Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q2 2026 Earnings Presentation
35 slides from Deutsche Bank's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 results
Deutsche Bank Investor Relations Q2 2026 results July 29, 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: Continued progress on Scaling the Global Hausbank
Continued progress on Scaling the Global Hausbank Key achievements across strategic levers Strict ▪ 5% YoY revenue growth in H1 driven by all businesses, with strong contribution from Investment capital Bank and focused growth areas, including asset gathering in Private Bank and Asset Management dis
Slide 4: 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 5: 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 6: Group financials
Group financials Deutsche Bank Investor Relations Q2 2026 results, July 29, 2026 6
Slide 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: Segment results
Segment results Deutsche Bank Investor Relations Q2 2026 results, July 29, 2026 13
Slide 14: Private Bank
Private Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q2 2026 Δ YoY Δ QoQ RoTE of 11% and CIR of 70%, demonstrating € 846bn € 9bn ▪ Net revenues 2,566 8% (0)% continued progress in strategy execution Client assets1, +3% QoQ New fl
Slide 15: Asset Management
Asset Management In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q2 2026 Δ YoY Δ QoQ Record net flows of € 25bn, including Flat € 11.6bn ▪ Net revenues 756 4% (6)% € 13bn from Cash and € 12bn long-term net Profit before tax Long-term net
Slide 16: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q2 2026 Δ YoY Δ QoQ Strong sequential growth and year-on-year +7% +4% ▪ Net revenues 1,906 1% 5% revenue performance more than offsetting Loans Net commission and fee the imp
Slide 17: Investment Bank
Investment Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q2 2026 Δ YoY Δ QoQ Revenues significantly higher year on year, 2.0% +5% ▪ Net revenues 3,185 19% (6)% with record Q2 FIC revenues and strong IBCM market share4 Client activ
Slide 18: 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 19: Appendix
Appendix Deutsche Bank Investor Relations Q2 2026 results, July 29, 2026 19
Slide 20: 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 33 and 34 Deutsche Bank In
Slide 21: 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 distribution1 Increase shareholder rewards across both dividends and share buybacks Continuously grow dividend per share In
Slide 22: 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 23: 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 24: 20 consecutive quarters of year-on-year revenue growth
20 consecutive quarters of year-on-year revenue growth In € bn, unless stated otherwise Q1 revenues Q2 revenues Q3 revenues Q4 revenues +18% +2% +28% +9% +33% +7% +31% +7% 8.5 8.7 8.5 7.8 8.0 7.7 7.8 7.6 1.1 7.7 7.3 1.7 7.4 7.5 2.1 7.1 7.2 0.6 1.3 6.9 1.5 6.6 6.7 0.9 1.9 2.0 1.5 2.0 1.8 6.3 1.7 0.8
Slide 25: Net interest income sensitivity and interest rate hedge
Net interest income sensitivity and interest rate hedge Net interest income sensitivity1 Income from long-term hedge portfolio (excl. equity)1 Hypothetical +/-25bps shift in yield curve, in € m In € bn, unless stated otherwise +25bps shift in yield curve -25bps shift in yield curve 10y EUR swap Yiel
Slide 26: 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
Slide 27: 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 28: 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 29: Private Bank client assets
Private Bank client assets In € bn, unless stated otherwise Client assets1 Assets under management2,3 Net flows (AuM)4 WM - AuM PeB - AuM PB - AuC WM - Inv. products WM - Deposits WM - Inv. products WM - Deposits PeB - Inv. products PeB - Deposits PeB - Inv. products PeB - Deposits +3% +5% 846 732 1
Slide 30: Asset Management AuM
Asset Management AuM In € bn, unless stated otherwise Assets under management Net flows Long-term +18% +9% flows1 3.7 10.3 8.0 6.6 11.6 1,190 1,093 16 1,085 1,054 125 24.8 1,010 16 16 18 0.4 17 106 111 105 100 100 107 108 112 105 12.9 455 376 395 396 10.5 346 8.5 12.1 1.5 11.0 0.3 0.3 4.8 6.7 4.6 0.
Slide 31: Corporate & Other
Corporate & Other In € m, unless stated otherwise Financial results Profit (loss) before tax Abs. Δ vs. Abs. Δ vs. Statement of income Q2 2026 Δ YoY Δ QoQ Q2 2025 Q1 2026 Net revenues 65 (48)% (42)% Funding & liquidity (90) (42) (69) Valuation & Provision for credit losses 70 182% n.m. timing differ
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: Definition of certain financial measures and footnotes 1 / 2
Definition of certain financial measures and footnotes 1 / 2 Definition of certain financial measures Slide 8 – Revenue performance 1. Corporate & Other net commission and fee income (Q2 2025: € (6)m, Q2 2026: € (25)m are not shown on this chart but are included in Group totals Post-tax return on av
Slide 34: Definition of certain financial measures and footnotes 2 / 2
Definition of certain financial measures and footnotes 2 / 2 Slide 16 – Corporate Bank Slide 26 – Group Trading Book Value-at-Risk (VaR) and stressed Value-at-Risk (sVaR) 1. Loans gross of allowance at amortized cost 1. Timeline in the graph reflects the Trading P&L date whereas VaR/sVaR is as of th
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