Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Day (November 2025)
22 slides from Deutsche Bank's investor day presentation, Nov 17, 2025
Slide 1: A transformed bank
Deutsche Bank Investor Relations A transformed bank Investor Deep Dive 2025 November 17, 2025
Slide 2: Sustainable profitability, Foundational investments, Positioned for growth
Sustainable Foundational Positioned profitability investments for growth Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 2
Slide 3: Delivered on our transformation objectives
Delivered on our transformation objectives Executed transformation, strengthening our PRESENT fundamentals and restoring profitability PAST Enhanced business focus, through strategic portfolio adjustments and disciplined execution Stabilization, Restored profitability Embedded operational efficiency
Slide 4: 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 1870 businesses… % change, as of Q3 2025 vs. FY 2021 Deep understanding of clients’ needs +17% +9% Global network with ~€ 1.7tn ~€ 660bn Assets under Deposits local expertise M
Slide 5: 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 Daily Banking | Wealth Advisory | Advisory |
Slide 6: Significantly improved our financial profile
Significantly improved our financial profile 2021 2025 FC1 Strong core operating leverage… € 25bn € 32bn Indexed2 Revenues ~28% Noninterest expenses € 22bn € 21bn 2021 2022 2023 Revenues ex-specific items 2024 Adjusted costs 2025 FC … creating value for shareholders Pre-provision profit € 4bn € 11bn
Slide 7: Reshaped the revenue base
Reshaped the revenue base Improved business mix leading Diversified franchise, with Delivered target growth with to lower revenue volatility balanced revenue mix broad-based contributions Revenue volatility Revenue mix Revenue growth contribution in € bn in € bn 2021-2025 Start of ~6% CAGR transform
Slide 8: Improved efficiency and self-funded investments
Improved efficiency and self-funded investments Composition of operational efficiencies Germany ▪ Reached targeted operational efficiencies of optimization 28% Tech & 44% infrastructure € 2.5bn, above initial target of € 2bn, across € 2.5bn optimization three key initiatives F2B process re-design 28
Slide 9: Executed on foundational investments
Executed on foundational investments ▪ Strategic hires in Wealth Management coverage as well as in Corporate Business Bank and Investment Bank Set the basis for stable investments ▪ Investments in FIC franchise and payments platform in Corporate Bank revenue growth to support long-term growth ▪ Enha
Slide 10: Further strengthened balance sheet in all dimensions
Further strengthened balance sheet in all dimensions Strong capital position, with Stable liquidity position Growing stable deposit franchise, higher buffer over requirements through active B/S management refinancing long-term debt RWA LCR Deposits Long-term debt in € bn in % in € bn outstanding in
Slide 11: Enhanced risk profile
Enhanced risk profile 1-day Value at Risk1 in € m ▪ Well-established risk management and control 200 Start of Regional processes with granular and stable risk appetite Height of Ukraine war banks crisis 150 euro crisis Start of “Liberation 100 Covid-19 ▪ Diligently monitoring emerging risks and Day”
Slide 12: Foundations set for improved shareholder value
Foundations set for improved shareholder value Equity allocation and return on tangible equity by business unit1,2 ▪ Adopted SVA as central steering tool to measure business value creation; built analytical and reporting capabilities ▪ >13% used as divisional hurdle rate for SVA- positive contributi
Slide 13: Sustainability successfully embedded
Sustainability successfully embedded Multiple ESG rating upgrades since 2021 ▪ Significant improvements in four key ESG ratings since 2021, leading in peer group3 S&P: 72 Leading within peer group MSCI: AA Top 37% position in industry ▪ € 440bn of cumulative sustainable financing Sustainalytics: 9.0
Slide 14: On track to deliver our 2025 targets and objectives
On track to deliver our 2025 targets and objectives 2025 FC RoTE >10% Delivering sustainable profitability Revenue CAGR ~6% Benefiting from a diversified business mix Cost/income ratio <65% Increasing cost efficiency CET1 ratio ~14% Fortifying capital base Distributions FY 2021-20251 >€ 8bn Deliveri
Slide 15: Ready to scale
Ready to scale Improved business mix resulting in more balanced and stable revenue profile Right-sized operating costs while self-funding investments Closed significant legacy items, reducing tail risks Regained trust across market stakeholders, clients and employees Strengthened capital base, launc
Slide 16: Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke
Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 16
Slide 17: Appendix
Appendix Deutsche Bank Investor Deep Dive 2025 A transformed bank, James von Moltke 17
Slide 18: Actively managing our risks
Actively managing our risks ▪ Group risk appetite calibrated to earnings capacity, capital adequacy and operational stability; appetite cascaded down to businesses Risk ▪ Comprehensive credit and market risk limits across country, industry, asset class and single names to appetite manage concentrati
Slide 19: Footnotes
Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to Slide 12 – Foundations set for improved shareholder value rounding differences and percentages may not precisely reflect the absolute figures; 1. Relative area sizing represents average tangible sharehold
Slide 20: Glossary
Glossary AI Artificial Intelligence RoTE Post-tax return on average tangible shareholders’ equity AM Asset Management RWA Risk-weighted assets B/S Balance sheet SVA Shareholder value add CAGR Compound annual growth rate Tech Technology CB Corporate Bank TBV Tangible book value CET1 ratio Common equi
Slide 21: Speaker biography – James von Moltke
Speaker biography – James von Moltke James von Moltke has been a member of the Management Board since July 1, 2017. He is the Chief Financial Officer. He has been President since March 25, 2022. With effect from July 1, 2023, he took on responsibility for the Asset Management segment (DWS). Before j
Slide 22: 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