6-K
Deutsche Bank Aktiengesellschaft (DB)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number 1-15242
DEUTSCHE BANK CORPORATION
(Translation of Registrant’s Name Into English)
Deutsche Bank Aktiengesellschaft
Taunusanlage 12
60325 Frankfurt am Main
Germany
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐
2
Explanatory note
Key updates communicated during 1Q 2026
On March 31, 2026, Deutsche Bank AG (“Deutsche Bank”) published the attached Exhibit 99.1, which describes key
updates communicated during 1Q 2026.
Deutsche Bank generally publishes its financial results prepared in accordance with International Financial Reporting
Standards (IFRS) as endorsed by the European Union, including application of portfolio fair value hedge accounting for non-
maturing deposits and fixed rate mortgages with pre-payment options (“EU IFRS”, using the “EU carve-out”). Fair value
hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative
moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. In
addition, Deutsche Bank’s financial targets and capital objectives are based on its financial results prepared in accordance
with EU IFRS. Exhibit 99.4 hereto presents financial information using EU IFRS.
For U.S. reporting purposes, Deutsche Bank also prepare versions of certain of its financial reports in accordance with IFRS
as issued by the International Accounting Standards Board (IASB), which does not permit use of the EU carve-out (“IASB
IFRS”), but which is otherwise the same as EU IFRS. For example, Deutsche Bank’s 2024 Annual Report on Form 20-F has
been prepared using IASB IFRS, and the impact of the EU carve-out is described in Note 1, “Material accounting policies
and critical accounting estimates – Basis of accounting – EU carve-out” to the consolidated financial statements contained
therein.
This Report on Form 6-K and Exhibit 99.1 hereto are hereby incorporated by reference into Registration Statement No.
333-278331 of Deutsche Bank AG.
Exhibits
Exhibit 99.1 Key updates communicated during 1Q 2026, March 31, 2026 (EU IFRS).
Forward-looking statements contain risks
This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts;
they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs,
expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are
based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-
looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly
any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could
therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors
include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we
derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the
implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other
risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our
2025 Annual Report on Form 20-F filed with the SEC, under the heading “Risk Factors.” Copies of this document are readily
available upon request or can be downloaded from www.deutsche-bank.com/ir.
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Use of Non-GAAP Financial Measures
This document and other documents Deutsche Bank has published or may publish contain non-GAAP financial measures.
Non-GAAP financial measures are measures of its historical or future performance, financial position or cash flows that
contain adjustments that exclude or include amounts that are included or excluded, as the case may be, from the most
directly comparable measure calculated and presented in accordance with IFRS in its financial statements. Examples of its
non-GAAP financial measures, and the most directly comparable IFRS financial measures, are as follows:
| Non-GAAP Financial Measure | Most Directly Comparable IFRS Financial<br><br>Measure |
|---|---|
| Net interest in the key banking book segments | Net interest income |
| Revenues on a currency-adjusted basis | Net revenues |
| Costs on a currency-adjusted basis | Noninterest expenses |
| Net assets (adjusted) | Total assets |
| Tangible shareholders’ equity, Average tangible<br><br>shareholders’ equity, Tangible book value, Average<br><br>tangible book value | Total shareholders’ equity (book value) |
| Post-tax return on average tangible shareholders’ equity<br><br>(based on Profit (loss) attributable to Deutsche Bank<br><br>shareholders after AT1 coupon) | Post-tax return on average shareholders’ equity |
| Tangible book value per basic share outstanding, Book<br><br>value per basic share outstanding | Book value per share outstanding |
For descriptions of these non-GAAP financial measures and the adjustments made to the most directly comparable financial
measures under IFRS, please refer to the sections “Supplementary Information (Unaudited): Non-GAAP Financial
Measures” of the non-SEC Annual Report 2025 and the SEC Annual Report 2025.
When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking
statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under
IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS
financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures
from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown,
events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the
non-GAAP financial measure will be greater than or less than the related IFRS financial measure.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Deutsche Bank Aktiengesellschaft
Date:March 31, 2026
| By: | _/s/ Andrea Schriber____________ |
|---|---|
| Name: | Andrea Schriber |
| Title: | Managing Director |
| By: | _/s/ Joseph C. Kopec____________ |
| --- | --- |
| Name: | Joseph C. Kopec |
| Title: | Managing Director and Senior Counsel |
db20260331991 1
Exhibit 99.1
Key updates communicated during Q1 2026
March 31, 2026
2
Key updates communicated during Q1 2026
Revenues:
-At the Morgan Stanley European Financials Conference, Christian Sewing stated that
the bank had a good start to the year and provided additional guidance on Q1 2026
revenue performance:
-Group revenues are expected to be flattish YoY with the revenue mix moving
into the right direction
-Private Bank and Asset Management showed good development with
revenues up YoY
-Corporate Bank revenues are expected to show YoY increases only in the
second half of 2026
-Investment Bank revenues are expected to be approximately flat YoY; Fixed
Income & Currencies (FIC) revenues are expected to be slightly lower YoY,
negatively impacted by FX effects, and against a record Q1 2025
-Developments across other businesses are expected to compensate for lower
expected Corporate & Other revenues
-At the Q4 2025 results, James von Moltke said that he expects FY 2026 revenues to be
around € 33bn, aided by NII in key banking book segments and other funding growing
to € 14bn as well as growth in net commission and fee income; he also gave guidance
for FY 2026 divisional revenue performance, which was then supplemented by sub
divisional detail in Deutsche Bank’s 2025 Annual Report published on March 12, 2026:
-Private Bank revenues are expected to be higher YoY driven by significantly
higher revenues in deposits and investment products; Personal Banking
revenues and Wealth Management revenues are both expected to be higher
-Asset Management revenues are expected to be slightly higher YoY driven by
increasing average assets under management
-Corporate Bank revenues are expected to be slightly higher YoY, with
accelerating sequential growth as the year progresses; Corporate Treasury
Services revenues are anticipated to be slightly higher, Institutional Client
Service revenues are expected to be essentially flat and Business Banking
revenues are expected to be slightly higher
-Investment Bank revenues are expected to be slightly higher YoY; FIC
revenues are expected to be essentially flat compared to a very strong FY
2025, while Investment Banking & Capital Markets revenues are expected to be
significantly higher, supported by prior period and planned investments
3
Provision for credit losses (CLPs):
-At the Q4 2025 results, James von Moltke reiterated that wider asset quality remains
resilient and the bank continues to expect CLPs to trend towards a lower expected
average run rate of around 30bps for FY 2028
-An expected CLP improvement in FY 2026 was also envisaged by Christian Sewing at
the Morgan Stanley European Financials Conference, although he stated that the
conflict in the Middle East added volatility and uncertainty
-As stated in the 2025 Annual Report, although Deutsche Bank has limited direct
exposures to the Middle East, broader geopolitical destabilization could negatively
impact the bank’s clients and have an adverse effect on Deutsche Bank’s financial
results, including increases in allowance for credit losses
Costs:
-At the Morgan Stanley European Financials Conference, Christian Sewing stated that
he is very happy with the cost discipline of the company shown in the first two
months of the year
-At the Q4 2025 results, James von Moltke stated that he expects noninterest
expenses for FY 2026 to increase slightly YoY to slightly above € 21bn, which
includes around € 900m of incremental investments in FY 2026 to unlock growth and
efficiencies as early as this year; in the 2025 Annual Report, Deutsche Bank states that
it expects the cost/income ratio to remain <65% for FY 2026
-The 2025 Annual Report also provides guidance on divisional noninterest expenses
for FY 2026:
-Private Bank noninterest expenses are expected to be slightly higher YoY,
driven by investments into business growth as well as transformation initiatives
and efficiency programs
-Asset Management noninterest expenses are expected to be essentially flat
YoY
-Corporate Bank noninterest expenses are expected to be slightly higher YoY,
driven by investments in growth initiatives
-Investment Bank noninterest expenses are expected to be slightly higher YoY
with strategic growth initiatives, technology investments and expected
increased litigation expenses expected to be partially offset by lower bank levy
charges and more broad-based cost efficiencies
Profitability:
-At the Q4 2025 results, James von Moltke stated that, in line with guidance provided
at its Investor Deep Dive 2025, Deutsche Bank plans to show improvements in
operating performance every year; this was reiterated by Christian Sewing at the
Morgan Stanley European Financials Conference
-Corporate & Other is expected to generate a pre-tax loss of approximately € 200m per
quarter in FY 2026 driven by shareholder expenses, certain funding and liquidity
impacts, the reversal of noncontrolling interests reported in the business segments,
primarily from DWS, as well as valuation and timing differences
4
Capital and capital distribution:
-At the Q4 2025 results, Christian Sewing shared that Deutsche Bank received
supervisory authorization for a € 1bn share buyback program (up to 100m shares); on
February 26, 2026, Deutsche Bank announced that it intends to commence the share
buyback program on February 26, 2026; management also reiterated its intention to
propose a dividend of € 1.00 per share in respect of FY 2025, corresponding to
approximately € 1.9bn
-At the Q4 2025 results, Christian Sewing also re-emphasized the increased payout
ratio target of 60% starting this year
-At the Morgan Stanley European Financials Conference, Christian Sewing confirmed
the outlook for FY 2028 RWA of € 385bn; he also stated that the guidance for RWAs
to be significantly higher in 2026, which was provided in the 2025 Annual Report, was
driven by the FY 2025 exit rate with RWAs being lower than expected
-As stated in the 2025 Investor Deep Dive and reiterated in the 2025 Annual Report,
Deutsche Bank aims for a CET1 ratio between 13.5-14.0%, while maintaining a
minimum buffer of 200bps above MDA
Other:
-In the 2025 Annual Report, Deutsche Bank revised the numerical ranges associated
with the wording conventions used to describe trends in the outlook section of the
Annual Report; new wording conventions will be applied for all guidance going
forward; this refinement has no impact on the bank’s FY 2028 financial targets,
strategic ambitions, and capital objectives, or underlying FY 2026 guidance
| Wording convention | Guidance range |
|---|---|
| Essentially flat | +/- 1% |
| Slightly higher/lower | +/- 2-5% |
| Higher/lower | +/- 6-10% |
| Significantly higher/lower | >+10% / <-10% |
Management Board changes:
-On March 19, 2026, Deutsche Bank announced Management Board changes intended
to support the bank’s Scaling the Global Hausbank strategy:
oStefan Hoops, in his role as CEO of Deutsche Bank’s asset manager DWS, will
be appointed to the Group’s Management Board, effective May 1, 2026
oMarie-Jeanne Deverdun has been appointed to the Management Board as
Chief Technology, Data and Innovation Officer, also effective May 1, 2026;
Bernd Leukert has informed the bank he will not be seeking another term when
his contract expires at the end of June 2026
oFabrizio Campelli has been appointed President by the Supervisory Board,
effective July 1, 2026
oClaudio de Sanctis and Alexander von zur Mühlen will have their respective
contracts extended until 2029
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Issuance / Credit Ratings:
-~€ 3.8bn issued YTD out of € 10-15bn funding plan for the year, including EUR 1bn
Tier 2, USD 1bn Senior Non-Preferred and CNY 5.5bn Senior Preferred Panda Bond
dual tranche issued in the first quarter
-On February 19, 2026, Moody’s Ratings raised the outlook on Deutsche Bank’s Deposit
Rating to “Positive”, citing stronger earnings, robust capital and a resilient risk profile
Next significant events:
-April 8, 2026 – Expected publication of the agenda for the Annual General Meeting
-April 29, 2026 – Q1 2026 results – Analyst Conference Call
-April 30, 2026 – Q1 2026 results – Fixed Income Call
-May 28, 2026 – Annual General Meeting
-June 2, 2026 – Expected dividend payment date for FY 2025
Disclaimer:
This presentation contains forward-looking statements. Forward-looking statements
are statements that are not historical facts; they include statements about Deutsche
Bank’s beliefs and expectations and the assumptions underlying them. These
statements are based on plans, estimates and projections as they are currently
available to the management of Deutsche Bank. Forward-looking statements therefore
speak only as of the date they are made, and the bank undertakes no obligation to
update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A
number of important factors could therefore cause actual results to differ materially
from those contained in any forward-looking statement. Such factors include the
conditions in the financial markets in Germany, in Europe, in the United States and
elsewhere from which the bank derives a substantial portion of its revenues and in
which it holds a substantial portion of its assets, the development of asset prices and
market volatility, potential defaults of borrowers or trading counterparties, the
implementation of its strategic initiatives, the reliability of its risk management policies,
procedures and methods, and other risks referenced in the bank’s filings with the U.S.
Securities and Exchange Commission. Such factors are described in detail in Deutsche
Bank’s SEC Form 20-F of March 12, 2026, under the heading “Risk Factors.” Copies of
this document are readily available upon request or can be downloaded from investor-
relations.db.com.