Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Day (November 2025)
23 slides from Deutsche Bank's investor day presentation, Nov 17, 2025
Slide 1: Investment Bank Investor Deep Dive 2025
Deutsche Bank Investor Relations Investment Bank Investor Deep Dive 2025 November 17, 2025
Slide 2: The European Investment Bank powerhouse
The European Re-positioned World-class Investment Bank IBCM business FIC franchise powerhouse Deutsche Bank Investor Deep Dive 2025 Investment Bank, Fabrizio Campelli 2
Slide 3: Investment Bank at a glance
Investment Bank at a glance Two aligned and globally recognized segments Net revenues delivering ~1.5ppts RoTE increase since 20211 2025 FC, in € bn IBCM FIC Financing Re-positioned: Investment Banking & Capital by Markets at the core of Global Hausbank business FIC Markets FIC World-class Fixed Inc
Slide 4: Business transformed and positioned for growth
Business transformed and positioned for growth Strong performance vs. market Driven by targeted franchise actions Performance indicators 2021-2025 Revenues in € bn Focus on M&A growth +8ppts2 DB outperformance Sole advisor roles +26 +5ppts vs. industry1 ppts 11.5 IBCM Cross-border development +10ppt
Slide 5: Strategy 2028: The European IB powerhouse
Strategy 2028: The European IB powerhouse Performance indicators 2025-2028 ▪ Re-position IBCM: grow Advisory and ECM and maintain strength of Debt Focused growth ▪ Enhance leading FIC franchise: leverage existing platforms, deepen US ~5% ▪ Further leverage the Global Hausbank: cross collaboration wi
Slide 6: Re-positioned IBCM – The leading European franchise
Focused growth Re-positioned IBCM – The leading European franchise A balanced franchise Deliver growth and market share improvement Performance indicators 2025-2028 Revenues >15% in € bn CAGR Focused ▪ global ▪ Build on leadership position in Germany Invest in core geographies (UK, EMEA, APAC) – tar
Slide 7: FIC franchise – Client-led, diversified, disciplined, resilient
Focused growth FIC franchise – Client-led, diversified, disciplined, resilient Diversified revenue streams Disciplined risk management Capital efficiency Revenues VaR1 Revenues/VaR1 Efficient revenue growth in € bn in € m in € m 2021-2025 ~(30)% ~95% ~5% ~35% 9.5 39 ~355 RWA Revenue 8.9 8.5 growth g
Slide 8: Leveraging existing leading FIC platform for efficient growth
Focused growth Leveraging existing leading FIC platform for efficient growth Continued growth Clear strategic priorities Performance indicators 2025-2028 Revenues ▪ Deepen product density with priority clients in € bn ~3% Deepen client CAGR relationships ▪ Systematic and tiered coverage at every dec
Slide 9: Leveraging the Global Hausbank
Leveraging the Global Hausbank ▪ Complete corporate value chain coverage – Advisory, Risk Mgmt. CB shared ▪ Innovative product embedment into client workflows – FX4Cash clients ▪ Financing full client-capital needs – Structured Finance solutions ▪ Corporate Finance advisory for entrepreneurs Private
Slide 10: Scale up operating model through technology and innovation
Scalable operating model Scale up operating model through technology and innovation Cost/income ratio improvement <30% Marginal CIR ▪ AI-powered new products and client insights platform 63% ~58% <55% Continued ▪ Banker/trader workflow automation and efficiency tooling innovation ▪ Invest in tech ta
Slide 11: Innovation-led client solutions
Innovation-led client solutions dbSyndicate Multi-channel platform (web, FX-as-a-Service offering, Debt issuance platform, Solution mobile) accessing FX and CB automating clients’ full FX trade improving workflows, execution products workflows risk, transparency ~135k ~80k ~1.8k +~10% ~€ 1tn >25k Ca
Slide 12: Deploy capital at a high marginal rate of return
Strict capital discipline Deploy capital at a high marginal rate of return Disciplined capital deployment Optimized RWA allocation Revenue/ Marginal revenue/ ▪ Re-allocate capital to FIC Financing and within RWA ratio RWA ratio1 Financing to higher-yielding portfolios 7% 8% >13% A 141 144 B RWA ▪ Gr
Slide 13: Our path forward: 2028 ambitions
Our path forward 2028 ambitions ▪ Well-diversified, cycle-resilient businesses with stable revenue growth ▪ Re-positioned IBCM franchise – focusing on capital- ~5% Revenue CAGR light strategic advisory products ▪ Selective investments consolidating world-class FIC franchise position <55% Cost/income
Slide 14: Deutsche Bank Investor Deep Dive 2025 Investment Bank, Fabrizio Campelli
Deutsche Bank Investor Deep Dive 2025 Investment Bank, Fabrizio Campelli 14
Slide 15: Appendix
Appendix Deutsche Bank Investor Deep Dive 2025 Investment Bank, Fabrizio Campelli 15
Slide 16: Investment Bank at a glance
Investment Bank at a glance Revenues by region (2025 FC) Mergers, acquisitions, public take-overs & full-suite of APAC & MEA € 1.9bn Advisory Europe 2025 FC strategic advisory Investment Rev Banking Primary equity products from IPOs to structured Equity & transactions, supported via Research & enabl
Slide 17: Examples of cross-divisional transactions
Examples of cross-divisional transactions: a deep and broad franchise Announced in September 2024 Announced in July 2025 ▪ IB: Advisory ▪ CB: Cash Management, Trade Finance, Trust & € 14bn ▪ IB: FIC senior and credit facilities, and FX € 2.2bn Agency, Working Capital loan cross-border hedging cross-
Slide 18: Investment Bank's development across key financials
Investment Bank’s development across key financials Income statement, in € bn 2021 2022 2023 2024 9M 2025 Total net revenues 9.6 10.0 9.2 10.6 9.0 Provision for credit losses 0.1 0.3 0.4 0.5 0.7 Noninterest expenses 6.1 6.5 6.8 6.7 5.0 Profit (loss) before tax 3.5 3.2 1.9 3.3 3.3 Balance sheet, in €
Slide 19: Footnotes (1/2)
Footnotes (1/2) Note: Throughout this presentation, figures are rounded and totals may not sum due to Slide 6 – Re-positioned IBCM – The leading European franchise rounding differences and percentages may not precisely reflect the absolute figures; 1. Business mix adjusted to reflect removal of LDCM
Slide 20: Footnotes (2/2)
Footnotes (2/2) Slide 11 - Innovation-led client solutions 1. Q3 2025 last twelve months, internal and external users 2. Q3 2025 YTD average - Client FX transactions priced and executed through Autobahn, (including UI, API, MDPs; excluding FX4Cash and Prime Brokerage) 3. L1 clients as of 12 Nov 2025
Slide 21: Glossary
Glossary AI Artificial Intelligence IBCM Investment Banking & Capital Markets AM Asset Management IPO Initial public offering APAC Asia Pacific KYC Know your client AuM Assets under Management Latam Latin America CAGR Compound annual growth rate LDCM Leveraged Debt Capital Markets CB Corporate Bank
Slide 22: Speaker biography – Fabrizio Campelli
Speaker biography – Fabrizio Campelli Fabrizio Campelli is the head of the Corporate Bank and Investment Bank since May 2021. He joined the Management Board in November 2019 in his former role of Chief Transformation Officer, responsible for transformation and Human Resources. He took on additional
Slide 23: 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