Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q3 2025 Earnings Presentation
39 slides from Deutsche Bank's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q3 2025 Fixed Income Investor Conference Call October 30, 2025
Slide 2: Positive operating leverage drives increasing profitability
Positive operating leverage drives increasing profitability In € bn, unless stated otherwise Pre-provision profit1 Revenues3 Noninterest expenses +27% adjusted2 for Postbank takeover litigation impacts (3)% adjusted2 for Postbank takeover litigation impacts +47% +7% (8)% 9.0 9% 15% 22.9 24.4 +5% 16.
Slide 3: Disciplined execution of 2025 objectives
Disciplined execution of 2025 objectives Strategic execution focus Delivering on agenda for 2025 Targeted Delivering targeted revenue growth in dynamic environment 5.5-6.5 % Revenue CAGR1 Achieved ‘21-’25 Continued disciplined execution of cost saving initiatives; € 2.4bn executed to date 6.0% € 2.5
Slide 4: Significant progress of divisional strategies
Significant progress of divisional strategies Pre-tax profit RoTE Achieved 5% growth in net commission and fee income in 9M, scaling the +16% 16 Corporate Bank Well-positioned for Global Hausbank model 13% % profitable growth Awarded "Best Trade Finance Bank“ by the FINANCE Banken-Survey 9M 2025
Slide 5: Banking book NII expected to increase in 2025 and beyond
Banking book NII expected to increase in 2025 and beyond In € bn, unless stated otherwise Group development Key banking book segment1 development 1.3% 1.4% 1.4% 1.5% 1.5% 3.8% 3.8% 3.6% 3.6% 3.4% Corporate Bank 3.8 3.9 3.7 3.7 1.2 1.2 1.2 1.2 1.1 0.5 0.6 3.3 0.3 0.4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q
Slide 6: Long-term hedge supports NII
Long-term hedge supports NII In € bn, unless stated otherwise Income from long-term hedge portfolio (excl. equity)1 Key highlights 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Average yield 0.6% 0.9% 1.2% 1.5% 1.7% 1.9% 3.0% Hedge contribution expected to grow further with 2.7% 2.
Slide 7: Growth in targeted portfolios during the quarter
Growth in targeted portfolios during the quarter In € bn, unless stated otherwise; loan-to-deposit ratio 72% Loan development1,2 Loan split Reported FX-adjusted3 Other 10% 477 485 482 472 476 1% (0)% 1% 1% Currency 26% Investment € 476bn 105 110 112 108 111 3% 6% 3% 10% USD 64% EUR Bank Corporate 11
Slide 8: Stable and well diversified deposit portfolio
Stable and well diversified deposit portfolio In € bn, unless stated otherwise Deposit development1 Deposit split Reported FX-adjusted2 Term deposits Term deposits Other Corporate Bank 5% 650 666 665 653 663 1% 2% 1% 3% 13% Product 39% Non-operational 14% € 663bn Private Bank Investment 20 22 27 24
Slide 9: Sound liquidity and funding base
Sound liquidity and funding base In € bn, unless stated otherwise Liquidity coverage ratio (LCR)1 Key highlights 3M daily avg. 137% 128% 127% 131% 143% High-quality liquid assets (HQLA) LCR Quarter-end LCR and daily average LCR at strong levels LCR 135% 131% 134% 136% 140% LCR surplus increased
Slide 10: CET1 ratio increase driven by strong Q3 2025 earnings
CET1 ratio increase driven by strong Q3 2025 earnings As of September 30, 2025, period end CET1 ratio1, movements in basis points (bps) Key highlights 28 14.5% 14.2% 0 CET1 ratio up by 26bps compared to Q2 2025: (3) 28bps increase from capital effects, mainly Q3 2025 earnings net of deductions f
Slide 11: Capital ratio buffer further increased
Capital ratio buffer further increased As of September 30, 2025, in % of RWA, unless stated otherwise Key highlights 19.7 T2 2.1 362bps 16.0 AT1 3.1 T2 2.7 requirement5 AT1 requirement4 Buffer to CET1 requirement of 325bps, up 25bps 325bps 2.0 quarter on quarter in line with CET1 ratio development
Slide 12: Leverage ratio stable
Leverage ratio stable As of September 30, 2025, movement in bps, unless stated otherwise Key highlights 4.7% 4.6% (1) (9) (1) 3.85% 0.75% G-SIB 0.10% Pillar 2 requirement Leverage ratio down by 11bps compared to Q2 2025 Pillar 1 9bps decrease from higher leverage exposure, 3.00% requirement prin
Slide 13: Significant buffer over MREL/TLAC requirements
Significant buffer over MREL/TLAC requirements As of September 30, 2025, loss-absorbing capacity, in € bn unless stated otherwise Key highlights 132 Senior preferred1 14 26 Surplus 27 30 above Q3 2025 loss-absorbing capacity significantly above Senior requirements all regulatory requirements, with
Slide 14: 2025 issuance needs met
2025 issuance needs met In € bn, unless stated otherwise Key highlights Covered bonds Senior preferred2 Senior non-preferred AT1/T2 15-20 15.1 17 16 18 1 16 0.5-1 0.3 3 Positive sentiment for credit continued in Q3, 8 3 5-6 2.4 6 7 leading to tighter spreads across our debt stack 5 10.9 Unchange
Slide 15: Summary and outlook
Summary and outlook 9M 2025 revenues in line with CAGR target of 5.5-6.5%; remain on course to deliver on ~€ 32bn FY 2025 revenue ambition Anticipating lower provisioning levels in H2, reflecting ongoing underlying portfolio strength; developments in CRE and macroeconomic environment remain closely
Slide 16: Appendix
Appendix Deutsche Bank Investor Relations Q3 2025 Fixed Income Conference Call, October 30, 2025 16
Slide 17: Net balance sheet
Net balance sheet As of September 30, 2025, net1 in € bn High-quality loan portfolio Stable funding mix Assets Liabilities & Equity 77% Loans in lower risk Private Bank and Corporate Bank 1,106 1,106 8years Weighted-average life in long-term debt portfolio Trading and 166 HQLA4 234 related liabiliti
Slide 18: Limited NII sensitivity
Limited NII sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity1 +25bps shift in yield curve -25bps shift in yield curve ~65 ~95 ~(0) ~5 ~(60) ~(100) 2025 2026 2027 Breakdown of sensitivity by currency for +25bps shift in yield curve ~50 ~25 ~25 ~25 ~
Slide 19: Current ratings
Current ratings As of October 29, 2025 Moody‘s Investors Services S&P Global Ratings Fitch Ratings Morningstar DBRS Counterparty obligations (e.g. deposits / structured notes / derivatives / swaps / A1 A1 A AA trade finance obligations) Long-term Preferred2 A1 A A A (high) senior unsecured Non-prefe
Slide 20: Capital markets issuance outstanding
Capital markets issuance outstanding As of September 30, 2025, in € bn By product1 By currency1 Capital instruments Other (AT1/T2) GBP 7 3 21 Senior Covered bonds 13 54 non-preferred 113 113 64 EUR USD 39 11 Senior structured 14 Senior preferred Notes: for footnotes refer to slides 37 and 38 Deutsch
Slide 21: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise Key highlights Stage 1+2 Stage 3 In bps of average loans annualized1 37 40 41 35 39 36 35 Provisions stable quarter on quarter, with the primary 494 driver remaining the impact of Commercial Real Estate 439 476 12 471 35 420 423 within th
Slide 22: Loan book composition
Loan book composition Q3 2025, IFRS loans: € 476bn1 Key highlights Other2 Other IB3 52% of loan portfolio in Private Bank, consisting of retail 0% mortgages mainly in Personal Banking (Germany) and 12% German Mortgages and collateralized lending in Wealth Management & Private Banking Leveraged Deb
Slide 23: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) As of September 30, 2025 CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 32bn, 7% of By region By sector By sector total loans1 APAC Office Other € 26bn higher risk CRE loans 7% Other 25% € 6bn
Slide 24: Leverage exposure and risk-weighted assets
Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 340 340 59 Operational risk RWA 59 1,276 1,300 Market risk RWA 24 19 Trading assets 143 145 Credit valuation 3 17 adjustments Derivatives1 124 125 Lending 455 458 139 Lending Credit risk RWA 2
Slide 25: Derivatives bridge
Derivatives bridge Q3 2025, IFRS derivative trading assets and the impact of netting and collateral, in € bn Key highlights 232 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 ru
Slide 26: Level 3 assets and liabilities
Level 3 assets and liabilities As of September 30, 2025, in € bn Assets: € 24bn Liabilities: € 11bn Key highlights Other Other 2 Derivative 0 Debt 7 Assets Level 3 is an indicator of valuation securities 5 uncertainty and not of asset quality Debt Securities 5 The Group classifies financial inst
Slide 27: 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 As of September 30, 2025, in € m, 99% confidence level Trading P&L2, VaR sVaR 500 160 400 300 120 207 192 152 140 200 100 80 0 24 27 26 40 27 -100 -200 0 -300 -400 (40) -500 (80) Q4 2024 Q1 2025 Q2 2025 Q3 202
Slide 28: Q3 2025 highlights
Q3 2025 highlights In € bn, unless stated otherwise Financial results Divisional revenues Key highlights Q3 2025 Δ vs. Δ vs. +7% +7% Δ vs. Q3 2024 Q2 2025 Q3 2024 Statement of income 8.0 Revenues 8.0 7% 3% Diversified and complementary business mix 7.5 continues to drive revenue performance Provis
Slide 29: Adjusted costs – Q3 2025 (YoY)
Adjusted costs – Q3 2025 (YoY) In € m, unless stated otherwise Key highlights Q3 2024 ex- bank levies 5,042 FX impact Compensation and benefits1 (71) 110 Information technology (18) (40) Continued cost discipline in Q3; adjusted costs essentially flat year on year, in line with expectation (107) (
Slide 30: 2025 financial targets and capital objectives
2025 financial targets and capital objectives Financial targets Capital objectives > 10% 5.5-6.5% < 65% 13.5-14.0% 50% Post-tax RoTE Revenue CAGR Cost/income ratio CET1 ratio Total payout ratio in 2025 2021-2025 in 2025 from 2025 Well-positioned to Increased revenue CIR target reflects Updated opera
Slide 31: Sustainability
Sustainability Q3 2025 highlights Recent achievements Sustainable Finance1 volumes Increased Sustainable Finance volumes by € 23bn to € 440bn 1 (cumulative since 2020) 440bn 500bn Deutsche Bank supported Battery Energy Storage System (BESS) projects globally. Corporate Bank acted as mandated lea
Slide 32: Deutsche Bank’s performance in leading ESG ratings
Deutsche Bank’s performance in leading ESG ratings As of October 29, 2025 Score range Rating score Rating agency ESG rating criteria (weighting) Rating development (best to worst) DB Corporate Governance & Corporate Behavior Privacy & Data Security (15%) (35%) Responsible Investment (15%) AAA
Slide 33: Pre-provision profit, CAGR and operating leverage
Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise CAGR2 FY 2021 – 9M 2024 vs FY 2021 Q3 2025 LTM 9M 2024 9M 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 LTM 9M 2025 Net revenues Corporate Bank 5,153 1,864 1,866 1,896 1,816 7,443 10.3% 5,642 5,578 (1)% Investment Bank
Slide 34: Adjusted costs – Q3 & 9M 2025
Adjusted costs – Q3 & 9M 2025 In € m, unless stated otherwise Q3 2025 Q3 2024 Q2 2025 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,150 1,703 1,647 433 246 5,180 1,171 1,578 1,802 441 (246) 4,744 1,137 1,599 1,648 438 137 4,959 Nonoperating Impairment of go
Slide 35: Key metrics ex-Postbank takeover litigation provision impacts
Key metrics ex-Postbank takeover litigation provision impacts In € m, unless stated otherwise Q3 2024 Q3 2025 9M 2024 9M 2025 Revenues 7,501 8,043 22,869 24,370 Noninterest expenses (4,744) (5,180) (16,751) (15,355) Pre-provision profit 2,757 2,863 6,118 9,015 Provision for credit losses (494) (417)
Slide 36: Definition of certain financial measures
Definition of certain financial measures Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance (in total referred to Adjusted costs as nonoperating costs) from noninterest expenses under IF
Slide 37: Footnotes 1/2
Footnotes 1/2 Slide 2 – Positive operating leverage drives increasing profitability Slide 13 – Significant buffer over MREL/TLAC requirements 1. Defined on slide 36 and detailed on slide 33 1. Plain vanilla instruments and structured notes eligible for MREL 2. Adjusted for Postbank takeover litigati
Slide 38: Footnotes 2/2
Footnotes 2/2 Slide 24 – Leverage exposure and risk-weighted assets 1. Includes credit risk RWA related to derivatives and CVA RWA, excludes any derivatives-related market risk RWA, which have been fully allocated to non-derivatives trading assets 2. Includes contingent liabilities Slide 25 – Deriva
Slide 39: 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