Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (April 2026)
30 slides from Deutsche Bank's debt investor presentation, Apr 30, 2026
Slide 1: Q1 2026 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q1 2026 Fixed Income Investor Conference Call April 30, 2026
Slide 2: Strong Q1 2026 results demonstrate franchise resilience
Strong Q1 2026 results demonstrate franchise resilience Record Q1 profit of € 2.2bn, delivering on our 12.7% 58.9% strategy and creating shareholder value Return on tangible equity1 Cost/income ratio FY 2028 target: >13% FY 2028 target: <60% Strong revenue momentum in our focused growth areas and im
Slide 3: All divisions achieved a RoTE near or above 13%
All divisions achieved a RoTE near or above 13% Q1 2026 Performance indicators Key achievements RoTE1 CIR ▪ Private Bank client assets up € 30bn3; executed ~75% of planned Private Bank 12.8% 66.5% branch closures this year and onboarded ~80 WM coverage hires +4.5ppt YoY (4.4)ppt YoY ▪ Asset Manageme
Slide 4: Reaffirming strategic direction in dynamic environment
Reaffirming strategic direction in dynamic environment Strategic direction unchanged and 2028 targets reaffirmed against dynamic geopolitical and macroeconomic environment Medium-term views on German economy unchanged; businesses to benefit from fiscal stimulus and unique positioning over the plan p
Slide 5: Balance sheet
Balance sheet Performance measures & ratios Q1 2026 Net balance sheet1, in € bn € 486bn Assets Liabilities & Equity Loans +€ 4bn vs. Q1 2025 1,161 1,161 Trading and Deposits € 687bn HQLA2 245 184 related liabilities3 +€ 22bn vs. Q1 2025 68 Other liabilities5 LCR 140% Trading and +6ppt vs. Q1 2025 34
Slide 6: Capital metrics
Capital metrics Risk-weighted assets CET1 ratio1 In € bn Movements in bps 3 361 14.2% 0 53 9 13.8% (32) 2 (11) 347 (48) Q4 2025 FX impact Business Other Q1 2026 Q4 2025 FX impact RWA Net Distribution Other Q1 2026 growth change income2 deductions ▪ Risk-weighted assets up by € 12bn (ex-FX impact) co
Slide 7: Capital and leverage ratio requirements
Capital and leverage ratio requirements In % of RWA, unless stated otherwise, as of March 31, 2026 Solvency Leverage MDA 9bn 13bn 10bn 12bn buffer (€ / bps) 260bps 353bps 270bps 18.7 85bps 1.9 4.4 16.0 T21 3.0 AT1 0.8 requirement 2.7 3.6 13.2 AT11 G-SIB 0.5 SyRB 11.2 requirement 2.0 Pillar 2 0.1 0.5
Slide 8: MREL/TLAC ratio requirements
MREL/TLAC ratio requirements In % of RWA, unless stated otherwise, as of March 31, 2026 MDA buffer 10bn 17bn 17bn (€ / bps) 270bps 481bps 483bps 35.9 130 4.6 SP 17 31.1 Senior preferred 4.6 26.5 requirement 12.6 SNP 46 Senior non- preferred 10.6 requirement 16.0 1.9 T2 7 T2 2.7 3.0 AT1 11 26.5 AT1 2
Slide 9: Liquidity
Liquidity Liquidity coverage ratio (LCR)1 High-quality liquid assets Net stable funding ratio (NSFR)2 in € bn Surplus above requirement 260 245 Surplus above requirement in bn 231 232 234 in bn 80 107 106 106 58 62 67 69 99 100 Q1 2025 Q2 Q3 Q4 Q1 2026 Quarter-end LCR Quarter-end NSFR in % in % 140
Slide 10: Loans
Loans In € bn, unless stated otherwise Loan development1,2 Loan book composition Key highlights Quarterly development Private Bank Investment Bank Private Bank Investment Bank Corporate Bank Corporate Bank ▪ Private Bank: Loan growth in Wealth Management offset by further mortgage +1% +2% +3% ex-FX
Slide 11: Deposits
Deposits In € bn, unless stated otherwise Deposit development1,2 Deposit split Key highlights Quarterly development Private Bank Investment Bank Private Bank Investment Bank Corporate Bank Corporate Bank ▪ Private Bank: Deposit balances supported +3% (1)% by ongoing campaigns in Germany +5% ex-FX (1
Slide 12: 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 1.4% 1.5% 1.5% 1.6% 1.6% 2.8% 2.8% 2.9
Slide 13: 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 3.0% 3.1% 3.2% with limited sensit
Slide 14: 2026 issuance plan
2026 issuance plan FY 2026 issuances Contractual maturities2,3 in € bn in € bn Total 10-15 contractual 15bn 11bn 12bn 12bn 11bn 0.5-1 2026 2027 2028 2029 2030 maturities 3.5-4 Covered bonds 3.2 1.5 1.3 0.8 0.8 6.0 0.4 Senior 5-7 preferred 4.8 3.2 2.4 3.1 3.3 1.8 2.8 Senior non- 8.4 6.4 7.8 7.0 prefe
Slide 15: Outlook
Outlook Revenues Strong Q1 2026 performance provides solid step-off for our revenue ambition of ~€ 33bn in FY 2026 Costs Expect 2026 expenses in line with plan while investing and delivering operating efficiencies Provision for Overall asset quality remains strong, with expectation of continued impr
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 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 Notes: for footnotes refer to slides 28 and 29 Deutsche Bank Inv
Slide 18: Rating overview
Rating overview As of April 29, 2026 Moody’s S&P Global Fitch Ratings Bank ratings Bank rating1 A1 A A- Outlook Stable/ Positive3 Positive Stable Short-term rating P-1 A-1 F1 Product ratings Deposits A1 A A Senior preferred2 A1 A A Senior non-preferred Baa1 BBB A- Tier 2 Baa3 BBB- BBB Additional Tie
Slide 19: Capital markets issuance outstanding
Capital markets issuance outstanding In € bn, as of March 31, 2026 By product1 By currency1 AT1 / Tier 2 Other GBP 7 3 20 Senior Covered bonds 13 54 non-preferred 110 110 63 EUR USD 37 10 Senior structured 13 Senior preferred Notes: for footnotes refer to slides 28 and 29 Deutsche Bank Investor Rela
Slide 20: Q1 2026 highlights
Q1 2026 highlights In € bn, unless stated otherwise Financial highlights Profit before tax by segment3 Statement of income Q1 2026 Δ YoY Δ QoQ Net revenues 8.7 2% 12% +7% Provision for credit losses 0.5 10% 31% 3.0 Noninterest expenses 5.1 (2)% (4)% 2.8 Profit (loss) before tax 3.0 7% 50% Private Ba
Slide 21: 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 22: 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 ~140 ~95 ~35 ~(35) ~(85) ~(130) 2026 2027 2028 Breakdown of sensitivity by currency For +25bps shift in yield curve ~90 ~25 ~25
Slide 23: Noninterest expenses
Noninterest expenses In € bn, unless stated otherwise, year-on-year development (2)% +2% ex-FX 5.2 5.1 0.1 (0.1) 0.1 (0.1) ▪ Incremental investments in technology, hiring in Wealth Management and Investment Banking & Capital Markets, and expansion of Corporate Bank solutions ▪ Operating efficiencies
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 39 36 35 33 37 ▪ Portfolio quality remains strong across all businesses ▪ Close monitoring of segments subject to economic and 519 geopolitical risks Overlay for 471 potential impacts o
Slide 25: Group Trading Book Value-at-Risk and stressed Value-at-Risk
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 In € m, 99% confidence level, as of March 31, 2026 Trading P&L2, VaR sVaR 500 160 400 211 300 120 207 208 140 200 80 100 0 27 33 40 26 29 (100) (200) 0 (300) (400) (40) (500) (80) (600) Q2 2025 Q3 2025 Q4 2025
Slide 26: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio US CRE portfolio € 31bn (21)% since 2022 € 24bn (26)% since 2022 64% € 11bn (40)% since 2022 39% 86% 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 27: Sustainability strategy progress
Sustainability strategy progress Q1 2026 Selected ESG ratings Key achievements Rating agency1 DB score 2019 Q1 2026 ▪ Issued Deutsche Bank’s inaugural European Green Bond, raising MSCI BBB AA € 500m exclusively to refinance EU Taxonomy-aligned assets within Deutsche Bank’s Green Buildings portfolio
Slide 28: 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 € 1,483bn is defined as IFRS balance sheet (€ 1,161bn) adjusted to reflect the funding required after recognizing legal netting agreements (€ 211bn),
Slide 29: Definition of certain financial measures and footnotes 2 / 2
Definition of certain financial measures and footnotes 2 / 2 Slide 11 – Deposits Slide 20 – Q1 2026 highlights 1. Totals represent reported Group level balances whereas the graph shows only reported Corporate Bank, Investment 1. Loans gross of allowance at amortized cost Bank and Private Bank exposu
Slide 30: 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
Deutsche Bank — Debt Investor Presentation (April 2026) on 6ix