage Ratio 140% Trading and +4ppt vs.
Slide 6: Capital metrics
Capital metrics Risk-weighted assets CET1 ratio1 In € bn Movements in bps 4 1 367 45 11 13.9% 1 13.8% 0 361 (27) (18) Q1 2026 FX impact Business Other Q2 2026 Q1 2026 FX impact RWA Net Distribution Other Q2 2026 growth change income2 deductions ▪ Risk-weighted assets up by € 5bn (ex-FX impact) compa
Slide 7: Capital and leverage ratio requirements
Capital and leverage ratio requirements In % of RWA, unless stated otherwise, as of June 30, 2026 Solvency Leverage MDA 10bn 14bn 11bn 13bn buffer (€ / bps) 270bps 393bps 307bps 19.0 90bps 1.9 4.5 16.0 3.3 AT1 0.9 13.2 T21 2.7 3.6 requirement G-SIB AT11 0.5 SyRB 11.2 2.0 Pillar 2 requirement 0.1 0.5
Slide 8: MREL/TLAC ratio requirements
MREL/TLAC ratio requirements In % of RWA, unless stated otherwise, as of June 30, 2026 MDA buffer 11bn 22bn 22bn (€ / bps) 307bps 612bps 601bps 36.4 134 4.5 SP 17 30.4 Senior preferred 4.7 25.7 requirement 12.8 SNP 47 Senior non- 9.8 preferred 16.0 requirement 1.9 T2 7 T2 3.3 AT1 12 2.7 AT1 2.0 25.7
Slide 9: Loans
Loans In € bn, unless stated otherwise Loan development1 Loan book composition Key highlights Private Bank Investment Bank Private Bank Investment Bank Corporate Bank Corporate Bank ▪ Private Bank: Growth in WM offset by targeted actions in select non-SVA accretive retail +4% +1% lending and reclass
Slide 10: Deposits
Deposits In € bn, unless stated otherwise Deposit development1 Deposit split Key highlights Private Bank Investment Bank Private Bank Investment Bank Corporate Bank Corporate Bank ▪ Private Bank: Deposit balances supported +7% +2% Investment Bank by underlying campaign inflows and Wealth term deposi
Slide 11: 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 Group NIM Deposits Loans Key banking book NIM Divisional NIM Accounting asymmetry driven3 Private Bank 1.5% 1.5% 1.6% 1.6% 1.7% 2.8% 2.8% 2.9
Slide 12: Interest rate hedge
Interest rate hedge In € bn, unless stated otherwise Income from long-term hedge portfolio (ex-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 further 2.9% 2.9% 3.0% 2.6% with limited s
Slide 13: Liquidity
Liquidity Liquidity coverage ratio (LCR)1 High-quality liquid assets Net stable funding ratio (NSFR)2 in € bn Surplus above requirement 260 Surplus above requirement in bn 245 in bn 232 234 237 80 69 107 106 106 62 67 68 100 100 Q2 2025 Q3 Q4 Q1 Q2 2026 Quarter-end LCR Quarter-end NSFR in % in % 140
Slide 14: 2026 issuance plan
2026 issuance plan FY 2026 issuances Contractual maturities2,3 in € bn in € bn Total 10-15 contractual 16bn 11bn 12bn 12bn 11bn 0.5-1 2026 2027 2028 2029 2030 maturities 3.5-4 9.0 Covered 0.4 bonds 3.2 1.5 1.3 0.8 0.8 2.5 Senior 5-7 preferred 5.2 3.3 2.5 3.5 3.2 3.8 Senior non- 6.4 8.4 7.9 7.1 prefe
Slide 15: Outlook
Outlook Revenues Strong H1 2026 performance puts franchise firmly on track to deliver revenue ambition of ~€ 33bn in FY 2026 Costs Expect FY 2026 expenses in line with plan while investing and delivering operating efficiencies Provision for Portfolios expected to show improving trends vs. FY 2025 on
Slide 16: Appendix
Appendix Deutsche Bank Investor Relations 16
Slide 17: 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 29 and 30 Deutsche Bank In
Slide 18: Rating overview
Rating overview As of July 29, 2026 Moody’s S&P Global Fitch Ratings Key highlights Bank ratings Bank rating1 A1 A A+ Outlook Stable/ Positive3 Positive Positive ▪ Continued positive rating momentum, with all mandated rating agencies now on positive Short-term rating P-1 A-1 F1 fundamental outlook P
Slide 19: Capital markets issuance outstanding
Capital markets issuance outstanding In € bn, as of June 30, 2026 By product1 By currency1 Other AT1 / Tier 2 GBP 7 2 20 Covered bonds 9 Senior 55 non-preferred 108 108 60 EUR USD 39 10 Senior structured 14 Senior preferred Notes: for footnotes refer to slides 29 and 30 Deutsche Bank Investor Relati
Slide 20: Net interest income sensitivity
Net interest income sensitivity In € m, hypothetical +/-25bps shift in yield curve Net interest income sensitivity1 +25bps shift in yield curve -25bps shift in yield curve ~115 ~50 ~(10) ~5 ~(70) ~(140) 2026 2027 2028 Breakdown of sensitivity by currency For +25bps shift in yield curve ~75 ~20 ~25 ~
Slide 21: Q2 2026 highlights
Q2 2026 highlights In € bn, unless stated otherwise Financial highlights Profit before tax by segment3 Statement of income Q2 2026 Δ YoY Δ QoQ Net revenues 8.5 9% (2)% +11% Provision for credit losses 0.5 9% (11)% 2.7 Noninterest expenses 5.3 8% 4% Profit (loss) before tax 2.7 11% (12)% 0.6 2.4 Prof
Slide 22: 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 23: Noninterest expenses
Noninterest expenses In € bn, unless stated otherwise, year-on-year development +4%1 +8% 5.3 0.2 ▪ Incremental investments in technology enhancements, Private 5.0 0.2 (0.2) 0.2 Bank operating model optimization, Wealth Management and IBCM hiring, and expansion of Corporate Bank solutions ▪ Operating
Slide 24: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise In bps of average loans annualized1 In bps for LTM2 43 36 35 38 33 37 ▪ Portfolio quality remains strong across all divisions with underlying performance in line with expectations 519 460 ▪ Close monitoring of segments subject to economic a
Slide 25: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio US CRE portfolio € 31bn (22)% since 2022 € 23bn (28)% since 2022 66% € 11bn (41)% since 2022 40% 92% Total non-recourse Higher risk portfolio in Weighted average LTV Higher risk portfolio in US CRE allocated Weighted average LTV portfolio1 scope of severe s
Slide 26: Group Trading Book Value-at-Risk (VaR) and stressed VaR
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 In € m, 99% confidence level, as of June 30, 2026 Trading P&L2, VaR sVaR 600 160 500 400 120 211 300 208 195 140 200 80 100 33 33 0 40 26 29 (100) (200) 0 (300) (40) (400) (500) (80) (600) Q3 2025 Q4 2025 Q1 2
Slide 27: Sustainability strategy progress
Sustainability strategy progress Q2 2026 Selected ESG ratings Key achievements Rating agency1 DB score 2019 Q2 2026 MSCI BBB AA ▪ € 100m loan to a German electricity grid operator to finance S&P Global CSA 48 68 substations, connectivity and charging infrastructure; more C A than 90% of revenues gen
Slide 28: 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 Q2 2025 Q1 2026 Q2 2026 Δ QoQ Δ YoY Net revenues Net revenues - as reported 7,804 8,671 8,479 (2%) 9% 4% FX translation impact (68
Slide 29: Definition of certain financial measures and footnotes 1 / 2
Definition of certain financial measures and footnotes 1 / 2 Definition of certain financial measures Slide 5 – Balance Sheet 1. Net balance sheet of € 1,198bn is defined as IFRS balance sheet (€ 1,521bn) adjusted to reflect the funding required after recognizing legal netting agreements (€ 216bn),
Slide 30: Definition of certain financial measures and footnotes 2 / 2
Definition of certain financial measures and footnotes 2 / 2 Slide 11 – Net interest income (NII) and net interest margin (NIM) Slide 21 – Q2 2026 highlights 1. Net interest income from key banking book segments as defined on slide 29 1. Loans gross of allowance at amortized cost 2. Net interest inc
Slide 31: 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
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