Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Day (November 2025)
35 slides from Deutsche Bank's investor day presentation, Nov 17, 2025
Slide 1: Accelerating value creation
Deutsche Bank Investor Relations Accelerating value creation Investor Deep Dive 2025 November 17, 2025
Slide 2: Invest to grow, optimize capital deployment, discipline and focus
Optimize Invest Discipline capital to grow and focus deployment Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 2
Slide 3: Taking the next step
Taking the next step FUTURE Long-term PRESENT Mid-term The European Near-term PAST Accelerating Champion Invest value creation to grow 2018 - 2022 2023 - 2025 2026 - 2028 2028+ Note: for footnotes and glossary on abbreviations refer to slides 31 and 32 as well as 33 respectively Deutsche Bank Invest
Slide 4: Accelerating value creation with full focus on SVA
Accelerating value creation with full focus on SVA Long-term vision anchored in client-centric purpose and strong culture Strict capital discipline +100bps Focused growth Revenue/RWA1 ratio uplift 2025-2028 >5% >13% Group revenue CAGR 2025-2028 RoTE in2028 Scalable operating model <60% Cost/income r
Slide 5: Unlocking shareholder value across divisions
Unlocking shareholder value across divisions Global Hausbank Focused Strict capital Scalable RoTE growth discipline operating model 2028 ambition Private ▪ Scale Wealth Management franchise >18% Bank ▪ Transform and grow Personal Banking Asset ▪ Scale European Infrastructure Business and build-out P
Slide 6: Consistent improvement in financial performance
Consistent improvement in financial performance Continued revenue Delivering ~6% operating Increased profitability momentum leverage in 2028 unlocks shareholder value Net revenues CIR RoTE in € bn in % in % >5% CAGR >5ppts >3ppts ~37 <65 >13 <60 32 >10 2025 FC 2026 2027 2028 2025 FC 2026 2027 2028 2
Slide 7: Focused growth to drive revenue momentum
Focused growth Focused growth to drive revenue momentum Net revenues Incremental net revenues2 NII contribution2,3 in € bn in € bn in € bn >5% CAGR 5% CAGR ~37 ~2.3 2025-2028 32 ~8% CAGR ~5.0 Net commission and fee 2025-2028 income contribution2 in € bn 7% CAGR ~2.6 2025-2028 2025 FC 2028 Private Ba
Slide 8: Expected uplift from NII
Focused growth Expected uplift from NII Net interest income across key banking book segments1 and other funding in € bn ~16 ▪ Net interest income expected to contribute ~€ 2.3bn to revenue growth by 2028 ~13.5 ▪ Rollover of existing long-term hedges at higher rates to contribute ~€ 1.2bn2 to NII gro
Slide 9: Disciplined investing and effective cost control
Scalable operating model Disciplined investing and effective cost control Cost/income ratio in % <65 <60 ▪ Investment focus shifts from foundational Noninterest expenses enhancements to forward-looking capabilities in € bn 2% CAGR ~22 ▪ Operating efficiencies more than offset investments and part of
Slide 10: 2026 investments to fuel the next step
Scalable operating model 2026 investments to fuel the next step Cost/income ratio in % <65 <65 ▪ Stable cost/income ratio despite investments in Noninterest expenses 2026 in € bn 3% YoYΔ ▪ Tech and AI drive efficiency gains and scalable ~21 operating model ~0.6 ~(0.6) 20.6 ~0.3 ▪ Investments set to
Slide 11: Incremental investments to support efficiencies and growth
Scalable operating model Incremental investments to support efficiencies and growth Incremental investments1 Operating efficiencies2 Incr. revenues by 2028 Cumulative over 3 years, in € bn Cumulative over 3 years, in € bn Cumulative over 3 years, in € bn ~€ 0.9bn ~€ 0.6bn ~€ 0.9bn ~1.5 in 2026 ~2.0
Slide 12: SVA guiding principle to drive optimized capital usage
Strict capital discipline SVA guiding principle to drive optimized capital usage Risk-weighted assets in € bn Balance sheet management ▪ Re-deployment of financial resources into focus portfolios ~2.5% CAGR ▪ Selected exits of sub-scale offerings and geographies ~385 Business growth ~355 ▪ Focused g
Slide 13: SVA guiding principle to improve balance sheet velocity
Strict capital discipline SVA guiding principle to improve balance sheet velocity Revenue/RWA1 ratio Managing net RWA growth in % ▪ Focus RWA growth on SVA-positive businesses +400bps ▪ Incentivize self-financing growth through re-deployment +250bps on reported basis Pricing discipline ▪ Enforce val
Slide 14: SVA guiding principle to deliver higher shareholder returns
Strict capital discipline SVA guiding principle to deliver higher shareholder returns Equity allocation and return on tangible equity by business unit1,2 2025 FC 2028 Disciplined application of capital productivity levers to result in >70% of capital in areas exceeding business hurdles, up from ~40%
Slide 15: Maintaining financial resilience
Financial resilience Maintaining financial resilience Strong capital ▪ Strong organic capital generation position ▪ Preservation of robust CET1 ratio with strong buffers throughout Sound liquidity ▪ Ample liquidity reserves growing in line with business expansion profile ▪ High-quality funding base
Slide 16: Optimized capital deployment
Optimized capital deployment Preserve capital and liquidity buffers through macroeconomic cycles Increase shareholder rewards across both dividends and share buybacks Invest in high-value, accretive business growth Pursue inorganic opportunities only if strict strategic, financial & cultural criteri
Slide 17: Increasing ordinary distributions to 60%
Increasing ordinary distributions to 60% 2025 FC 2026-2028 Ordinary Payout ratio2 50% 60% distributions1 Dividend per share € 1.00 Continuous growth Extraordinary Usage of excess Discretion to deploy and distribute excess capital distributions1 capital when CET1 ratio sustainably >14% Tangible book
Slide 18: Further RoTE upside from our >13% target
Further RoTE upside from our >13% target Revenue Cost Capital Structural reforms ▪ Accelerated loan growth and increased capital following German markets activity fiscal stimulus ▪ Increasing private sector investments ▪ Leaner, AI-augmented workforce via managed Further & faster attrition strategy
Slide 19: Our targets and objectives for 2028
Our targets and objectives for 2028 Financial targets >13% <60% RoTE Cost/income ratio Capital 13.5-14.0% 60% Excess objectives CET1 ratio operating range1 Payout + ratio capital Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 19
Slide 20: Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram
Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 20
Slide 21: Appendix
Appendix Deutsche Bank Investor Deep Dive 2025 Accelerating value creation, Raja Akram 21
Slide 22: Steady NII growth from long-term hedge portfolio
Steady NII growth from long-term hedge portfolio Income from long-term hedge portfolio1 in € bn, unless stated otherwise % Avg. yield, in % 0.8 0.6 0.9 1.2 1.5 1.7 1.9 2.1 2.2 2.5 ▪ Structural NII benefit from growing hedge 3.0% 2.9% 3.0% 3.1% 3.2% contribution over the planning horizon 2.6% 2.7% 2.
Slide 23: Limited NII sensitivity to yield curve shift
Limited NII sensitivity – hypothetical +/-25bps shift in yield curve Net interest income sensitivity1 in € m +25bps shift in yield curve -25bps shift in yield curve ~155 ~65 ~95 ~(0) ~5 ~(60) ~(100) ~(150) 2025 2026 2027 2028 Breakdown of sensitivity by currency for +25bps shift in yield curve in €
Slide 24: Robust underlying growth in loans and deposits
Robust underlying growth in loans and deposits Loans Value-accretive pricing discipline and changes in portfolio mix in € bn drive targeted loan growth ~2% CAGR ▪ Corporate Bank to benefit from infrastructure and defence ~485 ~520 initiatives ▪ FIC Financing to benefit from loan opportunities in ass
Slide 25: ~€1.5bn incremental investments
~€ 1.5bn incremental investments Incremental spend ▪ Scale Wealth Management through top-talent hiring focused on Germany, Italy, UK, Middle East and Asia Business-led investments ▪ Broaden client footprint and develop new client solutions in Corporate Bank ~€ 1.0bn ▪ Expand IBCM capabilities across
Slide 26: ~€2.0bn of operating efficiencies
~€ 2.0bn of operating efficiencies Operating efficiencies ▪ Service-model digitization and build of modern core Business-led F2B banking architecture optimization ▪ Front-to-back optimization of the target operating ~€ 1.0bn model ▪ Implementation of strategic transaction monitoring Infrastructure-l
Slide 27: Normalized CLP run rate of ~30bps
Normalized CLP run rate of ~30bps Provision for credit losses in bps ▪ Lower CLP run rate supported by improved 40 economic outlook for Germany, normalized CRE- Ø35 related losses and wider portfolio composition 30 ~30 Ø26 ▪ Targeted loan growth underpinned by strong underwriting discipline Ø20 Targ
Slide 28: Corporate & Other with range-bound impact
Corporate & Other with range-bound impact ▪ C&O will continue to house central and funding impacts ▪ Valuation and timing differences will continue to be impacted by market moves, resulting in lower but still positive contribution ▪ Continued focused delivery on portfolio simplification and reductio
Slide 29: Better returns on stable capital allocation
Better returns on stable capital allocation Average tangible shareholders’ equity in € bn ~66 ▪ Disciplined capital allocation maintained through ~59 planning horizon ~18% ~19% ▪ Improved divisional RoTE profiles on broadly unchanged capital allocation ~38% ~39% ▪ Capital allocation to operating bus
Slide 30: Key macro assumptions underpinning planning
Key macro assumptions1 underpinning planning ECB deposit 2.00% 2.00% 2.25% 2.50% Broad economic momentum in Germany rate2 ▪ German economy expected to stabilize and grow by 1.2% in 2026 and 1.7% in 2027 Expected YoY real GDP growth in % 1.7 ▪ Impact from fiscal expansion 2025-2028 expected to ramp u
Slide 31: Footnotes (1/2)
Footnotes (1/2) Note: throughout this presentation, figures are rounded and totals may not sum due to Slide 12 – SVA guiding principle to drive optimized capital usage rounding differences and percentages may not precisely reflect the absolute figures; 1. Includes € 11bn of higher operational risk R
Slide 32: Footnotes (2/2)
Footnotes (2/2) Slide 23 – Limited NII sensitivity – hypothetical +/-25bps shift in yield curve 1. Based on balance sheet per August 31, 2025, vs. market-implied forward rates as of September 30, 2025 Slide 27 – Normalized CLP run rate of ~30bps 1. As of end of September, 2025 2. Across Credit Defau
Slide 33: Glossary
Glossary AI Artificial Intelligence GDP Gross domestic product AuM Assets under Management IBCM Investment Banking & Capital Markets Avg. Average Incr. Incremental Bps Basis points NII Net interest income C&O Corporate & Other PB Private Bank CAGR Compound annual growth rate Ppts Percentage points C
Slide 34: Speaker biography – Raja Akram
Speaker biography – Raja Akram Raja Akram is the designated Chief Financial Officer and joined the bank in October 2025. He will join the Management Board in January 2026. Akram joins from Morgan Stanley where he served as Deputy Chief Financial Officer since 2020. He was also a member of the firm’s
Slide 35: 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