6-K

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 June 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 ☐

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Explanatory note

Key updates communicated during 2Q 2026

On June 30, 2026, Deutsche Bank AG (“Deutsche Bank”) published the attached Exhibit 99.1, which describes key updates

communicated during 2Q 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 2025 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 2Q 2026, June 30, 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 income 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 (i) the section “Non-GAAP financial measures” of Exhibit 99.1 to Deutsche Bank’s

Report on Form 6-K dated April 29, 2026 and (ii) the section “Supplementary Information (Unaudited): Non-GAAP Financial

Measures” of Deutsche Bank’s 2025 Annual Report on Form 20-F.

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:June 30, 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

db20260630991

Exhibit 99.1

Key updates communicated during Q2 2026

June 30, 2026

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Key updates communicated during Q2 2026

Costs:

-At the Goldman Sachs European Financials Conference, Raja Akram stated that

Deutsche Bank is taking deliberate SVA-accretive management actions through

business exits; this is expected to impact expenses by around € 100m in Q2 2026,

though the capital relief from these actions is expected to more than offset the

expense taken once executed over time. On June 30, 2026 the bank announced that

Kotak Mahindra Bank is to acquire Deutsche Bank’s retail banking, private banking and

wealth management business in India

-In addition, as guided at the Q1 2026 results, expenses are expected to increase in Q2

2026 due to a catch-up of investment spend and driven by restructuring and

severance costs in the Private Bank as well as hiring across divisions; Deutsche

Bank’s expense guidance for FY 2026 was re-iterated at slightly above € 21bn while

expecting a gradual increase throughout the year driven by the phasing of planned

€ 0.9bn FY 2026 investments

Provision for credit losses (CLPs):

-In line with Deutsche Bank’s SVA focus, the bank has made the decision to exit certain

non-performing exposures, which is expected to impact CLPs by around € 100m in Q2

2026, though the eventual capital relief will offset the CLP charge; as a result of this

CLPs are expected to be lower QoQ, but higher than consensus, as guided by Raja

Akram at the Goldman Sachs European Financials Conference

-At the Q1 2026 results, he reiterated that asset quality remains strong, portfolios are

performing in line with expectations and Deutsche Bank continues to expect a lower

average run rate of 30bps in FY 2028

Revenues:

-At the Goldman Sachs European Financials Conference, Raja Akram provided

guidance on Q2 2026 revenue performance:

-Private Bank revenues are expected to show continued YoY growth

-Asset Management revenues are expected to reflect a normalization of

performance fees downwards QoQ as Q1 2026 benefited from the recognition

of significant fees from an infrastructure fund; the division will likely still show

YoY revenue growth, but probably slightly lower than consensus

-Corporate Bank revenues are expected to show QoQ growth in Q2 and YoY

growth from Q3 2026 onwards; the division is expected to exit the year with a

revenue growth rate in the mid-single digits on a reported basis

-In the Investment Bank, Investment Banking & Capital Markets had a good

start to the quarter with healthy pipelines pointing to YoY revenue growth;

Fixed Income & Currencies is also expected to show YoY growth

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-At the Q1 2026 results, management reiterated their confidence in FY 2026 Group

revenues reaching around € 33bn, supported by growth in net commission and fee

income as well as NII in key banking book segments and other funding growing to

€ 14bn, though market implied rates are currently higher than those used in planning

before November’s Investor Deep Dive

Profitability:

-At the Q1 2026 results, Raja Akram said that Deutsche Bank is comfortable with the

trajectory in profitability and continues to expect strong operating performance in

2026; this expectation was reiterated at the Goldman Sachs European Financials

Conference, and takes account of SVA-accretive management actions such as those in

Q2 outlined above

Capital and capital distribution:

-Raja Akram guided at the Goldman Sachs European Financials Conference that he

expects the CET1 ratio to remain right in the middle of the operating range between

13.5-14.0% for the remainder of FY 2026; he anticipates that a CET1 ratio increase

above 14% would likely be a post-2026 dynamic

-He also stated that the bank is already deducting capital in line with the targeted 60%

payout ratio, with the intent for another share buyback in 2026; he clarified that a

second share buyback would not be dependent on a CET1 ratio above 14%

-Richard Stewart stated at the Q1 2026 Fixed Income Investor Call that the Q1 2026

RWA increase was exceptional, and said that this growth should not be extrapolated

to future quarters

-He also reiterated that the bank’s strategy includes optimizing and reallocating

lower-return RWA; in addition, to further improve balance sheet velocity, the bank

plans to increase the RWA benefit from new significant risk transfer transactions

(SRT) by approximately 20%, to be executed over FY 2026 and FY 2027

Issuance and credit ratings:

-As of the end of June, the bank has issued ~€ 7.9bn YTD out of the € 10-15bn funding

plan for the year; in terms of capital instruments, the bank issued € 1.25bn AT1 notes

on May 7, 2026 and called a GBP 650m AT1 on April 30, 2026

-On April 30, 2026 Fitch Ratings revised the bank’s outlook to “Positive” from “Stable”,

while affirming the Long-Term Issuer Default Rating (IDR) at “A-“

-On May 12, 2026, Fitch Ratings upgraded Deutsche Bank’s Long-Term IDR by two

notches to “A+” from “A-“; in addition, the derivative counterparty, deposit and senior

preferred ratings were upgraded by one notch; drivers of the changes were the roll-

out of updated bank rating criteria

Next significant events:

-July 29, 2026 – Q2 2026 results – Analyst Conference Call

July 30, 2026 – Q2 2026 results – Fixed Income Call

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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.