Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (August 2026)
38 slides from Deutsche Bank's debt investor presentation, August 2026
Slide 1: Client & Creditor Overview
Deutsche Bank Investor Relations Client & Creditor Overview August 2026
Slide 2: Offering broad capabilities and solutions
Offering broad capabilities and solutions Global Hausbank Clients Private Corporates Institutions Value Build wealth and secure lasting Enable growth and manage Invest, fund, manage risks and proposition financial well-being complex risks safekeep assets Key Daily Banking | Wealth Advisory | Advisor
Slide 3: Germany's leading bank with global reach
Germany’s leading bank with global reach Global Hausbank with four complementary … serving clients at home and abroad since businesses… 1870 Deep understanding of clients’ needs Global network with ~€ 1.9tn ~€ 56bn local expertise AuM1 AuM net flows1 Broad capabilities and solutions ~€ 491bn ~€ 698b
Slide 4: Improving profitability together with higher share of predictable revenues
Improving profitability together with higher share of predictable revenues Enhanced revenue stability Growing TBV per share Improving profitability in € bn TBV per basic share outstanding pre-provision profit, in € bn Start of +17% 11.4 12.0 transformation1 10 € 30.98 € 31.20 € 29.90 6.8 7.2 7.1 € 2
Slide 5: Disciplined strategy execution delivers record H1 2026 results
Disciplined strategy execution delivers record H1 2026 results ▪ Executing on the strategy, advancing 2026 11.9% 60.9% investment 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
Slide 6: All divisions delivered a RoTE of 12% or higher
All divisions delivered a RoTE of 12% or higher Performance indicators in H1 Ready to seize opportunities RoTE1 CIR ▪ Accelerated asset gathering via deposit campaigns Private Bank 12.0% 68.0% ▪ Conversion to discretionary and pension investment +2.5ppt YoY (2.2)ppt YoY solutions Asset Management 44
Slide 7: Strengthened revenue performance
Strengthened 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
Slide 8: Cost discipline enables continued investment in line with strategic priorities
Cost discipline enables continued investment in line with strategic priorities In € bn, unless stated otherwise, year-on-year development Noninterest expenses Key drivers 5.3 5.3 5.2 5.1 ▪ Incremental investments in technology enhancements, Private 5.0 Bank operating model optimization, Wealth Manag
Slide 9: Deliberate actions driving 2026 provisions for credit losses
Deliberate actions driving 2026 provisions 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 Overlay for 460 potenti
Slide 10: CET1 ratio within operating range of 13.5-14.0%
CET1 ratio within operating range of 13.5-14.0% Risk-weighted assets CET1 ratio1 In € bn Movements in bps 1 367 45 4 11 13.9% 13.8% 0 1 361 (27) (18) Q1 2026 FX impact Business Other Q2 2026 Q1 2026 FX impact RWA Net Distribution Other Q2 2026 growth change income2 deductions Deutsche Bank Investor
Slide 11: Significant amount of loss-absorbing capacity
Significant amount of loss-absorbing capacity In € bn, as of June 30, 2026 € 117bn TLAC stack1 Loss-absorbing capacity 134 ▪ Q2 2026 loss-absorbing capacity significantly above all regulatory requirements, Senior preferred2 17 with MREL remaining the most binding constraint Senior non- 47 ▪ Bank rec
Slide 12: Continued positive rating momentum
Continued positive rating momentum As of August 10, 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
Slide 13: Creating value for shareholders and increasing distributions
Creating value for shareholders and increasing distributions 3.4 Share buyback, in € bn € 500m approved share buyback in respect of H1 Dividend, in € bn 2026 earnings 1.5 2.3 1.0 1.6 1.1 0.7 1.9 0.7 0.5 1.3 0.3 0.9 0.6 0.4 2022 2023 2024 2025 2026 Completed Executed and approved to date Delivering p
Slide 14: Scaling the Global Hausbank
Scaling the Global Hausbank 2028 strategic targets and objectives ▪ Revenue growth with strong contribution from focused growth areas, in particular from asset gathering in Private Strict capital discipline Bank and Asset Management +100bps Revenue/RWA1 ratio Focused growth uplift 2025-2028 ▪ Positi
Slide 15: Environment providing upside to 2028 targets
Environment providing upside to 2028 targets 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, pension and 34-point plan, str
Slide 16: The European Champion
Our long-term vision European leadership across key segments Market-leading returns Deep and scaled global presence and network The European Champion AI-powered and innovation-focused bank Deutsche Bank Investor Relations Client & Creditor Overview, Q2 2026 16
Slide 17: Appendix
Appendix Deutsche Bank Investor Relations Client & Creditor Overview, Q2 2026 17
Slide 18: 2028 financial targets and capital objectives
2028 financial targets and capital objectives Financial targets Capital objectives >13% 13.5-14.0% Return on tangible equity CET1 ratio FY 2028 operating range1 <60% 60% + Excess Cost/income ratio Payout ratio capital FY 2028 2026-2028 Deutsche Bank Investor Relations Client & Creditor Overview, Q2
Slide 19: 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 distribution Increase shareholder rewards across both dividends and share buybacks Continuously grow dividend per share Inv
Slide 20: Clear path to greater capital productivity
Clear path to greater capital productivity Objectives Capital productivity levers Enhanced capital returns Improve capital deployment Business-led decisions based on SVA ▪ Strict pricing and return hurdles ▪ Re-allocation of capital away from below-hurdle sub-portfolios +100bps Eliminate capital dra
Slide 21: Driving growth in most value-accretive areas
Driving growth in most value-accretive areas Objectives Focused growth and value Select 2028 performance indicators accretion Capitalize on leading position Scale focused growth areas1 € 1tn Total PB client assets in home market ▪ Asset Gathering (in PB and AM) ▪ Payments and Servicing (in CB) >€ 16
Slide 22: Scaling platforms to generate operating leverage
Scaling platforms to generate operating leverage Private Bank Asset Management Corporate Bank Investment Bank Clients Enhanced client experience with comprehensive digital journeys and self-service capabilities Simplified organization with clear accountabilities, driving faster decision-making; Peop
Slide 23: 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 24: 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 25: 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 %
Slide 26: Loans and deposits
Loans and deposits In € bn, unless stated otherwise Loan development1 Loan book composition Key highlights Other IB2 Other +4% +1% 0% German Mortgages and ▪ Loans increased by € 5bn, or 1%, during the LDCM 13% Home Loans & Savings 486 491 Asset Backed 1% quarter: 472 476 479 Securities 28% 8% Commer
Slide 27: Normalized CLP run rate of ~30bps
Normalized CLP run rate of ~30bps Provision for credit losses in bps 40 Ø35 30 ~30 Ø26 Ø20 Targeted 20 run rate 10 0 2015-2019 2020-2022 2023-2025 2026-2028 Deutsche Bank Investor Relations Client & Creditor Overview, Q2 2026 27
Slide 28: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio US CRE portfolio (22)% € 31bn (28)% € 23bn 66% (41)% € 11bn 40% 92% since 2022 since 2022 Weighted average LTV since 2022 US CRE allocated Weighted average LTV Total non-recourse Higher risk portfolio in scope of of higher risk portfolio Higher risk portfol
Slide 29: Derivatives bridge
Derivatives bridge Q2 2026, IFRS derivative trading assets and the impact of netting and collateral, in € bn 276 ▪ 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 run by a bank ▪ O
Slide 30: Level 3 assets and liabilities
Level 3 assets and liabilities As of June 30, 2026, in € bn Assets: € 27bn Liabilities: € 10bn Others Other 2 Derivative 0 ▪ Level 3 is an indicator of valuation uncertainty Debt Assets 8 and not of asset quality securities 6 Debt Securities 4 ▪ The Group classifies financial instruments as 6 Level
Slide 31: 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 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 32: Litigation update
Litigation update In € bn, period end Litigation provisions Contingent liabilities 1.7 1.3 1.3 1.3 1.2 1.2 1.1 0.9 1.0 0.9 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Notes: figures reflect current status of individual matters and provisions; litigation provisions
Slide 33: 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 34: Definition of certain financial measures and footnotes 1 / 2
Definition of certain financial measures and footnotes 1 / 2 Definition of certain financial measures Slide 9 – Deliberate actions driving 2026 provisions for credit losses 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized Post-tax r
Slide 35: Definition of certain financial measures and footnotes 2 / 2
Definition of certain financial measures and footnotes 2 / 2 Slide 23 – Balance sheet Slide 29 – Derivatives bridge 1. Net balance sheet of € 1,198bn is defined as IFRS balance sheet (€ 1,521bn) adjusted to reflect the funding required 1. Excludes real estate and other non-financial instrument colla
Slide 36: Glossary
Glossary AT1 Additional Tier 1 LTM Last twelve months AI Artificial Intelligence LTV Loan-to-value AuM Assets under Management MDA Maximum distributable amount AM Asset Management MREL Minimum Requirement for Own Funds and Eligible Liabilities APAC Asia-Pacific NII Net interest income Bp Basis point
Slide 37: Contacts and key additional materials
Contacts and key additional materials Investor Relations contact details Links to key investor presentations: Deutsche Bank AG • Q2 2026 results (29 July 2026): Investor Relations Team Q2 2026 analyst presentation (db.com) Tel: +49.69.910-8000 db.ir@db.com • Annual Report 2025 (12 March 2026): Annua
Slide 38: 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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